ACC 556 WEEK 1 HOMEWORK CHAPTER 4
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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...