A balance sheet may contain the following major sections A. Current.pdf
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A balance sheet may contain the following major sections: A. Current assets B. Long-term investments C. Property, plant, and equipment D. Intangible assets E. Other assets F. Current liabilities G. Long-term liabilities H. Contributed capital I. Retained earnings J. Accumulated other comprehensive income Required: The following is a list of accounts. Using the letters A through J, indicate in which section of the balance sheet each account would most likely be classified. Then, indicate if the account is a contra account or an account that would normally be deducted on the balance sheet. For all accounts, indicate if the account is a contra account or an account that would normally be deducted on the balance sheet by selecting "yes" from the second drop down box otherwise select "no". 1. Investments in Marketable Securities 2. Discount on Bonds Payable (bonds due in 5 years) 3. Additional Paid-in Capital on Common Stock 4. Accounts Receivable 5. Notes Payable (due in 5 years) 6. Patents (net) 7. Unrealized Decrease in Fair Value of Available-for-Sale Securities 8. Preferred Stock 9. Unearned Rent (to be earned within next 6 months) 10. Accrued Pension Cost 11. Trademarks 12. Deficit Account 13. Salaries Payable 14. Land 15. Investment in Ace Company Preferred Stock (to be held for 3 years) Classification Y Y Contra or Deducted (Yes/No) A balance sheet may contain the following major sections: A. Current assets B. Long-term investments C. Property, plant, and equipment D. Intangible assets E. Other assets F. Current liabilities G. Lonig-term liabilities H. Contributed capital 1. Retained earnings 3. Accumulated other comprehensive income Required: The following is a list of accounts. Using the letters A through J, indicate in which section of the balance sheet each account would most likely be classified. Then, indicate if the account is a contra account or an account that would normally be deducted on the balance sheet. For all accounts, indicate if the account is a contra account or an account that would normally be deducted on the balance sheet by selectin "yes" from the second drop down box, otherwise select "no"..
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Financial Management Quiz 1Please follow all instructions .docx
Financial Management Quiz 1
Please follow all instructions very carefully. You need to return your answers to me no later than 12:00 noon on
Friday, October 14. If you respond after that time, you cannot get a grade higher than a B regardless of how many you
get correct. I will try to remember to send out a reminder in advance.
You may submit your answers in any of the following ways:
Mark up the quiz itself, scan it, and email it to me (do not use RED ink).
Fill out the answer sheet that is attached as a Word document and email it to me.
Make your own Excel or Word answer sheet and email it to me (do not use RED font).
Put your answers in the body of an email message (do not use RED font).
When you send me your email, please send it to [email protected] All
attachments must be in Word, Excel, or pdf, and must include your name.
Note that a multiple-choice question can have only ONE answer.
For each of the following, select TRUE or FALSE
1. The Internal Revenue Service is the department of the United States Government
responsible for passing tax laws.
TRUE FALSE
2. Of all the people involved in the creation and analysis of financial reports, the one least
likely to be presenting financial statements to the board of directors is the bookkeeper.
TRUE FALSE
3. Two major forms of accounting are cash basis and accrual basis. If the terms "accounts
receivable" or "accounts payable" appear on your balance sheet, you are using
the accrual basis of accounting.
TRUE FALSE
EXTRA CREDIT: Briefly explain "deferred income," giving an example from the world of the
performing arts.
For each of the following, select the best answer from a-d.
4. Which of the following statements is FALSE?
a. Your organization borrows $2,500,000 at an annual rate of 6%. If you pay no principal during
life of the loan, the annual interest cost on the loan is $150,000.
b. "Fixed assets" is another term for cash, accounts receivable, and other similar items of
property.
c. According to the textbook, a "Benefit Corporation" is not a tax-exempt nonprofit entity,
but it does include a social goal as well as a profit motive.
d. The bylaws of an organization specify which officers must be part of the organization's
governance. Another item that should be part of the bylaws is how many members of
the board of directors make up a quorum.
Page 1 of 4
5. Which of the following is TRUE?
a. On a Form 990, an organization's assets are divided into current assets and
non-current assets.
b. If a nonprofit has $1,500,000 in pledges receivable, and $500,000 of that amount is due
in the next 12 months, then $1,000,000 of the pledges will be counted in the
calculation of the organization's current ratio.
c. The most common kind of investments that nonprofits own are intended to produce
positive investment return. The earnings on investments, like a profit that comes
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1.The form 10-K is the annual report that publicly traded companies must file with the Securities
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2. Which of the following statements is correct?
Multiple Choice
a.Accumulated depreciation is the amount of depreciation on the income statement.
b. Current liabilities are debts expected to be paid within one year.
c.Current assets are resources of a company that might include cash and copyrights.
d.Patents, goodwill, and deferred revenues are classified as intangible assets on the balance
sheet.
3.External users of accounting information include decision makers such as investors, creditors,
and financial analysts. True or False.
4.Deferred expenses are initially recorded as assets and when they are later used, expenses will
increase and assets will decrease. true or false.
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Financial Management Quiz 1Please follow all instructions .docx
Financial Management Quiz 1
Please follow all instructions very carefully. You need to return your answers to me no later than 12:00 noon on
Friday, October 14. If you respond after that time, you cannot get a grade higher than a B regardless of how many you
get correct. I will try to remember to send out a reminder in advance.
You may submit your answers in any of the following ways:
Mark up the quiz itself, scan it, and email it to me (do not use RED ink).
Fill out the answer sheet that is attached as a Word document and email it to me.
Make your own Excel or Word answer sheet and email it to me (do not use RED font).
Put your answers in the body of an email message (do not use RED font).
When you send me your email, please send it to [email protected] All
attachments must be in Word, Excel, or pdf, and must include your name.
Note that a multiple-choice question can have only ONE answer.
For each of the following, select TRUE or FALSE
1. The Internal Revenue Service is the department of the United States Government
responsible for passing tax laws.
TRUE FALSE
2. Of all the people involved in the creation and analysis of financial reports, the one least
likely to be presenting financial statements to the board of directors is the bookkeeper.
TRUE FALSE
3. Two major forms of accounting are cash basis and accrual basis. If the terms "accounts
receivable" or "accounts payable" appear on your balance sheet, you are using
the accrual basis of accounting.
TRUE FALSE
EXTRA CREDIT: Briefly explain "deferred income," giving an example from the world of the
performing arts.
For each of the following, select the best answer from a-d.
4. Which of the following statements is FALSE?
a. Your organization borrows $2,500,000 at an annual rate of 6%. If you pay no principal during
life of the loan, the annual interest cost on the loan is $150,000.
b. "Fixed assets" is another term for cash, accounts receivable, and other similar items of
property.
c. According to the textbook, a "Benefit Corporation" is not a tax-exempt nonprofit entity,
but it does include a social goal as well as a profit motive.
d. The bylaws of an organization specify which officers must be part of the organization's
governance. Another item that should be part of the bylaws is how many members of
the board of directors make up a quorum.
Page 1 of 4
5. Which of the following is TRUE?
a. On a Form 990, an organization's assets are divided into current assets and
non-current assets.
b. If a nonprofit has $1,500,000 in pledges receivable, and $500,000 of that amount is due
in the next 12 months, then $1,000,000 of the pledges will be counted in the
calculation of the organization's current ratio.
c. The most common kind of investments that nonprofits own are intended to produce
positive investment return. The earnings on investments, like a profit that comes
from having more operating revenue than expenses, are not subject to Federal income tax ...
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1.The form 10-K is the annual report that publicly traded companies .pdf
1.The form 10-K is the annual report that publicly traded companies must file with the Securities
& Exchange Commission (SEC). True or False
2. Which of the following statements is correct?
Multiple Choice
a.Accumulated depreciation is the amount of depreciation on the income statement.
b. Current liabilities are debts expected to be paid within one year.
c.Current assets are resources of a company that might include cash and copyrights.
d.Patents, goodwill, and deferred revenues are classified as intangible assets on the balance
sheet.
3.External users of accounting information include decision makers such as investors, creditors,
and financial analysts. True or False.
4.Deferred expenses are initially recorded as assets and when they are later used, expenses will
increase and assets will decrease. true or false.
5. An example of revenue would be the amount collected from the sale of an automobile by a car
dealership. true or false.
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Listed below are several terms and phrases associated with the balanc.pdf
Listed below are several terms and phrases associated with the balance sheet and financial
disclosures. Pair each item from List A (by letter) with the item from List B that is most
appropriately associated with it. ist A List B 1. Balance sheet 2. Liquidity 3. Current assets
4.Operating cycle 5. Current liabilities 6. Cash equivalent 7. Intangible asset 8. Working capital
9.Accrued liabilities a. Will be satisfied through the use of current assets. h. Items expected to be
converted to cash or consumed within one year or the operating cycle, whichever is longer c. The
statements are presented fairly in conformity with GAAP d. An organized array of assets,
liabilities, and equity e. Important to a user in comparing financial information across companies
f. Scope limitation or a departure from GAAP g. Recorded when an expense is incurred but not
yet paid h. Refers to the ability of a company to convert its assets to cash to pay its current
obligations i. Occurs after the fiscal year-end but before the statements are issued . Period of time
from payment of cash to collection of cash. k. One-month U.S. Treasury bill l. Current assets
minus current liabilities Summary of significant accounting 10 11 Subsequent events 12
Unqualified opinion 13 Qualified opinion cies Lacks physical substance
Solution
1. Balance Sheet - d-\"An organized array of assets, liabilities and equity\"
2. Liquidity - h-\"Refers to the ability of a company to convert its assets to cash to pay its current
obligations\"
3. Current Assets - b-\"Items expected to be converted to cash or consumed within one year or
the operating cycle, whichever is longer\"
4. Operating Cycle - j - \"Period of time from payment of cash to collection of cash\"
5. Current Liabilities - a - \"will be satisfied through the use of current assets\"
6. Cash equivalent - k - \"One-month U.S. Treasury bill\"
7. Intangible Asset - m - \"Lacks physical substance\"
8. Working Capital - l - \"Current assets minus current liabilities\"
9. Accrued Liabilities - g - \"Recorded when an expense is incurred but not yet paid\"
10. Summary of significant accounting policies - e - \"Important to a user in comparing financial
information across companies\"
11. Subsequent events - i - \"Occurs after the fiscal year-end but before the statements are
issued\"
12. Unqualified opinion - c - \"The statements are presented fairly in conformity with GAAP.\"
13. Qualified opinion - f - \"Scope limitation or a departure from GAAP\".
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SmartPrep's teaching methodology ensures better learning through unique interactive teaching-learning sessions, conducted by our certified & highly qualified faculty members at our state-of-the -art centres spread across Delhi-NCR and other cities of India. SmartPrep has programs in Maths, Science, English, Accountancy and Economics for Classes VII to XII.
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Investments Long-term Liabilities. Property, Plant and Equipment Stockholders' Equity Total
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Immediately before liquidation, the partnership balance sheet shows total assets, \$159,600; total
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Selling, general, and
Operating income
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Analysis Case 4-2
Interest expense
(1,201)
Income tax expense
Real World Income statement format; restructuring costs; earnings per
share; comprehensive income; statement of cash flows; Ralph Lauren
Ralph Lauren Corporation is a global leader in the design, marketing, and distribution of
premium
lifestyle products, including mens, womens and childrens apparel. Below are selected financial
statements taken from a recent 10-K filing.
RALPH LAUREN CORPORATION
CONSOLIDATED STATEMENTS OF OPERATIONS
(3,336.3)
Interest expense
Diluted
Consolidated Statement of Earnings
Year ended February 2, 2020
($ in millions)
72,653
Cost of goods sold
19,740
administrative expenses
share data)
$ 6,159.8
(2,506.5)
3,653.3
Net revenues
Cost of goods sold
Gross profit
Selling, general, and
(3,237.5)
administrative expenses
Impairment of assets
Restructuring and other charges
Total other operating expenses, net
34.4
Operating income
(7.4)
Interest income
Other income (expense), net
Income before income taxes
$ 384.3
Income tax benefit (provision)
Net income
RALPH LAUREN CORPORATION
Net income per common share:
Fiscal Year Ended
March 28, 2020
(millions, except per
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
Fiscal Year Ended
HOMEWORK CH 4 INCOME STATEMENT Analysis Case 4-1 Income statement
information
The following is the income statement of The Home Depot, Incorporated.
Net sales $ 110,225 Gross profit 37,572 Depreciation and amortization 1,989
Interest and investment income 73 Income before income taxes 14,715 3,473 Net income $
11,242
Required:
1. Is this income statement presented in the single-step or multiple-step format? 2. What is the
companys approximate income tax rate?
Note: Round your final answer to 1 decimal place.
3. What is the percentage of net income relative to net sales? Note: Round your final answer to 1
decimal place.
SHOW YOUR COMPUTATIONS
(67.2)
(17.6) 326.4
Basic $ 5.07 $ 4.98
(31.6)
317.0
57.9
$ 384.3
Net income
Other comprehensive income (loss), net of tax:
(11.9) (2.2) Net (0.7)
(14.8)
Required:
Use the information in the financial statements to answer the following questions. 1. Does the
company use the single-step or multiple-step format to present its income statements? 2. Does
the company report restructuring costs (yes/no)? If so, how much?
Note: Enter your answer in millions. Round your answer to 1 decimal place. 3.
Does the company report asset impairments (yes/no)? If so, how much?
Note: Enter your answer in millions. Round your answer to 1 decimal place. 4.
What amount does the company report for nonoperating income?
Note: Enter your answer in millions. Round your answer to 1 decimal place. 5. Does the
company choose to report comprehensive income in two consecutive statements or a combined
statement?
7. What is the amount of comprehensive income?
Note: Enter your answer in millions. Round your answer to 1 decimal place.
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March 28,.
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Similar to A balance sheet may contain the following major sections A. Current.pdf
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Solution
1. Balance Sheet - d-\"An organized array of assets, liabilities and equity\"
2. Liquidity - h-\"Refers to the ability of a company to convert its assets to cash to pay its current
obligations\"
3. Current Assets - b-\"Items expected to be converted to cash or consumed within one year or
the operating cycle, whichever is longer\"
4. Operating Cycle - j - \"Period of time from payment of cash to collection of cash\"
5. Current Liabilities - a - \"will be satisfied through the use of current assets\"
6. Cash equivalent - k - \"One-month U.S. Treasury bill\"
7. Intangible Asset - m - \"Lacks physical substance\"
8. Working Capital - l - \"Current assets minus current liabilities\"
9. Accrued Liabilities - g - \"Recorded when an expense is incurred but not yet paid\"
10. Summary of significant accounting policies - e - \"Important to a user in comparing financial
information across companies\"
11. Subsequent events - i - \"Occurs after the fiscal year-end but before the statements are
issued\"
12. Unqualified opinion - c - \"The statements are presented fairly in conformity with GAAP.\"
13. Qualified opinion - f - \"Scope limitation or a departure from GAAP\".
Accountancy for Class XII
SmartPrep's teaching methodology ensures better learning through unique interactive teaching-learning sessions, conducted by our certified & highly qualified faculty members at our state-of-the -art centres spread across Delhi-NCR and other cities of India. SmartPrep has programs in Maths, Science, English, Accountancy and Economics for Classes VII to XII.
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Uop acct 567 week 8 final exam
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share; comprehensive income; statement of cash flows; Ralph Lauren
Ralph Lauren Corporation is a global leader in the design, marketing, and distribution of
premium
lifestyle products, including mens, womens and childrens apparel. Below are selected financial
statements taken from a recent 10-K filing.
RALPH LAUREN CORPORATION
CONSOLIDATED STATEMENTS OF OPERATIONS
(3,336.3)
Interest expense
Diluted
Consolidated Statement of Earnings
Year ended February 2, 2020
($ in millions)
72,653
Cost of goods sold
19,740
administrative expenses
share data)
$ 6,159.8
(2,506.5)
3,653.3
Net revenues
Cost of goods sold
Gross profit
Selling, general, and
(3,237.5)
administrative expenses
Impairment of assets
Restructuring and other charges
Total other operating expenses, net
34.4
Operating income
(7.4)
Interest income
Other income (expense), net
Income before income taxes
$ 384.3
Income tax benefit (provision)
Net income
RALPH LAUREN CORPORATION
Net income per common share:
Fiscal Year Ended
March 28, 2020
(millions, except per
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Fiscal Year Ended
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information
The following is the income statement of The Home Depot, Incorporated.
Net sales $ 110,225 Gross profit 37,572 Depreciation and amortization 1,989
Interest and investment income 73 Income before income taxes 14,715 3,473 Net income $
11,242
Required:
1. Is this income statement presented in the single-step or multiple-step format? 2. What is the
companys approximate income tax rate?
Note: Round your final answer to 1 decimal place.
3. What is the percentage of net income relative to net sales? Note: Round your final answer to 1
decimal place.
SHOW YOUR COMPUTATIONS
(67.2)
(17.6) 326.4
Basic $ 5.07 $ 4.98
(31.6)
317.0
57.9
$ 384.3
Net income
Other comprehensive income (loss), net of tax:
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(14.8)
Required:
Use the information in the financial statements to answer the following questions. 1. Does the
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Note: Enter your answer in millions. Round your answer to 1 decimal place. 3.
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What amount does the company report for nonoperating income?
Note: Enter your answer in millions. Round your answer to 1 decimal place. 5. Does the
company choose to report comprehensive income in two consecutive statements or a combined
statement?
7. What is the amount of comprehensive income?
Note: Enter your answer in millions. Round your answer to 1 decimal place.
SHOW YOUR COMPUTATIONS
March 28,.
The post-closing trial balance of Wildhorse Corporation at December 3.pdf
The post-closing trial balance of Wildhorse Corporation at December 31,2022 , contains the
following stockholders' equity accounts. A review of the accounting records reveals the
following. 1. No errors have been made in recording 2022 transactions or in preparing the
closing entry for net income. 2. Preferred stock is $50 par, 6%, and cumulative, 15,800 shares
have been outstanding since January 1,2021. 3. Authorized stock is 20,800 shares of preferred,
520,000 shares of common with a $10 par value. 4. The January 1 balance in Retained Earnings
was $1,190,000. 5. On July 1,19,400 shares of common stock were issued for cash at $18 per
share. 6. On September 1, the company discovered an understatement error of $92,400 in
computing salaries and wages expense in 2021 . The net of tax effect of $64,680 was properly
debited directly to Retained Earnings. 7. A cash dividend of $260,000 was dectared and properly
allocated to preferred and common stock on October 1. No dividends were paid to preferred
stockholders in 2021. 8. On December 31 , a 10% common stock dividend was declared out of
retained eamings on common stock when the market price per share was $18. 9. Net income for
the year was $595,000. 10. On December 31,2022 , the directors authorized disclosure of a
$208,000 restriction of retained earnings for plant
Compute the allocation of the cash dividend to preferred and common stock. Allocation of the
cash dividend to preferred stock Allocation of the cash dividend to common stock
(a) Reproduce the Retained Earnings account for 2022. (Uist items in order presented in the
problem.)
Prepare a stockholders' equity section at December 31, 2022. (Enter account name only and do
not provide descriptive information) WILDHORSE CORPORATION Partial Balance Sheet $$.
1. question Riverbed Corp. has decided to expand its op.pdf
1. question
Riverbed Corp. has decided to expand its operations. The bookkeeper recently completed the
following statement of financial position in order to obtain additional funds for expansion:
Question 5 of 5 /1 Land held for future use Intangible assets Goodwill Investment in bonds to
collect cash flows, at amortized cost Prepaid expenses Current liabilities Accounts payable Notes
payable (due next year) Pension obligation Rent payable Long-term liabilities Bonds payable
205,000 97,000 103,000 13,000 365,000 215,000 89,000 55,000 585,000
Prepare a revised statement of financial position using the available information. Assume that the
bank overdraft relates to a bank account held at a different bank from the account with the cash
balance. Assume that the accumulated depreciation balance for the buildings is $250,000 and
that the accumulated depreciation balance for the equipment is $195,000. The allowance for
expected credit losses has a balance of $30,000. The pension obligation is considered a long-term
liability. (List Current Assets in order of liquidity. List Property, Plant and Equipment in order of
Buildings, and Equipment.).
A criminal justice professional should always demonstrate a commitment.pdf
A criminal justice professional should always demonstrate a commitment to ethical guidelines
and behavior. This ethical commitment extends to program and policy evaluations. Before
responding to the prompt below, review the following sections from Chapter 3, Evaluation
Ethics, of your course textbook, Program Evaluation: Section 3.5.1, AEA Guiding Principles for
Evaluators Section 3.5.2, AEA Evaluator Competencies Section 3.5.3, AEA Cultural
Competence Statement What ethical guidelines should a program evaluator in criminal justice
consider when completing a program or policy evaluation? Consider the following processes
examples: Developing and/or implementing a program or policy Designing evaluation design,
methods, and data collection Organizing people, resources, or finances Interpreting or
communicating evaluation results.
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A criminal justice professional should always demonstrate a commitment.pdf
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