Which of the following is the primary objective of an

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Chapter 11 / Exercise 6
Mathematical Excursions
Aufmann
Expert Verified
25.Which of the following is the primary objective of an income statement prepared under GAAP?A.Providing managers with detailed information about where the enterprise stands at a specific date.B.Providing users outside the business organization with information about the company's financial position and operating results.C.Reporting to the Internal Revenue Service the company's taxable income.D.Indicating to investors in a particular company the current market values of their investments.
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Mathematical Excursions
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Chapter 11 / Exercise 6
Mathematical Excursions
Aufmann
Expert Verified
26.The recording of assets on the balance sheet is based primarily upon:
27.The balance sheet item that represents the portion of owners' equity resulting from profitable operations of the business is:
28.At December 31, 2014, the accounting records of Hercules Manufacturing, Inc. contain the following items:(Note: Capital Stock is another term for Contributed Capital.) If total assets of Hercules Manufacturing, Inc. are $556,000, Retained Earnings at December 31, 2014, must be:
29.Waldorf Co. had the following transactions during the month of October 2014:* Cash received from bank loans was $60,000.* Dividends of $18,500 were paid to stockholders in cash.* Revenues earned and received in cash amounted to $100,500.* Expenses incurred and paid were $78,000.What amount of net income will be reported on an income statement for the month of October?A.$18,500.B.$22,500.C.$78,000.D.$100,500.
30.During the month of August, Boyce Company had the following transactions:* Revenues of $120,000 were earned and received in cash.* Bank loans of $18,000 were paid off.* Equipment of $40,000 was purchased with cash.* Expenses of $73,600 were paid.* Stockholders purchased additional shares for $44,000 cash.A statement of cash flows for August, would report net cash flows from financing activities of:
31. Creepy Pets has made all the year-end adjustments. Its expense accounts total $130,000, and its revenue accounts total $190,000. The closing journal entry to close the income statement accounts for the year will: 

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