Strayer Miderm

Twice annually, your pharmacy department analyzes and reports the net profit of the business. When calculating net profit, which of the following statement are true?

13. Use the following data to determine the total dollar amount of assets to be classified as property, plant, and equipment. Eddy Auto Supplies Balance Sheet December 31, 2014 Cash $84,000 Accounts payable $110,000 Accounts receivable $80,000 Salaries and wages payable $20,000 Inventory $140,000 Mortgage payable $180,000 Prepaid insurance $60,000 Total liabilities $310,000 Stock investments $170,000 Land $190,000 Buildings $226,000 Common stock $240,000 Less: Accumulated Retained earnings $500,000 depreciation ($40,000) $186,000 Total

d. List at least two non-discretionary expenses listed on the bank statement or check register. (1-2 sentences. 1.0

1. For the year-end December 31, 2007, financial statements, what amount should M record as a liability?

a. What book-tax difference associated with its goodwill should RC report in year 1? Is it favorable or

Identify the financial statement(s) where each of the following items appears. Use I for income statement, E for statement of retained earnings, and B for balance sheet.

| |financial statements related to cash and cash equivalents, receivables, and inventories. | | |

B. It is outside the general purpose federal financial report and is optional, not required.

What correcting entry should you prepare? 54 A. Office Expense Accounts Payable 54 54 B. Accounts Payable Office Expense 54 28 C. Accounts Payable Office Expense 28 D. No entry is needed

b. Prepare an income statement, a statement of retained earnings, and a balance sheet, (See Exhibit 1.2, 1.3 and 1.4)

Which of the following transactions require a compound journal entry? a. b. c. d. e. An owner invests personal cash on his/her business Purchase of $ 100 of supplies; some cash and the rest on account Purchase three kinds of supplies for cash Received cash from customers as payment for services none of the above

2. The sources and uses of cash over a stated period of time are reflected on the:

Good accounting practices dictate that a business continually monitor its financial status. Maintaining a meticulous record of revenues generated and expenses incurred allows a firm to assess the past and make plans for the future. Different types of financial statements can be generated that provide an overview best suited for garnering specific financial information for the enterprise. Three types of financial statements of value are the income statement, balance sheet and statement of cash flows. Each of these statements has a particular advantage for allowing business managers to meet their financial goals.

It consists of a balance sheet, income statements and a cash flow statement. This essay will critically asses the uses and limitations of each of these types of financial statements for a business.

* May refer to Balance Sheet on company position and Income Statement on company performance.