Financial statement: The financial statement records and shows all the financial status of the business. The financial statement consists of the balance sheet, income statement, statement of retained earnings , and the cash flow statement. To describe : The advantages and disadvantage of having no long-term debt.

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Answer 1

Question

Chapter 3, Problem 3.4EYCT

(a)

To determine

Financial statement:

The financial statement records and shows all the financial status of the business. The financial statement consists of the balance sheet, income statement, statement of retained earnings, and the cash flow statement.

To describe: The advantages and disadvantage of having no long-term debt.

(b)

To determine

The advantages and disadvantages of having large cash balance.

(c)

To determine

To describe: The balance in the accounts payable.

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What is the residual value guarantee in a lease? [FINANCIAL ACCOUNTING] a) Included in lease liability at present value b) Always excluded from lease payments c) Never included in lease liability d) Only included if provided by lessor answer

Answer 2

Question

Chapter 3, Problem 3.4EYCT

(a)

To determine

Financial statement:

The financial statement records and shows all the financial status of the business. The financial statement consists of the balance sheet, income statement, statement of retained earnings, and the cash flow statement.

To describe: The advantages and disadvantage of having no long-term debt.

(b)

To determine

The advantages and disadvantages of having large cash balance.

(c)

To determine

To describe: The balance in the accounts payable.

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Answer 3

Question

Chapter 3, Problem 3.4EYCT

(a)

To determine

Financial statement:

The financial statement records and shows all the financial status of the business. The financial statement consists of the balance sheet, income statement, statement of retained earnings, and the cash flow statement.

To describe: The advantages and disadvantage of having no long-term debt.

(b)

To determine

The advantages and disadvantages of having large cash balance.

(c)

To determine

To describe: The balance in the accounts payable.

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Answer 4

Question

Chapter 3, Problem 3.4EYCT

(a)

To determine

Financial statement:

The financial statement records and shows all the financial status of the business. The financial statement consists of the balance sheet, income statement, statement of retained earnings, and the cash flow statement.

To describe: The advantages and disadvantage of having no long-term debt.

(b)

To determine

The advantages and disadvantages of having large cash balance.

(c)

To determine

To describe: The balance in the accounts payable.

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Answer 5

Chapter 3, Problem 3.4EYCT

(a)

To determine

Financial statement:

The financial statement records and shows all the financial status of the business. The financial statement consists of the balance sheet, income statement, statement of retained earnings, and the cash flow statement.

To describe: The advantages and disadvantage of having no long-term debt.

(b)

To determine

The advantages and disadvantages of having large cash balance.

(c)

To determine

To describe: The balance in the accounts payable.

Answer 6

Chapter 3, Problem 3.4EYCT

(a)

To determine

Financial statement:

The financial statement records and shows all the financial status of the business. The financial statement consists of the balance sheet, income statement, statement of retained earnings, and the cash flow statement.

To describe: The advantages and disadvantage of having no long-term debt.

Answer 7

Chapter 3, Problem 3.4EYCT

(a)

To determine

Financial statement:

The financial statement records and shows all the financial status of the business. The financial statement consists of the balance sheet, income statement, statement of retained earnings, and the cash flow statement.

To describe: The advantages and disadvantage of having no long-term debt.

Answer 8

(b)

To determine

The advantages and disadvantages of having large cash balance.

Answer 9

(b)

To determine

The advantages and disadvantages of having large cash balance.

Answer 10

(c)

To determine

To describe: The balance in the accounts payable.

Answer 11

(c)

To determine

To describe: The balance in the accounts payable.

Answer 12

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Answer 13

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Answer 14

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Answer 15

Ch. 3 - Prob. 1Q Ch. 3 - Can a business enter into a transaction that...Ch. 3 - Are the followingevents recorded in the accounting...Ch. 3 - Prob. 4Q Ch. 3 - Prob. 5Q Ch. 3 - Prob. 6Q Ch. 3 - Prob. 7Q Ch. 3 - Misty Reno, a beginning accounting student,...Ch. 3 - Prob. 9Q Ch. 3 - What is the normal balance for each of these...

Solution Summary: The author explains the advantages and disadvantages of having no long-term debt.

The advantages and disadvantages of having large cash balance.

To describe: The balance in the accounts payable.

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Chapter 3 Solutions