Finance 3.1-3.5

Powerful Essays
Questions and Problems (3.1-3.15)

3.1 Balance Sheet: Given the following information about Elkridge Sporting Goods, Inc. construct a balance sheet for June 30, 2011. On that date the firm had cash and marketable securities of $25,135, accounts receivable of $43,758, inventory of $167, 112, net fixed assets of $345, 422, and other assets of $13,125. It had accounts payables of $67,855, notes payables of $36,454, long-term debt of $233,125, and common stock of $150,000. How much retained earnings did the firm have?
A= $97,118

3.2 Inventory accounting: Differentiate between FIFO and LIFO.
A= FIFO stands for First In, First Out, which means the goods that are unsold are the ones that were most recently added to the inventory. Conversely, LIFO is Last In, First Out, which means goods most recently added to the inventory are sold first so the unsold goods are ones that were added to the inventory the earliest. LIFO accounting is not permitted by the IFRS standards so it is less popular. It does, however, allow the inventory valuation to be lower in inflationary times.

3.3 Inventory accounting: Explain how the choice of FIFO versus LIFO can affect a firm’s balance sheet and income statement.
A= FIFO makes sense during times of rising prices because it allows the firm to eliminate the lower-priced inventory first, which results in higher profit margins.

3.4 Market-value accounting: How does the use of market-value accounting help managers?
A= Market-value accounting of both assets and liabilities allows managers to have a truer picture of their company's financial condition and to do a better job of estimating cash flows that the assets would generate. However, marking-to-market is not as easy as it sounds because of the difficulties involved in coming up with the correct market value of current assets and liabilities.

3.5 Working Capital: Laurel Electronics reported the following information at its annual meeting: The company had cash and

You May Also Find These Documents Helpful

  • Good Essays

    Cyp 3.1 (3.1)

    • 554 Words
    • 3 Pages

    Sally Pellew CYP 3.1 (3.1) 21/06/13. How to monitor children and young people’s development using different methods. • Assessment framework/s. Children and young people will be monitored continually and observed by Doctors and Health visitors from birth.(first assessment is Apgar score )to check that the child is progressing and developing at a normal rate and to identify those children who do not match the expected pattern, then to plan and provide more support for that child Children…

    • 554 Words
    • 3 Pages
    Good Essays
  • Good Essays

    Cyp 3.5

    • 2259 Words
    • 10 Pages

    Unit CYPCore3.5/CU1522 - Develop positive relationships with children, young people and others involved in their care 1.1 Explain why positive relationships with children and young people are important and how these are built and maintained. When working with children and young people it is important that they feel safe and secure in their environment, they are able to be relaxed, be heard, understood and have access to choice. For children’s emotional development as well as other areas…

    • 2259 Words
    • 10 Pages
    Good Essays
  • Satisfactory Essays

    3.5 GPA Goals

    • 257 Words
    • 2 Pages

    In highschool I want to keep a 3.5 GPA and to achieve this goal I will use the support of my parents and teachers, I will study on all my subjects for at least 30 minutes. Someday I want to go to the NBA and have enough money to get my mom and dad a new home and cars that they have always wanted. I want to get my brother and sister’s anything they want and take them to different places around the world. I also want to take care of my family’s expenses. My plan B is to go to college and get a…

    • 257 Words
    • 2 Pages
    Satisfactory Essays
  • Satisfactory Essays

    3.5 Family Patterns

    • 777 Words
    • 4 Pages

    3.5 Family Patterns Please use black text. Section 1 
Resource 1[->0]
 After reading the case scenarios, choose one and answer the following questions. 
1. Case Scenario__ It’s your problem__ (5 points) a. Where did the characters learn their communication style? (5 points) Soliciting attention. b. Identify the communication roadblocks these barriers present in the scenario. To review the communication roadblocks, read the information found in lesson 3.3. (5 points)
 Avoiding subjects…

    • 777 Words
    • 4 Pages
    Satisfactory Essays
  • Satisfactory Essays

    CYP 3.5 - 1.1

    • 830 Words
    • 3 Pages

    CYP 3.5 - 1.1 2.1 Explain why positive relationships withthe following are important and how these are built and maintained:- Children Young People Parents/Carers Agencies and other professionals Children - The way we build good relationships with children changes according to their age and stage of a child. Having a positive relationship with children is important because when a child feels comfortable with us they feel that they can separate a lot easily from their parents, children are…

    • 830 Words
    • 3 Pages
    Satisfactory Essays
  • Good Essays

    Cyp 3.1 3.1 - 3.4

    • 1833 Words
    • 8 Pages

    CYP 3.1 3.1 Assessment Frameworks The assessment framework is used to determine whether a child is in need and if so the nature of their needs. Once the needs have been established then interventions can be put in place. Observations These can be carried out formally and informally. Information from observations on a pupil’s progress is passed onto the teacher who will then report it to the parent/carer. Information observations These are carried out daily when working with a pupil and…

    • 1833 Words
    • 8 Pages
    Good Essays
  • Satisfactory Essays

    3.5 family Patters

    • 258 Words
    • 2 Pages

    3.5 Family Patterns Please use black text. Section 1 
Resource 1
 After reading the case scenarios, choose one and answer the following questions. 
1. Case Scenario___Its your problem_________________ (5 points) a. Where did the characters learn their communication style? (5 points) -Soliciting attention. b. Identify the communication roadblocks these barriers present in the scenario. To review the communication roadblocks, read the information found in lesson 3.3. (5 points) -Avoiding…

    • 258 Words
    • 2 Pages
    Satisfactory Essays
  • Good Essays

    Cyp 3.1

    • 583 Words
    • 3 Pages

    cyp 3.1 P47 2.2 Explain how children and young peoples development is influenced by a range of external factors. Lack of finances - economic factor (parents may be unemployed) - The child will miss out on additional opportunities by not being able to attend after school activities such as swimming/music lessons, sports activities (tennis, football, gymnastics) or extra tuition. – Affecting social, emotional, physical, intellectual development. Inadequate housing poverty - Poor housing…

    • 583 Words
    • 3 Pages
    Good Essays
  • Satisfactory Essays

    CYP Core 3.5

    • 597 Words
    • 3 Pages

    Positive relationships with children and young people are important to build and maintain because it is the body of trust in a workplace. This will help the children to create a bond with colleagues or carers because they will feel safe in the environment. They will learn to communicate and experience new things alongside their peers and practitioners. A positive relationship is built by positive interaction and will need to be maintained so the child will feel secure when in the workplace. The…

    • 597 Words
    • 3 Pages
    Satisfactory Essays
  • Satisfactory Essays

    tda2.7 criteria 3.5

    • 653 Words
    • 3 Pages

    3.5 I encourage children and young people to try and deal with issues and conflict themselves, by mentoring them so that they know right from wrong and are therefore able to make the correct choices. If a situation arises where children disagree then I try to allow them time to discuss their opinions and come to a mutual agreement that is suitable and appropriate to both sides. Making sure that the children have the opportunity to express their emotions using a calm and measured approach. Allowing…

    • 653 Words
    • 3 Pages
    Satisfactory Essays