Author Question: A summary of selected ledger accounts appear below for Alberto's Plumbing Services for the current ... (Read 70 times)

futuristic · **on:** Jul 5, 2018

A summary of selected ledger accounts appear below for Alberto's Plumbing Services for the current calendar year-end. Alberto, Capital 12/31 8,500 1/1 6,500 12/31 15,000 Alberto, Drawing 6/30 3,500 12/31 8,500 11/30 5,000 Income Summary 12/31 18,500 12/31 33,500 12/31 15,000 Net income for the period is
a. 13,000
b. 33,500
c. 15,000
d. 18,500

Question 2

Which financial statements are required for nongovernment, not-for-profit colleges and universities?

A. Balance sheet, statement of revenues, expenditures, and other changes, and statement of cash flows.
B. Balance sheet, statement of revenues, expenses, and changes in net assets, and statement of cash flows.
C. Balance sheet, statement of revenues, expenses, and changes in net assets, and statement of changes in net assets.
D. Balance sheet, statement of activities, and statement of cash flows.