I have a question about Assets and the order of Assets in terms of where they are placed on the Balance Sheet. Investment Funds/Investment in Stock. That is an Asset correct, and a Debit Account? Let's say you have that as an Asset for $56,000. Since there has to be an offsetting credit where would be record that offset?
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- Consider a bank with the following balance sheet (M means million): (Image Attached) Calculate the equity (total asset – total liability) to asset ratio of the bank (Hint: equity to asset ratio = total equity/total asset) and calculate the duration and convexity of the both asset and liability sides. Thank You in AdvanceHello, how do I solve this problem? I attached the bottom part of the question and what it's asking for since it wouldn't fit in the screenshot. Assuming that total assets were $3,112,000 at the beginning of the current fiscal year, determine the following. When required, round to one decimal place. a. Ratio of fixed assets to long-term liabilities b. Ratio of liabilities to stockholders' equity c. Asset turnover d. Return on total assets % e. Return on stockholders’ equity % f. Return on common stockholders' equity %Which of the following would result when a company lends cash to a customer in exchange for a ten month note receivable? a. a noncurrent asset and an investing cash flow are created. b. a noncurrent asset and a financing cash flow are created. c. a current asset and a financing cash flow are created. d. a current asset and an investing cash flow are created.
- Balance Sheet Accounts and Their Use Choose from the following list of account titles the one that most accurately fits the description of that account or is an example of that account. An account title may be used more than once or not at all. Cash Prepaid Asset Investments Taxes Payable Preferred Stock Accounts Receivable Land Accounts Payable Retained Earnings Notes Receivable Buildings Notes Payable Common Stock ____________________ 1. A written obligation to repay a fixed amount, with interest, at some time in the future ____________________ 2. Twenty acres of land held for speculation ____________________ 3. An amount owed by a customer ____________________ 4. Corporate income taxes owed to the federal government ____________________ 5. Ownership in a company that allows the owner to receive dividends before common shareholders receive any distributions ____________________ 6. Five acres of land used as the site for a factory ____________________ 7. Amounts owed on an open account to a vendor, due in 90 days ____________________ 8. A checking account at a bank ____________________ 9. A warehouse used to store equipment ____________________ 10. Claims by the owners on the undistributed net income of a business ____________________ 11. Rent paid on an office building in advance of use of the facilityTo purchase an asset such as office equipment on account, you would credit which account? (a) Cash (c) Accounts Payable (b) Accounts Receivable (d) CapitalUnder the column Financial Statement, choose from the list of codes below, the appropriate financial statement where the accounts listed would appear. Financial Statement Code Income Statement I/S Balance Sheet B/S Statement of Owner's Equity O/E b. For the column Balance Sheet Classification, choose the appropriate balance sheet classification from the list of codes below. If the account does not belong on the balance sheet, use the code n/a. Balance Sheet Classification Code Current Assets CA Long-term Investments LTI Property, Plant and Equipment PPE Intangibles I Goodwill G Current Liabilities CL Non-Current Liabilities NCL Owner's Equity OE Not on the Balance Sheet n/a a. b. Accounts in financial statement Financial Statement Balance Sheet Classification Accumulated depreciation – furniture Interest…
- Please tell me if the following are an asset, liability or equity account and if they are real or nominal 1) Accounts payable 2) Service fees revenues 3) Tax expense 4) Cash 5) Interest receivable 6) Accounts receivable 7) Smith, drawings 8) Retained earnings 9) Depreciation expense 10) Interest income (also what is interest income? Example? is a DR or CR balance?)Fill in the blanks with these terms: tangible asset, income statement, cash, statement of cash flow, accounting equation, inventories, financial accounting, aging schedule, balance sheet, accumulated depreciation, working capital, periodic method. ________Is based on a cycle of cash outflows and Inflows ________are stocks of goods held or used in production, delivery of services, or for sale. ________The most essential element of working capital is _______The major accounting statements are the _______ , and .________ An ________ shows how much time has passed since the date of the report and the date the still uncollected bills were issue to patients. The_______ is the full amount of the depreciation that has been taken on depreciable equipment over the years it is owned. A = L + NA is known as the ________ ________ consist largely of keeping the financial history of the organization. The________ of inventory requires the organization to take a physical count to determine…I have to label the following accounts. I have to specify what type of account they are -Asset, Liability, Equity, Revenue or Expense. Then I have to classify them as Real or Nominal. Here they are1) Accounts Payable2) Service Fees Revenue3) Tax Expense4) Cash5) Accounts Receivable6) Smith, Drawings7) Interest Receivable8) Retained Earnings9) Depreciation Expense10) Interest Income11) Invemtory12) Bonds Payable13) Common Stock14) Prepaid Insurance15) Sales16) Cost of Goods Sold17) Supplies Expense18) Supplies on Hand19) Wages Payable20) Mortgage Payable
- The characteristics of current assets are (Choose the INCORRECT answer) a) They are converted to cash within a yearb) They consist of short and long term financial assets and intangible fixed assetsc) They are considered liquid assetsd) They are used in the daily operations of the firmDot’s Delicious Donuts has the following accounts on its balance sheet: 1) Current assets. 2) Property, plant, and equipment (PP&E) 3) Intangible assets. 4) Other assets. 5) Current liabilities. 6) Deferred federal income taxes. 7) Long-term debt. 8) Stockholder’s equity. Using the above categories, how would each of the following items be classified: a) Land held for speculation. b) Current maturities on mortgage. c) Common stock. d) Mortgage payable. e) Balances outstanding on credit sales to customers f) Accumulated depreciation g) Buildings used in business h) Accrued payroll i) Preferred stock j) Debt outstanding from credit extended by suppliers k) Patents l) Land on which warehouse is located m) Allowance for doubtful accounts n) Liability due to differences in taxes paid and taxes reported o) Additional paid in capitalI have a question about the Balance Sheet. Is it true that there are two formats (Account Form and Report Form)?Secondly when listing Assets on the Balance Sheet there is an order to following with assets. Example Current Assets are listed first and in order of liquidity. Then the Long Term Assets. Now where to Tangible and Non Tangible Assets fit into this format?
