Classified balance sheets commonly include the following categories. Match the typical classification of each item below with the correct balance sheet category.
A. Accounts Payable
B. Current portion of long-term debt
C. Wages Payable
D. Long-term Note Payable
E. Trademarks
F. Retained Earnings
G. Store Supplies
H. Prepaid Rent
I. Accounts Receivable
J. Cash
K. Equipment used in business operations
L. Investment maturing in two years
A. Current liabilities
B. Current liabilities
C. Current liabilities
D. Long-term liabilities
E. Intangible assets
F. Equity
G. Current assets
H. Current assets
I. Current assets
J. Current assets
K. Plant assets
L. Long-term investments
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A special purpose framework can use a cash basis financial reporting framework
a. True b. False Indicate whether the statement is true or false
Answer the following statements true (T) or false (F)
1. The payback method is a screening device and is rarely used as the sole method for deciding whether to invest in an asset. 2. All else being equal, investments with longer payback periods are preferable. 3. Cash inflows from a capital investment arise from an increase in revenues, a decrease in expenses, or both. 4. A major criticism of the payback method is that it focuses only on the time to recover the investment and ignores profitability. 5. The payback method considers cash flows that occur both during and after the payback period.
Which of the following is the formula to calculate a firm's inventory turnover ratio?
A. Inventory Turnover = Sales ÷ Inventory B. Inventory Turnover = Cost of goods sold ÷ Inventory C. Inventory Turnover = Inventory ÷ Current assets D. Inventory Turnover = Inventory ÷ Accounts receivables E. Inventory Turnover = (Sales - Cost of goods sold) ÷ Inventory
Steaks n' Fries Restaurant Company's decision makers view a particular risk in the consumption of Steaks n' Fries' products as open and obvious. Continuing to market the products without explicitly telling consumers of the risk could be justified from a perspective of? A)?duty-based ethics
B)?corporate social responsibility. C)?religious ethical principles. D)?outcome-based ethics.