Consider the overall effects on Global Cleaning Service from selling and performing services on account for $6, 400 and paying expenses totaling $2,What is Global Cleaning Service's net income or net loss?
  • faithful representation concept
  • net income of $3,900
  • employees
  • increase both assets and equity by $180
Generally Accepted Accounting Principles (GAAP) are currently formulated by the
  • financial position on a specific date
  • faithful representation concept
  • Financial Accounting Standards Board (FASB)
  • stockholders not personally liable for entity's debts
Assume that Global Cleaning Services performed cleaning services for a department store on account for $How would this transaction affect Global Cleaning Service's accounting equation?
  • faithful representation concept
  • net income of $3,900
  • Financial Accounting Standards Board (FASB)
  • increase both assets and equity by $180
Accounting is the information system that
  • sole proprietorship
  • financial position on a specific date
  • stockholders not personally liable for entity's debts
  • measure business activities, communicates the results to decision makers, and process information into reports
Assume that Global Cleaning Service performed cleaning services for a department store on account for $How would the transaction affect Global Cleaning Service's accounting equation?
  • faithful representation concept
  • increase both assets and equity by $180
  • Financial Accounting Standards Board (FASB)
  • net income of $3,900
Assume Global Cleaning Service had a net income of $570 for the year, Global Cleaning Service'd beginning and ending total assets were $4, 520 and $4, 180, respectively. Calculate Global Cleaning Service's return on assets (ROA) for the year.
  • increase both assets and equity by $180
  • employees
  • $1,350
  • 13.1%
The balance sheep reports the
  • financial position on a specific date
  • Financial Accounting Standards Board (FASB)
  • increase both assets and equity by $180
  • faithful representation concept
At the end of a recent year, Global Cleaning Service, a full-service house and office cleaning service, had total assets of $3,360 and an equity of $2,How much were Global Cleaning Service's liabilities?
  • net income of $3,900
  • employees
  • 13.1%
  • $1,350
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