QUESTION 1For each of the items below, indicate how it is reported on the balance sheet or income statement using the given classification titles.Accounts Payablev Office furniturev Interest RevenueA. Current Liabilitiesv Treasury StockB. Long Term LiabilitiesUnearned Revenue expected to be earned after 12 months.C. Property, Plant and EquipmentNote Receivable collectible in 6 monthsD. Operating Expenses - Administrativev Freight inE. Other Revenue and Gainsv Office Supplies ExpenseF. Other Expenses and LossesCash Surrender Value of Life Insurance on Key EmployeesG. Operating Expenses - Sellingv Bonds PayableH. Extraordinary ItemsI. Sales Revenuev Life Insurance Expense on Key EmployeesJ. Other Assetsv Loss on Sale of PatentsK. Income From Operationsv Gain from sale of fast food division by a clothing manufacturer.L. Stockholders' EquityDividends PayableM. Current AssetsN. Cost of Goods Soldv Bad Debt ExpenseO. InvestmentsFranchise LicenseP. Intangible Assetsv Accumulated Depreciation - EquipmentQ. Discontinued Operationsv Depreciation Expense on Store Buildingsv Loss due to 7 month general employee strike.Supplies

Income statement and Balance sheet are two important financial statements of business in which there…

Answered: QUESTION 1 For each of the items below,…

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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Data table (Click on the icon in order to copy its contents into a spreadsheet.) Inventory Common stock Cash Operating expenses Short-term notes payable Interest expense Depreciation expense Sales Accounts receivable Accounts payable Long-term debt Cost of goods sold Buildings and equipment Accumulated depreciation Taxes General and administrative expense Retained earnings 6,470 45,070 16,570 1,380 600 870 540 12,740 9,560 4,750 54,860 5,710 122,330 33,960 1,400 870 ? I X
5. Which financial information is found in a company's annual report? A. Employee salaries B. Marketing strategies • C. Financial statements • D. All of the above
B Net sales Cost of goods sold Selling and administrative expenses Interest expense Other income (expense) Income tax expense Net income Current assets. Noncurrent assets Total assets Current liabilities Long-term debt Total stockholders' equity Total liabilities and stockholders' equity Total assets Total stockholders' equity Current liabilities Total liabilities Average net accounts receivable Average inventory Net cash provided by operating activities Capital expenditures Cash dividends paid 1. 2. 3. 4. 5. 6. 7. 8. 9. 10. 11. 12. Ratio Current ratio Accounts receivable turnover Average collection period Inventory turnover Days in inventory Profit margin Asset turnover Return on assets Debt to assets ratio Walmart Inc. Income Statement Data for Year Times interest earned Target Corporation Return on common stockholders' equity Free cash flow $66,900 44,000 14,400 750 (95) 1,500 $6,155 $17,000 26,800 $43,800 Balance Sheet Data (End of Year) $10,000 17,300 16,500 $43,800 13,400 10,000…
oped Dok H Int 0 ence [The following information applies to the questions displayed below] Forten Company's current year Income statement, comparative balance sheets, and additional Information follow. For the year. (1) all sales are credit sales, (2) all credits to Accounts Receivable reflect cash receipts from customers, (3) all purchases of Inventory are on credit, and (4) all debits to Accounts Payable reflect Sens cash payments for Inventory. FORTEN COMPANY Income Statement For Current Year Ended December 31 Sales Cost of goods sold Gross profit Operating expenses (excluding depreciation) Depreciation expense Other gains (losses) Loss on sale of equipment Income before taxes Income taxes expense Net income Assets Cash FORTEN COMPANY Comparative Balance Sheets December 31 Accounts receivable Inventory Prepaid expenses Total current assets Equipment Accumulated depreciation-Equipment Total assets Liabilities and Equity Accounts payable Long-term notes payable Total liabilities…
Question Content Area The following information pertains to Diane Company. Assume that all balance sheet amounts represent both average and ending balance figures and that all sales were on credit. Use this information to answer the question that follow. Assets Cash and short-term investments $30,000 Accounts receivable (net) 20,000 Merchandise inventory 15,000 Property, plant, and equipment 185,000 Total assets $250,000 Liabilities and Stockholders' Equity Current liabilities $45,000 Long-term liabilities 70,000 Stockholders' equity—common 135,000 Total liabilities and stockholders' equity $250,000 Income Statement Sales $85,000 Cost of merchandise sold 45,000 Gross profit $40,000 Operating expenses (15,000) Interest expense (5,000) Net income $20,000 Number of shares of common stock outstanding 6,000 Market price per share of common stock $20 Total dividends paid $9,000 Net cash flows from operating…
The following is list of accounts each represented by letter(s). A Accounts Payable U Loss from discontinued operations B Accounts Receivable V Losses due to fire E Accumulated Depreciation-Equip W Merchandise Inventory F Bonds Payable X Notes Payable G Cash Y Premium on Bonds Payable H Cost of Goods Sold Z Rent Expense I Capital Lease Payable AA Rent Revenue J Discount on Bonds Payable BB Retained Earnings K Equipment EE Salaries and Wages Payable L Federal Income Tax Withheld Payable FF Sales Returns M Federal Unemployment Taxes Payable GG Sales Revenues N FICA Taxes Payable HH Sales Taxes Payable O Income Summary II Shipping Expense P Income Taxes Payable JJ State Income Tax Withheld Payable Q Interest Expense KK State Unemployment Taxes Payable R Interest Payable LL Supplies S Land MM Tax Expense T Land Improvement NN Unearned Rent Revenue Example of Answer: G4000D,B2000D,GG5000C,HH1000CWhere G denotes…
Identifying and Classifying Financial Statement Items For each of the following items, indicate whether they would be reported in the balance sheet (B) or income statement (1). (a) Machinery (b) Supplies expense (c) Inventories (d) Sales (e) Common stock (f) Factory buildings (g) Receivables (h) Taxes payable (i) Taxes expense (i) Cost of goods sold (k) Long-term debt (1) Treasury stock ◆ ◆ ◆ ♦ ♦ ◆ ◆ ♦ ♦
Classify each of the following accounts as to whether it appears on the income statement (IS), the balance sheet (BS) or owner’s equity statement (OE) _____1. Merchandise Inventory _____ 6. Int. Revenue ____11. Wales, Drawing _____2. Accumulated Depreciation—Truck _____ 7. Interest Receivable ____12. Wales, Capital _____3. Depreciation Expense _____ 8. Notes Receivable ____13. Sales Discounts _____4. Cost of Goods Sold _____ 9. Interest Expense ____14. Prepaid Insurance _____5. Unearned Revenue _____10. Freight Out _____15. Sales
Privett Company Accounts payable Accounts receivable Accrued liabilities Cash $36,632 72,986 6,134 15,305 38,400 71,968 119,728 79,667 31,336 20,560 662,428 2,681 Based on the data for Privett Company, what is the amount of quick assets? Oa. $119,627 Ob. $781,037 Oc. $46,641 Od. $1,601,593 Intangible assets Inventory Long-term investments Long-term liabilities Marketable securities Notes payable (short-term) Property, plant, and equipment Prepaid expenses

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