Aakarshan Ltd. had the following account balances at December 31, 2021:

Account Name	Amount
Income tax expense	$12,380
Cash (beginning of year)	39,910
Purchase of intangibles	1,560
Website design	1,500
Supplies expense	1,375
Supplies	3,150
Payment of dividends	7,000
Service revenue	79,480
Cash received from debt	25,000
Dividends	7,000
Payments to suppliers	56,925
Retained earnings (beginning of year)	28,365
Bank loan payable, due in 2025	25,000
Website expense	1,000
Advertising expense	1,750
Owner's capital	17,500
Prepaid insurance	1,800
Contributions by owners	8,500
Business licence	60
Insurance expense	3,600
Interest expense	1,800
Accounts receivable	52,375
Prepaid expenses	2,700
Income tax payable	2,775
Deferred revenue	2,450
Collections from customers	58,450
Accounts payable	33,845
Cash (end of year)	66,375
Salaries expense	32,550

Using the above information create the following: income statement, statement of retained earnings, balance sheet and the statement of cash flows. Then use the information to answer the following questions.

Question 29 (2 points)

Saved

Question 29 options:

What is Total Operating Expenses on this company's single step income statement?

Question 30 (2 points)

Question 30 options:

What is Profit before Income Tax (also called Income before Income Tax) on this company's single step income statement?

Question 31 (2 points)

Question 31 options:

What is Profit (also called Net Income) on this company's single step income statement?

Question 32 (1 point)

Saved

What is the correct title for this company's statement of retained earnings?

Question 32 options:

	a) Aakarshan Ltd., Statement of Retained Earnings, Year ended December 31, 2021
	b) Aakarshan Ltd., December 31, 2021, Statement of Retained Earnings
	c) Aakarshan Ltd., Statement of Retained Earnings, December 31, 2021
	d) Statement of Retained Earnings, Aakarshan Ltd., Year ended December 31, 2021
	e) December 31, 2021, Statement of Retained Earnings, Aakarshan Ltd.

Question 33 (2 points)

Question 33 options:

What is ending Retained Earnings on this company's statement of retained earnings?

Question 34 (1 point)

Saved

What is the correct title for this company's balance sheet?

Question 34 options:

	a) Aakarshan Ltd., December 31, 2021, Balance Sheet
	b) December 31, 2021, Balance Sheet, Aakarshan Ltd.
	c) Aakarshan Ltd., Balance Sheet, Year ended December 31, 2021
	d) Aakarshan Ltd., Balance Sheet, December 31, 2021
	e) Balance Sheet, Aakarshan Ltd., Year ended December 31, 2021

Question 35 (2 points)

Question 35 options:

What is total current assets on this company's balance sheet?

Question 36 (1 point)

Saved

What is the correct order for the current assets section of this company's balance sheet?

Question 36 options:

	a) Cash (end of year), Accounts receivable, Prepaid insurance, Supplies
	b) Cash (beginning of year), Accounts receivable, Prepaid expenses, Prepaid insurance, Supplies
	c) Cash (end of year), Accounts receivable, Prepaid expenses, Prepaid insurance, Supplies
	d) Cash (beginning of year), Accounts receivable, Prepaid insurance, Supplies
	e) Cash (end of year), Accounts receivable, Prepaid insurance, Supplies, Website design, Business licence

Question 37 (1 point)

Saved

What is the correct order for the intangible section of the balance sheet?

Question 37 options:

	a) Website design, Business licence
	b) Business licence, Prepaid expenses, Website design
	c) Website design, Business licence, Prepaid insurance, Prepaid expenses
	d) Website design, Prepaid insurance, Prepaid expenses
	e) Business licence, Supplies, Website design
	f) Prepaid insurance, Prepaid expenses, Supplies

Question 38 (2 points)

Question 38 options:

What is total assets on this company's balance sheet?

Question 39 (2 points)

Question 39 options:

What is total current liabilities on this company's balance sheet?

Question 40 (1 point)

Saved

What is the correct order for the current liabilities section of the balance sheet?

Question 40 options:

	a) Accounts payable, Income tax payable, Payments to suppliers
	b) Accounts payable, Deferred revenue, Income tax payable
	c) Accounts payable, payments to suppliers, deferred revenue, income tax payable
	d) Accounts payable, Income tax payable
	e) Accounts payable, Income tax payable, Bank loan payable
	f) Bank loan payable, Income tax payable, Accounts payable, Deferred revenue

Question 41 (2 points)

Question 41 options:

What is total liabilities on this company's balance sheet?

Question 42 (2 points)

Question 42 options:

What is total equity on this company's balance sheet?

Question 43 (1 point)

Saved

What is the correct order for the equity section of the balance sheet?

Question 43 options:

	a) Owners' capital, Retained earnings, Profit, Dividends
	b) Retained earnings, Profit, Dividends, Owners capital
	c) Owners' capital, Retained earnings, Profit
	d) Owners' Capital, Retained earnings
	e) Retained earnings, Profit, Owners' capital
	f) Retained earnings, Owners' capital

Question 44 (1 point)

Saved

What is the correct title for this company's statement of cash flows?

Question 44 options:

	a) Statement of Cash Flows, Aakarshan Ltd., Year ended December 31, 2021
	b) Aakarshan Ltd., Statement of Cash Flows, Year ended December 31, 2021
	c) Aakarshan Ltd., Statement of Cash Flows, December 31, 2021
	d) December 31, 2021, Statement of Cash Flows, Aakarshan Ltd.
	e) Aakarshan Ltd., December 31, 2021, Statement of Cash Flows

Question 45 (2 points)

Question 45 options:

What is total cash flow from investing activities on this company's statement of cash flows?

If the amount is an INFLOW enter the amount with a '+' sign. For example, inflow of $12,682 enter as +12682

If the amount is an OUTFLOW enter the amount with a '-' sign. For example, outflow of $10,485 enter as -10485

Question 46 (2 points)

Question 46 options:

What is total cash flow from operating activities on this company's statement of cash flows?

If the amount is an INFLOW enter the amount with a '+' sign. For example, inflow of $12,682 enter as +12682

If the amount is an OUTFLOW enter the amount with a '-' sign. For example, outflow of $10,485 enter as -10485

Question 47 (2 points)

Question 47 options:

What is total cash flow from financing activities on this company's statement of cash flows?

If the amount is an INFLOW enter the amount with a '+' sign. For example, inflow of $12,682 enter as +12682

If the amount is an OUTFLOW enter the amount with a '-' sign. For example, outflow of $10,485 enter as -10485

Question 48 (2 points)

Question 48 options:

What is the net change in cash on this company's statement of cash flows?

If the amount is an INFLOW enter the amount with a '+' sign. For example, inflow of $12,682 enter as +12682

If the amount is an OUTFLOW enter the amount with a '-' sign. For example, outflow of $10,485 enter as -10485

Question 49 (1 point)

Saved

What is the correct order for the sections of this company's statement of cash flows?

Question 49 options:

	a) Financing, Investing, Operating, Change in cash
	b) Operating, Investing, Financing, Change in cash
	c) Investing, Operating, Financing, Change in cash
	d) Change in cash, Investing, Operating, Financing
	e) Investing, Operating, Financing