Chapter 01 1. The business entity assumption requires that a business be accounted for separately from other business entities‚ including its owner or owners. 2. The four basic financial statements include the balance sheet‚ income statement‚ statement of retained earnings and statement of cash flows. 3. A balance sheet covers a period of time‚ such as a month or year. 4. The income statement shows the financial position of a business on a specific date.
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Chapter 16 “How Well Am I Doing?” Financial Statement Analysis Solutions to Questions 16-1 Horizontal analysis examines how a particular item on a financial statement such as sales or cost of goods sold behaves over time. Vertical analysis involves analysis of items on an income statement or balance sheet for a single period. In vertical analysis of the income statement‚ all items are typically stated as a percentage of sales. In vertical analysis of the balance sheet‚ all items are typically
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Intermediate Accounting Test 2 The accountant of Weatherspoon Shoe Co. has compiled the following information from the company’s records as a basis for an income statement for the year ended December 31‚ 2012. | Rental revenue | $29‚000 | | Interest expense | 18‚000 | | Market appreciation on land above cost | 31‚000 | | Wages and salaries-sales | 114‚800 | | Materials and supplies-sales | 17‚600 | | Income tax | 30‚600 | | Wages and salaries-administrative | 135‚900 |
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Managerial Accounting‚ 3e (Braun/Tietz) Chapter 2 Building Blocks of Managerial Accounting 1) Service companies must carry a large amount of inventory to meet consumer demand. Answer: FALSE Diff: 1 LO: 2-1 EOC: E2-1 AACSB: Reflective Thinking Learning Outcome: Define and use cost-volume-profit analysis to analyze the effects of changes in costs and volume on a company’s profits 2) Manufacturing companies usually have three types of inventory. Answer: TRUE Diff: 1 LO: 2-1 EOC:
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1 What changes when an ion is formed from an atom? A. Neutrons are lost or gained. B. Protons are lost or gained. C. The nucleus disintegrates. D. Electrons are lost or gained. E. Either protons or electrons are lost or gained. 2 When comparing a 10.00 g sample of iron with a 10.00 g sample of lead: A. each sample has the same number of atoms. B. there are more iron atoms than lead atoms. C. there are more lead atoms than iron atoms. D. it is not possible to tell which sample contains
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in the United States only. the Dietary Reference Intakes are to be used on food labels. the Daily Values are a better way of determining nutrient goals of individuals. the Dietary Reference Intakes do not account for age or gender. Question 2 1 out of 1 points When referring to the DRI recommended intakes‚ it is important to remember that: Selected Answer: they are based on the latest available scientific research. Answers: they are designed to help an individual recover from an
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(Accounting for Goodwill) Fred Moss‚ owner of Moss Interiors‚ is negotiating for the purchase of Zweifel Galleries. The balance sheet of Zweifel is given in an abbreviated form below. ZWEIFEL GALLERIES Balance Sheet as of December 31‚ 2014 Assets Liabilities and Stockholders’ Equity Cash $100‚000 Accounts payable $ 50‚000 Land 70‚000 Notes payable (long-term) 300‚000 Buildings (net) 200‚000 Total liabilities 350‚000 Equipment (net) 175‚000 Common stock $200‚000 Copyrights (net) 30
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Chapter 7 Stock Valuation Solution to Problems P7-1. LG 2: Authorized and Available Shares Basic (a) Maximum shares available for sale Authorized shares 2‚000‚000 Less: Shares outstanding 1‚400‚000 Available shares 600‚000 (b) $48‚000‚000Total shares needed 800‚000 shares$60== The firm requires an additional 200‚000 authorized shares to raise the necessary funds at $60 per share. (c) Aspin must amend its corporate charter to authorize the issuance of additional shares. P7-2. LG 2: Preferred Dividends
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Culture – the way of life of a people. Shared & human-created strategies for adapting & responding to one’s surroundings (people & creatures) Can be as vast as US culture or smaller like a family or school Blueprint that guides & determines behavior Cultures are learned at birth & passed down from generation to generation. Material culture –natural & human-created objects which people have assigned a name to & attached a meaning. iPods‚ cars‚ clothing‚ tattoos‚ trees‚ diamonds offers clues
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| | Liabilities: | | | | Postpetition liabilities | $1‚200‚000 | | | Prepetition liabilities | 1‚500‚000 | | | Fully secured debt | 900‚000 | 3‚600‚000 | | Excess liabilities over reorganization value | | $1‚600‚000 | 2 Old stockholders must retain less than a 50% interest in the “new entity.” | Reorganization value | | $2‚000‚000 | | Less: Payment to prepetition claimants | | 150‚000 | | | | 1‚850‚000 | | Reorganized capital structure: | | |
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