Best Tech, Incorporated Amazin' Colossal Corporation Corporation Common Stock 8 $ 18 $ 115 Dividends 13 6 65 Net Income 20 35 115 Retained Earnings, Beginning of Year 45 215 Retained Earnings, End of Year 52 29 265 Total Assets Total Expenses 70 45 215 Total Liabilities 45 45 365 Total Revenues 90 80 330

Q: xplain what are contra asset accounts, where they are on shown on the financial statements and give…

A: Contra Asset: A contra asset is, well, a contra asset. All assets, in general, have a debit balance,…

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: Would you please explin step 4  from where you for total assets and euity

A: Total assets includes the current assets as well as non current assets (including tangible and…

Q: What are the two common categories of long-lived assets? Describe each.

A: Long lived assets are those assets that a business retains for long periods of time for use in the…

Q: Describe three services offered by a factoring compan

A: The problem statement focuses on identifying the different services offered by the factoring…

Q: Define current assets and list the typical asset categories included in this classification.

A:

Q: lassification costs

A: A long-term physical piece of property or equipment that a company owns and utilises in its…

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: Distinguish between the following measures of invested capital, and briefly explain when each should…

A:

Q: Discuss the rationale of using total assets as a basic in determining materiality.

A: The concept of materiality is fundamental to the entire audit process and is applied by auditor.  1.…

Q: Identify the three items of information necessary to calculate the future value of a single amount

A: Financial Management: In layman’s words, financial management is the management of the finance or…

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: A. Explain the matching concept by incorporating the terms ‘recognized’, revenue recognition…

A: Hi student Since there are multiple questions, we will answer only first question.

Q: Distinguish between assets and liabilities and provide three (3) examples of each to support your…

A: Introduction: Liabilities can be either short-term or long-term. Short-term obligations are…

Q: What are the classifications of financial assets in accordance with IFRS 9?

A: SOLUTION- FINANCIAL INSTRUMENT- 1-A CONTRACT THAT GIVE RISE TO FINANCIAL ASSETS FOR ONE PARTY AND…

Q: What are the various current assets? Name them.

A: Current assets are assets which are expected to be realised or converted to cash within one year…

Q: Since AssetID is a number identifying assets in a fixed asset ledger, it would be considered to be…

A: Asset refers to any economic value resource for an individual, corporation or a country. It…

Q: Define each of the following terms:d. Depreciation; amortization; EBITDA

A: The formula to compute EBITDA as follows:

Q: Elaborate the term: “De-recognizing” financial assets

A: Financial asset is a form of liquid asset for the business. These assets gets its value from the…

Q: d.  Record the entry for reclassifying the net assets.

A: As per the requirement  the entry for reclassifying the net assets has been recorded in the next…

Q: Write note on current assets.

A: Assets: These are the resources owned and controlled by business and used to produce benefits for…

Q: Q4. Describe the nature of the assets that compose the following sections of a balance sheet:…

A: Balance Sheet is a financial statement showing financial position of a…

Q: Which assets are classified as current assets?

A: Definition:     Current assets: The assets which could be converted into cash within one year like…

Q: Intangible assets are often combined with_______________assets for measurement and recognition in…

A: Intangible assets means those assets which do not have any physical presence and that can only be…

Q: Distinguish between current assets and non-current assets, giving TWO examples of each type of…

A: Assets are the resources owned by an entity for running the daily operations of the business. These…

Q: Do the following: (1) Assign a formula to (1) Tot. current assets, (2) Net fixed assets, (3) Total…

A: Here appropriate formulas need to be applied to find each of the “x”. For instance total current…

Q: analyze the use of the assets of Facebook please. Please include two ratios, Asset Turnover and…

A: Asset turnover ratio measures how much percent of sales has been generated by the company for the…

Q: Identify the three items of information necessary to calculate the future value of a single amount.

A: Future value: This is the amount of present value accumulated or compounded at a rate of interest…

Q: What are four most commonly used methods of calculating depreciation for financial reporting…

A: Depreciation: Depreciation is a method of reducing the capitalized cost of long-lived operating…

Q: review the picture below and correct any lines that involve formulas and add any lines that arent…

A: A main company's financial data and that of its companies are combined into one detailed financial…

Q: Explain and provide two examples of quick assets.

A: Quick assets are those assets which can be converted into cash easily or they are already in a cash…

Q: how to calculate deprieation

A: When fixed asset is purchased, it is recorded in books of accounts at it original or acquisition /…

Q: what are 5 types of assets not included ob balance sheet?

A:

Q: Quick  assets is determined by

A: Solution: Quick assets are the most liquid assets of a firm which can be converted to cash very…

Q: Describe the four types of legacies, and give examples of each.

A: Types of Legacies:  A legacy is the gift of personal assets such as electronics, automobile, cash,…