Answers are entered in the cells with gray backgrounds.Cells with non-gray backgrounds are protected and cannot be edited.An asterisk (*) will appear to the right of an incorrect entry. Current Assets-CurrentLiabilities=Calculated Value 1.Working capital: Ratio Numerator÷Denominator=Calculated Value 2.Current ratio 3.Quick ratio 4.Accounts receivable turnover 5.Number of days' sales in receivables 6.Inventory turnover 7.Number of days' sales in inventory 8.Ratio of Fixed assets to long-term liabilities 9.Ratio of liabilities to stockholders' equity 10.Times interest earned 11.Asset turnover 12.Return on total assets 13.Return on stockholders' equity 14.Return on common stockholders' equity 15.Earnings per share on common stock 16.Price-earnings ratio 17.Dividends per share of common stock 18.Dividend yield

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FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Fraud Investigators Incorporated operates a fraud detection service. a. On March 31, 10 customers were billed for detection services totaling $33,000. b. On October 31, a customer balance of $1,900 from a prior year was determined to be uncollectible and was written off. c. On December 15, a customer paid an old balance of $820, which had been written off in a prior year. d. On December 31, $580 of bad debts were estimated and recorded for the year.
Which following statement is a correct statement about the direct write-off method for calculating credit loss expense? A. It is in accordance with GAAP. B. It uses an allowance for credit losses account. C. It tends to understate accounts receivable on the balance sheet. D. It recognizes credit loss expense when a specific account is determined to be uncollectible.
Identify how each of the following separate transactions through 10 affects financial statements. For increases, place a "+" and the dollar amount in the column or columns. For decreases, place a "-" and the dollar amount in the column or columns. Some cells may contain both an increase (+) and a decrease (-) along with dollar amounts. The first transaction is completed as an example. Required a. For the balance sheet, identify how each transaction affects total assets, total liabilities, and total cq- A1 P1 uity. For the income statement, identify how each transaction affects net income. b. For the statement of cash flows, identify how each transaction affects cash flows from operating ac- tivities, cash flows from investing activities, and cash flows from financing activities. 2 3 4 5 6 7 8 9 10 Transaction Owner invests $800 cash in business in exchange for stock Purchases $100 of supplies on credit Buys equipment for $400 cash Provides services for $900 cash Pays $400 cash for rent…
Indicate the effect of the transactions listed in the following table on total current assets, current ration, and net income. Use (+) to indicate an increase, (-) to indicate a decrease, and (0) to indicate either no effect or an indeterminate effect. Be prepared to state any necessary assumptions and assume an initial current ratio of more than 1.0. b Merchandise is sold for cash.
Identify the missing information from the accounting equation. Signify increases as Incr. and decreases as Decr. In each box you have the options: -Assets -Credit -Debit -Decr. -Equity -Incr. -Liabilities -Owner, Withdrawals
Please help with the following question COMPLETION STATEMENTS 1.Notes and accounts receivable that result from sales transactions are often called______________ receivables. 2.Two accounting problems associated with accounts receivable are (1) ______________ and (2) ______________ accounts receivable. 3.The net amount expected to be collected in cash from receivables is the _____________. 4.When credit sales are made, _________________ Expense is considered a normal and necessary risk of doing business on a credit basis. 5.The two methods used in accounting for uncollectible accounts are the ____________ method and the ______________ method. 6.Allowance for Doubtful Accounts is a_____________ account which is ______________ from Accounts Receivable on the balance sheet. 7.When the allowance method is used to account for uncollectible accounts, ____________ is debited when an account is determined to be uncollectible. 8.The _________________ basis of…
What are the effects of an adjusting entry used to accrue revenue from credit sales? Assets Liabilities Equity A Decrease No effect Decrease B Increase No effect Increase C No effect Decrease Increase D No effect Increase Decrease
The normal balance of an account is the side of the account (either the debit side or the credit side in the ledger) where we expect to find a positive dollar amount. The normal balance of an asset account is a _________________ balance. Group of answer choices break-even debit negative credit
23) Under the allowance method, the entry to record the write-off of a specific account would A. Decrease both accounts receivable and net income B. Increase the allowance for uncollectible accounts and decrease net income C. Decrease both accounts receivable and the allowance for uncollectible accounts D. Decrease accounts receivable and increase the allowance for uncollectible accounts
Which of the following would indicate a cash payment? a. An increase in prepaid expenses b. Selling equipment at a loss c. A decrease in inventory d. A decrease in accounts receivable
Which of the following entries properly closes a temporary account? Select one: a. Income Summary XX Cash b. C. Debit Credit Expense Accumulated Depreciation XX Income Summary Income Summary d. e. XX Retained Earnings XX Dividends Debit Credit Debit Credit XX Debit Credit Income Summary XX Revenue XX XX Debit Credit XX XX
Identify how each of the following separate transactions through 10 affects financial statements. For increases, place a "i" and the dollar amount in the column or columns. For decreases, place a"- and the dollar amount in the column or columns. Some cells may contain both an increase (+) and a decrease (-) along with dollar amounts. The first transaction is completed as an example. Required: a. For the balance sheet, identify how each transaction affects total essets, total abilities, and total equity For the income statement, identify how each transaction affects net income. b. For the statement of cash flows, identify how each transaction affects cash flows from operating activities, cash flows from investing activities, and cash flows from Snancing activities. Transaction 1. Owner invest $300 cash in business in exchange for vock 2 Rives $700 cash for services provided 3 Pays $500 cash for employee wages & Buys $100 of equipment on cred 5 Purchases $200 af supplies on credit &…

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Answers are entered in the cells with gray backgrounds.
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			Current Assets	-	Current Liabilities	=	Calculated Value
	1.	Working capital:

		Ratio	Numerator	÷	Denominator	=	Calculated Value

	2.	Current ratio

	3.	Quick ratio

	4.	Accounts receivable
		turnover

	5.	Number of days'
		sales in receivables

	6.	Inventory turnover

	7.	Number of days'
		sales in inventory

	8.	Ratio of Fixed assets to
		long-term liabilities

	9.	Ratio of liabilities to
		stockholders' equity

	10.	Times interest earned

	11.	Asset turnover

	12.	Return on total assets

	13.	Return on stockholders'
		equity

	14.	Return on common
		stockholders' equity

	15.	Earnings per share
		on common stock

	16.	Price-earnings ratio

	17.	Dividends per share
		of common stock

	18.	Dividend yield

Answers are entered in the cells with gray backgrounds. Cells with non-gray backgrounds are protected and cannot be edited. An asterisk (*) will appear to the right of an incorrect entry. Current Assets - Current Liabilities = Calculated Value 1. Working capital: