Homework Answers
Answer: B) Long-term Assets.
Reason: Fixed Assets are assets that are held for earnings. It is normally Long term in nature as Its Expected life is more than an accounting period. Hence Depreciation is provided on it to book corresponding expenses in respect of its wear and tear as depreciation. So that the closing balance will show equivalent to equivalent life left.
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Fixed assets that are depreciated are sometimes called: O A. Accounts Payable. O B. long-term assets....
Examples of liabilities include: A. accounts payable and long - term debt. O B. accounts payable...
Examples of liabilities include: A. accounts payable and long - term debt. O B. accounts payable and dividends. O C. investments and note payable. O D. accounts payable and common stock. A net loss occurs when: O A. total revenues and dividends exceed total expenses and losses. B. total revenues exceed total expenses. O C. total expenses and losses exceed total revenues and gains. O D. not enough cash exists. The income statement: A. reports the results of operations since...
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...
Cash Wages payable Merchandise inventory Building Accounts receivable Long-term notes payable Land Accounts payable Sales revenue...
Cash Wages payable Merchandise inventory Building Accounts receivable Long-term notes payable Land Accounts payable Sales revenue Expenses Aspen Willow $ 30,000 $20,000 30,000 25,000 65.000 35.000 95.000 95.000 35,000 40.000 145,000 110.000 60.000 55,000 55,000 50,000 325,000 265.000 295,000 230.000 Required a-1. Determine the amount of current assets and current liabilities for each company a-2. Compute the current ratio for each company. b. Assuming that all assets and liabilities are listed above, compute the debt-to-assets ratios for each company. C-1....
On a classified balance sheet: O A. Salaries Payable is a long-term liability. O B. Notes...
On a classified balance sheet: O A. Salaries Payable is a long-term liability. O B. Notes Payable due in one year is a current liability. O c. Accounts Receivable is a current liability. D. Dividends is a current asset.
Assets in millions) Liabilities (in millions) Cash 300 Accounts payable 50 Accounts receivable 100 Notes payable...
Assets in millions) Liabilities (in millions) Cash 300 Accounts payable 50 Accounts receivable 100 Notes payable 150 Inventories 200 Total Current Liabilities: 200 Total Current Assets: 600 Long Term Debt 100 Equipment 300 Total Liabilities: 300 Land 100 Common Stock 300 Total Fixed Assets: 400 Retained Earnings 400 Total Assets: 1000 Total Common Equity 700 You are asked to prepare a pro forma balance sheet given the following information. Net earnings are expected to be $100 million. The company wants...
1. All of the following are reported as current liabilities except a. accounts payable. b. bonds...
1. All of the following are reported as current liabilities except a. accounts payable. b. bonds payable. c. notes payable. d. unearned revenues. 2. The relationship between current liabilities and current assets is a. useful in determining income. b. useful in evaluating a company's liquidity. c. called the matching principle. d. useful in determining the amount of a company's long-term debt. 3. Most companies pay current liabilities a. out of current assets. b. by issuing interest-bearing notes payable. c. by...
CULTIUNI Based on the following data, what is the amount of current assets? Accounts payable..... Accounts...
CULTIUNI Based on the following data, what is the amount of current assets? Accounts payable..... Accounts receivable... Cash Intangible assets.......... Inventory..................... Long-term investments....... Long-term liabilities... ........... Short-term investments...... Notes payable.. ....................... Property, plant, and equipment......... Prepaid insurance.... $232,000 $390,000 $252,000 O $250,000 $62,000 100,000 70,000 100,000 138,000 160,000 200,000 80,000 56,000 1,340,000 2.000 ...........
Accounts Payable $55,000 Inventory $142,000 Accounts Receivable 61,000 Land 58,000 Building and Equipment 87,000 Mortgage Payable...
Accounts Payable $55,000 Inventory $142,000 Accounts Receivable 61,000 Land 58,000 Building and Equipment 87,000 Mortgage Payable (long term) 82,000 Cash 40,000 Office Supplies 2,000 Common Stock 125,000 Retained Earnings Salaries Payable 8,000 HALFORD WHOLESALERS Balance Sheet December 31 Liabilities & Stockholders' Equity Current Liabilities: Assets Current Assets Salaries payable Total Current Liabilities Inventory Total Current Assets 0 Long Term Liabilities: Noncurrent Assets Total Long-term Liabilities: Total Liabilities Building and Equipment Total Noncurrent Assets Stockholders' Equity HALFORD WHOLESALERS Balance Sheet December...
3. Classified balance sheets commonly include the following categories. (15%) a. Current assets b. long-term invest...
3. Classified balance sheets commonly include the following categories. (15%) a. Current assets b. long-term investments c. Plant assets d. Intangible assets e. Current liabilities 1. Long-term liabilities 8. Equity X Not in the balance sheet Indicate the typical classification of each item listed below by placing the letter of the correct balance sheet category a through g in the blank space next to the item. owne Buildings used in business operations Office Supplies Land held for future plant expansion...
Long-term Investments Prepaid advertising Property, Plant, and Equipment Equipment Trademarks Intangible Assets Salaries and wages payable...
Long-term Investments Prepaid advertising Property, Plant, and Equipment Equipment Trademarks Intangible Assets Salaries and wages payable Current Liabilities Income taxes payable Current Liabilities Retained earnings Stockholders' Equity Current Assets Accounts receivable Property, Plant, and Equipment ÷ Land (held for future use) Patents Intangible Assets Bonds payable Current Liabilities Stockholders' Equity Common stock Accumulated depreciation-equipment Property, Plant, and Equipment Unearned sales revenue Long-term Investments Property, Plant, and Equipment Inventory
Examples of liabilities include: A. accounts payable and long - term debt. O B. accounts payable and dividends. O C. investments and note payable. O D. accounts payable and common stock. A net loss occurs when: O A. total revenues and dividends exceed total expenses and losses. B. total revenues exceed total expenses. O C. total expenses and losses exceed total revenues and gains. O D. not enough cash exists. The income statement: A. reports the results of operations since...
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...
Cash Wages payable Merchandise inventory Building Accounts receivable Long-term notes payable Land Accounts payable Sales revenue Expenses Aspen Willow $ 30,000 $20,000 30,000 25,000 65.000 35.000 95.000 95.000 35,000 40.000 145,000 110.000 60.000 55,000 55,000 50,000 325,000 265.000 295,000 230.000 Required a-1. Determine the amount of current assets and current liabilities for each company a-2. Compute the current ratio for each company. b. Assuming that all assets and liabilities are listed above, compute the debt-to-assets ratios for each company. C-1....
On a classified balance sheet: O A. Salaries Payable is a long-term liability. O B. Notes Payable due in one year is a current liability. O c. Accounts Receivable is a current liability. D. Dividends is a current asset.
Assets in millions) Liabilities (in millions) Cash 300 Accounts payable 50 Accounts receivable 100 Notes payable 150 Inventories 200 Total Current Liabilities: 200 Total Current Assets: 600 Long Term Debt 100 Equipment 300 Total Liabilities: 300 Land 100 Common Stock 300 Total Fixed Assets: 400 Retained Earnings 400 Total Assets: 1000 Total Common Equity 700 You are asked to prepare a pro forma balance sheet given the following information. Net earnings are expected to be $100 million. The company wants...
CULTIUNI Based on the following data, what is the amount of current assets? Accounts payable..... Accounts receivable... Cash Intangible assets.......... Inventory..................... Long-term investments....... Long-term liabilities... ........... Short-term investments...... Notes payable.. ....................... Property, plant, and equipment......... Prepaid insurance.... $232,000 $390,000 $252,000 O $250,000 $62,000 100,000 70,000 100,000 138,000 160,000 200,000 80,000 56,000 1,340,000 2.000 ...........
Accounts Payable $55,000 Inventory $142,000 Accounts Receivable 61,000 Land 58,000 Building and Equipment 87,000 Mortgage Payable (long term) 82,000 Cash 40,000 Office Supplies 2,000 Common Stock 125,000 Retained Earnings Salaries Payable 8,000 HALFORD WHOLESALERS Balance Sheet December 31 Liabilities & Stockholders' Equity Current Liabilities: Assets Current Assets Salaries payable Total Current Liabilities Inventory Total Current Assets 0 Long Term Liabilities: Noncurrent Assets Total Long-term Liabilities: Total Liabilities Building and Equipment Total Noncurrent Assets Stockholders' Equity HALFORD WHOLESALERS Balance Sheet December...
3. Classified balance sheets commonly include the following categories. (15%) a. Current assets b. long-term investments c. Plant assets d. Intangible assets e. Current liabilities 1. Long-term liabilities 8. Equity X Not in the balance sheet Indicate the typical classification of each item listed below by placing the letter of the correct balance sheet category a through g in the blank space next to the item. owne Buildings used in business operations Office Supplies Land held for future plant expansion...
Long-term Investments Prepaid advertising Property, Plant, and Equipment Equipment Trademarks Intangible Assets Salaries and wages payable Current Liabilities Income taxes payable Current Liabilities Retained earnings Stockholders' Equity Current Assets Accounts receivable Property, Plant, and Equipment ÷ Land (held for future use) Patents Intangible Assets Bonds payable Current Liabilities Stockholders' Equity Common stock Accumulated depreciation-equipment Property, Plant, and Equipment Unearned sales revenue Long-term Investments Property, Plant, and Equipment Inventory
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