Week Five Exercise Assignment Financial Ratios 1. Liquidity ratios.Edison, Stagg, and Thornton have the following financial information at the close of business on July 10: Edison Stagg Thornton Cash $4,000 $2,500 $1,000 Short-term investments 3,000 2,500 2,000 Accounts receivable 2,000…
DQ: 01 What is a current liability? From the perspective of a user of financial statements, why do you believe current liabilities are separated from long-term liabilities? Based on your current experience as well as any additional research you may…
Week Four Exercise Assignment Liability 1. Payroll accounting. Assume that the following tax rates and payroll information pertain to Brookhaven Publishing: · Social Security taxes: 6% on the first $55,000 earned · Medicare taxes: 1.5% on the first $130,000 earned…
Week 3 DQ 1 .The controller of Sagehen Enterprises believes that the company should switch from the LIFO method to the FIFO method. The controllerââ¬â¢s bonus is based on the next income. It is the controllerââ¬â¢s belief that the switch…
Week Three Exercise Assignment Inventory 1. Specific identification method. Boston Galleries uses the specific identification method for inventory valuation. Inventory information for several oil paintings follows. Painting Cost 1/2 Beginning inventory Woods $11,000 4/19 Purchase Sunset 21,800 6/7 Purchase Earth…
DQ 1 Accounting Cycle Financial statements are a product of the accounting cycle. Think about two different companies: a manufacturing company, and a retail company. Why would different companies have different accounting cycles? Would you expect the steps of the…
Week Two Exercise Assignment Revenue and Expenses 1. Recognition of concepts. Ron Carroll operates a small company that books enterÂtainers for theaters, parties, conventions, and so forth. The companyâs fiscal year ends on June 30. Consider the following items and…
DQ 1: As you have learned in this weekâs readings the Accounting Equation is Assets = Liabilities + Ownersâ Equity. Is the accounting equation true in all instances? Provide sample transactions from your own experiences to demonstrate the validity of…
Week One Exercise Assignment Basic Accounting Equations 1. Recognition of normal balances The following items appeared in the accounting records of Triguero’s, a retail music store that also sponsors concerts. Classify each of the items as an asset, liability, revenue,…
ACCT 557 Final Exams (TCO A) Benny Building, Inc. won a bid for a new warehouse building contract. Below is information from the project accountant. (TCO B) At the beginning of 2012, Barbara, Inc. has a deferred tax asset of…
