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How do excessive inventories affect the following financial statements: Income Statement,
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- Which of the following is not an element of the financial statements? A. future potential sales price of inventory B. assets C. liabilities D. equityWhich of the following is not an example of a current asset? a. Cash b. Merchandising Inventory c. Prepaid Expenses d. Equipment e. SuppliesWhat is the effect on the current period income statement and the balance sheet when inventories are written down using the lower of cost or market method? What is the effect on future period income statements and balance sheets?
- Which statement is most directly affected by a change to net income? A. balance sheet B. income statement C. statement of retained earnings D. statement of cash flowswhat are the differences between the income statement and statement of cash flows and can you show a profit on your income statement, but have a negative cash flow? Explain.Why is the balance sheet the most important instead of the cashflow sheet and the income statement?
- Which of the following calculations of net income is correct? Select one: Cash receipts minus cash payments Assets minus liabilities Revenues minus cost of goods sold Revenues and gains minus expenses and losseswhich of the following statements regarding free cash flow is true? a.Free cash flow measures the operating cash flow of a company after the purchase of inventory. b.Free cash flow is a valuable tool for evaluating net income. c.Free cash flow ignores productive capacity. d.None of these choices are correct.QUESTION How much shall be presented as profit/loss on the face of the income statement? USE NEGATIVE SIGN IF LOSS
- Which of the following has a different effect on net profit than it does on cashflow? A.Cash sale to customer B.Payment for wages C.Payment for rent D.Depreciation of equipmentIf the total asset is smaller than total liabilities and equity on the balance sheet, what does that mean ( deficit or surplus)? And if it's a deficit should I add the AFN amount to cash and cash equivalents or to accruals and other payables? or to debt?Which income statement account(s) would be affected by a policy choice at the same time as the inventory balance sheet account. a. Bad debts expense b. Cost of goods sold expense c. Depreciation or amortisation expense d. Sales revenue
