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Assignment
Please answer 2 questions below. APA format What is balance sheet? What are the main purposes to have this financial statement? Illustrate your points with examples to show the basic structure and relationship between the basic items.
For assets, why liquidity is very important for a company? Illustrate your points to show why there are difficulties if a company encounters illiquid issues.
Assets are classified into current and non-current. Show with examples what major assets you may see in a typical balance sheet, and what likely criteria are applied to classify and measure these assets.
What are liabilities? How are current and long-term liabilities classified? Why must a company borrow long-term debts to finance long-term assets?
What are the shareholders' equities? What are the major components of equities? For a young firm, what are the largest items it may have in the equity section? How about for an established firm?
Do you think that the structure of balance sheets discussed in the text can be applied to all companies in all industries? Why or why not? Hint: Refer to Chapter 12 for special industries for their typical balance sheets.
Acorn Corp. had total variable costs of $180,000, total fixed costs of $170,000, and total revenues of $300,000. Compute the required sales in dollars to break even.
Differentiate between economic rights and non-economic rights under the 14th amendment. Explain the importance of quality management and apply statistical quality control techniques. To what extent do sole proprietors differ from partners and corpora..
On January 1, 2014, Fishbone Corporation purchased 350 of the $1,000 face value, 8%, 10-year bonds of Walters Inc. The bonds mature on January 1, 2024, and pay interest annually beginning January 1, 2015. Fishbone purchased the bonds to yield 12%. Ho..
A company had revenues of $56,000 and expenses of $44,500 for the accounting period. The company paid $6,150 cash in dividends to the owner (sole shareholder). Which of the following entries could not be a closing entry?
Calculating Ending Inventory in both units and dollars, Cost of Goods sold, Commission to Manager & Gross Profit for the given period and evaluate cost of goods available for sale and the number of units available for sale.
Prepare in good form a balance sheet for the year ended December 31, 2011.
Zany projected current year sales of 50,000 units at a unit sale price of $20.00. Actual current year sales were 55,000 units at $22.00 per unit. Actual variable costs, budgeted at $15.00 per unit, totaled $14.00 per unit. Budgeted fixed costs totale..
(Revenue recognition-point of sale) Jupiter Company sells goods on January 1 that have a cost of $500,000 to Danone Inc. for $700,000, with payment due in 1 year. The cash price for these goods is $610000, with payment due in 30 days. Prepare the jou..
First place LTD is authorized to issue $2 million of 4% 10 year bonds payable. On December 31, 2014 when the market interest rate is 8% the Company issues $1.6 million of the bonds. First place LTD amortizes bond discount by the effective interest me..
Skysong Company requires additional cash for its business. Skysong has decided to use its accounts receivable to raise the additional cash and has asked you to determine the income statement effects of the following contemplated transactions.
Determine the October 31 balance for each of the accounts above, and prepare a trial balance at October 31,2010.
The WTF company has a truck that was totalled when a flock of herons ran across the road and the driver slammed on the breaks and skidded into a farmers field and hit two cows and a turkey. They need to buy a new truck. What is the gain or loss on th..
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