Which of the following is true regarding balance sheets?
A. They report, for a certain interval of time, the net assets generated, the net assets consumed, and the net income.
B. They report, for a certain interval of time, the resources of a company, the obligations of a company, and the equity of the owners.
C. They report, for a certain interval of time, the amount of cash generated and consumed by a company.
D. They
report, as of a certain point in time, the resources of a company, the obligations of a company, and the equity of the owners.
E. They report, as of a certain point in time, the resources and net income of a company.
Which of the following is true regarding income statements?
A. They report, as of a certain point in time, the company's assets, liabilities, and net income
B. They report, for a certain interval of time, the net assets generated, the
net assets consumed, and the net income
C. They report, as of a certain point in time, the amount of cash and net income generated
D. They report, as of a certain point in time, the net assets generated, the net assets consumed, and the net income
E. They report, for a certain interval of time, the resources of a company, the obligations of a company, and the equity of the owners
Given the following information from Chase Corporation's Balance Sheet,
calculate its Current Liabilities.
Current Assets = $250,000
Fixed Assets = $900,000
Long-term debt = $350,000
Shareholder's equity = $700,000
A. $50,000
B. $100,000
C. $150,000
D. $200,000
E. $250,000