Throughout this week I have learned a lot more about liabilities and how to identify the major types of current liabilities. I have learned previously about currently liability and this week really gave me a fresh reminder on the two key features: A company will the debt within one year or the operating cycle (for which ever is the longest)‚ also the company is responsible expects to pay the debt from existing current assets or though the creation of other current liabilities (as mentioned in Chapter
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efficiency and expected productive life of a plant asset are generally expensed when incurred. not recorded until they become material in amount. capitalized as a part of the cost of the asset. debited to the Accumulated Depreciation account 3- Multiple Choice Question 149 A gain or loss on disposal of a plant asset is determined by comparing the original cost of the asset with the proceeds received from its sale. book value of the asset with the asset’s original cost. book value of
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ACC 400 Final Exam / 100% correct answers http://www.homeworkmarket.com/content/acc-400-final-exam-100-correct-answers 1. Zelma Company ’s last financial statements provided the following ratios: Current ratio 3:2 Quick ratio 1:2 Accounts receivable turnover 9.0 times Inventory turnover 8.0 times Net income percentage 12.5% Return on equity 22.6% Return on assets 9.8% To the nearest day‚ what is the operating cycle for Zelma? a) 80 days
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the ethical issues involved? The ethical issue involved is changing the expense report to show lower expected profits for the current year just to manipulate the growth trend of the company which is against GAAP and ethical standards of accountants. 3. What should Sue do? The facts are that there are several stakeholders that will be affected by the decision. The stakeholders involved are the banks that would be extending loans to the company based on false information. The investors will be affected
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Memo To: Huffman Trucking CEO From: Date: September 3‚ 2002 ------------------------------------------------- Re: Ratio Analysis Findings Ratios are used to analyze financial statements to determine their profitability‚ liduidity and solvency. Liquidity Ratios are used by suppliers and short-term creditors such as bankers to measure the ability of an organization to pay its maturing short-term financial obligation. This is also used to determine whether the organization will be able to meet
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Week 5: E-text Learning Team Assignments ACC/400 Week 5: E-text Learning Team Assignments Financial Accounting: Tools for Business Decision Making‚ 4th edition Chapter 13: Communication Activity: BYP 13-7 Write a memo to R.J. Falk that explains the basis for comparison and the factors affecting quality of earnings. Memo To: R.J. Falk CEO From: Team B Date: May 24‚ 2010 Re: Financial Statement Analysis The purpose of this memo is to explain (a) the
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SOC140 Lesson 3 Short answer 1. Explain what functions racial beliefs serve for the dominant group according to the functionalist perspective. Conversely‚ explain what dysfunctions to society are caused by prejudice and discrimination. The functionalist perspective emphasizes that parts of society are structured to maintain its stability. Racist ideologies believe they have a moral justification for maintaining a society that usually deprives certain groups of their rights and privileges. Some
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In this file ACC 291 Week 2 Chapter 09 Practice Quiz 1 you can find right answers on the following questions: 1. Erin Danielle Company purchased equipment and incurred the following costs. 2. Depreciation is a process of: 3. Micah Bartlett Company purchased equipment on January 1‚ 2010‚ at a total invoice cost of $400‚000. The equipment has an estimated salvage value of $10‚000 and an estimated useful life of 5 years. The amount of accumulated depreciation at December 31
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by verifying the passage and determine who it is referred to. While reading I need to ask myself‚ how can I apply these facts to my work? What are the similarities? What are the differences? And how can I explain what I learned in my work? Before I answer all
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The financial statement can show the records of the financial activities of a business. It was designed for common people to be able to read and understand this information. Three strengths of the financial statement is it that the owners and managers are able to understand the financial position of the company‚ this also allows individuals the ability to evaluate the historical and prospective financial performance‚ and this statement gives a vivid picture of the company’s financial health which
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