ACC 556 Week 1 Homework Chapter 4

Cash and supplies are both classified as current assets.

Earnings per share measures the net income earned on each share of common stock.

Net cash provided by operating activities takes into account that a company must invest in capital expenditures just to maintain its current level of operations.

In order for information to be relevant, it must be reported on a monthly basis.

For accounting purposes, business transactions should be kept separate from the personal transactions of the stockholders of the business.

In a classified balance sheet, assets are usually classified as

Equipment is classified on the balance sheet as

Use the following data to determine the total dollar amount of assets to be classified as current assets.

Koonce Office Supplies

Balance Sheet

December 31, 2014

Cash                                       $    130,000            Accounts payable                        $  140,000

Accounts receivable                     100,000            Salaries and wages payable             20,000

Inventory                                      110,000            Mortgage payable                           160,000

Prepaid insurance                          60,000                 Total liabilities                          $320,000

Stock investments                        170,000

Land                                             180,000

Buildings                 $210,000                               Common stock                              $240,000

Less: Accumulated                                                Retained earnings                           500,000

depreciation       (40,000)     170,000               Total stockholders’ equity          $740,000

Trademarks                                  140,000                  Total liabilities and

Total assets                             $1,060,000                    stockholders’ equity           $1,060,000

N3 Corporation has assets of $3,000,000, common stock of $780,000, and retained earnings of $475,000. What are the creditors’ claims on their assets?

The following information is available for Bradshaw Corporation and Newell Corporation:

Reporting a net income of $95,000 will

Based on the following data, what is the amount of current assets?

Accounts payable………………………………………………………..             $62,000

Accounts receivable……………………………………………………..             100,000

Cash……………………………………………………………………….              50,000

Intangible assets…………………………………………………………             100,000

Inventory………………………………………………………………….             138,000

Long-term investments………………………………………………….             160,000

Long-term liabilities………………………………………………………            200,000

Short-term investments………………………………………………….              80,000

Notes payable…………………………………………………………….              56,000

Property, plant, and equipment……………………………………………      1,340,000

Prepaid insurance………………………………………………………..                2,000

Using the following balance sheet and income statement data, what is the debt to assets ratio?

Current assets                      $  14,000                  Net income                      $  21,000

Current liabilities                        8,000                  Stockholders’ equity            39,000

Average assets                       80,000                  Total liabilities                      21,000

Total assets                             60,000

Average common shares outstanding was 10,000.

Which of the following is not considered a measure of liquidity?

Free cash flow provides an indication of a company’s ability to

If Morris Corporation has a negative $131 million free cash flow, which of the following statements is most likely true?

Accounting information should be neutral in order to enhance

The principle that indicates that assets should be reported at the price received to sell an asset is the

Garrison Company prepares quarterly reports, which it distributes to all stockholders and other entities that rely on its accounting information. Which of the following is the best term for the key assumption in financial reporting that Garrison is following?

Each of the following statements is justified by a fundamental quality or an enhancing of quality accounting. Write the letter in the blank next to each statement corresponding to the quality involved.

Course Home Work aims to provide quality study notes and tutorials to the students of ACC 556 Week 1 Homework Chapter 4 in order to ace their studies.

Course Home Work – Best Home Work Tutorials

ACC 556 Week 1 Homework Chapter 4

Course Home Work, ACC 556 Week 1 Homework Chapter 4, Home Work Tutorials, Home Work Solutions, Home Work Essay, Home Work Questions.ACC 565 Wk 7 Assignment 3, ACC403 w4ek 2 assignment, ACC565 Week 10, ACCT 212 (Financial Accounting),  ACCT 344 (Entire Course) – Devry, ACCT 344 Final Exam Latest 2014 – Devry,  ACCT 346 (Managerial Accounting), ACCT 346 Midterm Exam Updated DeVry, ACCT 504, ACCT 504 Week 8, ACCT 553, ART 101 Week 8, Ashford BUS 401, ASHFORD BUS 640, Ashford HIS 204, ASHFORD MAT 222 Week 3, BA 215 (Business Statistics), BA 215 All Assignments Week 1 -8 – Grantham, BA 225, BA 260, BA 265 (Business Law II), BA 265 (Business Law II) FINAL EXAM, BA 340 All Course Assignments, BA 340 Human Resource, BA 370 (Employment Law), BA 405 Multinational Management, BA 470 Week 3 – 5 – 6 – 7, BA 470 Entrepreneurship, BA350 Principles Of Finance, BIS 155 Final Exam – DeVry, BIS 220 Final Exam, BSOP 429, BSOP 434 Entire Course – Devry, BUS 303 Week 2, BUS 303 Week 3, BUS 303 Week 5, BUS 311 Business Law, BUS 330 Week 1, BUS 330 Week 3, BUS 330 Week 5, BUS 401 Week 4 DQ 1, BUS 401 Week 4 DQ 2, BUS 402 WEEK 4, BUS 405 (Principles of Investment), BUS 475, BUS 475 Final Exam 100 MCQS, BUS 475 Final Exam 600 MCQS, BUS 599 (STRAYER), BUS 599 Assignment, BUS 620 Week 4, BUS 640 Week 1, BUS499 Asignment 4, BUS508 Asignment 1, BUS499 Assignment 3.

ACC 556 Week 1 Homework Chapter 4