You have $5,000 to invest. A friend ask you to invest in her company. Here are the dot.com, inc. financial statements, which are summarized at the end of the first years as follows: Dot.com income statement: dec. 31,2004 Revenues: $80,000 Expenses: 60,000 Net income: 20,000 Dot.com balance sheet: dec. 31,2004
1. (Balance Sheet Classification of Various Liabilities) How would each of the following items be reported on the balance sheet? a. Accrued vacation pay. b. Estimated taxes payable. c. Service warranties on appliance sales. d. Bank overdraft. e. Employee payroll deductions unremitted. f. Unpaid bonus to officers. g. Dep
Selected amounts at December 31, 2003 from the Hay and Barnabas Company's information system appear as follows: Cash paid employees for salaries and wages $300,000 Cash collected from sales customers 1,850,000 Bonds payable 500,000 Cash 150,000 Common stock
I'm an trying to prepare a balance sheet for this transaction and I need help with this. I have started to work on this problem on my own, but the answers that I came up with don't match and the account don't balance out. So I need a 2nd opinion on what I need to do for this transaction and to create a balance sheet for me so I
On June 15, 2003 Greer Corporation accepted delivery of merchandise which it purchased on account. As of June 30 Greer had not recorded the transaction or included the merchandise in its inventory. The effect of this error on its balance sheet for June 30, 2003 would be a. assets and stockholders' equity were overstated but
2-3. Comment on why inflation may restrict the usefulness of the balance sheet as normally presented. 2-4. Is there any validity in rule-of-thumb ratios for all corporations, for example, a current ratio of 2 to 1 or debt to assets of 50 percent?
1. Identify accounts by category and financial statement(s). Listed here are a number of financial statement captions. Indicate in the spaces to the right of each caption the category of each item and the financial statement(s) on which the item can usually be found. Use the following abbreviations: Category
Please help with these remaining questions Questions 11-2, 11-7 and 11-8 Questions 14-4 and 14-5 See the attached file. I have scanned the appropriate pages of the questions I need help with.
I can't seem to get this to balance properly and I don't know what I'm leaving out. Please HELP! I don't have much instruction from my teacher and I feel like I'm teaching this stuff to myself. Although I'm catching on to it a little better, there are still some things that I get confused on. Thanks! (See attached file for fu
Looking for some general guidelines or direction as to how to determine the following: With regards to Berkshire Hathaway, Inc.(www.berkshirehathaway.com), to identify the firm's most recent long-term financing decision (e.g., debt, IPO, seasoned equity offering, secondary offering) and analyze the economic, business, and com
3 multiple choice questions on vertical & horizontal analysis. Multiple Choice: 1. When vertical analysis is performed: a. Ratios are used to detect fraud. b. Changes in significant balance totals are examined. c. Financial statement balances are converted to percentages d. Total revenues are compared to total ex
The Merriam Company has determined that its return on equity is 15 percent. Management is interested in the various components that went into this calculation. You are given the following information: total debt/total assets = 0.35 and total assets turnover = 2.8. What is the profit margin?
7. NewBank started its first day of operations with $6 million in capitol. $100 million in checkable deposits received. The bank issues a $25 million commercial loan and another $25 million in mortgages, with the following terms: Mortgages: 100 standard 30-year fixed-rate mortgages with a nominal annual rate of 5.25% each for
Use the Pier 1 Imports' financial statements to answer the following questions: 1. Does Pier 1 have a significant amount of bad debts? How can you tell? 2. What types of debt does Pier 1 Company have? Where did you find this information? 3. In addition to selling treasury stock, a company may use treasury stock when
(Balance Sheet Adjustment and Preparation) The adjusted trial balance of Side Kicks Company and other related information for the year 2004 is presented below. Chapter 5 SIDE KICKS COMPANY ADJUSTED TRIAL BALANCE
R&R Equipment Company is preparing its annual financial statements in anticipation of applying for a loan. During the last week of the year, R&R received a shipment of inventory but has not paid for it. The invoice indicates that R&R owes $5,000 for the purchase. The owner of R&R, Randy Ray, has decided to omit this asset and th
(See attached file for full problem description) --- Microsoft develops, manufactures, licenses, sells, and supports a wide range of software products, including operating systems for personal computers (PGs) and servers; server applications for client/server environments; business and consumer productivity applications; sof
Need help on the follow problems in the attached file. --- What is the return on assets ratio for 2006? What is the current ratio for 2006? What are the accounts receivable turn over for 2006? What is the inventory turnover for 2006 (how many times?) What is the long-term debt to assets for 2006? ---
1. A write-down in asset value is: A) a very rare occurrence B) not allowed under GAAP C) results in a direct debit to stockholders' equity D) required if an asset is deemed to have permanent impairment of value
I need to find the following information for Cissco and their competitors and do the questions below: Net operating profit (NOPAT) margin and net operating asset (NOA) turnover for several selected companies for 2005 follow: Company NOA Turnover NOPAT Margin Albertsons, Inc 3.59
I am looking for American airlines current ratio. Return on sales Eeturn on sales Earming per share Debt Ratio price earnings ratio and state the company solvency, liquidity and profitability
Attached is Cisco 10k for FY05 Q1. P. 71 - What is the potential impact of Warranties on Cisco's FY05 statements - Warranties are a part of their Cost of Sales. I.E. Cisco should have stated gross margins of x higher than expected because they had an allowance of $411m for Warranties and only used $236m? I need some help
Preparing a Balance Sheet The balance sheet items of the Prosser Company as of December 31, 2002, follow in random order. You are to prepare a balance sheet for the company, using a similar sequence for assets as illustrated in Exhibit 2-9. You must compute the amount for Retained Earnings. LAND----90,000 ACCOUNTS P
Need help with income statement in traditional format and contribution format and calculate the breakeven point based on the information provided in attachment. --- Case Assignment Harry Huffnpuff Glassblowing Harry Huffnpuff is a skilled artist with a specialty in glassblowing. He worked for various companies as a glas
Consider the following cost items: 1. Current year depreciation on a ship owned by a cruise line. 2. The cost of chemicals and paper used during the period by a producer of film products. 3. Assembly line wage cost incurred by a bicycle manufacturer. 4. Year-end production in process of a computer manufacturer. 5. The cos
(See attached file for full problem description) --- Joseph Berio is a loan officer with the First Bank of Tennessee. Red Brick, Incorporated, a major producer of masonry products, has applied for a short-term loan. Red Brick supplies building material throughout the southern states, with brick plants located in Tennessee,
Plankton Corporation trial balance at 12/31/04 is presented below. All 2004 transactions have been recorded except for items described on below (1-9). Please see attached file.
On January 31, an entity's balance sheet showed net assets of $1085 and liabilities of $225. How much was owner's equity on January 31? Assets = liabilities + owner equity $1085 = $225 + ? $1085 - $225 = $860 owner equity = $860 Is this right? In a different problem assets were listed as "total" assets
60. Financial Statement Preparation WestSmith Telecomm is a telecommunications company. The following information applies to WestSmith for the fiscal years ended December 31, 2004 (dollars in millions). Accounts receivable 14,400 Accrued liabilities 3,240 Accumulated deprecation 25,920 Administrative expenses
E4-9 Presented below is financial information for two different companies. Amoruso Tamburri Company Company Sales $90,000 (d) Sales returns (a) $ 5,000 Net sales 83,000 95,000 Cost of goods sold 56,000 (e) Gross profit (b) 38,000 Operating expenses 15,000 (f) Ne