1. What guidance does the Codification provide on the classification of current liabilities? (reference & brief explanation) - Reference: FASB ASC 210-10-45-5 through 45-12 Explanation: Current liabilities are obligations due within a year. On the balance sheet the listing of current liabilities start with obligations that arise from the operating cycle such as payables incurred in the acquisition of materials and supplies‚ collections received in advance of the delivery of goods or performance
Premium Balance sheet Generally Accepted Accounting Principles Asset
millions) Assets 2007 2006 Current assets $8‚076 $7‚346 Property‚ plant‚ and equipment (net) 1‚678 1‚658 Other assets 934 866 Total assets $10‚688 $9‚870 Liabilities and Stockholders’ Equity Current liabilities $2‚584 $2‚612 Long-term liabilities 1‚079 973 Stockholders’ equity 7‚025 6‚285 Total liabilities and stockholders’ equity $10‚688 $9‚870 Complete the horizontal analysis of the balance sheet data for Nike using 2006 as a base. (If amount decreases‚ use either
Premium Generally Accepted Accounting Principles Balance sheet Asset
Introduction In nowadays tide economic situation it is became more than hard for graduated students and even professionals to ensure they will find a suitable job and keep it for long. Many people are forced to stay in job they don’t like or that is not aligned with their education background just to survive and to be able to meet their basic needs. In light of this reality I decide to create my own business in partnership with a former colleague. The business name is Talent Source located in Baltimore
Premium Asset Generally Accepted Accounting Principles Balance sheet
1. Introduction CLC is a fast growing business with small number of employees‚ providing plywood moldings‚ sash and door products. It built on its sales volume largely on the basis of successful price competition‚ careful control of operating expenses and batch purchasing of materials at substantial discounts during past years. The sound market condition and operation contributes to CLC’s growing trend in a foreseeable future. Besides‚ in case of an economic downturn‚ the business is protected to
Premium Balance sheet Generally Accepted Accounting Principles Financial ratio
1) As you have learned in this week’s readings the Accounting Equation is Assets = Liabilities + Owners’ Equity. Is the accounting equation true in all instances? Provide sample transactions from your own experiences to demonstrate the validity of the Accounting Equation. 2) What does the term account mean? What are the different classifications of accounts? How do the rules for debits and credits impact accounts? Please provide an example of how debits and credits impact accounts.
Premium Balance sheet Generally Accepted Accounting Principles Liability
issue common stock for cash; acquire a building by mortgaging a portion of the purchase price‚ or issue common stock in exchange for convertible bonds. These investing and financing activities affect the amount and structure of a firm’s assets‚ liabilities‚ and shareholders’ equity. The total assets of a firm and the claims on assets also change every day because of operating activities. The firm engages in daily business operations to generate revenues and create assets‚ but to do so‚ the firm must
Premium Asset Balance sheet Generally Accepted Accounting Principles
1 for 2 reverse stock split All accounts are not affected. However‚ number of shares will decrease to 500‚000 while par value per share will increase to $20. A company whose stock stock is selling for $60 has the following balance sheet: Assets Liabilities Preferred stock Common stock ($12 par; 100‚000 shares outstanding) Paid-in capital Retained earnings Construct a new balance sheet showing the effects of 3 for 1 stock split‚ What is the new price of the stock? Assets 2. 30‚000‚000 14‚000
Premium Stock market Stock Balance sheet
forms of business organization. Identify the users and uses of accounting information. Explain the three principal types of business activity. Describe the content and purpose of each of the financial statements. Explain the meaning of assets‚ liabilities‚ and stockholders’ equity‚ and state the basic accounting equation. Describe the components that supplement the financial statements in an annual report. Summary of Questions by Study Objectives and Bloom’s Taxonomy Item 1. 2. 3. 4. 5. 1. 2
Premium Revenue Generally Accepted Accounting Principles Balance sheet
alysis of Analysis of Analysis of Analysis of Analysis of Analysis of Analysis of Analysis of Financial RatiosFinancial RatiosFinancial RatiosFinancial Ratios Financial Ratios Financial RatiosFinancial RatiosFinancial Ratios Financial Ratios - Uchumi Supermarkets Uchumi Supermarkets Uchumi Supermarkets Uchumi Supermarkets Uchumi Supermarkets Uchumi Supermarkets Uchumi Supermarkets Uchumi Supermarkets Uchumi Supermarkets Uchumi Supermarkets Financial Ratios are relative magnitudes of select numeric
Premium Generally Accepted Accounting Principles Financial ratios Financial ratio
on its income statement” could be recorded (Berman et al.‚ 2013). Liabilities: Liabilities are “what a company owes to other entities” (Berman et al.‚ 2013). Liabilities can also describe how a company obtains its assets because they show up in different explanations on the balance sheet (Berman et al.‚ 2013). For example‚ long-term liabilities are “those that come due TASK TWO over a longer time frame” and short-term liabilities are due over a short time frame (Berman et al.‚ 2013). For
Premium Asset Generally Accepted Accounting Principles Balance sheet