5.4 DIY Balance Sheet PRACTICE Assignment Given the following information for Jane Brown, lawyer, calculate the value of J. Brown, Capital as of December 31, 2022: 1) Identify all the Asset, and find the total Asset value. Identify all the Liabilities, and find the Total Liabilities value. Use the Fundamental Accounting Equation to calculate the value of J. Brown, Capital. Item Value Accounts Payable 2, 300 Cash in Bank 14, 500 Accounts Receivable 3,400 Law Book Library 8, 500 GST Payable 550 GST Recoverable 268 Prepaid Rent 2, 500 Office Supplies 765 Bank Loan (2 year) 3,400 Office Equipment 15, 400 Salaries Payable 1, 200

Q: 9. Which of the following statements is correct? The term non-current assets includes tangible,…

A: The operating cycle represents the time lag between buying the goods and converting them in the form…

Q: Is long term investment is classified as non-current assets?

A: Generally, the liquidity of the assets plays a significant role in determining whether they are…

Q: What is the classification of long term assets? Explain them.

A: Long-term assets: Long – term assets are those assets that are generally held by a company for more…

Q: an you please tell me which ones are the current assets, the fixed assets and the non current assets

A: Assets are classified into two types: Current assets  Non-current assets An asset that converts…

Q: Defention of Assets, liability, current assets, current liabilities

A: Definition of Assets, liability, current assets, current liabilities are given below,

Q: Indicate how to present and analyze long-term debt.

A: Long-term debt of a company includes the amount of money which is borrowed by the company from…

Q: Describe classifications of long term assets.

A: Long-term assets: Long – term assets are those assets that are generally held by a company for more…

Q: Fixed assets are reported on the balance sheet at their "net book values." Do these amounts…

A: As a normal practice assuming going concern approach, the company records it assets at book value or…

Q: Define amortization period.

A: Amortization: Amortization is a process in which the cost of intangible assets is spread equally…

Q: Give an example of Current Asset, Current liabilities, Non Current Asset, Non Current Liabilities

A: 1. Current Assets : These are the assets which are convertible into cash within a Year   Example: 1.…

Q: xplain

A: Step 1 Maturity matching, also known as hedging, is a working capital financing method in which we…

Q: Describe the relationship between expense recognition and long-term assets

A: Two kinds of expense recognition are related to long-term assets; These are: Capital & Revenue.

Q: Fixed assets are reported on the balance sheet at their "net book values." Do these amounts…

A: Solution: Fixed assets are reported on the balance sheet at their net book values which is computed…

Q: In the balance sheet, assets are listed by ___? A. The importance of the asset B. their date of…

A: The balance sheet is a summary of permanent accounts prepared at the end of the accounting period.…

Q: perlod of a loan or investment

A: Compounding period and period of loan are interrelated to each other.

Q: The current asset financing policy that calls for matching the maturities of assets with the…

A: The correct answer is "D. Self-liquidating approach"The self-liquidating approach matches current…

Q: Explain the term refundable deposits.

A:

Q: Explains the effect of debt on profit margin and return on assets (ROA).

A: Profit margin is net income as a percentage of sales and Return on assets is Net income as a…

Q: Under what conditions should investments be classified as current assets? As long-term assets?

A: A current asset is a cash and other assets that are reasonably expected to be converted into cash…

Q: What are the various types of long term assets? Name them.

A: Definition: Long-term assets are the assets which are intended to be held for a longer period of…

Q: Explain the investment Adjustments for Other Assets and Liabilities.

A: Fictitious assets are described as the deferred expenses or losses incurred in a particular…

Q: Identify an example of a non-current asset. O a. Machinery O b. Bank overdraft O c. Inventory d.…

A: Non-current asset refers to the asset which will not realize in cash within a year from the…

Q: Assets that can be easily converted into money without loss of value are Select one: O A. liquid. O…

A: Assets are pools of money that can be converted into cash money and can be used to liabilities.

Q: How to calculate the appropriate interest expense based on the amount of outstanding debt using…

A: When the company borrows funds from the people, it has to pay them a certain amount for the borrowed…

Q: Give the examples of Accrued liabilities.

A: Accrued liabilities:   The accrued liabilities means that the amount will be paid in the future…

Q: Define Amortization.

A: Amortization: It is the process of allocating the value of an intangible asset over its definite…

Q: Explain the nature of long term debt.

A: Nature of long-term debt: Long-term debts are the obligations of the company that are required to…

Q: Explain the accounting and amortization for unexpected gains and losses.

A: Amortization expense: A charge created on intangible asset for its use over life of asset. It is…

Q: Which of the following statements is correct? O Assets - Liabilities = Ownership interest O Assets +…

A: The basic accounting equation as per double entry system of accounting is: Assets = Liabilities +…