Johnny’s Car Repair Shop started the year with total assets of $60,000 and total liabilities of $40,000. During the year the business recorded $100,000 in car repair revenues, $55,000 in expenses, and dividends of $10,000. The net income reported by Johnny’s Car Repair Shop for the year was:

After the initial recognition, bonds payable shall be measured at amortized cost using:

In the annual report, where would a financial statement reader find out if the company’s financial statements give a fair depiction of its financial position and operating results?

Financial statements report the current market value of a company.

Which of the following accounts is not closed using the Income Summary Account

Why is the Balance sheet referred to as a "picture in time"?

On the cash flow statement, net income is found in the _________ section.

(US GAAP ) Your accounts receivable drops from the prior year. What happens on the cash flow statement and in which section?

What is NOT true about assets on the balance sheet?

Each payment on a mortgage note payable consists of:

(US GAAP ) Your accounts receivable increases from the prior year, what happens on the cash flow statement and in which section?