Homework Answers
14. Answer (a) Cost Of Building & Equipment Accounts
REASON :
In the given Options Except (a) , remaining are not Tangible/Intangible Fixed Assets Which we are normally calculate depreciation .
So, depreciation on Fixed Assets which accumulated every year , we have to be shown as deduction under (a) Cost Of Building & Equipment Accounts (In the given case).
15. Answer(a) Balance Sheet
REASONS :
1.(a).Balance Sheet
It is a Statement of Assets ,Liabilities & Equity. Every company wants to know the Financial Position on a single(Specified) Date, normally end of the financial year.So, it is to find the Position on a specified (Point of time)date instead/ irrespective of specified Period.
Income Statement is a statement of Revenue & Expenses for the Specified Period Usually a Financial Year Instea.d of Specified Date.
Statement of owner's Equity is normally used in Individual Business(proprietorship) for the Known changes in Capital of Business.
Statement of Cash Flows is normally used to know the changes in funds (Either Inflow or Outflow) by Bifurcating the company's activities into Operating, Investing & Financial Activities.
16.(c) Current Assets.
REASONS:
1.(c) Current Assets
Current Assets includes Cash,Cash Equivalence (Marketable Securities & Temporary investments),Stock( Expected to be converted/Consumed into cash within year),Debtors ,Prepaid Expenses etc.
In the given Options,
Temporary investments means which normally converted in to cash in the very near future(based on company requirement or for exploitation of interest.
Marketable Securities means which normally converted in to cash with in one Year.
Investments are those which not traded with in 1year are classified long term Investments.
So, Currents assets is the legible answer for the given Question .
17. Answer (d) Property, Plant & Equipment.
REASON :
In the given options except (d),remaining all are not used in operation of business for several years.
Because Property,Plant & equipment are used in business for the manufacturing of products till the winding of company/Close of business.
18 Answer (a)$32,000
REASON :
Working Capital = Current Assets - Current Liabilities
For Current Assets whatever included is discussed above .So, Let's have check.
For Current liabilities includes Trade Payables , Accrued income taxes , Accrued liabilities Etc.
In the given Question , Current Assets includes Inventory also. So, We have no need to calculate separately.
Working Capital = 53000 - 21000 = $ 32000
19.Answer (a) Current Ratio
Current Ratio = Current Assets / Current Liabilities
Current Ratio is referred as a liquidity ratio which measures the company has enough resources or not to meet it's short term obligations.
Thank You.
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Accounts Receivable
Accrued Liabilities
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Advances to Employees
Allowance for Doubtful Accounts
Bonds Payable
Bond Sinking Fund
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Presented below is a list of accounts in alphabetical
order.
Accounts Receivable
Inventory-Ending
Accumulated
Depreciation-Buildings
Land
Accumulated
Depreciation-Equipment
Land for Future Plant
Site
Accumulated Other
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Allowance for Doubtful
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