Bundle: College Accounting, Chapters 1-27, Loose-Leaf Version, 22nd + CengageNOWv2, 2 terms Printed Access Card
22nd Edition
ISBN: 9781305930421
Author: James A. Heintz, Robert W. Parry
Publisher: Cengage Learning
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Chapter 15, Problem 1MC
To determine
Identify the option that is not considered as a current asset.
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Which of the following assets would not be included as a quick asset?
a.Merchandise inventory
b.Cash
c.Temporary investments
d.Accounts receivable
Which of the following items is not classified as an asset?
Accounts receivable
Accounts payable
Bank
Inventory
Which of the following is not a current asset?
Inventory
Trade receivables
Building
Cash at bank
Chapter 15 Solutions
Bundle: College Accounting, Chapters 1-27, Loose-Leaf Version, 22nd + CengageNOWv2, 2 terms Printed Access Card
Ch. 15 - LO1 A multiple-step form of income statement...Ch. 15 - Prob. 2TFCh. 15 - Prob. 3TFCh. 15 - Prob. 4TFCh. 15 - LO4 Accounts receivable turnover is the number of...Ch. 15 - Prob. 1MCCh. 15 - Prob. 2MCCh. 15 - Prob. 3MCCh. 15 - Prob. 4MCCh. 15 - Prob. 5MC
Ch. 15 - Prob. 1CECh. 15 - Prob. 2CECh. 15 - 1. L01 Prepare a multiple-step income statement...Ch. 15 - Prob. 4CECh. 15 - Prob. 5CECh. 15 - Prob. 6CECh. 15 - Prob. 1RQCh. 15 - Prob. 2RQCh. 15 - Describe how to calculate the following ratios (a)...Ch. 15 - Where is the information obtained that is needed...Ch. 15 - Explain the function of each of the four closing...Ch. 15 - What is the purpose of a post-closing trial...Ch. 15 - What is the primary purpose of reversing entries?Ch. 15 - What is the customary date for reversing entries?Ch. 15 - What adjusting entries should be reversed?Ch. 15 - REVENUE SECTION. MULTIPLE-STEP INCOME STATEMENT...Ch. 15 - COST OF GOODS SOLD SECTION, MULTIPLE-STEP INCOME...Ch. 15 - MULTIPLE-STEP INCOME STATEMENT Use the following...Ch. 15 - FINANCIAL RATIOS Based on the financial statements...Ch. 15 - CLOSING ENTRIES From the work sheet on page 600,...Ch. 15 - REVERSING ENTRIES From the work sheet used in...Ch. 15 - Prob. 7SEACh. 15 - INCOME STATEMENT. STATEMENT OF OWNER S EQUITY, AND...Ch. 15 - FINANCIAL RATIOS Use the work sheet and financial...Ch. 15 - WORK SHEET, ADJUSTING, CLOSING, AND REVERSING...Ch. 15 - REVENUE SECTION, MULTIPLE-STEP INCOME STATEMENT...Ch. 15 - COST OF GOODS SOLD SECTION, MULTIPLE-STEP INCOME...Ch. 15 - MULTIPLE-STEP INCOME STATEMENT Use the following...Ch. 15 - FINANCIAL RATIOS Based on the financial...Ch. 15 - CLOSING ENTRIES From the work sheet on page 607...Ch. 15 - Prob. 6SEBCh. 15 - ADJUSTING, CLOSING, AND REVERSING ENTRIES Prepare...Ch. 15 - INCOME STATEMENT, STATEMENT OF OWNERS EQUITY, AND...Ch. 15 - FINANCIAL RATIOS Use the work sheet and financial...Ch. 15 - Prob. 10SPBCh. 15 - Prob. 1MYWCh. 15 - Dominique Fouque owns and operates Dominiques Doll...Ch. 15 - Prob. 1CP
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- Which of the following is not an example of a current asset? a. Cash b. Merchandising Inventory c. Prepaid Expenses d. Equipment e. Suppliesarrow_forwardWhich of the following would not form part of quick assets? (A)Receivables (В) Cash (C) Prepaid Expense (D) Marketable Securitiesarrow_forwardWhich of the following items is NOT classified as a financial asset? a. promissory notes b. forward exchange contracts c. inventory d. accounts receivablearrow_forward
- What is an account receivable? O a. Sales O b. Asset Oc. Income O d. Creditorsarrow_forwardWhich one of the following accounts is unlikely to ever be seperately disclosed in the income statement? O A. Cost of sales O B. Bad debts O C. Interest on current bank account O D. Depreciationarrow_forwardQuick assets include cash, temporary investments, inventory, and receivables. True or false?arrow_forward
- 38Investing activities involvewhich of the following? a) borrowing and repaying of debt. b) sale of inventory. c) receipt of interest. d) investments in assets other than current assets.arrow_forwardJk. 198.arrow_forwardQuestion 2: Which is better to have? Accounts receivable or notes receivable? And why?arrow_forward
- Which of the following is included under the financing activities in the statement of cash flows? O Payment of salaries to employees O Proceeds from sale of equipment Purchase of new office computers O Withdrawal of cash made by the ownerarrow_forward21- Which one of the following is a current asset? a. Outstanding expenses b. Prepaid expenses c. Bills payable d. Bank overdraftarrow_forwardWhat do you mean by tangible real accounts and intangible real accounts?arrow_forward
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