Homework Answers
The ability to convert an asset into cash quickly without a significant loss of its value - Liquidity
Raw material, work in progress, and finished goods held by the firm for eventual sale - Inventory
Expenses that have been incurred but neither the related invoice received nor paid - Accrued expenses
A non cash expense to allocate the cost of depreciable assets, such as plant and equipment, over the life of the asset - Depreciation expense
Money owed to suppliers for goods or service purchased - Trade credit
Investors who own the firm's common stock - Common stockholders
The difference between firm's current assets and its current liabilities - Working capital
Cumulative undistributed profit - Retained earnings
A statement in which the items are expressed as a percentage of total assets - Common sized balance sheet
Sales on credit divided by accounts receivable - Receivables turnover
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10. Match the following definitions: (1) The ability to convert an asset into cash (2p each,...
10. Match the following definitions: (2p each, total 20p) The ability to convert an asset into...
10. Match the following definitions: (2p each, total 20p) The ability to convert an asset into cash quickly without a significant loss of its value. Raw materials, work in progress, and finished goods held by the firm for eventual sale. ( ) Expenses that have been incurred but neither the related invoice received nor paid. ( ) A noncash expense to allocate the cost of depreciable assets, such as plant and equipment, over the life of the asset. (Money owed...
10. Match the following definitions: (l)The ability to convert an asset into cash quickly without a...
10. Match the following definitions: (l)The ability to convert an asset into cash quickly without a significant loss of its value. ry Raw materials, work in progress, and finished goods held by the firm for eventual sale. QExpenses that have been incurred but neither the related invoice received nor paid. (G)A noncash expense to allocate the cost of depreciable assets, such as plant and equipment, over the life of the asset. Money owed to suppliers for goods or services purchased...
Given the financial statements for Jones Corporation and Smith Corporation: JONES CORPORATION Current Assets Liabilities Cash...
Given the financial statements for Jones Corporation and Smith Corporation: JONES CORPORATION Current Assets Liabilities Cash $ 22,000 Accounts payable $ 127,000 Accounts receivable 81,100 Bonds payable (long term) 85,600 Inventory 50,000 Long-Term Assets Stockholders' Equity Gross fixed assets $ 526,000 Common stock $ 150,000 Less: Accumulated depreciation 150,700 Paid-in capital 70,000 Net fixed assets* 375,300 Retained earnings 95,800 Total assets $ 528,400 Total liabilities and equity $ 528,400 Sales (on credit) $ 1,326,000 Cost of goods sold 790,000...
Given the financial statements for Jones Corporation and Smith Corporation: JONES CORPORATION Current Assets Liabilities Cash...
Given the financial statements for Jones Corporation and Smith Corporation: JONES CORPORATION Current Assets Liabilities Cash $ 22,000 Accounts payable $ 127,000 Accounts receivable 81,100 Bonds payable (long term) 85,600 Inventory 50,000 Long-Term Assets Stockholders' Equity Gross fixed assets $ 526,000 Common stock $ 150,000 Less: Accumulated depreciation 150,700 Paid-in capital 70,000 Net fixed assets* 375,300 Retained earnings 95,800 Total assets $ 528,400 Total liabilities and equity $ 528,400 Sales (on credit) $ 1,326,000 Cost of goods sold 790,000...
Problem # 1 (50 points) Given the Income Statement and Balance Sheet Compute: Current Ratio Acid-Test...
Problem # 1 (50 points) Given the Income Statement and Balance Sheet Compute: Current Ratio Acid-Test Ratio Days in Receivable Days in Inventory Operating Profit Margin Total Asset Tumover Fixed-asset turnover Debt Ratio Times Interest Earned Return on Equity Income Statement Balance Sheet Assets Cash Accounts Receivable Inventory Prepaid Expenses Total Current Assets Gross Plant and Equipment Accumulated Depreciation Net Fixed Assets Total Assets $200,000 $60,000 $100,000 $20,000 $380,000 $802,000 -$132,000 $670,000 $1,050,000 Sales (all credit) Cost of Goods Sold...
Credit Gain on Sale of an Asset Common Stock Retained Earnings Credit Credit Land Debit Notes...
Credit Gain on Sale of an Asset Common Stock Retained Earnings Credit Credit Land Debit Notes Payable Credit Fees Earned Credit Equipment Debit Sales Credit Accounts Receivable Debit Auto Expense Debit Rent Expense Debit Supplies Debit Cash Debit Accounts Payable Credit Service Revenue Credit Accumulated Depreciation-Equipment Credit Cash Dividends Debit Type here to search Paid in Capital in Excess of Par Credit Bonds Payable Credit Credit Unearned Revenue Salary Expense Debit Identify which financial statement each one of these accounts...
Given the financial statements for Jones Corporation and Smith Corporation JONES CORPORATION Current Assets Liabilities Cash...
Given the financial statements for Jones Corporation and Smith Corporation JONES CORPORATION Current Assets Liabilities Cash Accounts receivable Inventory $ 25,800 Accounts payable S188,000 80,400 88,700 54,200 Bonds payable (long term) Long-Term Assets Stockholders' Equity $578,000 153,900 Gross fixed assets Common stock $150,000 70,000 104,400 $592,800 Less: Accumulated Paid-in capital 424,100 Retained earnings $592,800 Net fixed assets* Total assets Total liabilities and equity Sales (on credit) Cost of goods sold Gross profit Selling and administrative $1,717,000 782,000 $935,000 283,000 nse...
Given the financial statements for Jones Corporation and Smith Corporation: JONES CORPORATION Current Assets Liabilities Cash...
Given the financial statements for Jones Corporation and Smith Corporation: JONES CORPORATION Current Assets Liabilities Cash $ 25,900 Accounts payable $ 149,000 Accounts receivable 81,500 Bonds payable (long term) 80,300 Inventory 51,800 Long-Term Assets Stockholders' Equity Gross fixed assets $ 514,000 Common stock $ 150,000 Less: Accumulated depreciation 155,900 Paid-in capital 70,000 Net fixed assets* 358,100 Retained earnings 68,000 Total assets $ 517,300 Total liabilities and equity $ 517,300 Sales (on credit) $ 1,347,000 Cost of goods sold 790,000...
Given the financial statements for Jones Corporation and Smith Corporation JONES CORPORATION Current Assets Liabilities Cash...
Given the financial statements for Jones Corporation and Smith Corporation JONES CORPORATION Current Assets Liabilities Cash Accounts receivable nven $123,300 Accounts payable $176,000 89,600 183,600 56,800 Bonds payable (long term) Long-Term Assets Stockholders' Equity Gross fixed assets $554,000 152,300 $150,000 70,000 279,800 $765,400 Total labilities and equity $765,400 Common stock Less: Accumulated depreciation Net fixed assets Paid-in capital 401,700 Retained earnings Total assets Sales (on credit) Cost of goods sold Gross profit Selling and administrative $1,255,000 678,000 577,000 355,000 nse...
Given the financial statements for Jones Corporation and Smith Corporation: JONES CORPORATION Current Assets Liabilities Cash...
Given the financial statements for Jones Corporation and Smith Corporation: JONES CORPORATION Current Assets Liabilities Cash $ 123,300 Accounts payable $ 176,000 Accounts receivable 183,600 Bonds payable (long term) 89,600 Inventory 56,800 Long-Term Assets Stockholders' Equity Gross fixed assets $ 554,000 Common stock $ 150,000 Less: Accumulated depreciation 152,300 Paid-in capital 70,000 Net fixed assets* 401,700 Retained earnings 279,800 Total assets $ 765,400 Total liabilities and equity $ 765,400 Sales (on credit) $ 1,255,000 Cost of goods sold 678,000...
10. Match the following definitions: (2p each, total 20p) The ability to convert an asset into cash quickly without a significant loss of its value. Raw materials, work in progress, and finished goods held by the firm for eventual sale. ( ) Expenses that have been incurred but neither the related invoice received nor paid. ( ) A noncash expense to allocate the cost of depreciable assets, such as plant and equipment, over the life of the asset. (Money owed...
10. Match the following definitions: (l)The ability to convert an asset into cash quickly without a significant loss of its value. ry Raw materials, work in progress, and finished goods held by the firm for eventual sale. QExpenses that have been incurred but neither the related invoice received nor paid. (G)A noncash expense to allocate the cost of depreciable assets, such as plant and equipment, over the life of the asset. Money owed to suppliers for goods or services purchased...
Problem # 1 (50 points) Given the Income Statement and Balance Sheet Compute: Current Ratio Acid-Test Ratio Days in Receivable Days in Inventory Operating Profit Margin Total Asset Tumover Fixed-asset turnover Debt Ratio Times Interest Earned Return on Equity Income Statement Balance Sheet Assets Cash Accounts Receivable Inventory Prepaid Expenses Total Current Assets Gross Plant and Equipment Accumulated Depreciation Net Fixed Assets Total Assets $200,000 $60,000 $100,000 $20,000 $380,000 $802,000 -$132,000 $670,000 $1,050,000 Sales (all credit) Cost of Goods Sold...
Credit Gain on Sale of an Asset Common Stock Retained Earnings Credit Credit Land Debit Notes Payable Credit Fees Earned Credit Equipment Debit Sales Credit Accounts Receivable Debit Auto Expense Debit Rent Expense Debit Supplies Debit Cash Debit Accounts Payable Credit Service Revenue Credit Accumulated Depreciation-Equipment Credit Cash Dividends Debit Type here to search Paid in Capital in Excess of Par Credit Bonds Payable Credit Credit Unearned Revenue Salary Expense Debit Identify which financial statement each one of these accounts...
Given the financial statements for Jones Corporation and Smith Corporation JONES CORPORATION Current Assets Liabilities Cash Accounts receivable Inventory $ 25,800 Accounts payable S188,000 80,400 88,700 54,200 Bonds payable (long term) Long-Term Assets Stockholders' Equity $578,000 153,900 Gross fixed assets Common stock $150,000 70,000 104,400 $592,800 Less: Accumulated Paid-in capital 424,100 Retained earnings $592,800 Net fixed assets* Total assets Total liabilities and equity Sales (on credit) Cost of goods sold Gross profit Selling and administrative $1,717,000 782,000 $935,000 283,000 nse...
Given the financial statements for Jones Corporation and Smith Corporation JONES CORPORATION Current Assets Liabilities Cash Accounts receivable nven $123,300 Accounts payable $176,000 89,600 183,600 56,800 Bonds payable (long term) Long-Term Assets Stockholders' Equity Gross fixed assets $554,000 152,300 $150,000 70,000 279,800 $765,400 Total labilities and equity $765,400 Common stock Less: Accumulated depreciation Net fixed assets Paid-in capital 401,700 Retained earnings Total assets Sales (on credit) Cost of goods sold Gross profit Selling and administrative $1,255,000 678,000 577,000 355,000 nse...
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