ANSWER SHEET STUDENT’S SURNAME........................................... OTHER NAMES.......………......................................... STUDENT NUMBER....……….................................. TUTORIAL DAY & TIME........………................... TUTOR’S FULL NAME......................................... Test 1 – Version 2 Session 2‚ 2012 Course Code: ACCG 224 Course Name: INTERMEDIATE FINANCIAL ACCOUNTING Time allowed: 55 minutes plus 5 minutes reading time Total No. of questions:
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Groove Spice Company is a company that sells a selection of food‚ spices‚ teas and coffees. Due to ever increasing awareness regarding diet and flavor in public‚ the company has experienced tremendous growth and is in constant need of funds. Debra Peterson‚ the CEO of the company‚ is evaluating different options to raise the funds required to invest in accounts receivable‚ inventory and fixed assets. Need for funds became more critical when the chief supplier of funds to the company‚ the Bank‚ asked
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Course Home Use the financial statements from the most recent year to fill in the table below. You may find some formulae calling for an average‚ e.g.‚ average inventory‚ average receivables. Because we only have the Balance sheet for one year‚ you can only use the one year number not an average. Assume interest expense is $0.00 Be sure to cite your references Green boxes to be filled in by instructor Ratio Formula (express the ratio in words)
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1986. Hawawini‚ G. and Viallet‚ C. Finance for Executives‚ South-Western College Publishing‚ 1999. Isberg‚ S. C. Financial analysis with the Du Pont ratio: A useful compass ‚ Credit & Financial Management Review‚ Second Quarter‚ 1998‚ pp Kelly‚ S.. Company health check‚ Accountancy Ireland‚ Vo. 37‚ No. 4‚ August‚ 2005‚ pp. 52-53. Lauzen‚ L. Small business failures are controllable ‚ Corporate Accounting‚ Summer‚ 1985‚ pp. Small Business Institute Journal‚ Volume 1‚ 2008 34 Meech‚ S. P. Financial standards
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Utilities expense E1-1 Jenks Company performs the following accounting tasks during the year. (C) Analyzing and interpreting information. (R) Classifying economic events. (C) Explaining uses‚ meaning‚ and limitations of data. (R) Keeping a systematic chronological diary of events. (R) Measuring events in dollars and cents. (C) Preparing accounting reports. (C) Reporting information in a standard format. ( I )Selecting economic activities relevant to the company. (R) Summarizing economic
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secondary market? In you opinion‚ are these markets efficient? Why? The capital market is the part of the financial system concerned with raising capital by dealing in stocks‚ bonds‚ and other long term investments. A primary market is a market where a company is issuing stocks or bonds to a potential interested buyer. After the primary market which is the initial public offering is the secondary market. The secondary market allows people to buy and sell stocks to each other on such as the stock exchange
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owned or controlled to produce value and that is held to have positive economic value is considered an asset. Simply stated‚ assets represent value of ownership that can be converted into cash (although cash itself is also considered an asset).The balance sheet of a firm records the monetary value of the assets owned by the firm. It is money and other valuables belonging to an individual or business. Two major asset classes are tangible assets and intangible assets. Tangible assets contain various subclasses
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these two years. 49. How much income did Harley report from Bike for 2010? A. $120‚000. B. $200‚000. C. $300‚000. D. $320‚000. E. $500‚000. 26. Under the equity method‚ when the company’s share of cumulative losses equals its investment and the company has no obligation or intention to fund such additional losses‚ which of the following statements is true? A. The investor should change to the fair-value method to account for its investment. B. The investor should suspend applying the equity
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| Dr. | Trademark | $ 3‚000‚000 | | | | Dr. | Goodwill | $ 122‚750‚000 | | | | | | | Cr. | Cash | $40‚000‚000 | | | | Cr. | C/S | $70‚000‚000 | | | | Cr. | APIC | $ 5‚000‚000 | | | | Cr. | NCI | $ 33‚750‚000 | Here are the reasons that I suggest to make that general entry: Determine Consideration Transferred To acquire 80% of the outstanding common stock of Baked Beans Corp‚ the amount of consideration Allfoods Corp. transferred is: (in millions) (1)
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The balance sheet consists of assets and liabilities of any firm. The assets are called as the uses of the firm and the liabilities are called as the sources of the firm. Sources of the firm: (Debts or liabilities): The debts or liabilities are the claims of the outsiders against the assets of the firm. The liabilities refer to the amount payable by the firm to the claimholders; i.e. the amount owed by the firm to other parties. For an obligation to be recognized as a liability‚ it must meet three
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