The following are the typical classifications used in a balance
sheet: a. Current assets f. Current...
The following are the typical classifications used in a balance
sheet: a. Current assets f. Current liabilities b. Investments g.
Long-term liabilities c. Property, plant, and equipment h. Paid-in
capital d. Intangible assets i. Retained earnings e. Other assets
Required: For each of the following 2021 balance sheet items, use
the letters above to indicate the appropriate classification
category. (If the item is a contra account, select the appropriate
letter with a minus sign.)
1.
Interest payable (due in 3...
II. Income Measurement/Revenue Recognition
A. Financial Accounting Standards Board (FASB) and the
International Accounting Standards Board...
II. Income Measurement/Revenue Recognition
A. Financial Accounting Standards Board (FASB) and the
International Accounting Standards Board (IASB) came together on a
unified project to outline the accounting principles for
recognizing revenue and to develop a common revenue standard for
U.S. GAAP and IFRS. Research IAS-18, Revenue, and discuss how it
would apply to Target corporation.
B. Review Target corporation's revenue over the past two years.
Analyze the change in revenue (increase/decrease) and give the
reasons for this change.
C. Reflecting...
Please Calculate the following ratios:
Asset turnover
Operating profit margin
Long-term debt to equity ratio
Current...
Please Calculate the following ratios:
Asset turnover
Operating profit margin
Long-term debt to equity ratio
Current ratio
The Home Depot, Inc. Income Statement
All
numbers in thousands
Revenue
1/29/17
1/31/16
Total
Revenue
94,595,000
88,519,000
Cost of
Revenue
62,282,000
58,254,000
Gross
Profit
32,313,000
30,265,000
Operating
Expenses
Research
Development
-
-
Selling
General and Administrative
17,132,000
16,801,000
Non
Recurring
-
-
Others
1,754,000
1,690,000
Total
Operating Expenses
-
-
Operating Income or Loss
13,427,000
11,774,000
Income from
Continuing Operations
Total
Other Income/Expenses...
Real World Case 3-7 (Static) Balance sheet and significant
accounting policies disclosure; Walmart [LO3-2, 3-3, 3-4,...
Real World Case 3-7 (Static) Balance sheet and significant
accounting policies disclosure; Walmart [LO3-2, 3-3, 3-4, 3-8]
The balance sheet and disclosure of significant accounting
policies taken from the 2017 annual report of Walmart Stores Inc.
appear below. Use this information to answer the following
questions:
WAL-MART STORES, INC.
Consolidated Balance Sheets
($ in millions except per share data)
As of January 31,
2017
2016
Assets
Current assets:
Cash and cash equivalents
$
6,867
$
8,705
Receivables (net)
5,835
5,624...
Basic Financial Ratios
The accounting staff of CCB Enterprises has completed the
financial statements for the...
Basic Financial Ratios
The accounting staff of CCB Enterprises has completed the
financial statements for the 2017 calendar year. The statement of
income for the current year and the comparative statements of
financial position for 2017 and 2016 follow.
CCB Enterprises
Statement of Income
For the Year Ended December 31,
2017
(thousands omitted)
Revenue:
Net sales
$800,000
Other
60,000
Total
revenue
$860,000
Expenses:
Cost of goods sold
$540,000
Research and development
25,000
Selling and administrative
155,000
Interest
20,000
Total
expenses...
The following selected accounts and their current balances
appear in the ledger of Clairemont Co. for...
The following selected accounts and their current balances
appear in the ledger of Clairemont Co. for the fiscal year ended
May 31, 2019:
Cash $ 240,000
Accounts Receivable 966,000
Merchandise Inventory 1,690,000
Estimated Returns Inventory 22,500
Office Supplies 13,500
Prepaid Insurance 8,000
Office Equipment 830,000
Accumulated Depreciation-Office Equipment 550,000
Store Equipment 3,600,000
Accumulated Depreciation-Store Equipment 1,820,000
Accounts Payable 326,000
Customer Refunds Payable 40,000
Salaries Payable 41,500
Note Payable (final payment due 2022) 300,000
Kristina Marble, Capital 3,449,100
Kristina Marble, Drawing...
The trial balance before adjustment of Larkspur, Inc. shows the
following balances:
Dr.
Cr.
Accounts receivable...
The trial balance before adjustment of Larkspur, Inc. shows the
following balances:
Dr.
Cr.
Accounts receivable
$105,500
Allowance for doubtful accounts
1,960
Sales revenue (all on credit)
$698,000
Sales returns and allowances
29,100
A. Give the entry for bad debt expense for the current year
assuming the allowance should be 4% of gross accounts
receivable.
B. Give the entry for bad debt expense for the current year
assuming historical records show that, based on accounts receivable
aging, the following percentages...