Homework Answers
Question 1
The amount of time that is expected to elapse until an asset is realized or converted into cash is referred to as liquidity.
exchangeability is related to exchange of assets and has nothing to do with conversion of asset into cash.
Solvency- Solvency is the ability to pay one's debts ,i.e, assets in excess of liabilities.
Financial flexibility- it is the company's ability to react to unexpected expenses and investment opportunities.
Question 2
Garret company will report investments in its current assets section as $60,000 or amount greater than $60000 depending on the circumstances
Question 3
An example of an item.which is not an element of working capital is Goodwill. Rest all the elements of working capital since they classify as current assets.
Question 4
For garret wolfe multiple step.income statement, gross profit is
Sales- cost of goods sold, where
Sales= 100000
Cogs=60000
Hence gross profit should be reported as $40000. Hence option D is correct.
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The amount of time that is expected to elapse until an asset is realized or otherwise...
Stanton Company has the following items: common stock, $720,000; treasury stock, $85,000; deferred taxes, $100,000 and...
Stanton Company has the following items: common stock, $720,000; treasury stock, $85,000; deferred taxes, $100,000 and retained earnings, $363,000. What total amount should Stanton ?Company report as stockholders' equity اختر أحد الخيارات a. A. $898,000 .b. C. $1,098,000 .C. D. $1,198,000 .d. B. $998,000 For Garret Wolfe Company, the following information is available Cost of goods sold $ 60,000 Dividend revenue 2,500 Income tax expense 6,000 Operating expenses 23,000 Sales 100,000 In Garret Wolfe's single-step income statement, gross profit اختر...
?Which of the following is not an acceptable major asset classification اختر أحد الخيارات a. C....
?Which of the following is not an acceptable major asset classification اختر أحد الخيارات a. C. Property, plant, and equipment O b. D. Deferred charges O C. B. Long-term investments d. A. Current assets O Equity or debt securities held to finance future construction of additional plants should be classified on a balance sheet as اختر أحد الخيارات .a. C. intangible assets O .b. A. current assets O .C.D. long-term investments O .d. B. property, plant, and equipment O Which...
1. The amount of time that is expected to elapse until an asset is realized or...
1. The amount of time that is expected to elapse until an asset is realized or otherwise converted into cash is referred to as 2. Treasury stock should be reported as an) a. current asset. b. investment. c. other asset. d. reduction of stockholders' equity. Explain in one or two sentences why your answer (for #2 above) is correct? 3. Which of the following should be reported for capital stock? a. The shares authorized b. The shares issued c. The...
Chapter 5 1. The amount of time that is expected to elapse until an asset is...
Chapter 5 1. The amount of time that is expected to elapse until an asset is realized or otherwise converted into cash is referred to as 2. Treasury stock should be reported as a(n) a. current asset. b. investment. c. other asset. d. reduction of stockholders' equity. Explain in one or two sentences why your answer (for #2 above) is correct? 3. Which of the following should be reported for capital stock? a. The shares authorized b. The shares issued...
X acquires 22% of Y common stocks. The stock investment should be classified as اختر أحد...
X acquires 22% of Y common stocks. The stock investment should be classified as اختر أحد الخيارات a. Long-term investment (less than 20%) O b. Available for sales securities O c. Long-term investment (equity method) O d. Trading securities o A, B, and invested $40,000, $30,000, and $25,000, respectively, in ABC LLP on June 30, 2002. They agreed to divide income or losses as follows: (1) Salaries of $10,000, $8,000, and $7,500, respectively, to A, B, and C (2) Interest...
The correct order to present current assets is اختر أحد الخيارات .a. C. Cash, inventories, accounts...
The correct order to present current assets is اختر أحد الخيارات .a. C. Cash, inventories, accounts receivable, prepaid items O .b. A. Cash, accounts receivable, prepaid items, inventories o .c. B. Cash, accounts receivable, inventories, prepaid items O .d. D. Cash, inventories, prepaid items, accounts receivable O Craig Rusch Corporation reports the following information Net income $500,000 Dividends on common stock 140,000 Dividends on preferred stock 60,000 Weighted average common shares outstanding 100,000 Rusch should report earnings per share of...
the correct order accounts receiable .a. C. Cash, inventories, accounts receivable, prepaid items O .b. A....
the correct order accounts receiable
.a. C. Cash, inventories, accounts receivable, prepaid items O .b. A. Cash, accounts receivable, prepaid items, inventories O .c. B. Cash, accounts receivable, inventories, prepaid items .d. D. Cash, inventories, prepaid items, accounts receivable Craig Rusch Corporation reports the following information Net income $500,000 Dividends on common stock 140,000 Dividends on preferred stock 60,000 Weighted average common shares outstanding 100,000 Rusch should report earnings per share of The underlying theme of the conceptual framework is...
Malniple Choice (I point each 15-15 points) Stine Cop s irial balance reflected the following account...
Malniple Choice (I point each 15-15 points) Stine Cop s irial balance reflected the following account balances at December 31, 2017: Accounts receivable (net) Trading securities Cash $36,000 10,000 32,000 6,000 50,000 7,000 8,000 e Stine's December 31, 2017 balance sheet, the current assets total is: Inventory Equipment Prepaid expenses Patent a. 74,000 b. 81,000 c. 91,000 d. 92,000 Fulton Company owns the following investments: 2. Trading securities (fair value) Available-for-sale securities (fair value) Held-to-maturity securities (amortized cost) $60,000 86,000...
At December 31, 2021, Hull-Meyers Corp. had the following investments that were purchased during 2021, its...
At December 31, 2021, Hull-Meyers Corp. had the following investments that were purchased during 2021, its first year of operations: Amortized cost Fair Value $ 915,000 120,000 $1,035,000 $ 926,500 114,700 $1,041,200 Trading Securities: Security A Security B Totals Securities Available-for-Sale: Security C Security D Totals Securities to Be Held-to-Maturity: Security E Security F Totals $ 715,000 915,000 $1,630,000 $ 793,500 930, 600 $1,724,100 $ 505,000 630,000 $1,135,000 $ 515,400 624,700 $1,140,100 No investments were sold during 2021. All securities...
At December 31, 2021, Hull-Meyers Corp. had the following investments that were purchased during 2021, its...
At December 31, 2021, Hull-Meyers Corp. had the following investments that were purchased during 2021, its first year of operations: Amortized cost Fair Value Trading Securities: Security A Security B $ 935,000 140,000 2$ 948,500 134,300 Totals $1,075,000 $1,082,800 Securities Available-for-Sale: Security c Security D 2$ 735,000 811,500 951,400 935,000 Totals $1,670,000 $1,762,900 Securities to Be Held-to-Maturity: Security E Security F $525,000 650,000 535,700 644,300 Totals $1,175,000 $1,180,000 No investments were sold during 2021. All securities except Security D and...
Stanton Company has the following items: common stock, $720,000; treasury stock, $85,000; deferred taxes, $100,000 and retained earnings, $363,000. What total amount should Stanton ?Company report as stockholders' equity اختر أحد الخيارات a. A. $898,000 .b. C. $1,098,000 .C. D. $1,198,000 .d. B. $998,000 For Garret Wolfe Company, the following information is available Cost of goods sold $ 60,000 Dividend revenue 2,500 Income tax expense 6,000 Operating expenses 23,000 Sales 100,000 In Garret Wolfe's single-step income statement, gross profit اختر...
?Which of the following is not an acceptable major asset classification اختر أحد الخيارات a. C. Property, plant, and equipment O b. D. Deferred charges O C. B. Long-term investments d. A. Current assets O Equity or debt securities held to finance future construction of additional plants should be classified on a balance sheet as اختر أحد الخيارات .a. C. intangible assets O .b. A. current assets O .C.D. long-term investments O .d. B. property, plant, and equipment O Which...
1. The amount of time that is expected to elapse until an asset is realized or otherwise converted into cash is referred to as 2. Treasury stock should be reported as an) a. current asset. b. investment. c. other asset. d. reduction of stockholders' equity. Explain in one or two sentences why your answer (for #2 above) is correct? 3. Which of the following should be reported for capital stock? a. The shares authorized b. The shares issued c. The...
Chapter 5 1. The amount of time that is expected to elapse until an asset is realized or otherwise converted into cash is referred to as 2. Treasury stock should be reported as a(n) a. current asset. b. investment. c. other asset. d. reduction of stockholders' equity. Explain in one or two sentences why your answer (for #2 above) is correct? 3. Which of the following should be reported for capital stock? a. The shares authorized b. The shares issued...
X acquires 22% of Y common stocks. The stock investment should be classified as اختر أحد الخيارات a. Long-term investment (less than 20%) O b. Available for sales securities O c. Long-term investment (equity method) O d. Trading securities o A, B, and invested $40,000, $30,000, and $25,000, respectively, in ABC LLP on June 30, 2002. They agreed to divide income or losses as follows: (1) Salaries of $10,000, $8,000, and $7,500, respectively, to A, B, and C (2) Interest...
The correct order to present current assets is اختر أحد الخيارات .a. C. Cash, inventories, accounts receivable, prepaid items O .b. A. Cash, accounts receivable, prepaid items, inventories o .c. B. Cash, accounts receivable, inventories, prepaid items O .d. D. Cash, inventories, prepaid items, accounts receivable O Craig Rusch Corporation reports the following information Net income $500,000 Dividends on common stock 140,000 Dividends on preferred stock 60,000 Weighted average common shares outstanding 100,000 Rusch should report earnings per share of...
the correct order accounts receiable
.a. C. Cash, inventories, accounts receivable, prepaid items O .b. A. Cash, accounts receivable, prepaid items, inventories O .c. B. Cash, accounts receivable, inventories, prepaid items .d. D. Cash, inventories, prepaid items, accounts receivable Craig Rusch Corporation reports the following information Net income $500,000 Dividends on common stock 140,000 Dividends on preferred stock 60,000 Weighted average common shares outstanding 100,000 Rusch should report earnings per share of The underlying theme of the conceptual framework is...
Malniple Choice (I point each 15-15 points) Stine Cop s irial balance reflected the following account balances at December 31, 2017: Accounts receivable (net) Trading securities Cash $36,000 10,000 32,000 6,000 50,000 7,000 8,000 e Stine's December 31, 2017 balance sheet, the current assets total is: Inventory Equipment Prepaid expenses Patent a. 74,000 b. 81,000 c. 91,000 d. 92,000 Fulton Company owns the following investments: 2. Trading securities (fair value) Available-for-sale securities (fair value) Held-to-maturity securities (amortized cost) $60,000 86,000...
At December 31, 2021, Hull-Meyers Corp. had the following investments that were purchased during 2021, its first year of operations: Amortized cost Fair Value $ 915,000 120,000 $1,035,000 $ 926,500 114,700 $1,041,200 Trading Securities: Security A Security B Totals Securities Available-for-Sale: Security C Security D Totals Securities to Be Held-to-Maturity: Security E Security F Totals $ 715,000 915,000 $1,630,000 $ 793,500 930, 600 $1,724,100 $ 505,000 630,000 $1,135,000 $ 515,400 624,700 $1,140,100 No investments were sold during 2021. All securities...
At December 31, 2021, Hull-Meyers Corp. had the following investments that were purchased during 2021, its first year of operations: Amortized cost Fair Value Trading Securities: Security A Security B $ 935,000 140,000 2$ 948,500 134,300 Totals $1,075,000 $1,082,800 Securities Available-for-Sale: Security c Security D 2$ 735,000 811,500 951,400 935,000 Totals $1,670,000 $1,762,900 Securities to Be Held-to-Maturity: Security E Security F $525,000 650,000 535,700 644,300 Totals $1,175,000 $1,180,000 No investments were sold during 2021. All securities except Security D and...
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