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Current Assets

Current Assets

Your firm has the following sheet statement items total current liabilities of $805,000.00; total assets of $2,655,000.00; fixed and other assets of $1,770,000.00 and long term debt of $200,000.00. What is the amount of the firm's total current assets? 1. $885,000.00 2. $1,550,000.00 3. $600,000.00 4. $325,000.00

Advising Hal Holland

Your long-time client, Harold (Hal) Holland will meet with your supervising partner next week for an estate planning appointment. Hal has been married to Winona Holland since 1990. Hal is age 68 and retired. Winona, age 60, retired early to spend more time with Hal. They are residents of Topeka, Kansas. Hal is a U.S. citizen, an

Income Statements and Shareholder's Equity

1. Explain how the results that are determined on the income statement are related to the shareholder's equity on the balance sheet. 2. Why are the appropriate accruals and deferrals necessary in determining the true income of a firm? 3. In what sense could we say that the profits of a company are an increase in net assets of

The Value of Shares

There is a merger between Lester and Sham-Wa. I am trying to finance the merger with a stock for stock financing, debt finance, or stock and cash financing. Can you tell me from the statements how much cash Lester has and how many shares each of the 2 companies have? I also need to know what the value of the shares are for e

Firms and Market Concepts

1. Which statement concerning registration of publicly available corporate securities is not true? (A) The securities must be registered at the SEC (B) Registration involves the disclosure of relevant information. (C) The costs of preparing the registration statement are not negligible. (D) Private placement of securities av

Bruce Wayne Corporation was federally incorporated in Canada

Bruce Wayne Corporation was federally incorporated in Canada on November 1, 2003. At inception, the corporate accounts were as follows: Account Name $ Account Name $ Accounts Payable 85,000 Bonds Payable (Over 1 Year) 45,000 Accounts Receivable 67,000 Share Capital 936,200 Land

Prepare a statement of cash flows and a balance sheet for Grant Woods

(Preparation of a Statement of Cash Flows and a Balance Sheet) Grant Wood Corporation's balance sheet at the end of 2006 included the following items. Current assets $235,000 Land 30,000 Building 120,000 Equipment 90,000 Accum.depr.-building (30,000) Accum.depr.-equipment (11,000) Patents 40,000 Total $474,000 Cur

Collins Systems: Two Asset Financing Plans

Scenario: Collins Systems Inc is trying to develop an asset-financing plan. The firm has $300,000 in temporary current assets and $200,000 in permanent current assets. Collins also has $400,000 in fixed assets. Construct two alternative financing plans for the firm. One of the plans should be conservative, with 80 percent of

Prepare a Statement of Retained Earnings for Skyzaa Company

See attached Excel. Prepare a statement of retained earnings for 2006 for Skyzaa Company. SkyZaa Company Income Statement for the year ending December 31, 2006 Revenue: Sales Revenue $42,000 Interest Revenue 30 Rent Revenue 300 Total Revenue: $42,330

Nordstrom, Inc Financial Statement Data

Nordstrom, Inc. operates department stores in numerous states. Selected financial statement data (in millions of dollars) for the year ended January 31, 2004, are as follows. End of Year Beginning of Year Cash and cash equivalents $ 361 $ 340 Receivables (net) 646 667 Mercha

AFN Formula - Caters Corporation

Please see attachment. Caters Corporation's sales are expected to increase from $5 million in 2005 to $6million in 2006, or by 20percent. Its assets totaled $3million at the end of 2005. Carter is at full capacity, so its assets must grow at the same rate as projected sales. At the end of 2005, current liabilities were $1

Measure Liquidity

Some of the accounts appearing in the year-end financial statements of Roger Grocery, Inc., appear below. This list includes all of the company's current assets and current liabilities. See attached file for full problem description. Some of the accounts appearing in the year-end financial statements of Roger Gro

Common-Size and Trend Analysis Template

1. Using 2001 as the base year, compute trend percents for 2001, 2002, and 2003 for revenues, operating expenses (cost of sales), general and administrative expenses, income taxes, and net income. (Round to the nearest whole percent.) 2. Compute common-size percents for 2003 and 2002 for the following categories of assets: (a

Prepare the current liability section

Sample Company has the following selected accounts after posting adjusting entries: Accounts Payable $ 50,000 Notes Payable, 3-month 80,000 Accumulated Depreciation?Equipment 14,000 Notes Payable, 5-year, 8% 30,000 Payroll Tax Expense 6,000 Interest Payable 3,000 Mortgage Payable 200,000 Sales Tax Payable 16,000

Frantek, Inc. Case

Read the Frantek, Inc. case (Case C10-10). Write a 500 word paper in your own words addressing the following: a. Relate the effects of uncertainty on the recognition of assets and liabilities. b. Assess the limitations of current measurement and recognition criteria. Case 10 - 10 FRANTEK, INC. Revenue Recognition, Inv

Multiple choice

Long-term assets are defined as a. assets that are expected to benefit the organization for more than one year or one operating cycle. b. assets that either are cash or are expected to become cash within one year or one operating cycle. c. securities such as stock and bonds that are held for more than one ye

Study questions for final exam

The following are study questions to prepare for my final exam. I have answered about 20 but I need help with the ones attached ABC Company 2004 Statement of Cash Flows January 1, 2004 - December 31, 2004 (In Millions) Operating Net earnings $1,152 Add (deduct) non-cash items Depreciation $2,308 Deferred income taxes (

Persuasive PowerPoint presentation on something related to golf.

In this assignment, you are meeting with the Chief Executive Officer (CEO) and other officers of an investment company to obtain a loan for your idea or project from Unit 1 Individual Project (a hobby you enjoy, a business you own or would like to start, or an idea for a new product). Your meeting will last 35 minutes. You must

Financial Statements and Owner's Equity for Ming Fu

Ming Fu opened a Chinese restaurant in Toledo, OH. Business has been good, and Ming Fu is considering doubling the size of the restaurant. A cousin, Lei Ma, has been doing the accounting for the restaurant, and Lei Ma has produced the following financial statements at Dec 31, 2005, end of the first year of operations: Ming

New Funds Needed for an Expansion for Carter Paint Company

Carter Paint Company has plants in nine Midwestern states. Sales for last year were $100 million, and the balance sheet at year-end is similar in percentage of sales to that of previous years (and this will continue in the future). All assets (including fixed assets) and current liabilities will vary directly with sales. B

Victoria Kite Company

Prepare a Master Budget Victoria Kite Company, a small Melbourne firm that sells kites on the web wants a master budget for the next three months, beginning January 1, 2005. It desires an ending minimum cash balance of $5,000 each month. Sales are forecasted at an average wholesale selling price of $8 per kite. In January 1,

Valuation & Financial Intermediation

What role does a financial department play in valuing business opportunities and what are some of the key financial concepts that valuation work must consider? What role(s) do financial institutions play in financial intermediation, why these roles are necessary, and how does the company need to respond to the increased inter

Current Assets Management for the Logan Distributing Company

Logan distributing Company of Atlanta sells fans and heater to retail outlets throughout the Southeast. Joe Logan, the president of the company, is thinking about changing the firm's credit policy to attract customer away from competitors. The present policy calls for a 1/10, net 30 cash discount. The new policy would call for a