The Sinking Fund Earnings account is reported as:
a. a contra-revenue account on the income statement.
b. a current asset on the balance sheet.
c. a long-term investment asset on the balance sheet.
d. other revenue on the income statement.
e. a current liability on the balance sheet.
d
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When the prospective client has previously been audited, auditing standards require that the successor auditor make certain inquiries of the predecessor auditor before accepting the engagement.
Answer the following statement true (T) or false (F)
Which statement is not correct? In the object-oriented design approach
a. a single change to an attribute or operation in one object class is automatically changed for all the object instances and subclasses that inherit the attribute b. each module can inherit from other modules the attributes and operations it requires c. the entity relationship diagram is used to create a program which can be used in other systems d. the control module must be recreated for each program
Assignment of meaning to organized information inputs is called
A. motivation. B. redefinition. C. learning. D. interpretation. E. selection.
Refer to the balance sheet above. If in 2006 Luther has 10.2 million shares outstanding and these shares are trading at $16 per share, then Luther's market-to-book ratio would be closest to ________
Luther Corporation Consolidated Balance Sheet December 31, 2006 and 2005 (in $ millions) Assets 2006 2005 Liabilities and Stockholders' Equity 2006 2005 Current Assets Current Liabilities Cash 59.5 58.5 Accounts payable 88.9 73.5 Accounts receivable 55.1 39.6 Notes payable / short-term debt 10.4 9.6 Inventories 45.9 42.9 Current maturities of long-term debt 37.3 36.9 Other current assets 5.5 3.0 Other current liabilities 6.0 12.0 Total current assets 166.0 144.0 Total current liabilities 142.6 132.0 Long-Term Assets Long-Term Liabilities Land 66.1 62.1 Long-term debt 236 168.9 Buildings 109.4 91.5 Capital lease obligations Equipment 118.5 99.6 Less accumulated depreciation (54.9) (52.5) Deferred taxes 22.8 22.2 Net property, plant, and equipment 239.1 200.7 Other long-term liabilities --- --- Goodwill 60.0 -- Total long-term liabilities 258.8 191.1 Other long-term assets 63.0 42.0 Total liabilities 401.4 323.1 Total long-term assets 362.1 242.7 Stockholders' Equity 126.7 63.6 Total Assets 528.1 386.7 Total liabilities and Stockholders' Equity 528.1 386.7 A) 2.58 B) 0.64 C) 1.29 D) 1.80