QUESTION 39 When referring to the Balance Sheet: The line item for "Inventories", (classified in Current...
QUESTION 39
-
When referring to the Balance Sheet: The line item for "Inventories", (classified in Current Assets section), includes:
a. Receivables from customers
b. Prepaid expenses
c. Fixtures and shelving used to display products
d. Inventory costs related to sales for the accounting period
e. Merchandise held for sale in the normal course of business
2.5 points
QUESTION 40
-
Vogt Company (VC) owns 26% of stock of Diaz, Inc. (investee). VC has significant influence, but not control. The investment is accounted for as:
a. a marketable security using fair value method
b. an investment using the equity method
c. a fixed asset
d. consolidated subsidiary
e. a liability
Homework Answers
Q. 39
Answer :- d. Inventory costs related to sales for the accounting period
Explanation:- Inventory cost related to sales is direct cost and it goes in the Income statement, not in balance sheet.
Q. 40
Answer:- b. an investment using the equity method
Explanation:- Vogt Company (VC) owns 26% of stock of Diaz, Inc. (investee). VC has significant influence, but not control. So Diaz Inc. is an associate of VC. Accounting for investment in associates is done using the equity method. In the equity method, there is not a 100% consolidation used. Instead, the proportion of shares owned by the investor will be shown in as an investment in accounting.
Add Answer to:
QUESTION 39
When referring to the Balance Sheet: The line item for
"Inventories", (classified in Current...
The following information shows Carperk Company's individual Investments in securities during its current year, along with...
The following information shows Carperk Company's individual Investments in securities during its current year, along with the December 31 fair values a. Investment in Brava Company bonds: $420,500 cost: $457000 fair value Carperk intends to hold these bonds until they mature in 5 years. b. Investment in Baybridge common stock: 29,500 shares; $362,450 cost: $391,375 fair value. Carperk owns 32% of Baybridge's voting stock and has a significant influence over Baybridge. C. Investment in Duffa bonds: $165,500 cost; $178,000 fair...
Question: 1. An economic advantage of a business combination includes Acquiring duplicative assets Creating redundant management...
Question: 1. An economic advantage of a business combination includes Acquiring duplicative assets Creating redundant management teams Coordinating marketing campaigns Duplicating integrative marketing chains QUESTION 2 The consolidation process is performed each year since the entries are recorded in the journal and ledger only by the parent company each year since the entries are recorded in the journal and ledger only by the subsidiary company each year since the entries are recorded in the journal and ledger by both the...
1 Which of the following would not be classified as a current liability in the balance...
1 Which of the following would not be classified as a current liability in the balance sheet? (a) accounts payable (b) accounts receivable (c) accrued expenses (d) unerned income (e) bank overdraft 2. Which of the following items should be classed as capital expenditure? (a) (b) (c) (d) (e) software maintenance depreciation of equipment purchase of raw materials purchase of an automobile capitalisation of interest 3. A firm sells goods on credit. The effect will be to: (a) (b) (c)...
Real World Case 3-7 (Static) Balance sheet and significant accounting policies disclosure; Walmart (LO3- 2, 3-3,...
Real World Case 3-7 (Static) Balance sheet and significant accounting policies disclosure; Walmart (LO3- 2, 3-3, 3-4, 3-8] The balance sheet and disclosure of significant accounting policies taken from the 2017 annual report of Walmart Stores Inc. appear below. Use this information to answer the following questions: WAL-MART STORES, INC. Consolidated Balance Sheets ($ in millions except per share data) As of January 31, 2017 2016 $ $ 6,867 5,835 43,046 1,941 8,705 5,624 44,469 1,441 60,239 57,689 179,492 (71,...
The balance sheet and disclosure of significant accounting policies taken from the 2017 annual report of...
The balance sheet and disclosure of significant accounting policies taken from the 2017 annual report of Walmart Stores Inc. appear below. Use this information to answer the following questions: WAL-MART STORES, INC. Consolidated Balance Sheets ($ in millions except per share data) As of January 31, 2017 2016 Book $ 6,867 $ 8, 705 5,8355 .624 43,046 44,469 1,941 1,441 57,689 60,239 erences 179, 492 (71,782) 107,710 176,958 (66,787) 110,171 Assets Current assets Cash and cash equivalents Receivables (net) Inventories...
questions are the last photo CHAPTER 2 The Balance Sheet 81 STUDY QUESTIONS AND PROBLEMS 21....
questions are the last photo
CHAPTER 2 The Balance Sheet 81 STUDY QUESTIONS AND PROBLEMS 21. What information is provided in a balance 22. How is a common si balance sheet created 21 Discuss how marketable securities are vald on the balance sheet. 24. How can the allowance for doubtful be used to earning quality? Why is the valuation of inventores important in financial sporting 26. Why would a company switch to the LIROmed intory valuation in an inflation ay...
JOHNSON & JOHNSON AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF EARNINGS (Dollars and Shares in Millions Except Per...
JOHNSON & JOHNSON AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF EARNINGS (Dollars and Shares in Millions Except Per Share Amounts) (Note 1)* 2016 71,890 21,789 50.101 20,067 9.143 29 Sales to customers Cost of products sold Gross profit Selling, marketing and administrative expenses Research and development expense In-process research and development Interest income Interest expense, net of portion capitalized (Note 4) Other (income) expense, net Restructuring (Note 22) Eamings before provision for taxes on income Provision for taxes on income (Note 8)...
Required: 1. What is the amount of Apple’s accounts receivable as of September 30, 2017? 2....
Required:
1. What is the amount of Apple’s accounts
receivable as of September 30, 2017?
2. Compute Apple’s accounts receivable turnover as
of September 30, 2017.
3. How long does it take, on average, for
the company to collect receivables for fiscal year ended September
30, 2017?
4. Apple’s most liquid assets include (a)
cash and cash equivalents, (b) short-term marketable
securities, (c) accounts receivable, and (d)
inventory. Compute the percentage that these liquid assets (in
total) make up of...
JOHNSON & JOHNSON AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF EARNINGS (Dollars and Shares in Millions Except Per...
JOHNSON & JOHNSON AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF EARNINGS (Dollars and Shares in Millions Except Per Share Amounts) (Note 1)* 2016 71,890 21,789 50.101 20,067 9.143 29 Sales to customers Cost of products sold Gross profit Selling, marketing and administrative expenses Research and development expense In-process research and development Interest income Interest expense, net of portion capitalized (Note 4) Other (income) expense, net Restructuring (Note 22) Eamings before provision for taxes on income Provision for taxes on income (Note 8)...
JOHNSON & JOHNSON AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF EARNINGS (Dollars and Shares in Millions Except Per...
JOHNSON & JOHNSON AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF EARNINGS (Dollars and Shares in Millions Except Per Share Amounts) (Note 1)* 2016 71,890 21,789 50.101 20,067 9.143 29 Sales to customers Cost of products sold Gross profit Selling, marketing and administrative expenses Research and development expense In-process research and development Interest income Interest expense, net of portion capitalized (Note 4) Other (income) expense, net Restructuring (Note 22) Eamings before provision for taxes on income Provision for taxes on income (Note 8)...
The following information shows Carperk Company's individual Investments in securities during its current year, along with the December 31 fair values a. Investment in Brava Company bonds: $420,500 cost: $457000 fair value Carperk intends to hold these bonds until they mature in 5 years. b. Investment in Baybridge common stock: 29,500 shares; $362,450 cost: $391,375 fair value. Carperk owns 32% of Baybridge's voting stock and has a significant influence over Baybridge. C. Investment in Duffa bonds: $165,500 cost; $178,000 fair...
1 Which of the following would not be classified as a current liability in the balance sheet? (a) accounts payable (b) accounts receivable (c) accrued expenses (d) unerned income (e) bank overdraft 2. Which of the following items should be classed as capital expenditure? (a) (b) (c) (d) (e) software maintenance depreciation of equipment purchase of raw materials purchase of an automobile capitalisation of interest 3. A firm sells goods on credit. The effect will be to: (a) (b) (c)...
Real World Case 3-7 (Static) Balance sheet and significant accounting policies disclosure; Walmart (LO3- 2, 3-3, 3-4, 3-8] The balance sheet and disclosure of significant accounting policies taken from the 2017 annual report of Walmart Stores Inc. appear below. Use this information to answer the following questions: WAL-MART STORES, INC. Consolidated Balance Sheets ($ in millions except per share data) As of January 31, 2017 2016 $ $ 6,867 5,835 43,046 1,941 8,705 5,624 44,469 1,441 60,239 57,689 179,492 (71,...
The balance sheet and disclosure of significant accounting policies taken from the 2017 annual report of Walmart Stores Inc. appear below. Use this information to answer the following questions: WAL-MART STORES, INC. Consolidated Balance Sheets ($ in millions except per share data) As of January 31, 2017 2016 Book $ 6,867 $ 8, 705 5,8355 .624 43,046 44,469 1,941 1,441 57,689 60,239 erences 179, 492 (71,782) 107,710 176,958 (66,787) 110,171 Assets Current assets Cash and cash equivalents Receivables (net) Inventories...
questions are the last photo
CHAPTER 2 The Balance Sheet 81 STUDY QUESTIONS AND PROBLEMS 21. What information is provided in a balance 22. How is a common si balance sheet created 21 Discuss how marketable securities are vald on the balance sheet. 24. How can the allowance for doubtful be used to earning quality? Why is the valuation of inventores important in financial sporting 26. Why would a company switch to the LIROmed intory valuation in an inflation ay...
JOHNSON & JOHNSON AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF EARNINGS (Dollars and Shares in Millions Except Per Share Amounts) (Note 1)* 2016 71,890 21,789 50.101 20,067 9.143 29 Sales to customers Cost of products sold Gross profit Selling, marketing and administrative expenses Research and development expense In-process research and development Interest income Interest expense, net of portion capitalized (Note 4) Other (income) expense, net Restructuring (Note 22) Eamings before provision for taxes on income Provision for taxes on income (Note 8)...
Required:
1. What is the amount of Apple’s accounts
receivable as of September 30, 2017?
2. Compute Apple’s accounts receivable turnover as
of September 30, 2017.
3. How long does it take, on average, for
the company to collect receivables for fiscal year ended September
30, 2017?
4. Apple’s most liquid assets include (a)
cash and cash equivalents, (b) short-term marketable
securities, (c) accounts receivable, and (d)
inventory. Compute the percentage that these liquid assets (in
total) make up of...
JOHNSON & JOHNSON AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF EARNINGS (Dollars and Shares in Millions Except Per Share Amounts) (Note 1)* 2016 71,890 21,789 50.101 20,067 9.143 29 Sales to customers Cost of products sold Gross profit Selling, marketing and administrative expenses Research and development expense In-process research and development Interest income Interest expense, net of portion capitalized (Note 4) Other (income) expense, net Restructuring (Note 22) Eamings before provision for taxes on income Provision for taxes on income (Note 8)...
JOHNSON & JOHNSON AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF EARNINGS (Dollars and Shares in Millions Except Per Share Amounts) (Note 1)* 2016 71,890 21,789 50.101 20,067 9.143 29 Sales to customers Cost of products sold Gross profit Selling, marketing and administrative expenses Research and development expense In-process research and development Interest income Interest expense, net of portion capitalized (Note 4) Other (income) expense, net Restructuring (Note 22) Eamings before provision for taxes on income Provision for taxes on income (Note 8)...
Most questions answered within 3 hours.
-
lease solve all the
questions, don't need to explanations
Q1 - All animal
species have general...
asked 22 minutes ago -
Business Phasing
1.Discuss the logical progression for growing a business, which
starts from the initial idea...
asked 27 minutes ago -
Modify
When executing on the command line having only
this program name, the program will accept...
asked 1 hour ago -
Kenny Electric Company's noncallable bonds were issued several
years ago and now have 20 years to...
asked 1 hour ago -
find H(e^Jtheta) at theta= 0, pi/10, pi/20, pi/2 for
the following:
a) H(e^Jtheta)= 1+e^Jtheta
b) H(e^Jtheta)=...
asked 2 hours ago -
Home Corporation will open a new store on January 1. Based on
experience from its other...
asked 2 hours ago -
In a neoclassical model, use the IS-LM to analyze the effect of
a permanent money supply...
asked 3 hours ago -
An electron passes through a point 2.67 cm from a long straight
wire as it moves...
asked 3 hours ago -
A grammar is a 4-tuple G, G = (Ν, Σ, Π, Σ, S) where, Ν is...
asked 4 hours ago -
In this part, calculate the present values. Use the Excel PV
function to compute the present...
asked 4 hours ago -
Part 1. Primitive Types, Sorting, Recursion for
Homework.java
a) Implement the static method initializeArray that receives...
asked 5 hours ago -
Using C++, build a sorter that can rank a sequence of numbers in
a descending order....
asked 5 hours ago