CHAPTER 1 Introduction to Financial Statements ANSWERS TO QUESTIONS 1. The three basic forms of business organizations are (1) sole proprietorship, (2) partnership, and (3) corporation. 2. Advantages of a corporation are limited liability (stockholders not being personally liable for corporate debts), easy transferability of ownership, and easier to raise funds. Disadvantages of a corporation are increased taxation and government regulations. 3. Proprietorships and partnerships
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CHAPTER 1 Introduction to Financial Statements ANSWERS TO QUESTIONS 1. The three basic forms of business organizations are (1) sole proprietorship, (2) partnership, and (3) corporation. 2. Advantages of a corporation are limited liability (stockholders not being personally liable for corporate debts), easy transferability of ownership, and easier to raise funds. Disadvantages of a corporation are increased taxation and government regulations. 3. Proprietorships and partnerships
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For the exclusive use of W. Jingcheng, 2015. 9-913-556 APRIL 30, 2013 WILLIAM E. FRUHAN CRAIG STEPHENSON Sterling Household Products Company January of 2013 brought a new year and an important new opportunity to the management team of Sterling Household Products Company. Sterling manufactured and marketed a wide line of consumer goods, including laundry products, soaps, cosmetics, toilet preparations, and cleaning, disinfecting and sanitizing products, which were sold domestically
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chapter 21 Test your understanding 3 Hanford & Stopple Answer 1 (a) Hanford consolidated statement of financial position at 30 September 20X1 Noncurrent assets Property, plant and equipment (W8) Goodwill (W3) $000 $000 109,510 6,850 ––––––– 116,360 Current assets Inventory (7,450 + 4,310) Accounts receivable (12,960 + 4,330 – 820 (W7)) Bank 11,760 16,470 520 ––––––– 28,750 ––––––– 145,110 ––––––– Equity and liabilities Equity attributable to the equity holders of the
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(301,758) | (67,682) | Retained Earnings, 12/31/16 | $ 6,230,816 | $2,374,330 | | | | Cash and receivables | $ 2,557,242 | $2,064,790 | Inventory | 1,913,616 | 1,108,202 | Equity Investment | 3,043,826 | | Property, Plant & Equipment (Net) | 9,205,085 | 2,050,300 | Total Assets | $16,719,769 | $5,223,292 | | | | Accounts payable | $ 1,341,706 | $ 443,876 | Accrued liabilities | 1,513,051 | 607,660 | Notes payable | 4,200,000 |
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TECHNOLOGICAL UNIVERSITY OF THE PHILIPPINES AYALA BOULEVARD ERMITA MANILA COLLEGE OF LIBERAL ARTS REACTION PAPER ON ENERTECH SYSTEM INDUSTRIES INC. SUBMITTED BY: Tugade, Erwin Benedict P. BAM IM 3LE SUBMITTED TO: DR. NOEL V. HERNANDEZ PROFESSOR TABLE OF CONTENTS I ………………………………………… INTRODUCTION II ……………………………………...... RATIONALE III ……………………………………….. OBJECTIVES IV ………………………………………. SUMARRY AND
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of Payments g. Intellectual property rights h. Work forces i. Currency exchange rate 5) Conclusion Goodyear is a US based company, which is traded on the New York Stock Exchange (symbol GT). They have more than 20,000 investors and employ about 72,000 people around the world. They are one of the world’s leading tire companies and second largest tire manufacturer in Europe behind Michelin. They have 55 plants in 22 countries and operate in most regions
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payable for this amount. | | 16 | Purchased copying machines, computers, and other office equipment for $19,000. Paid $9,000 cash and signed a note payable for the balance. | | 28 | Sold an item of office equipment (computer) to a stockholder at its cost of $2,800. The stockholder paid $800 cash and promised to pay the balance within 30 days. | | 30 | Paid $5,000 on the liability for the office equipment. | | 31 | Collected $500 from the stockholder who had bought the computer. | Answer:
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FACULTV OF AGRICULTURE B. AGRICULTURE 100 Level First Semester 1. Communication in English I 2. Logic Philosophy & Human Existence 3. Physical Chemistry 4. General Biology I (Botany/Zoology) 5. Practical Biology 6. General Physics 7. Mathematics 8. Organic Chemistry I 9. Practical Chemistry Sub-Total Second Semester 10. Communication in English II 11. Nigerian People and Culture 12. Social Sciences 13. Organic Chemistry 14. Biology II 15. Organic Chemistry II 16. Mathematics 17
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sheet and sources and uses statements (appendix 1), we can see that the line of credit payable increases every year, because Jones needs more and more funds to support the needs of working capital and invest to long-lived assets such as plant, property and equipment to support higher sales levels. We can see that Jones used its profits (changed in Net Worth), cash and short-term debt to support the needs of working capital and the increase of inventory (probably to support higher sales levels). The
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