Current assets: Current assets are assets which are expected to be converted into cash and cash equivalents within in the period of 1 year. Current assets can also be utilized to pay current liabilities of the company. Current asset include cash, short term investments, accounts receivables , inventories, prepaid assets and other current assets. Long term investments: Long term investments are noncurrent assets which are not meant to be converted into cash and cash equivalent within in the period of 1 year. These are meant to benefit company for more than one year. Plant assets: Also referred as fixed assets or long term assets, are assets with a useful life of more than one year and are generally subjected to depreciation. These are tangible in nature and add value to the business by generating revenues and profits from production and selling of products services. Intangible assets: Intangible assets are the non visible assets which generally have a beneficial life of more than one accounting period. Current liabilities: Current liabilities are liabilities which are expected to be converted into cash and cash equivalents within in the period of 1 year. Current assets can also be utilized to pay current liabilities of the company. Current asset include cash, short term investments, accounts receivables, inventories, prepaid assets and other current assets. Long term liabilities: Long term liabilities are liabilities which are not due to be discharged within a time frame of one year. To identify: The relevant category of balance sheet for the given items.

Question

Want to see the full answer?

Answer 1

Question

Definition Definition Financial statement that provides a snapshot of an organization's financial position at a specific point in time. It summarizes a company's assets, liabilities, and shareholder's equity, detailing what the company owns, what it owes, and what is left over for its owners. The balance sheet serves as a crucial tool to assess the financial health and stability of a company, as well as to help management make informed decisions about its future investments and financial obligations.

Chapter 3, Problem 24QS

To determine

Current assets: Current assets are assets which are expected to be converted into cash and cash equivalents within in the period of 1 year. Current assets can also be utilized to pay current liabilities of the company. Current asset include cash, short term investments, accounts receivables, inventories, prepaid assets and other current assets.

Long term investments: Long term investments are noncurrent assets which are not meant to be converted into cash and cash equivalent within in the period of 1 year. These are meant to benefit company for more than one year.

Plant assets: Also referred as fixed assets or long term assets, are assets with a useful life of more than one year and are generally subjected to depreciation. These are tangible in nature and add value to the business by generating revenues and profits from production and selling of products services.

Intangible assets: Intangible assets are the non visible assets which generally have a beneficial life of more than one accounting period.

Current liabilities: Current liabilities are liabilities which are expected to be converted into cash and cash equivalents within in the period of 1 year. Current assets can also be utilized to pay current liabilities of the company. Current asset include cash, short term investments, accounts receivables, inventories, prepaid assets and other current assets.

Long term liabilities: Long term liabilities are liabilities which are not due to be discharged within a time frame of one year.

To identify: The relevant category of balance sheet for the given items.

Expert Solution & Answer

Want to see the full answer?

Check out a sample textbook solution

See solution

Students have asked these similar questions

Activity Based Costing - practice problem Fontillas Instrument, Inc. manufactures two products: missile range instruments and space pressure gauges. During April, 50 range instruments and 300 pressure gauges were produced, and overhead costs of $89,500 were estimated. An analysis of estimated overhead costs reveals the following activities. Activities 1. Materials handling 2. Machine setups Cost Drivers Number of requisitions Number of setups Total cost $35,000 27,500 3. Quality inspections Number of inspections 27,000 $89.500 The cost driver volume for each product was as follows: Cost Drivers Instruments Gauge Total Number of requisitions 400 600 1,000 Number of setups 200 300 500 Number of inspections 200 400 600 Insructions (a) Determine the overhead rate for each activity. (b) Assign the manufacturing overhead costs for April to the two products using activity-based costing.

Bodhi Company has three cost pools and two doggie products (leashes and collars). The activity cost pool of ordering has the cost drive of purchase orders. The activity cost pool of assembly has a cost driver of parts. The activity cost pool of supervising has the cost driver of labor hours. The accumulated data relative to those cost drivers is as follows: Expected Use of Estimated Cost Drivers by Product Cost Drivers Overhead Leashes Collars Purchase orders $260,000 70,000 60,000 Parts 400,000 300,000 500,000 Labor hours 300,000 15,000 10,000 $960,000 Instructions: (a) Compute the activity-based overhead rates. (b) Compute the costs assigned to leashes and collars for each activity cost pool. (c) Compute the total costs assigned to each product.

Torre Corporation incurred the following transactions. 1. Purchased raw materials on account $46,300. 2. Raw Materials of $36,000 were requisitioned to the factory. An analysis of the materials requisition slips indicated that $6,800 was classified as indirect materials. 3. Factory labor costs incurred were $55,900, of which $51,000 pertained to factory wages payable and $4,900 pertained to employer payroll taxes payable. 4. Time tickets indicated that $50,000 was direct labor and $5,900 was indirect labor. 5. Overhead costs incurred on account were $80,500. 6. Manufacturing overhead was applied at the rate of 150% of direct labor cost. 7. Goods costing $88,000 were completed and transferred to finished goods. 8. Finished goods costing $75,000 to manufacture were sold on account for $103,000. Instructions Journalize the transactions.

Answer 2

Question

Definition Definition Financial statement that provides a snapshot of an organization's financial position at a specific point in time. It summarizes a company's assets, liabilities, and shareholder's equity, detailing what the company owns, what it owes, and what is left over for its owners. The balance sheet serves as a crucial tool to assess the financial health and stability of a company, as well as to help management make informed decisions about its future investments and financial obligations.

Chapter 3, Problem 24QS

To determine

Current assets: Current assets are assets which are expected to be converted into cash and cash equivalents within in the period of 1 year. Current assets can also be utilized to pay current liabilities of the company. Current asset include cash, short term investments, accounts receivables, inventories, prepaid assets and other current assets.

Long term investments: Long term investments are noncurrent assets which are not meant to be converted into cash and cash equivalent within in the period of 1 year. These are meant to benefit company for more than one year.

Plant assets: Also referred as fixed assets or long term assets, are assets with a useful life of more than one year and are generally subjected to depreciation. These are tangible in nature and add value to the business by generating revenues and profits from production and selling of products services.

Intangible assets: Intangible assets are the non visible assets which generally have a beneficial life of more than one accounting period.

Current liabilities: Current liabilities are liabilities which are expected to be converted into cash and cash equivalents within in the period of 1 year. Current assets can also be utilized to pay current liabilities of the company. Current asset include cash, short term investments, accounts receivables, inventories, prepaid assets and other current assets.

Long term liabilities: Long term liabilities are liabilities which are not due to be discharged within a time frame of one year.

To identify: The relevant category of balance sheet for the given items.

Expert Solution & Answer

Want to see the full answer?

Check out a sample textbook solution

See solution

Answer 3

Question

Definition Definition Financial statement that provides a snapshot of an organization's financial position at a specific point in time. It summarizes a company's assets, liabilities, and shareholder's equity, detailing what the company owns, what it owes, and what is left over for its owners. The balance sheet serves as a crucial tool to assess the financial health and stability of a company, as well as to help management make informed decisions about its future investments and financial obligations.

Chapter 3, Problem 24QS

To determine

Current assets: Current assets are assets which are expected to be converted into cash and cash equivalents within in the period of 1 year. Current assets can also be utilized to pay current liabilities of the company. Current asset include cash, short term investments, accounts receivables, inventories, prepaid assets and other current assets.

Long term investments: Long term investments are noncurrent assets which are not meant to be converted into cash and cash equivalent within in the period of 1 year. These are meant to benefit company for more than one year.

Plant assets: Also referred as fixed assets or long term assets, are assets with a useful life of more than one year and are generally subjected to depreciation. These are tangible in nature and add value to the business by generating revenues and profits from production and selling of products services.

Intangible assets: Intangible assets are the non visible assets which generally have a beneficial life of more than one accounting period.

Current liabilities: Current liabilities are liabilities which are expected to be converted into cash and cash equivalents within in the period of 1 year. Current assets can also be utilized to pay current liabilities of the company. Current asset include cash, short term investments, accounts receivables, inventories, prepaid assets and other current assets.

Long term liabilities: Long term liabilities are liabilities which are not due to be discharged within a time frame of one year.

To identify: The relevant category of balance sheet for the given items.

Expert Solution & Answer

Want to see the full answer?

Check out a sample textbook solution

See solution

Answer 4

Question

Definition Definition Financial statement that provides a snapshot of an organization's financial position at a specific point in time. It summarizes a company's assets, liabilities, and shareholder's equity, detailing what the company owns, what it owes, and what is left over for its owners. The balance sheet serves as a crucial tool to assess the financial health and stability of a company, as well as to help management make informed decisions about its future investments and financial obligations.

Chapter 3, Problem 24QS

To determine