Which of the following is FALSE regarding the Balance Sheet?

Lilly Inc. reported the following limited financial information for 2024: Revenues $69,452 Expenses $75,111 Dividends $0 Ending cash balance $200 Total current liabilities $55,000 Ending retained earnings $80,000 Using ONLY the information provided above, what is your analysis of the financial results of 2024 for the company?

Lilly Inc. had the following balances at 12/31/2024. Cash $2,200, Accounts receivable $500, Land $6,300, Buildings $6,000, Accounts payable $600, Notes payable $12,000, Common stock $1,500, Retained earnings $900. What is the maximum amount of dividends that Lilly Inc. can declare and pay at 12/31/2024?

Lilly Inc. is a new company that started operations in 2024. The 2024 transactions were as follows:    – Issued common stock for $8,000.- Paid $4,000 for 2024 wages.- Customers paid $9,500 for services provided by the company during 2024.- Purchased equipment costing $3,000, financed with a note payable. – Declared and paid dividends, $700. What was total assets 12/31/2024?

Lilly Inc. reported revenues of $15,000 and expenses of $10,000 during 2025.  Which of the following statements is correct?

The primary purpose(s) of the accounting cycle “closing entries” is:

Which of the following is a TRUE statement about the income statement?

Lilly Inc. issued 10,000 shares of stock for $20,000 cash. The total par value of the stock was $100.  In which account is the par value of the stock recorded in the accounting records?

Two 2 kg and a 4 kg object are situated along the Cartesian plane as pictured. What are the coordinates of the center of mass?

A 3.2 kg block starts sliding from rest down a plane inclined at an angle of 40 degrees. It slides 4 m down to the bottom of the plane, which has a coefficient of friction of