Homework Answers
Answer 1 line of credit does not need to be recorded in a company’s accounting records until the business borrows money against the line of credit.
Answer 2 Netflix liabilities will increase by 100 million and on the opposite cash or bank balance will increase by same amount there will be no effect on equity
Answer 3 Deutsche Bank cash will decrease by 100 million but the Deutsche Bank account receivable will also increase by 100 million there will be no effect on liabilities and equity
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Discussion Questions 1. On the date that the lenders authorized the credit line of $500 million...
ABC purchased equipment for $60,000 on January 1, 2018. The equipment is expected to have a...
ABC purchased equipment for $60,000 on January 1, 2018. The equipment is expected to have a five-year life, with a residual value of $5,000 at the end of five years. Using the straight-line method, depreciation expense for 2018 would be: A) $60,000. B) $11,000. C) $12,000. D) None of these. ABC reports income tax expense of $800,000. Income tax payable at the beginning and end of the year are $50,000 and $70,000, respectively. What is the amount of cash paid...
An example of an adjusting entry would include: a. Closing revenues to retained earnings b. Purchase...
An example of an adjusting entry would include: a. Closing revenues to retained earnings b. Purchase of office supplies on account (and remain unused). c. Interest owed on borrowed amounts. d. Collection of cash from customers. e. Dividend payments to stockholders. A company had the following transactions: 1. Receive cash in advance from customers, $400. 2. Provide services to customers on account, $500. 3. Pay cash for maintenance costs in the current period, $100. 4. Incur (but do not pay)...
I would like you to notice the Accounitng Equation refers to assets, liabilities in plural not...
I would like you to notice the
Accounitng Equation refers to assets, liabilities in plural not in
the singular mode. Typically most business have a large number of
assets as well as a large number of liabilities. Owners Equity is
ordinarily represent by amounts invested by the owners and the
cumulative retained profits (generally referred to as Retained
Earnings) if the organization has had profitable operations or
losses if the business had not had profitable operations. Profits
result in positive...
I wanted to update you on my efforts to secure an increased line of credit for...
I wanted to update you on my efforts to secure an increased line of credit for working capital. Despite my repeated efforts and the calls that both of you have made to our bank's senior officers, Miami Dade Merchant's Bank (MDM) continues to be inflexible. It refuses to increase our $3.2 million line of credit and says that it will not change its mind. It is also proposing tighter covenants. I have highlighted for MDM our improved EBIT and free...
Park Corporation acquired the voting stock of Sequoia Company on January 1, 2020 for $25 million...
Park Corporation acquired the voting stock of Sequoia Company on January 1, 2020 for $25 million in cash and stock. At the date of acquisition, Sequoia's book value totaled $3 million, consisting of $1.6 million in capital stock, $1.8 million in retained earnings, and $400,000 in accumulated other comprehensive losses. Sequoia's reported net assets at the date of acquisition were carried at amounts approximating fair value, except its inventory was overvalued by $500,000 (sold in 2020), its plant assets (10-year...
Hello I need help with this discussion and need to follow the instructions bellow I have...
Hello I need help with this discussion and need to follow the
instructions bellow
I have the grading way bellow too
please help me I will really appreciate it
this is Principals of accountings
Now those are examples from classmates:
I need to create my own my own post please heelp me
In this chapter we were provided a chart of accounts with sixteen accounts in exhibit 2 in the text. From that chart of accounts select an account (try...
Jubilee Feed and Supply Company buys on term, of 1/10 net 30, but it has not...
Jubilee Feed and Supply Company buys on term, of 1/10 net 30, but it has not been taking discounts and has actually been paying in 60 rather than 30 days. Assume that the accounts payable are recorded at full costs, not net of discounts. Jubilee's statement of financial position follows: (thousands of shillings). ASSETS Cash Accounts receivable Inventory Total Current Assets Kshs. LIABILITIES EQUITY Kshs. Kshs.5,000 500 500 12,500 Total Current Liabilities Ksh.6.000 Kshs.500 Accounts payable 4,500 Notes payable Accruals...
The following is ABC Inc.’s balance sheet (in thousands Also, sales equal $500, cost of goods...
The
following is ABC Inc.’s balance sheet (in thousands
Also, sales equal $500, cost of goods sold equals $360, interest
payments equal $62, taxes equal $56, and net income equals $22. The
beginning retained earnings is $0, the market value of equity is
equal to its book value, and the company pays no dividends.
Calculate Altman’s Z score for ABC, Inc. if ABC has a 50
percent dividend payout ratio and the market value of equity is
equal to its...
Walmart has 11,000 million shares authorized What percentage of authorized shares was issued by Amazon at...
Walmart has 11,000 million shares authorized What percentage of authorized shares was issued by Amazon at December 31, 2015, and by Wal-Mart at January 31, 2016? (Round answers to 1 decimal place, e.g. 52.5%.) Amazon Wal-Mart Percentage of authorized shares issued % % How many shares are held as treasury stock by Amazon at December 31, 2015, and by Wal-Mart at January 31, 2016? (Enter answers in millions. If answer is zero, please enter for the amount. Do not leave...
I would like you to notice the
Accounitng Equation refers to assets, liabilities in plural not in
the singular mode. Typically most business have a large number of
assets as well as a large number of liabilities. Owners Equity is
ordinarily represent by amounts invested by the owners and the
cumulative retained profits (generally referred to as Retained
Earnings) if the organization has had profitable operations or
losses if the business had not had profitable operations. Profits
result in positive...
Hello I need help with this discussion and need to follow the
instructions bellow
I have the grading way bellow too
please help me I will really appreciate it
this is Principals of accountings
Now those are examples from classmates:
I need to create my own my own post please heelp me
In this chapter we were provided a chart of accounts with sixteen accounts in exhibit 2 in the text. From that chart of accounts select an account (try...
Jubilee Feed and Supply Company buys on term, of 1/10 net 30, but it has not been taking discounts and has actually been paying in 60 rather than 30 days. Assume that the accounts payable are recorded at full costs, not net of discounts. Jubilee's statement of financial position follows: (thousands of shillings). ASSETS Cash Accounts receivable Inventory Total Current Assets Kshs. LIABILITIES EQUITY Kshs. Kshs.5,000 500 500 12,500 Total Current Liabilities Ksh.6.000 Kshs.500 Accounts payable 4,500 Notes payable Accruals...
The
following is ABC Inc.’s balance sheet (in thousands
Also, sales equal $500, cost of goods sold equals $360, interest
payments equal $62, taxes equal $56, and net income equals $22. The
beginning retained earnings is $0, the market value of equity is
equal to its book value, and the company pays no dividends.
Calculate Altman’s Z score for ABC, Inc. if ABC has a 50
percent dividend payout ratio and the market value of equity is
equal to its...
Walmart has 11,000 million shares authorized What percentage of authorized shares was issued by Amazon at December 31, 2015, and by Wal-Mart at January 31, 2016? (Round answers to 1 decimal place, e.g. 52.5%.) Amazon Wal-Mart Percentage of authorized shares issued % % How many shares are held as treasury stock by Amazon at December 31, 2015, and by Wal-Mart at January 31, 2016? (Enter answers in millions. If answer is zero, please enter for the amount. Do not leave...
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