Homework Answers
4. c. Prepaid insurance
5. c. Amounts due from customers for services already performed
6. d. Supplies
7. b. Goodwill
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4. Which of the following is not a long-term or non-current asset? a. Furniture and fixtures...
1. Which of the following is not an intangible asset? Select one: a. Copyright b. Long-term...
1. Which of the following is not an intangible asset? Select one: a. Copyright b. Long-term receivable c. Trademark d. Goodwill 2. Accounts receivable would appear on the balance sheet as a(n): Select one: a. liability. b. fixed asset. c. unearned revenue. d. asset.
Which of the following would be classified as a non-current asset? A. Amounts due from customers...
Which of the following would be classified as a non-current asset? A. Amounts due from customers within a period of 12 to 18 months, extended within the usual credit term of the enterprise. B. Goods which are in process of production for sale in the ordinary course of business C. Cash funds that are set aside for payment of equipment to be delivered a month after the reporting period. D. Debt and equity securities acquired principally for the purpose of...
Which of the following is NOT a long-term asset. A commercial building that you own. O...
Which of the following is NOT a long-term asset. A commercial building that you own. O Cash Three-year GIC Twenty year government bond Select the best definition for each of the following terms. asset allocation personal risk tolerance Liquidity Investor Lite Cycle A. 4 stages are early wealth accumulation, wealth accumulation, wealth preservation, and . wealth preservation/distribution B. an asset or security with high liquidity can be quickly bought or sold in the market without adjusting the price C. identifying...
Which of the following is not true about goodwill ? Goodwill must be written off over...
Which of the following is not true about goodwill ? Goodwill must be written off over 20 years. Goodwill must be checked for impairment at least annually. The loss of key customers could impair the value of goodwill. Goodwill does not have to be amortized. Goodwill is shown as an asset on the balance sheet. Which of the following are not true of net operating loss carrybacks and carryforwards? Net operating loss carrybacks enable firms to recover previous taxes paid....
When preparing a bank deposit which of the following is a best practice? Select one: a....
When preparing a bank deposit which of the following is a best practice? Select one: a. Group all customer payments with the same payment method together in one deposit b. Group customer payments with the payment method of checks and credit card payments in one deposit and group all the cash payment methods in a separate deposit c. Deposit all customer payments one at a time using the Bank Deposit form d. Leave payments in the undeposited funds account To...
21) Which of the following t h earlier years than in later years! A) the double-declining...
21) Which of the following t h earlier years than in later years! A) the double-declining balance method C) the units-of-production method e cales a higher amount of depreciation in game 27) D) the first in first- w hed 28) A fully depreciated plant asset A) is no longer reported on the balance sheet B) can no longer be used in the business C) is removed from the counting records D) can be discarded, sold or exchanged for another plant...
please I need them. Interpreting and Applying Disclosures on Property and Equipment Following are selected disclosures...
please I need them.
Interpreting and Applying Disclosures on Property and Equipment Following are selected disclosures from the Evett and Sternard Company (a specialty chemical company) 2007 10-K. Land, Building and Equipment, Net (in millions) 2007 2006 Land $ 146 $ 142 Buildings and improvements 2,000 1,900 Machinery and equipment 6,155 5,721 Capitalized interest 352 340 Construction in progress 271 218 Land, Building and Equipment, Gross 8,924 8,321 Less: Accumulated depreciation 5,908 5,481 Total $ 3,016 $ 2,840 The principal...
watch the term to the definition (USE SCANTROND A. Goodwill B. Dividends C. Asset D. Depreciation...
watch the term to the definition (USE SCANTROND A. Goodwill B. Dividends C. Asset D. Depreciation E. Prepaid expense 31. The process of allocating the cost of an asset over its useful life 32. The value of favourable, unidentifiable attributes related to a company 33. Costs paid in advance that benefit more than one accounting period 34. A resource owned or controlled by business that are expected to provide wted to provide future economic benefits 35. The distribution of retained...
Application Problem 1-5B Use the following abbreviations to answer this question: CA Current assets NCA Non-current...
Application Problem 1-5B Use the following abbreviations to answer this question: CA Current assets NCA Non-current assets CL Current liabilities NCL Non-current liabilities SC Share capital RE Retained earnings SI Statement of income item SCF Statement of cash flows item SCE Statement of changes in equity item Classify the following items according to where they would appear in the financial statements: a. Rent payable b. Amounts owed by customers of the company C. Administrative expense d. Proceeds received from taking...
whats the amount if current assets and then tota long term imvestments ne following is a...
whats the amount if current assets and then tota long term
imvestments
ne following is a December 31, 2019, post-closing trial balance for Desert Company: Account Title Credits Cash Accounts Receivable (net of Allowance) Debits $ 83,000 $280,000 $ 32,000 $ 65,000 $175,000 Prepaid Expenses Investments Land $160,000 $145,000 Buildings (net) Equipment (net) Accounts Payable Accrued Expenses Unearned Revenue Notes Payable Common Stock Retained Earnings TOTALS $ 73,000 $ 45,000 $150,000 $300,000 $200,000 $172,000 $940,000 $940,000 1. The cash account...
Which of the following is NOT a long-term asset. A commercial building that you own. O Cash Three-year GIC Twenty year government bond Select the best definition for each of the following terms. asset allocation personal risk tolerance Liquidity Investor Lite Cycle A. 4 stages are early wealth accumulation, wealth accumulation, wealth preservation, and . wealth preservation/distribution B. an asset or security with high liquidity can be quickly bought or sold in the market without adjusting the price C. identifying...
21) Which of the following t h earlier years than in later years! A) the double-declining balance method C) the units-of-production method e cales a higher amount of depreciation in game 27) D) the first in first- w hed 28) A fully depreciated plant asset A) is no longer reported on the balance sheet B) can no longer be used in the business C) is removed from the counting records D) can be discarded, sold or exchanged for another plant...
please I need them.
Interpreting and Applying Disclosures on Property and Equipment Following are selected disclosures from the Evett and Sternard Company (a specialty chemical company) 2007 10-K. Land, Building and Equipment, Net (in millions) 2007 2006 Land $ 146 $ 142 Buildings and improvements 2,000 1,900 Machinery and equipment 6,155 5,721 Capitalized interest 352 340 Construction in progress 271 218 Land, Building and Equipment, Gross 8,924 8,321 Less: Accumulated depreciation 5,908 5,481 Total $ 3,016 $ 2,840 The principal...
watch the term to the definition (USE SCANTROND A. Goodwill B. Dividends C. Asset D. Depreciation E. Prepaid expense 31. The process of allocating the cost of an asset over its useful life 32. The value of favourable, unidentifiable attributes related to a company 33. Costs paid in advance that benefit more than one accounting period 34. A resource owned or controlled by business that are expected to provide wted to provide future economic benefits 35. The distribution of retained...
Application Problem 1-5B Use the following abbreviations to answer this question: CA Current assets NCA Non-current assets CL Current liabilities NCL Non-current liabilities SC Share capital RE Retained earnings SI Statement of income item SCF Statement of cash flows item SCE Statement of changes in equity item Classify the following items according to where they would appear in the financial statements: a. Rent payable b. Amounts owed by customers of the company C. Administrative expense d. Proceeds received from taking...
whats the amount if current assets and then tota long term
imvestments
ne following is a December 31, 2019, post-closing trial balance for Desert Company: Account Title Credits Cash Accounts Receivable (net of Allowance) Debits $ 83,000 $280,000 $ 32,000 $ 65,000 $175,000 Prepaid Expenses Investments Land $160,000 $145,000 Buildings (net) Equipment (net) Accounts Payable Accrued Expenses Unearned Revenue Notes Payable Common Stock Retained Earnings TOTALS $ 73,000 $ 45,000 $150,000 $300,000 $200,000 $172,000 $940,000 $940,000 1. The cash account...
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