12. If assets are expected to be realized in cash, sold, or consumed within the normal...
12. If assets are expected to be realized in cash, sold, or consumed within the normal operating cycle of a business or within one year (if the operating cycle is shorter than one year), how are they reported on a classified balance sheet?
a.current assets
b.intangible assets
c.property, plant, and equipment
d.current liabilities
Homework Answers
Correct choice A Current assets
Assets that are expected to be used or consumed or realized within 12 months are classified as current assets. Hence
Intangible assets and property plant and equipment are long term assets which are expected to be beneficial for the corporation for more than 12 months are are hence classified as non-current assets
Current liabilities is not relevant here as in this case assets are being sold/consumed
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12. If assets are expected to be realized in cash, sold, or
consumed within the normal...
QUESTION 15 Match the terms with the definitions. The period of time required to purchase supplies...
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12. Consider the classified Balance Sheet: Current assets are assets expected to be used or converted...
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QUESTION 20 After the closing entries have been posted, which of the following accounts would still...
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14. Accumulated depreciation amounts are shown as deductions from the cost of building and equipment accounts...
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A company receives an advance payment for special-order goods to be manufactured and delivered within 6...
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FINANCIAL STATEMENT PROJECT #2 Below is the trial balance of Venus Company on December 31, 2019....
FINANCIAL STATEMENT PROJECT #2 Below is the trial balance of Venus Company on December 31, 2019. The accounts are listed in alphabetical order and all accounts have normal balances Account Title: Balance: Account Title: Balance: Accounts Payable 18,100 Interest Payable 700 Accounts Receivable 17,400 Land 25,000 Accum. Depr. - Bldngs. 54,000 Maintenance Revenue 65,000 Accum. Depr. - Equipment 39,000 Notes Payable (25-year) 40,000 Advertising Expense 16,800 Notes Payable (30-day) 2,500 Buildings 110,000 Prepaid Insurance 3,600 Cash 31,200 Repair Revenue 85,000...
Comparative Balance Sheet Ending Beginning Balance Balance Assets Current assets: $ 52 $ 51 Cash and...
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1) The financial statements are prepared from the A) adjusted trial balance B) chart of accounts...
1) The financial statements are prepared from the A) adjusted trial balance B) chart of accounts C) statement of owner's equity D) unadjusted trial balance 2) Assets that are expected to be converted to cash, sold, or used up during the next 12 months, or within the business's normal operating cycle if the cycle is longer than a year, are called assets. A) intangible B) plant C) long-term D) current
2. Comparative Balance Sheet Ending Beginning Balance Balance Assets: Current assets: Cash and cash equivalents 33,000...
2.
Comparative Balance Sheet Ending Beginning Balance Balance Assets: Current assets: Cash and cash equivalents 33,000 $26,300 Accounts receivable 19,000 22,000 62,000 59,000 Inventory Prepaid expenses 12,400 10,200 126,400 117,500 Total current assets Property, plant, and equipment 398,000 378,000 199,000 170,100 207,900 Less accumulated depreciation 199,000 Net property, plant, and equipment $325,400 $325,400 Total assets Liabilities and stockholders' equity: Current liabilities: $ 16,200 Accounts payable $11,000 Accrued liabilities 54,000 58,000 Income taxes payable 72,000 74,000 Total current liabilities 142,200 143,000...
QUESTION 15 Match the terms with the definitions. The period of time required to purchase supplies and a. account form of balance sheet services and convert them back into cash. b. accounting cycle Prepared after posting the closing entries to prove the c classified balance sheet equality of the debit and credit balances in the general d. closing process ledger accounts e. current assets A balance sheet with separate categories for current assets; property, plant, and equipment, current f. current...
12. Consider the classified Balance Sheet: Current assets are assets expected to be used or converted within year or operating cycle of the balance sheet date. They are presented on the balance sheet in the order of A) One; one; the alphabet B) One; two; highest balance of $$'s first C) One; one; smallest balance of $$'s first D) One; one; liquidity 13. Consider the classified Balance Sheet: Current liabilities represent debt expected to be paid in full within year...
QUESTION 20 After the closing entries have been posted, which of the following accounts would still have a balance? a. Salaries Expense b. Miscellaneous Revemes Oc Supplies Expense d. Accumulated Depreciation Equipment QUESTION 21 After the closing entries are journalized and posted, which of the following accounts would NOT have a balance? a. Service Revenue b. Cash c. Accounts Payable d. Office Supplies QUESTION 22 After the accounts are closed and the journal entries have been posted, which of the...
14. Accumulated depreciation amounts are shown as deductions from the cost of building and equipment accounts accounts receivable account. b, accounts payable account. prepaid insurance account. d. 15. A formal statement of the assets, liabilities, and owner's equity of a business at a specified date is known as a(n) balance sheet. b, c. statement of owner's equity. statement of cash flows 16. Cash and all other assets that may be reasonably expected to be converted to cash or consumed within...
1. The balance sheet is useful for analyzing all of the following except A) liquidity. B) solvency. c) profitability. D) financial flexibility. 2. The net assets of a business are equal to A) current assets minus current liabilities. W B) total assets plus total liabilities. C) total assets minus total stockholders' equity. (D) none of these answer choices are correct. 3. The basis for classifying assets as current or noncurrent is conversion to cash within A) the accounting cycle or...
FINANCIAL STATEMENT PROJECT #2 Below is the trial balance of Venus Company on December 31, 2019. The accounts are listed in alphabetical order and all accounts have normal balances Account Title: Balance: Account Title: Balance: Accounts Payable 18,100 Interest Payable 700 Accounts Receivable 17,400 Land 25,000 Accum. Depr. - Bldngs. 54,000 Maintenance Revenue 65,000 Accum. Depr. - Equipment 39,000 Notes Payable (25-year) 40,000 Advertising Expense 16,800 Notes Payable (30-day) 2,500 Buildings 110,000 Prepaid Insurance 3,600 Cash 31,200 Repair Revenue 85,000...
Comparative Balance Sheet Ending Beginning Balance Balance Assets Current assets: $ 52 $ 51 Cash and cash equivalents Accounts receivable 84 83 63 61 Inventory 198 196 Total current assets Property, plant, and equipment 702 560 261 294 Less accumulated depreciation 266 441 Net property, plant, and equipment $639 $462 Total assets Liabilities and stockholders' equity: Current liabilities: $ 58 Accounts payable $62 Accrued liabilities 35 34 Income taxes payable 63 67 163 Total current liabilities 156 71 65 Bonds...
1) The financial statements are prepared from the A) adjusted trial balance B) chart of accounts C) statement of owner's equity D) unadjusted trial balance 2) Assets that are expected to be converted to cash, sold, or used up during the next 12 months, or within the business's normal operating cycle if the cycle is longer than a year, are called assets. A) intangible B) plant C) long-term D) current
2.
Comparative Balance Sheet Ending Beginning Balance Balance Assets: Current assets: Cash and cash equivalents 33,000 $26,300 Accounts receivable 19,000 22,000 62,000 59,000 Inventory Prepaid expenses 12,400 10,200 126,400 117,500 Total current assets Property, plant, and equipment 398,000 378,000 199,000 170,100 207,900 Less accumulated depreciation 199,000 Net property, plant, and equipment $325,400 $325,400 Total assets Liabilities and stockholders' equity: Current liabilities: $ 16,200 Accounts payable $11,000 Accrued liabilities 54,000 58,000 Income taxes payable 72,000 74,000 Total current liabilities 142,200 143,000...
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