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Question
You have been asked to review the December 31, 2021, balance sheet for Exclusive Child Care. After completing your review, you list the following three items for discussion with your supervisor. After the discussion, determine the appropriate classification of each of these items.
An investment of $50,000 is included in current assets. Management has indicated that is has no intention of liquidating the investment in 2022.
A $100,000 note payable is listed as a long-term liability, but you have determined that the note is due in 10 equal annual installments due on March 31, 2022.
Deferred revenue of $70,000 is included as a current liability even though only two-thirds will be recognized as revenue in 2022, and the other one-third in 2023.
Financial Statement Analysis and Preparation
Describe the ways that a person can become a shareholder of a company. Why Wal-Mart would split its stock?
An understanding of financial and accounting principles can be a valuable tool for managers. While not all managers will find themselves calculating financial ratios or preparing annual financial data.
Prepare a Statement of Cash Flow using the Direct Method and Prepare the Operations section of the Statement of Cash Flow using the Indirect Method.
This assignment has one case study and two question apart from case study. Questions related to document Liquidation question and Company financial statements question - Torquay Limited
Prepare general journal entries for Goela Ltd
Prepare the journal entry to record the acquisition of the assets.
Prepare general journal entries to record the transactions, assuming use of the periodic inventory system
Compare the view espoused by the economist Milton Friedman about the social responsibilities of business with the views express by Stigler.
Explain the IASB Conceptual Framework's perspective of users and their decisions.
T he focus of the report is to determine the extent to which you are comfortable relying on the financial statements as presented by management .
Computation of Free Cash Flow
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