1. Introduction to Accounting

Given the following account balances for Cowboy Law Firm at the end of December:- Cash: \$12,000- Accounts Receivable: \$5,000- Supplies: \$2,000- Accounts Payable: \$3,000- Common Stock: \$10,000- Retained Earnings: \$6,000What is the total amount of assets reported on the balance sheet at December 31?

Accounts payable appear on which of the following financial statements?

Which financial statement would most appropriately report the total annual expenditures of 100 Amazon Prime customers as described in the accompanying data file?

Which of the following financial statements is often referred to as the 'blueprint' of a company's financial position at a specific point in time?

Which of the following is considered a financial statement?

Which of the following items would NOT appear on the current year-end balance sheet for Armani Company?

Which of the following best defines the Income Summary account?

Which of the following items might a management team want to include on their Profit & Loss (P&L) statement that a CPA typically does not add?

Which of the following statements about the balance sheet is correct?

Which of the following is considered a financial statement?

The General Revenue Fund consists of which two parts?

The year-end balance of the owner's capital account appears on which of the following financial statements?

Hemming Co. reported the following current-year purchases and sales for its only product:- Beginning inventory: 100 units at $10 each- Purchases: 200 units at $12 each- Sales: 250 unitsAssuming Hemming Co. uses the FIFO (First-In, First-Out) inventory method, what is the cost of goods sold (COGS) for the year?

Which of the following financial statements is typically included in a business report to show a company's financial position at a specific point in time?

Which of the following is a key requirement for the proper formatting of financial statements?