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The basic purpose of generally accepted accounting principles is to:

The basic purpose of generally accepted accounting principles is to:

Which of the following is false with respect to the trial balance?

On January 1, Vader, Inc., a calendar year company, has total assets of $150,000 and total liabilities of $70,000. During the year, total assets increased by 35%. On December 31, Vader, Inc. had total liabilities of $102,500. By what percentage did total stockholders’ equity increase during the year?

Round all dollar amounts to the nearest dollar. On January 1, 2020, Bryan Corp., a calendar year company, had liabilities of $264,000 and assets of $615,000. During 2020, Bryan had the following transactions: Issued common stock for $50,000 cash. Purchased $35,000 of supplies on account. Paid expenses of $32,000. Sales on account totaled $134,000. Paid dividends of $14,000. What is the 2020 ending balance in Stockholders’ Equity for Bryan Corp.?

Round all dollar amounts to the nearest dollar. Skywalker Co., a calendar year company, reported the following information: Accounts Receivable, December 31, 2020 $498,000 Accounts Receivable, December 31, 2019 189,000 Net Income for 2020 345,000 2020 Sales on account 876,000 Cash, December 31, 2020 765,000 What is the amount of cash collections from customers reported on Skywalker’s 2020 statement of cash flows?

Round all dollar amounts to the nearest dollar.  Zelda Inc., a calendar year company, pays its employees every other Friday. Zelda’s employees earn $526,000 for each ten day pay period. Assuming December 31, 2020 falls on a Wednesday and the pay period began on Monday, December 29, what is the balance in Salaries Payable on December 31, 2020?

Round all dollar amounts to the nearest dollar. On January 1, 2020, Bryan Corp., a calendar year company, had liabilities of $264,000 and assets of $615,000. During 2020, Bryan had the following transactions: Issued common stock for $50,000 cash. Purchased $35,000 of supplies on account. Paid expenses of $32,000. Sales on account totaled $134,000. Paid dividends of $14,000. What is the 2020 ending balance in Stockholders’ Equity for Bryan Corp.?

Round all dollar amounts to the nearest dollar. Skywalker Co., a calendar year company, reported the following information: Accounts Receivable, December 31, 2020 $498,000 Accounts Receivable, December 31, 2019 189,000 Net Income for 2020 345,000 2020 Sales on account 876,000 Cash, December 31, 2020 765,000 What is the amount of cash collections from customers reported on Skywalker’s 2020 statement of cash flows?

Round all dollar amounts to the nearest dollar.  Zelda Inc., a calendar year company, pays its employees every other Friday. Zelda’s employees earn $526,000 for each ten day pay period. Assuming December 31, 2020 falls on a Wednesday and the pay period began on Monday, December 29, what is the balance in Salaries Payable on December 31, 2020?