An income statement should list expenses in what order? a) descending order by amount b) in order of importance to the company's primary mission. c) alphabetical order. d) ascending order by amount 2) Steps that begin with analyzing source documents that concludes with the post -closing trail balance are called
Equity Transactions and Statement Preparation On January 5, 2007, Drabek Corporation received a charter granting the right to issue 5,000 shares of $100 par value, 8% cumulative and nonparticipating preferred stock, and 50,000 shares of $5 par value common stock. It then completed these transactions. Jan. 11 Issued 20,000
I am new to non profit accounting and have no idea what I'm doing. Could you please help me answer these questions? ------------ 4-5. The Village of Seaside Pines prepared the following General Fund Trial Balance as of December 31, 2009, the last day of its fiscal year. Debits
Can you help me get started with this assignment? Using the company Cardinal Health, analyze the components of the financial statements (in the most recent annual report): - Calculate the analytical information in the table - Discuss the possible findings - Discuss how the organization performed In 2
I have a presentation that requires excel file (3 pages) The data figure has to be accurate but it is sample company 1. Balance sheet for Jan 10 2. Current budget for 2010 3. Income statement for 3 years Company made 9.7 mil in 07 Company made 15.5 mil in 08 Company made 47.2 mil in 09 ALL Expense
Please help me with this problem so I can work through this. Please put in excel and give explanations so I can understand better. Thanks! -------- Chekov Corporation's balance sheet at the end of 2009 included the following items. Current assets $235,000 Land
What tools can be used for financial statement analysis? What do these tools tell you about financial performance? What kinds of business decisions can be made using these tools?
What is a contingency? Why are contingencies important to users of financial statements? What are the criteria for recording contingencies? Should companies record a liability for threatened litigation? Why or why not?
Les Fleurs, a boutique in Paris, France, had the following accounts in its accounting records at December 31, 20X2 (amounts in Euros, denoted as "E") Purchases..................... E250,000 Freight In.................. E8,000 Sales discounts............. 4,000 Purchase returns........ 7,000 Inventory
Hillbilly Company is created with the following asset contributions. Bill and Sue are equal owners in this new business venture. Shareholder Assets Basis Fair Market Value Bill Cash $100,000 $100,000 Services 50,000 50,000 Sue Land 40
What tools can be used for financial statement analysis? What do these tools tell you about financial performance? What kinds of business decisions can be made using these tools?
See attached file. Using this information, construct a pro forma income statement and balance sheet for the firm using the percent-of-sales method. What amount of new financing will be needed? If the firm uses ONLY short-term funds for this financing, how will working capital and the D/E ratio be affected? What if the firm us
Choose three companies from different industries and locate their statements of cash flows for the most recent year. (a) Create a table to compare the dollars provided or used by operating, investing, and financing activities, as well as the overall increase or decrease in cash. (b) Create a second table for each company com
What would be the affect on the financial statements if an expensive piece of equipment was expensed immediately when it was purchased?
1. Scott Equipment Organization Based on the following scenario, complete the calculations below: Scott Equipment Organization is investigating the use of various combinations of short-term and long-term debt in financing its assets. Assume that the organization has decided to employ $30 million in current assets, along with $
You are in charge of a storage shed business. You recognize sales when the shed is fully installed in the customer's yard. Your company takes 25% deposits on all orders. At the end of your accounting cycle, you have $500,000 in customer deposits. How do you state and properly account for this activity in your financial state
I need assistance with the following attach assignment. Thank you in advance. Part I. Discuss each of the following terms. Your discussion should expand on the definition as given in the course terms. Explain why this concept is important to financial statements. 1. Generally Accepted Accounting Principles. 2. Double Ent
What is the purpose of financial statement analysis? What are some of the tools that we can use to analyze financial performance? What should we use to benchmark our performance? Why?
Need some help with question and the reason behind it. #1. What is the overall objective of financial reporting information? a. To be useful in decision-making b. To provide information that helps shareholders assess management's performance c. To provide information about a company's financial performance d. To provide
The following balance sheet has been submitted to you by an inexperienced bookkeeper. List your suggestions for improvements in the format of the balance sheet. Consider both terminology deficiencies as well as classification inaccuracies. Please list all deficiencies and why they should be adjusted. Note: The balance sheet,
Can you help me understand these questions? Income tax expense will appear on the balance sheet true or false Revenues are inflows of net assets from peripheral transaction. true or false
Problem 1 -30a Interrelationship among financial statements, complete the Problem:O'Shea Enterprises start the 2002 accounting period with:(O'Shea Enterprise accounting Equation) Total assets (all cash) of Liabilities of Common stock of During the year ...there is more show problem O'Shea Enterprises start the 2002 ac
B. Prepare an income statement, statement of changes in stockholders' equity, year-end balance sheet, and statement of cash flows for the 2004 accounting period. Cooper, Inc., experienced the following events during 2004. 1. Acquired $55,000 cash from the issue of common stock. 2. Paid $15,000 cash to purchase land. 3. Borro
The comparative balance sheets for Talbot Corporation show the following information: December 31 2008 2007 Cash $1,800 $1,050 Accounts receivable 1,750 1,400 Inventory 1,600 1,800 Plant Assets 1,900 1,700 Accumulated depreciation (1,200) (1,150) Long-term investments (Held-t
What are some methods of analyzing financial statements? In presenting financial statements, what do you feel is the most important statement and why? Give an example of a decision you have made or observed being made involving financial statement analysis.
32. Venture Corporations total assets are 3 times greater than total equity; total equity is 50% of total liabilities. The total debt to total assets ratio is A) ,67 B) .75 C) ,87 D) cannot be determined with the information given. 35. Which of the following statements is most correct? A) If two companies have th
17. Err Company has a major lawsuit against them for unsafe products. It recognizes a huge liability in 2008 of $300M. The effect of this liability is to decrease stockholders' equity by 50%. In 2009, the effect of recognizing this lawsuit in 2008, all else being equal in 2009, is: A) Return on net operating assets w
Use the following to answer questions 7 and 8: TMTOMH Company reported in its annual report software refinement expenses of $12M, $15M and $18M for fiscal years 2007, 2008 and 2009, respectively. At the end of fiscal 2009 it had total assets of $140M. Net income was $20M for fiscal 2009, and it had a marginal tax rate of 35%.
Can you help me with these price to book value problems? ------------- Yi Corporation has no preferred stock and reports the following: 2009 Earnings per share $1.80 Dividends per share $0.72 Book Value per share-end of year $8.62 a. If price-to-book value at the end of 2009 equals 1.00, and return on beginning
Please help with the questions below: I am so lost. Please provide explanation as well. -------------- Use the following to answer questions 43-45: Below is information for year ended 12/31/09 for Company A and Company B. Company A Company B Operating Inc. before $ 1000 $ 1000 Taxes and Interest Interes