Computation of assets, liabilities, and owners' equity after a
series of transactions
On April 30, 2014,...
Computation of assets, liabilities, and owners' equity after a
series of transactions
On April 30, 2014, the balance sheet of China Collectibles showed
total assets of $700,000, total liabilities of $400,000, and
owners' equity of $300,000. The following transactions occurred in
May of 2014:
(1) Capital stock was issued in exchange for $165,000 cash.
(2) The business purchased equipment for $360,000, paying $160,000
cash and issuing a note payable for $200,000.
(3) The business paid $70,000 of its accounts payable....
SMOLIRA GOLF CORP.
2014 and 2015 Balance Sheets
Assets
Liabilities and Owners’ Equity
2014
2015
2014...
SMOLIRA GOLF CORP.
2014 and 2015 Balance Sheets
Assets
Liabilities and Owners’ Equity
2014
2015
2014
2015
Current assets
Current
liabilities
Cash
$
24,086
$
24,500
Accounts payable
$
23,584
$
27,500
Accounts receivable
12,848
15,600
Notes payable
15,000
11,200
Inventory
26,042
27,500
Other
11,971
18,300
Total
$
62,976
$
67,600
Total
$
50,555
$
57,000
Long-term debt
$
60,000
$
73,000
Owners’ equity
Common stock and paid-in
surplus
$
44,000
$
44,000
Accumulated retained
earnings
237,116
256,000
Fixed assets...
Explain to your classmates what assets, liabilities, and equity
are and tell which financial statement includes...
Explain to your classmates what assets, liabilities, and equity
are and tell which financial statement includes these items. On a
classified balance sheet, you see current assets and current
liabilities as well as long-term assets and long-term liabilities.
Why is it important to classify items as current and long-term? How
would management use this information and how would creditors use
this information?
Assume the equity method Equity Investment account relating to a
subsidiary has a reported balance of...
Assume the equity method Equity Investment account relating to a
subsidiary has a reported balance of $9,036,000, including $864,000
of Goodwill. The fair value of the subsidiary is $8,100,000. The
fair value of the subsidiary's individually identifiable net assets
is $7,740,000. The subsidiary has only one reporting unit, which is
the same as the overall entity.
For this fact set, determine whether Goodwill is impaired and,
if so, the amount of impairment assuming the parent company has
previously adopted FASB...
Debit Credit
Merchandise inventory $ 41,100
Other (noninventory) assets 46,270
Total liabilities $ 24,800
N. Kitty,...
Debit Credit
Merchandise inventory $ 41,100
Other (noninventory) assets 46,270
Total liabilities $ 24,800
N. Kitty, Capital 20,900
N. Kitty, Withdrawals 8,800
Sales 225,700
Sales discounts 2,280
Sales returns and allowances 12,500
Cost of goods sold 74,400
Sales salaries expense 31,200
Rent expense—Selling space 8,600
Store supplies expense 1,700
Advertising expense 12,000
Office salaries expense 28,600
Rent expense—Office space 3,600
Office supplies expense 350
Totals $ 271,400 $ 271,400
On June 30, 2017, merchandise inventory was $25,000.
去年2017年6月30日的商品库存是$25,000。
Supplementary records...
1-A= assets, X=Expenses ,L= liabilities, I= income ,E=owners'
equity, which of the following is correct?
A)I=A-L...
1-A= assets, X=Expenses ,L= liabilities, I= income ,E=owners'
equity, which of the following is correct?
A)I=A-L
B)I-L=A-X+E
C)A+X+E=I+L
D)I+L+E=A+X
E)I-X=A+E-L
2-A company with a high price/earning ratio
A)has a high return on capital
B)is a good investment
C)may be a less risky investment
D)is a bad investment
3-which of the following would be indicated by a steadily
increasing Acid test ratio?
A)improved liquidity
B)increased difficulty in paying creditors
C)improved profitability
D)difficulties in selling old stock
4-A company with gross profit...