The following partial balance sheet is provided for Groom Company:Liabilities and Stockholders' Equity Accounts payable$9,000 Salaries payable 12,000 Bonds payable (due in ten years) 20,000 Common stock, no par 30,000 Retained earnings 54,000 Total liabilities and stockholders' equity$125,000 What is the company's debt to assets ratio? (Rounded to nearest whole percent.)
A. 16%
B. 33%
C. 49%
D. Cannot be determined with the information given.
Answer: B
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For the following situation, determine whether or not the item is deductible, how it would be deducted in the taxpayer's return (if there are alternatives possible, discuss the conditions that would determine the treatment), and any limitations that might be placed on the deduction. Rickie, who is 35, pays $1,800 for dental work during the current year.
What will be an ideal response?
At December 31, 2018, Micro Instruments owes $47,000 on Accounts Payable. The balance of Salaries Payable is $14,000 and the balance of Income Tax Payable is $8,000. Micro also has $250,000 of Bonds Payable that were issued at face value. These bonds require payment of a $25,000 installment next year and payment of the remainder in later years. The bonds payable require an annual interest payment of $7,500. Micro still owes this for the current year.
Requirement: Report Micro Instruments' liabilities on its classified balance sheet on December 31, 2018.
When an individual or a family manages the ways in which monies are budgeted, saved, invested, preserved for future life events, and protected against risks, it is called ________
A) personal management B) corporate finance C) corporate management D) personal finance E) fiscal irresponsibility
On January 1, Year 1, the Niagara Corporation arranges a $6,000 line of credit with the Centennial Bank. It accepted the bank's offer of 1% above the prime rate with interest payments on December 31 of each year. All borrowings and repayments are to take place on January 1 of each year.Niagara begins its loan transactions with Centennial Bank by borrowing $2,000 on January 1, Year 1. Which of the following answers shows the effect of this event on the financial statements? Assets=Liab.+EquityRevenue?Expense=Net Inc.Cash flowA.2,000=2,000+NANA?NA=NA2,000 IAB.2,000=NA+2,0002,000?NA=2,0002,000 IAC.2,000=NA+2,0002,000?NA=2,0002,000 OAD.2,000=2,000+NANA?NA=NA2,000 FA
A. Choice A B. Choice B C. Choice C D. Choice D