Homework Answers
| A classified balance sheet can be described as a balance sheet that: |
| Lists current assets in the order of how quickly they can be converted into cash. |
| Organizes assets and liabilities into important subgroups |
| Is more useful to decision makers |
| Option A, B and D is correct |
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A classified balance sheet can be described as a balance sheet that: (Check all that apply.)...
A classified balance sheet: a Reports the effect of profit and dividends on retained earnings. b...
A classified balance sheet: a Reports the effect of profit and dividends on retained earnings. b Organizes assets and liabilities into important subgroups. c Reports operating, investing, and financing activities. d Presents revenues, expenses, and net income. e Measures a company's ability to pay its bills on time.
PROBLEM 2-Classified Balance Sheet The following information is for Benton Office Supplies Benton Office Supplies Balance...
PROBLEM 2-Classified Balance Sheet The following information is for Benton Office Supplies Benton Office Supplies Balance Sheet December 31, 2014 $ 65,000 30,000 50,000 70,000 75,000 90,000 Accounts Payable Salaries Payable Bonds Payable Total Liabilities $ 60,000 10,000 90.000 $160,000 Cash Prepaid Insurance Accounts Receivable Inventory Land held for investment Land Building $100,000 Less Accumulated Depreciation (20,000) Patent Total Assets Owner's Equity R. Benton, Capital 370,000 80,000 70.000 $530,000 Total Liabilities and Owner's Equity $530,000 The total dollar amount of...
Question 1 Which of the following is NOT true about the Balance Sheet? The balance sheet...
Question 1 Which of the following is NOT true about the Balance Sheet? The balance sheet shows Assets O The balance sheet shows retained earnings The balance sheet shows that total assets equals to liabilities plus equity Deferred revenue is NOT an item on the balance sheet. Which of the following statement is NOT true? O Current Assets are assets that can be converted into cash in a year or less O Current liabilities are liabilities that needs to be...
Which of the following statements about the balance sheet are true?
Which of the following statements about the balance sheet are true? Check All That ApplyA classified balance sheet to provide useful information about liquidity and long-term solvency.Liquidity refers to an assessment of whether a company will be able to pay all its liabilities.Although many valuable resources are not recorded as assets in the balance sheet, these resources are reflected in the company's book value.The less financial flexibility, the more risk there is that an enterprise will fail.
12. Consider the classified Balance Sheet: Current assets are assets expected to be used or converted...
12. Consider the classified Balance Sheet: Current assets are assets expected to be used or converted within year or operating cycle of the balance sheet date. They are presented on the balance sheet in the order of A) One; one; the alphabet B) One; two; highest balance of $$'s first C) One; one; smallest balance of $$'s first D) One; one; liquidity 13. Consider the classified Balance Sheet: Current liabilities represent debt expected to be paid in full within year...
Liz Ross Corporation prepares a classified balance sheet that includes the following traditional sections: Current Assets...
Liz Ross Corporation prepares a classified balance sheet that includes the following traditional sections: Current Assets Long-term Investments Property, Plant & Equipment Intangibles Other Assets Current Liabilities Long-term Liabilities Stockholders' Equity In which section of the classified balance sheet would the following accounts appear? Some of the accounts may not appear in the balance sheet. Note Payable (due in 3 months) Accumulated Depreciation Investment in Government Bonds Accounts Receivable Accounts Payable Long-term Receivable From Employee Dividends Capital Stock Patent Supplies...
Preparing a Classified Balance Sheet The following financial data for the Revel Corporation was collected as...
Preparing a Classified Balance Sheet The following financial data for the Revel Corporation was collected as of December 31. All accounts have normal balances. Furniture & Equipment $107,000 Accumulated Depreciation $48,800 Cash 61,000 Accounts Receivable 95,200 Common Stock 190,000 Accounts Payable 19,200 Prepaid Insurance 300 Inventory 93,000 Retained Earnings Required Prepare a classified balance sheet as of December 31. Note: Do not use negative signs with your answers. REVEL CORPORATION Balance Sheet December 31 Assets Current Assets: Inventory Total Current...
Preparing a Classified Balance Sheet The following financial data for the Revel Corporation was collected as...
Preparing a Classified Balance Sheet The following financial data for the Revel Corporation was collected as of December 31. All accounts have normal balances. Furniture & Equipment $107,000 Accumulated Depreciation $48,800 Cash 61,000 Accounts Receivable 95,200 Common Stock 190,000 Accounts Payable 19,200 Prepaid Insurance 300 Inventory 93,000 Retained Earnings Required Prepare a classified balance sheet as of December 31. Note: Do not use negative signs with your answers. REVEL CORPORATION Balance Sheet December 31 Assets Current Assets: Inventory Total Current...
eBook Calculator Classified Balance Sheet The following balance sheet items, listed in alphabetical order, are available...
eBook Calculator Classified Balance Sheet The following balance sheet items, listed in alphabetical order, are available from the records of Ruth Corporation at December 31, 2017: $17,395 $6,540 1,370 Accounts payable Accounts receivable Accumulated depreciation - automobiles Accumulated depreciation - buildings Automobiles Bonds payable, due December 31, 2021 Buildings Capital stock, $10 par value Cash 22,615 23,100 43,260 115,500 42,510 247,000 85,360 Income taxes payable Interest payable Inventory Land Long-term investments Notes payable, due June 30, 2018 office supplies Pald-in...
Preparing a Classified Balance Sheet The following financial data for the Marshall Corporation was collected as...
Preparing a Classified Balance Sheet The following financial data for the Marshall Corporation was collected as of December 31, 2013. All accounts have normal balances. Furniture & Equipment $100,000 Accumulated Depreciation $41,800 Cash 49,400 Accounts Receivable 98,200 Common Stock 203,000 Accounts Payable 20,400 Prepaid Insurance 3,300 Inventory 93,000 Retained Earnings Required Prepare a classified balance sheet as of December 31, 2013. Note: Do not use negative signs with your answers. MARSHALL CORPORATION Balance Sheet December 31,2013 Assets Current Assets: Inventory...
PROBLEM 2-Classified Balance Sheet The following information is for Benton Office Supplies Benton Office Supplies Balance Sheet December 31, 2014 $ 65,000 30,000 50,000 70,000 75,000 90,000 Accounts Payable Salaries Payable Bonds Payable Total Liabilities $ 60,000 10,000 90.000 $160,000 Cash Prepaid Insurance Accounts Receivable Inventory Land held for investment Land Building $100,000 Less Accumulated Depreciation (20,000) Patent Total Assets Owner's Equity R. Benton, Capital 370,000 80,000 70.000 $530,000 Total Liabilities and Owner's Equity $530,000 The total dollar amount of...
Question 1 Which of the following is NOT true about the Balance Sheet? The balance sheet shows Assets O The balance sheet shows retained earnings The balance sheet shows that total assets equals to liabilities plus equity Deferred revenue is NOT an item on the balance sheet. Which of the following statement is NOT true? O Current Assets are assets that can be converted into cash in a year or less O Current liabilities are liabilities that needs to be...
12. Consider the classified Balance Sheet: Current assets are assets expected to be used or converted within year or operating cycle of the balance sheet date. They are presented on the balance sheet in the order of A) One; one; the alphabet B) One; two; highest balance of $$'s first C) One; one; smallest balance of $$'s first D) One; one; liquidity 13. Consider the classified Balance Sheet: Current liabilities represent debt expected to be paid in full within year...
Preparing a Classified Balance Sheet The following financial data for the Revel Corporation was collected as of December 31. All accounts have normal balances. Furniture & Equipment $107,000 Accumulated Depreciation $48,800 Cash 61,000 Accounts Receivable 95,200 Common Stock 190,000 Accounts Payable 19,200 Prepaid Insurance 300 Inventory 93,000 Retained Earnings Required Prepare a classified balance sheet as of December 31. Note: Do not use negative signs with your answers. REVEL CORPORATION Balance Sheet December 31 Assets Current Assets: Inventory Total Current...
Preparing a Classified Balance Sheet The following financial data for the Revel Corporation was collected as of December 31. All accounts have normal balances. Furniture & Equipment $107,000 Accumulated Depreciation $48,800 Cash 61,000 Accounts Receivable 95,200 Common Stock 190,000 Accounts Payable 19,200 Prepaid Insurance 300 Inventory 93,000 Retained Earnings Required Prepare a classified balance sheet as of December 31. Note: Do not use negative signs with your answers. REVEL CORPORATION Balance Sheet December 31 Assets Current Assets: Inventory Total Current...
eBook Calculator Classified Balance Sheet The following balance sheet items, listed in alphabetical order, are available from the records of Ruth Corporation at December 31, 2017: $17,395 $6,540 1,370 Accounts payable Accounts receivable Accumulated depreciation - automobiles Accumulated depreciation - buildings Automobiles Bonds payable, due December 31, 2021 Buildings Capital stock, $10 par value Cash 22,615 23,100 43,260 115,500 42,510 247,000 85,360 Income taxes payable Interest payable Inventory Land Long-term investments Notes payable, due June 30, 2018 office supplies Pald-in...
Preparing a Classified Balance Sheet The following financial data for the Marshall Corporation was collected as of December 31, 2013. All accounts have normal balances. Furniture & Equipment $100,000 Accumulated Depreciation $41,800 Cash 49,400 Accounts Receivable 98,200 Common Stock 203,000 Accounts Payable 20,400 Prepaid Insurance 3,300 Inventory 93,000 Retained Earnings Required Prepare a classified balance sheet as of December 31, 2013. Note: Do not use negative signs with your answers. MARSHALL CORPORATION Balance Sheet December 31,2013 Assets Current Assets: Inventory...
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