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Financial statements
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The form listing the titles and balances of the accounts in the ledger on a given date is the: A. income statement. B. balance sheet. C. statement of owner’s equity. D. trial balance.
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Financial statements
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State true or false and justify your answer: Pro forma income statements follow the creation of the sales forecast and production plan.
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Bates & Hill Fabricators produces commemorative bricks that organizations use for fundraising projects. Aaron Bates, the company’s vice president of marketing and has prepared the following sales fore
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Ricky’s Piano Rebuilding Company has been operating for one year. On January 1, at the start of its second year, its income statement accounts had zero balances and its balance sheet account balances were as follows: Cash $6,000 Accounts Payable $8,000 A
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The Office Supplies account has a debit balance of $9,000 on the unadjusted trial balance. In the adjustments column, there is a credit of $2,000. What is the amount for Office Supplies on the adjusted trial balance?
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How do you use the adjusted trial balance, calculate the total assets, liabilities, owner’s capital, owner’s withdrawals, revenues, and expenses?
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Wells Technical Institute (WTI), a school owned by Tristan Wells, provides training to individuals who pay
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Create a three-year pro forma income statement for a restaurant.
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What is the purpose of an adjusted trial balance?
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What is the key initial element in developing pro forma statements? a. a cash budget b. an income statement c. a sales forecast d. a collections schedule
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Describe a benefit of developing a pro forma financial statement. Explain why this benefit would be helpful in a business. |
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A list of all accounts and their balances which is used to prove the equality of debits and credits as of a specific date is a(an): a. Account. b. General Journal. c. Trial Balance. d. Chart of Accounts.
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The credit purchase of a new oven for $6,300 was posted to Kitchen Equipment as a $6,300 debit and to Accounts Payable as a $6,300 debit. What effect would this error have on the trial balance?
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Pro forma financial statements, by definition, are predictions of a company’s financial statements at a future point in time. So why is it important to analyze the historical performance of the compa
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Financial statements
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Why is the financial plan typically one of the last chapters in a business plan? Briefly describe the three pro forma financial statements that should be included in a business plan.
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What is a pro forma profit and loss statement?
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Financial statements
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Your pro-forma income statement shows sales of $1,000,000, cost of goods sold as $500,000, depreciation expense of $100,000, and taxes of $160,000 due to a tax rate of 40%. What are your pro-forma earnings? What is your pro-forma free cash flow?
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Pro forma income statement The marketing department of Metroline Manufacturing estimates that its sales in 2016 will be $1.5 million. Interest expense is expected to remain unchanged at $35,000, and t
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Indicate which accounting system is prone to generating more errors: a. All accounting systems b. A mental accounting system c. None of the others alternatives are correct d. A manual accounting system e. A computerized accounting system
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Jay Cutler owns and manages a computer repair service, which had the following trial balance on December 31, 2011 (the end of its fiscal year). Summarized transactions for January 2012 were as follows. \ 1. Advertising costs, paid in cash, $1,000. 2. Add
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On December 31, Evans Electronics owes $350 of wages to its employees. If the amount for the $350 of wages owed is not recorded, which of the following will occur on Evans’s financial statements? a.Expenses and net income will be understated by $350. b.Li
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Gillian Shaw opened Shaw’s Carpet Cleaners on March 1. During March, the following transactions were completed. Mar. 1 Stockholder invested $10,000 cash in the business in exchange for common stock. 1 Purchased used truck for $6,000, paying $3,000 cash an
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How well do dynamic balance test correlate with static balance tests?
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The adjusted trial balance for Zahurak Company follows. Adjusted Trial Balance December 31 No. Account Title Dr. Cr. 101 Cash $8,800 106 Accounts receivable 38,456 153 Trucks 43,500 154 Accumulated depreciation-Trucks 17,487 183 Land 30,000 201 Accounts p
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The trial balance is used to determine if: A. total debits of all the accounts equal total credits of all the accounts. B. total debits of the balance sheet accounts equal the total credits of the balance sheet accounts. C. total assets equal total liabil
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Is the following statement true or false: When conducting a pro-forma analysis, it is necessary to only predict the income statement to calculate the projected financing needs of the organization.
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A post-closing trial balance will show: – zero balances for balance sheet accounts. – zero balances for all accounts. – only balance sheet accounts. – only income statement accounts.
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Desiree Clark is a licensed CPA. During the first month (May) of operations of her business, the following events and transactions occurred. May 1 Clark invested $20,000 cash in her business. Hired a
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