What are current assets? What are current liabilities? List at least three accounts typically found under...
What are current assets? What are current liabilities? List at least three accounts typically found under these categories.
Homework Answers
Ans: Current assets are those assets which can be liquidated within an accounting period or 12 months. These assets are realized in cash . these are also of short term period These are shown under assets side in balance sheet eg for it are cash and cash equivalents, Bill receivables,
prepaid expenses
Current liabilities are those which are due within one year these are those which are pending for one year , in short terms amount due from behalf of the company.to other persons. These are shown under liabilities side in the balance sheet. eg for the same are bills payable, outstanding expenses,Bank overdraft
Relationship between the two are shown as current ratio where ideal ratio is 2:1
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What are current assets? What are current liabilities? List at
least three accounts typically found under...
1.Financing activities typically involve accounts classified as a.current assets and current liabilities. b.current liabilities and shareholders'...
1.Financing activities typically involve accounts classified as a.current assets and current liabilities. b.current liabilities and shareholders' equity. c.long-term liabilities and shareholders' equity. d.current liabilities and long-term liabilities.
Working capital accounts are current assets and current liabilities. Of the 13 accounts listed in the...
Working capital accounts are current assets and current
liabilities.
Of the 13 accounts listed in the question, 7 are working capital
accounts, some involving an inflow of cash and some involving an
outflow of cash. Make a list of the 7 working capital accounts and
subdivide and subtotal your list into two categories, the number of
cash inflows and the number of cash outflows during the year. (Hint
- the grand total is a $12,000 outflow)
EXERCISE 4: WORKING CAPITAL...
Balance Sheet Assets Current Assets Cash Accounts receivable Inventories Total current assets Liabilities Current Liabilities $47...
Balance Sheet Assets Current Assets Cash Accounts receivable Inventories Total current assets Liabilities Current Liabilities $47 Accounts payable 23 Total current liabilities $40 40 86 Long-Term Liabilities Long-Term Assets Net property, plant, and equipment Total long-term assets 170 164 Long-term debt Total long-term 164 liabilities 170 Total Assets 250 210 Total Liabilities Stockholders' Equity Total Liabilities and Stockholders' Equity 250 The balance sheet for a small firm is shown above. All amounts are in thousands of dollars What is this...
Assets Current Assets Cash Accounts receivable Liabilities and Stockholders' Equity Current liabilities Accounts payable 640,000 Notes...
Assets Current Assets Cash Accounts receivable Liabilities and Stockholders' Equity Current liabilities Accounts payable 640,000 Notes payable to banks 120,000 150,000 ($ less Accrued wages allowance for doubtful accounts of $10,000) 1,170,000 80,000 1,190,000 Inventory Taxes Owed Total current liabilities Long-term debt 1,620,000 $ 020, TO Total current assets Land Plant and equipment ($2,330,000 less accumulated depreciation 1,400,000 4,610,000 Stockholders' equity Common stock ($1 par, 610,000 shares authorized, 580,000 outstanding) Retained earnings Total stockholders' equity $ Total liabilities and equity...
1. List three metal ions that are typically found in hard water. 2. What anion is...
1. List three metal ions that are typically found in hard water. 2. What anion is usually associated with hard water? 3. Explain the concept of ion exchange. 4. List three methods for softening water.
Assets $ Liabilities $ Current Assets Current Liabilities Cash 12,000 Accounts payable 28,500 Cash at bank...
Assets $ Liabilities $ Current Assets Current Liabilities Cash 12,000 Accounts payable 28,500 Cash at bank 7,000 Wages payable 7,000 Accounts receivable 35,000 Taxes payable 12,000 Inventory 30,500 Interest payable 15,000 Prepayments 3,300 Total current assets 87,800 Total current liabilities 62,500 Investments 25,000 Long-Term Liabilities Bank loan 335,000 Notes payable 15,000 Long-term liabilities 350,000 Property, Plant, and Equipment Total Liabilities 412,800 Land and building 156,000 Equipment 1,85,000 Less: Depreciation (63,000) 278,000 Stockholders’ Equity Intangible Assets Common stock 100,000 Goodwill 120,000...
Question Three: 1).List at least two advantages for stakeholders from requiring groups to prepare consolidated accounts?...
Question Three: 1).List at least two advantages for stakeholders from requiring groups to prepare consolidated accounts? (10 marks) 2).Rouge plc acquired 100% of the common shares of Noir plc on 1 Jan 20X0 and gained control. At that date the statements of financial position of the two companies were as follows: Rouge Smillion Noir Smillion 80 Assets Current Assets Non-current assets PPES Investment in Noir Total Assets 100 132 312 130 60 Liabilities and Equity Current Liabilities Ordinary shares Retained...
The following are categories of accounts reported in the financial statements: Current Assets  
The following are categories of accounts reported in the financial statements: Current Assets E. Stockholders’ Equity Non-Current Assets F. Revenue Current Liabilities G. Expense Non-Current Liabilities H. Not Applicable Indicate where each of the following accounts would be reported (classified) in the financial statement categories noted above (categories may be used more than once or not at all). Identify only one category for each account listed below. _______Accrued Liabilities ________Accumulated Depreciation _______Rental Income ________Intangible Property _______Wages Expense ...
Balance Sheet Assets Liabilities Current Assets Current Liabilities Cash . . . . . . ....
Balance Sheet Assets Liabilities Current Assets Current Liabilities Cash . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 48 Accounts payable . . . . . . . . . . . . . . . . . . . . . 36 Accounts receivable . . . . . . . . . . . . . . ....
Balance Sheet Assets Liabilities Current Liabilities Current Assets 49 36 20 Accounts payable Notes payable/short term...
Balance Sheet Assets Liabilities Current Liabilities Current Assets 49 36 20 Accounts payable Notes payable/short term debt Total current liabilities ====== Cash Accounts receivable Inventories Total current assets 5 15 41 84 Long-Term Assets Long-Term Liabilities O A. - $1 million OB. $6 million OC. $43 million OD. - $6 million Long-Term Assets Long-Term Liabilities Net property, plant, and equipment Total long-term assets 126 126 Long-term debt Total long term abilities 135 135 Total liabilities Stockholders' Equity Total liabilities and...
Working capital accounts are current assets and current
liabilities.
Of the 13 accounts listed in the question, 7 are working capital
accounts, some involving an inflow of cash and some involving an
outflow of cash. Make a list of the 7 working capital accounts and
subdivide and subtotal your list into two categories, the number of
cash inflows and the number of cash outflows during the year. (Hint
- the grand total is a $12,000 outflow)
EXERCISE 4: WORKING CAPITAL...
Balance Sheet Assets Current Assets Cash Accounts receivable Inventories Total current assets Liabilities Current Liabilities $47 Accounts payable 23 Total current liabilities $40 40 86 Long-Term Liabilities Long-Term Assets Net property, plant, and equipment Total long-term assets 170 164 Long-term debt Total long-term 164 liabilities 170 Total Assets 250 210 Total Liabilities Stockholders' Equity Total Liabilities and Stockholders' Equity 250 The balance sheet for a small firm is shown above. All amounts are in thousands of dollars What is this...
Assets Current Assets Cash Accounts receivable Liabilities and Stockholders' Equity Current liabilities Accounts payable 640,000 Notes payable to banks 120,000 150,000 ($ less Accrued wages allowance for doubtful accounts of $10,000) 1,170,000 80,000 1,190,000 Inventory Taxes Owed Total current liabilities Long-term debt 1,620,000 $ 020, TO Total current assets Land Plant and equipment ($2,330,000 less accumulated depreciation 1,400,000 4,610,000 Stockholders' equity Common stock ($1 par, 610,000 shares authorized, 580,000 outstanding) Retained earnings Total stockholders' equity $ Total liabilities and equity...
1. List three metal ions that are typically found in hard water. 2. What anion is usually associated with hard water? 3. Explain the concept of ion exchange. 4. List three methods for softening water.
Question Three: 1).List at least two advantages for stakeholders from requiring groups to prepare consolidated accounts? (10 marks) 2).Rouge plc acquired 100% of the common shares of Noir plc on 1 Jan 20X0 and gained control. At that date the statements of financial position of the two companies were as follows: Rouge Smillion Noir Smillion 80 Assets Current Assets Non-current assets PPES Investment in Noir Total Assets 100 132 312 130 60 Liabilities and Equity Current Liabilities Ordinary shares Retained...
Balance Sheet Assets Liabilities Current Liabilities Current Assets 49 36 20 Accounts payable Notes payable/short term debt Total current liabilities ====== Cash Accounts receivable Inventories Total current assets 5 15 41 84 Long-Term Assets Long-Term Liabilities O A. - $1 million OB. $6 million OC. $43 million OD. - $6 million Long-Term Assets Long-Term Liabilities Net property, plant, and equipment Total long-term assets 126 126 Long-term debt Total long term abilities 135 135 Total liabilities Stockholders' Equity Total liabilities and...
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