your textbook. Solutions can be found on page 408. Short Answer a. How does a firm classify a liability as a current liability? b. What is the difference between simple interest and compound interest? c. Name three liabilities that we would probably accrue at the end of the accounting period? d. What is “current portion of long term debt”? e. When should a contingent liability be reported (recorded) on the balance sheet? What two requirements must be met? f. How do we
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Balance Sheet Assets: Cash $4600 Accounts receivable $4000 Supplies $2400 Equipment $26000 Total Assets $37000 Liabilities: Accounts payable $500 Notes payable $12000 Total Liabilities $12500 Stockholders' Equity Common stock $22100 Retained Earnings $2400 Total Stockholders' Equity $24500 Total Liabilities and Stockholders' Equity $37000 Statement of Retained Earnings Balance July 1 $0 Net Income $3800 Less: Dividends
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I. Introduction Are you looking for some addictive snacks? Snacks without a lot of fats? But you don’t have that much money? Well, an affordable food you’re looking for is now here. Not too big. Not too small. A size that will fit in your mouth with an extraordinary taste in your tounge. Crispy, yummy, addictive and will surely let you stay fit and healthy. The newest food product, the Crispiece. Cooked in a medium twisted shape and dropped into an additional tasty sauce. I bet you don’t
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Executive Summary Guildford Dry Cleaning Service is a sole trader, start-up enterprise, to be established in Guildford, Surrey. The company will provide dry cleaning, laundry, and garment alterations, offered with regular home pick-up and delivery services. The company will have a production facility, but will not need retail shop front because of our pick-up and delivery service. However, we will need delivery vans, and customer service trained drivers. Customers can choose payment either at
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Working Capital at Dell 1. How was Dell’s use of working capital a competitive advantage? Dell minimized its working capital as a result of its made-to-order manufacturing process. Dell focused on building computers to fit the orders placed by actual present and already-committed buyers. By building to order, Dell was able to significantly reduce its inventory on hand (in components, work in process and finished goods), accounts payable, and sunk labor costs thus reducing its working
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Deyonne’s liabilities and deduction of assets: 1. 35 sheep 2. 3 sheep Due to the information, 20 acres of land equal 80 sheep according to the exchange rate of last year, a one-room cabin equal 3 acres of land and equal 12 sheep finally, a plow equals 2 goat and equal 2/3 sheep according to last year’s exchange rate and 2 carts which were traded with a poor acre of land equals 8 sheep plus 400 sheep. So Deyonne’s total assets are 500(2/3) sheep. Deyonne’s liabilities and
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to the daily operations of the business. Balance Sheet Differences Because merchandising companies and service companies sell different things, they also have some balance sheet differences. The balance sheet lists all of the company's assets, liabilities and equity. Both types of
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understand taxes and the power of corporations. One thing that he helped me understood was when he was explaining that the rich don’t work for money; they force money to work for them, when the rich required assets then liabilities. To know the difference an asset and liability, He quoted that “in order to be truly wealthy, your asset column must be robust and able to offset your living expenses” and that most people think that a higher income will make one richer but in reality a strong assets
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of automotive, aviation, marine, outdoor and sports divisions (Funding Universe, 2013). Garmin’s Balance Sheet Analysis The balance sheet is the core of a company’s financial health and reveals the company’s assets, or what it owns, and its liabilities, or what it owes (JWMI, 2013). Examining Garmin’s balance sheet reveals that the company grew dramatically between 2005 and 2007, and then became more stable between 2008 and 2012. Given the current economy, Garmin’s cash and equivalents grew dramatically
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| Buildings | | | | Less: Accum. depreciation— buildings | | | | | | | | Intangible assets | | | | Copyrights | | | | Total assets | | | | Liabilities and Shareholders’ Equity | Current liabilities | | | | | Salaries and wages payable | | | | | Notes payable, short-term | | | | | Unearned subscriptions revenue | | | | | Unearned rent revenue | | | | |
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