Case 12-02 To Recognize or Not to Recognize‚ That Is the Question Shakespeare Inc. (“Shakespeare” or the “Company”) is a privately held book printing and publishing company with a December 31 year-end. The summary balance sheet as of December 31‚ 2010‚ included: Current assets Noncurrent assets Total assets Current liabilities Noncurrent liabilities Total liabilities Total shareholder equity $ 6‚500‚000 28‚250‚000 $34‚750‚000 $ 4‚500‚000 13‚750‚000 $18‚250‚000 $16‚500‚000 The summary results of
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assets at the date of acquisition. Selected balance sheet data at December 31‚ 2009‚ are as follows: 1. Based on the preceding information‚ what amount should be reported as noncontrolling interest in net assets in Jane Company’s December 31‚ 2009‚ consolidated balance sheet? A. $90‚000 B. $54‚000 C. $36‚000 D. $0 2. Based on the preceding information‚ what amount will Jane Company report as common stock outstanding in its consolidated balance sheet at December 31‚ 2009? A. $120‚000 B. $180
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statements reported the following (in millions). Cash December 31‚ 2011 Cash from operating activities Cash from investing activities Cash from financing activities $ 2‚772 773 (902) 896 What did Goodyear report for Cash on its December 31‚ 2010 balance sheet? A) $2‚772 million B) $3‚539 million C) $767 million D) $2‚005 million E) None of the above Answer: D Rationale: Cash‚ beginning of year + Cash from operating activities + Cash from investing activities + Cash from financing activities = Cash at
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B. | Capital stock‚ additional paid-in capital‚ retained earnings | | C. | Capital stock‚ appropriated retained earnings‚ unappropriated retained earnings | | D. | Preferred stock‚ common stock‚ treasury stock | Which of the following balance sheet classifications would normally require the greatest amount of supplementary disclosure? | A. | Plant assets | | B. | Current assets | | C. |
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found on the balance sheet (www.investorwords.com/273/asset.html). In accounting‚ assets are divided into different categories such as current assets‚ long-term assets‚ prepaid and deferred assets‚ and intangible assets (www.investorwords.com/273/asset.html). What is a balance sheet? It is a financial statement that shows the company’s assets‚ liabilities‚ and the owner’s equity. The asset equals liabilities plus shareholders’ equity is the formula for accounting equation. The balance sheet was naming
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#157146 sample solutions faq Maynard Company Income Statement Preparation Please help me prepare an income statement and answer the following questions for this situation: Diane Maynard was grateful for the balance sheets that her friend prepared. ( I attached the balance sheet I did) In going over the numbers‚ she remarked‚ "it’s sort of surprising that cash increased by $31677‚ but net income was only $19635. Why was that? Her friend replied‚ "A partial answer to that question is to look
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ounting cycle Accounting Cycle The accounting cycle comprises of the cycle of accounting process. It begins with analysis of the transactions and ends with carrying forward the balances in balance sheet to the next accounting period. It produces numerous records‚ entries‚ documents‚ reports and statements. The most important output of accounting cycle is an enterprise’s financial statements. The following are the steps that summarises an accounting cycle. The accountant performs the steps
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resources and claims to resources. Because accountings have to report these organizations‚ the reports are done in a formal way called financial statements. The financial statements that are the main focused in this paper is the income statement‚ the balance sheet and the statement of cash flows. An income statement is a financial statement for companies that
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profitable or not. A company that is failing or not growing can often come from poor financial planning and analysis. The difference between failure and success come from analyzing financial information. Analyzing financial information such as balance sheet‚ income statement and cash flow statement companies can predict and control their future. Financial statements are the primary documents used in reporting financial information to banks‚ investors‚ suppliers and others. Along with financial information
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Merrill Lynch Financial Statements Guide Balance sheet – what company owns and owes at report date; assets = liabilities/equity Income statement – shows whether a company’s operation over a period of time (i.e. a year) was profitable or lost $$ Statement of changes in shareholders’ equity – reconciles activity in shareholders’ equity section of balance sheet from period to period; typically changes are due to company profits/losses‚ dividends‚ and/or stock issuance Cash flow statement – cash
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