INTERMEDIATE ACCTI (LL) W/ ACCESS >CST
8th Edition
ISBN: 9781259717680
Author: SPICELAND
Publisher: MCGRAW-HILL CUSTOM PUBLISHING
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Chapter 3, Problem 1CCTC
(1)
To determine
Analysis of Financial Statements
A financial statement is the complete record of financial transactions that take place in a company at a particular point of time. It provides important financial information like assets, liabilities, revenues and expenses of the company to its internal and external users. It helps them to know the exact financial position of the company.
To identify: Name of the
(2)
To determine
To identify: The amounts for various items that are reported in the balance sheet as on January 30, 2016 of Corporation T.
(3)
To determine
To identify: The largest current asset and the largest current liabilities of the Corporation T.
(4)
To determine
To calculate: The
(5)
To determine
To comment: On Corporation T liquidity and long-term solvency position.
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Students have asked these similar questions
Qestion 1
a) Many loan agreements have financial covenants that rely on:
Multiple Choice
A. floating GAAP.
B. fixed GAAP.
C. flexible GAAP.
D. regulatory accounting procedures (RAP).
b) With respect to executive compensation, the Dodd-Frank Act requires that shareholders:
Multiple Choice
A. vote on executive compensation at least once every three years.
B. vote on executive compensation every fiscal period.
C. determine the annual executive compensation package for key executives.
D. not discuss any aspects of executive compensation with-non shareholders.
The information below relates to questions 1- 11.
Emily and Sibusisiwe are two sisters of the Nkoane family who have recently qualified as chartered accountants. The two sisters are in a partnership, trading as Nkoene and Associates, rendering audit and business advisory services. The partners share profits and losses in
the ratio of 3:2. The following information was extracted from the accounting records of the partnership:
Trial balance of Nkoane and Associates as at 30 June 2021, the end of the financial year:
R
Capital: Emily
Capital: Sibusisiwe
Current account: Emily (Dr)
324 000
216 000
5 000
Current account: Sibusisiwe (Cr)
15 000
Land and buildings at cost
450 000
Vehicles at cost
210 000
Furniture and fittings at cost
57 600
Accumulated depreciation: Vehicles
Accumulated depreciation: Furniture and fittings
35 025
11 675
Stationery consumed
31 000
Trade receivables control
25 000
Trade payables control
13 000
Drawings: Emily
Drawings: Sibusisiwe
36 500
29 000
Fuel and…
concerning such concepts as the business entity and the valuation of assets,
37
liabilities, and owner's equity.
BERSOZA PLAYHOUSE
Statement of Financial Position
September 30, 2019
ASSETS
Cash
P 21,900
132,200
LIABILITIES & OWNER'S EQUITY
Liabilities:
Accounts
Accounts Payable
P 60,000
Receivable
Props and
Costumes
Theatre
Building
Lighting
Equipment
Automobile
30,000
Salaries Payable
29,200
270,000
Total Liabilities
P 89,200
94,000
Owner's Equity:
350,000
Helen Bersoza,
808,900
Capital
Total
Total
P 898.100
P 898.100
The following facts were discovered after reviewing the records of the
Playhouse:
a. The amount of cash include P 15,000 in the company's bank account, P
1,900 in the company's safe and P 5,000 in Bersoza's personal savings
account.
b. The accounts receivable include P 7,200 owed to Playhouse by Artistic
Tours and the remaining P 125,000 is an estimate of future ticket sales
for the next three months,
c. Bersoza explains to you that the props and costumes were purchased…
Chapter 3 Solutions
INTERMEDIATE ACCTI (LL) W/ ACCESS >CST
Ch. 3 - Prob. 3.1QCh. 3 - Prob. 3.2QCh. 3 - Define current assets and list the typical asset...Ch. 3 - Prob. 3.4QCh. 3 - Prob. 3.5QCh. 3 - Prob. 3.6QCh. 3 - Describe the common characteristics of assets...Ch. 3 - Prob. 3.8QCh. 3 - Prob. 3.9QCh. 3 - Define the terms paid-in-capital and retained...
Ch. 3 - Disclosure notes are an integral part of the...Ch. 3 - A summary of the companys significant accounting...Ch. 3 - Define a subsequent event.Ch. 3 - Prob. 3.14QCh. 3 - Prob. 3.15QCh. 3 - Prob. 3.16QCh. 3 - Prob. 3.17QCh. 3 - Show the calculation of the following solvency...Ch. 3 - Prob. 3.19QCh. 3 - Prob. 3.20QCh. 3 - (Based on Appendix 3) Segment reporting...Ch. 3 - Prob. 3.22QCh. 3 - Prob. 3.23QCh. 3 - Current versus long-term classification LO32,...Ch. 3 - Balance sheet classification LO32, LO33 The trial...Ch. 3 - Prob. 3.3BECh. 3 - Balance sheet classification LO32, LO33 Refer to...Ch. 3 - Balance sheet classification LO32, LO33 The...Ch. 3 - Balance sheet classification LO32, LO33 You have...Ch. 3 - Balance sheet preparation; missing elements LO32,...Ch. 3 - Financial statement disclosures LO34 For each of...Ch. 3 - Calculating ratios LO38 Refer to the trial...Ch. 3 - Prob. 3.10BECh. 3 - Calculating ratios; solving for unknowns LO38 The...Ch. 3 - Balance sheet; missing elements LO32, LO33, LO38...Ch. 3 - Balance sheet classification LO32, LO33 The...Ch. 3 - Balance sheet classification LO32, LO33 The...Ch. 3 - Balance sheet preparation LO32, LO33 The...Ch. 3 - Balance sheet preparation LO32, LO33 The...Ch. 3 - Balance sheet; Current versus long-term...Ch. 3 - Prob. 3.7ECh. 3 - Prob. 3.8ECh. 3 - Balance sheet preparation LO32, LO33 The...Ch. 3 - Financial statement disclosures LO34 The...Ch. 3 - Prob. 3.11ECh. 3 - Prob. 3.12ECh. 3 - Prob. 3.13ECh. 3 - FASB codification research LO32, LO34 Access the...Ch. 3 - Prob. 3.15ECh. 3 - Prob. 3.16ECh. 3 - Prob. 3.17ECh. 3 - Calculating ratios; solve for unknowns LO38 The...Ch. 3 - Prob. 3.19ECh. 3 - Effect of management decisions on ratios LO38...Ch. 3 - Prob. 3.21ECh. 3 - Prob. 3.22ECh. 3 - Balance sheet preparation LO32, LO33 Presented...Ch. 3 - Balance sheet preparation; missing elements LO32,...Ch. 3 - Balance sheet preparation LO32, LO33 The...Ch. 3 - Balance sheet preparation LO32, LO33 The...Ch. 3 - Balance sheet preparation LO32, LO33 The...Ch. 3 - Prob. 3.6PCh. 3 - Balance sheet preparation; errors LO32, LO33 The...Ch. 3 - Balance sheet; errors; missing amounts LO32, LO33...Ch. 3 - Balance sheet preparation LO32 , LO33 Presented...Ch. 3 - Prob. 3.10PCh. 3 - Communication Case 31 Current versus long-term...Ch. 3 - Analysis Case 32 Current versus long- term...Ch. 3 - Prob. 3.4BYPCh. 3 - Judgment Case 35 Balance sheet; errors LO32...Ch. 3 - Prob. 3.6BYPCh. 3 - Real World Case 37 Balance sheet and significant...Ch. 3 - Judgment Case 38 Post fiscal year-end e vents ...Ch. 3 - Prob. 3.9BYPCh. 3 - Prob. 3.10BYPCh. 3 - Prob. 3.11BYPCh. 3 - Analysis Case 314 Balance sheet information LO32...Ch. 3 - Prob. 3.15BYPCh. 3 - Ethics Case 316 Segment reporting Appendix 3 You...Ch. 3 - Prob. 1CCTC
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