Match the four underlying assumptions of Generally accepted Accounting Principles with its description Assumption Description 29 Economic entity a

Subject:AccountingPrice:2.84 Bought3

Share With

Match the four underlying assumptions of Generally accepted Accounting Principles with its description Assumption Description 29 Economic entity a. In the absence of information to the contrary, it is anticipated that a business entity will continue to operate indefinitely 30 Going concern b. The economic life of a company can be divided into artificial time intervals for financial reporting, 31 Periodicity A common denominator is needed to measure all business activities 32 Monetary unit d. Economic events can be identified with a particular economic body Use the following to answer questions 33 - 40 Income Statement Statement of Stockholders' Equity Revenues #34 Common stock Retained earnings Expenses Beginning $300,000 $225,000 Salaries $425,000 Issuance #35 Administrative 258,000 Net income 124,000 Utilities 18.000 Dividends #36 Total expenses 701.000 Ending $325.000 $300,000 Net income Balance Sheet Assets Liabilities Cash $75,000 Accounts payable $44,000 AVR 39,000 Note payable 485.000 Supplies 10,000 Total liabilities $529,000 Prepaid rent 12,000 Stockholders' Equity Equipment 415,000 Common stock ? Building 40 Retained earnings Total stockholders' equity #137 Total assets Total Land SE 238 #23 Labilities 33. $ Net Income: 37.5 Stockholders' Equity: 34. $ Revenue: 38. S Total L & SE: 35. S Issuance: 39. S Total Assets: 36. $ Dividends: 40. S. Building