31 each financial statement includes a heading giving three pieces of data which of 4300915

31) Each financial statement includes a heading giving three pieces of data. Which of the following items is not included in these headings?

A) Name of the financial statement

B) Date or time period covered

C) Name of the preparer of the statement

D) Name of the business

32) Which of the following financial statements uses net income or net loss taken directly from the income statement?

A) Statement of owner's equity

B) Statement of cash flow

C) Balance sheet

D) Statement of expenditures

33) Which of the following financial statements lists the entity's assets, liabilities, and owner's equity as of a specific date?

A) Balance sheet

B) Statement of owner's equity

C) Income statement

D) Statement of cash flows

34) State whether the following accounts are assets, liabilities or owner's equity.

a)________Equipment

b)________Capital

c)________Supplies

d)________Accounts payable

e)________Accounts receivable

f)________Wages payable

g)________Cash

35) State whether the following accounts would appear on an income statement, balance sheet, or statement of owner's equity.

a)________Equipment

b)________Owner's withdrawals

c)________Utilities expense

d)________Accounts payable

e)________Accounts receivable

f)________Service revenue

g)________Cash

h)________Beginning owner's equity

36) On January 1, 2014, Brad Thomas invested $30,000 in Thomas Repairs. During 2014, Brad withdrew $17,000 for personal use. Thomas Repairs reports the following balances on December 31, 2014:

 

Accounts receivable$ 9,000

Accounts payable4,200

Service revenue25,550

Land4,000

Rent expense4,500

Note payable3,800

Supplies900

Brad Thomas, Capital, Jan. 1, 20140

Salary expense9,650

Cash18,500

Brad Thomas, Withdrawals17,000

 

Prepare an income statement for the year ended December 31, 2014.