ACCOUNTING PRINCIPLES 122 5/16 >C<
17th Edition
ISBN: 9781323461471
Author: Horngren
Publisher: PEARSON C
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Textbook Question
Chapter 11, Problem 11.1FSC
> Financial Statement Case 11-1
Details about a company’s liabilities appear in a number of places in the annual report. Visit http://www.pearsonhighered.com/Homgren to view a link to Starbucks Corporations Annual Report. Use Starbucks Corporation’s fiscal 2013 financial statements to answer the following questions.
Requirements
- Give the breakdown of Starbucks’s current liabilities at September 29, 2013.
- Calculate Starbucks’s times-interest-earned ratio for the year ending September 30, 2012.
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The income statement for
Pennsylvania Communications follows. Assume
Pennsylvania Communications signed a 3-month, 12%,
$40,000 note on June 1, 2018, and that this was the only note payable for the company.
Requirements
1.
Fill in the missing information for
PennsylvaniaPennsylvania's
year endedJuly31,2018,income statement. Round to the nearest dollar.
2.
Compute the times-interest-earned ratio for the company. Round to two decimals.
Analyze your company’s liability section of the comparative balance sheets. Has the composition of current and long-term liabilities changed significantly over the period?
Explain?
Liabilities and Equity sections of Walmart's Balance Sheet
As of January 31,
(Amounts in millions)
2019
2018
LIABILITIES AND EQUITY
Current liabilities:
Short-term borrowings
$ 5,225
$ 5,257
Accounts payable
47,060
46,092
Accrued liabilities
22,159
22,122
Accrued income taxes
428
645
Long-term debt due within one year
1,876
3,738
Capital lease and financing obligations due within one year
729
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Total current liabilities
77,477
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Long-term debt
43,520
30,045
Long-term capital lease and financing obligations
6,683
6,780
Deferred income taxes and other
11,981
8,354
Total liabilities
139,661
123,700
Attached is Apple Inc.'s financial information. Please answer questions 1-3.
1. Apple's acid-test ratio in 2021 is
a. 1.49
b. 1.22
c. 1.56
d. 0.91
2. Apple's days' sales in receivables in 2021 is
a. 61.26
b. 50.69
c. 38.27
d. 46.18
3. Apple's long term debt to equity ratio in 2021 is
a. 2.54
b. 1.64
c. 0.87
d. 1.89
Chapter 11 Solutions
ACCOUNTING PRINCIPLES 122 5/16 >C<
Ch. 11 - Prob. 1QCCh. 11 - On January 1, 2018, a business borrowed $18,000 on...Ch. 11 - Prob. 3QCCh. 11 - Prob. 4QCCh. 11 - Prob. 5QCCh. 11 - Prob. 6QCCh. 11 - Prob. 7QCCh. 11 - Prob. 8QCCh. 11 - Prob. 9QCCh. 11 - McDaniel and Associates reported the following...
Ch. 11 - Prob. 1RQCh. 11 - Prob. 2RQCh. 11 - Prob. 3RQCh. 11 - Prob. 4RQCh. 11 - What do short-term notes payable represent?Ch. 11 - 6. Coltrane Company has a $5,000 note payable that...Ch. 11 - Prob. 7RQCh. 11 - Prob. 8RQCh. 11 - Prob. 9RQCh. 11 - Prob. 10RQCh. 11 - Prob. 11RQCh. 11 - Prob. 12RQCh. 11 - Prob. 13RQCh. 11 - Prob. 14RQCh. 11 - Prob. 15RQCh. 11 - Prob. S11.1SECh. 11 - Prob. S11.2SECh. 11 - Recording unearned revenue On June 1, Guitar...Ch. 11 - Accounting for a note payable On December 31,...Ch. 11 - Determining current portion of long-term note...Ch. 11 - Computing and journalizing an employee’s total pay...Ch. 11 - Computing payroll amounts considering FICA tax...Ch. 11 - Prob. S11.8SECh. 11 - Computing bonus payable On December 31, Peterson...Ch. 11 - Prob. S11.10SECh. 11 - Prob. S11.11SECh. 11 - Prob. S11.12SECh. 11 - Prob. S11.13SECh. 11 - Prob. E11.14ECh. 11 - Prob. E11.15ECh. 11 - Prob. E11.16ECh. 11 - Prob. E11.17ECh. 11 - Prob. E11.18ECh. 11 - Prob. E11.19ECh. 11 - Prob. E11.20ECh. 11 - Prob. E11.21ECh. 11 - Prob. E11.22ECh. 11 - Prob. E11.23ECh. 11 - Prob. E11.24ECh. 11 - Journalizing and posting liabilities The general...Ch. 11 - Computing and journalizing payroll amounts Lee...Ch. 11 - Prob. P11.27APGACh. 11 - Journalizing liability transactions The following...Ch. 11 - Computing times-interest-earned ratio The income...Ch. 11 - Journalizing and posting liabilities The general...Ch. 11 - Prob. P11.31BPGBCh. 11 - Prob. P11.32BPGBCh. 11 - Prob. P11.33BPGBCh. 11 - Prob. P11.34BPGBCh. 11 - Prob. P11.35CPCh. 11 - Prob. 11.1DCCh. 11 - Prob. 11.2DCCh. 11 - Ethical Issue 11-1 Many small businesses have to...Ch. 11 - > Financial Statement Case 11-1 Details about a...
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