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 indicated that R&R owes $5,000 for the purchase. The owner of R&R, Randy Ray, has decided to omit this asset and
What is the purpose of an income summary account? What accounts appear on the income statement? What accounts appear on the statement of retained earnings? What accounts appear on the balance sheet? What is the difference between a classified and unclassified balance sheet?
Please help with the following problems about financial accounting and bookkeeping. What is the 10-column worksheet used to prepare? Do the debits and credits on the income statement columns balance? Why or why not? Do the debits and credits on the balance sheet columns balance? Why or why not? What types of acco
Using Percentage of Sales. Eagle Sports Supply has the attached financial statements. Assume that Eagle's assets are proportional to its sales. a. Find Eagle's required external funds if it maintains a dividend payout ratio of 70 percent and plans a growth rate of 15 percent in 2004. b. If Eagle chooses not to issue n
Using the attached information, please answer the questions (Also attached) (a) Prepare a correct income statement for the quarter ... (b) Explain to Nancy the generally accepted accounting principles that she did not recognize ...
1. On its 1999 balance sheet, Sherman Books showed a balance of retained earnings equal to $510 million. On its 2000 balance sheet, the balance of retained earnings was also equal to $510 million. Which of the following statements is most correct? a. The company must have had net income equal to zero in 2000. b. The compan
I need extra help on (c). How do I prepare the current liabilities section of the balance sheet? P2-1A On January 1, 2002, the ledger of Van Manen Company contains the following liability accounts. Accounts Payable 52,000 Sales Tax Payable 7,500 Unearned Service Revenue 16,000 During January the following selected t
The following selected financial statements for Apple Computer are taken from the company's SEC filings. (see attachment for statements and questions) I need help with the problems attached, my calculations are not coming out right. ** See ATTACHED file(s) for complete details **
Record transactions. Use the horizontal model, or write the journal entry, for each of the following transactions that occurred during the first year of operations at Kissick Co. a. Issued 200,000 shares of $5-par-value common stock for $1,000,000 in cash. b. Borrowed $500,000 from the Oglesby National Bank and signed a 12%
Please prepare a balance sheet, an income statement and a statement of retained earnings and fill in the cash part. Accounts payable 930 Accounts receivable 550 Accumulated amortization $7,500 Advertising expenses 1,800 Amortization expense 2,300 Capital Assets 21,000 Capital Stock 10,000 Cash ? C
Please see the attached files for full problem description. Prepare a balance sheet, an income statement and a statement of retained earnings and fill in the cash part " Work Sheet Account title: Debit Credit Cash ? Revenue $94,200 Prepaid i
On August 1st, 2006 Shad Menard established Centillion Reality. Shad completed the following transactions during the month of august. a-opened a business bank account with a deposit of 15,000 from personal funds. b- paid rent on office and equipment for the month, 2,400 c-paid automobile expenses including rental charge for
The amouts of assets and liabilities of Chickadee Travel service at April, 30th 2006, the end of the current year, and its revenue and expenses for the year are listed below. The capital of Adam Cellini, owner was 50,000 at May 1, 2005, the beginning of the current year, and the owner withdrew 30,000 during the current year.
Duane Mays established an insurance agency on July 1 of the current year and completed the following transactions during July. a, opened a business bank account with a deposit of $18,000 from personal funds. b-purchased supplies on account. 950.00 c-paid creditors on account 575.00 d recieved cash from fees earned on insur
Explain the effect of operating profitably on the balance sheet of a business entity. Does the receipt of cash by a business indicate that revenue has been earned? Does the payment of cash by a business indicate that an expense has been incurred?
1. What is not one of the four different methods of analyzing financial statements? A. Ratio analysis B. Trend analysis C. Lateral analysis D. Vertical analysis 2. What type of ratio helps determine a company's ability to generate sufficient cash to meet its obligations? A. Liquidity ratios B. Prof
Which of the following statements is correct? a.If a company is retiring bonds for sinking fund purposes, it will buy back bonds on the open market when the coupon rate is less than the market interest rate b.A bond sinking fund would be good for investors if interest rates have declined after issuance and the investor'
Which of the following statements is most correct? a. The corporate bylaws are the set of rules drawn up by the state to enable managers to run the firm in accordance with state laws. b. Procedures for electing corporate directors are contained in bylaws while the declaration of the activities that the firm will pursu
Determine the managerial balance sheet for Staples the FY ending on January 31st, 2004. Treat Deferred Long Term Liability Charges as long term debt, and assume that operating cash is 5% of revenues. Use these links below: http://finance.yahoo.com/q/is?s=SPLS&annual http://finance.yahoo.com/q/bs?s=SPLS&annual http://fina
What types of errors or fraud that could result when vendors' statements are not reconciled to the accounting records and purchasing managers who also purchasing goods manager to approval vendors?
The attached selected financial statements for Apple Computer are taken from the company's SEC filings. Answer questions 1 and 2 as follows based on this data: 1. Determine the year-to-year percentage annual growth in total net sales. 2. Based only on your answers to question #1, do you think the company will hit its sales
Please explain me how to do this question See attachment for details. A) prepare a budget satement for proccesses to show the cost of producing 10 000 units....etc B) Prepare a flexed budget statement......etc C) Prepare ledger account....etc D) Calculate the following variances.....etc Please see attachment
CBM Cash Flow and Financing Requirements The Cash Flow & Financing Requirements Summary Assume: Cash on hand March 1 = 50,000 and a minimum cash balance of 50,000 shall be on hand at all times THE "DUMMY DATA" SHOWS YOU HOW/WHERE TO GET THE CORRECT ANSWER from the bottom Spreadsheet.
Consider the following statement by a project analyst: "I analyzed my project using scenarios for the base case, best case, and worst case. I computed break-evens and degrees of operating leverage. I did sensitivity analysis and simulation analysis. I computed NPV, IRR, payback, AAR, and PI. In the end, I have over a hundred dif
Can you please grade my work for identifying the proper financial statement. Can you please fix my errors with the correct selections. Thank you.
What is the purpose of a balance sheet, income statement, and what does each communicate to the organization?
My problem is question #2 and #3, I think that I have just been out thinking myself on this and I am making things to complicated. Question #2 is asking for a forecast of sales for the year 2000, and if Apple could hit a target increase of 20%. I think no, but can't seem to back my idea up.
Details: 1. Which of the following statements are true for f(x) = -3x2 + 2x + 5? (Chapter 10) a. f(x) is a concave function b. f(x) </= 10 is a convex set c. f(x) >/= 2 is a convex set d. a and b 2. In the basic EOQ model, if D = 55 per month, S = $10, and H = $7 per unit per month, what is the EOQ? (Chapter 16
The following selected financial statements for Apple Computers have been taken out the company's SEC filings. Answer questions 1 and 2 as follows based on this data. 1. Determine the year-to-year percentage annual growth in total net sales. 2. Based only on your answers to question #1, do you think the company will hit its
What kind of information can be derived from the balance sheet? Why is the date on the balance sheet important?