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ACC 205 NEW learning Guidance/tutorialrank

For more course tutorials visit<br>www.tutorialrank.com<br>Tutorial Purchased: 3 Times, Rating: A<br>1. 1. Liquidity ratios. Edison, Stagg, and Thornton have the following financial information at the close of business on July 10:<br> <br> Edison Stagg Thornton<br>Cash $4,000 $2,500 $1,000 <br>Short-term investments 3,000 2,500 2,000 <br>Accounts receivable 2,000 2,500 3,000 <br>Inventory 1,000 2,500 4,000 <br>Prepaid expenses 800 800 800 <br>Accounts payable 200 200 200 <br>Notes payable: short-term 3,100 3,100 3,100 <br>Accrued payables 300 300 300 <br>Long-term liabilities 3,800 3,800 3,800 <br> <br> <br> <br>1. Compute the current and quick ratios for each of the three companies. (Round calculations to two decimal places.) Which firm is the most liquid? Why?<br>2. Suppose Thornton is using FIFO for inventory valuation and Edison is using LIFO. Comment on the comparability of information between these two companies.<br>3. If all short-term notes payable are due on July 11 at 8 a.m., comment on each company's ability to settle its obligation in a timely manner.<br> <br>1. 2. Computation and evaluation of activity ratios. The following data relate to Alaska Products, Inc:<br> <br> 19X5 19X4<br>Net credit sales $832,000 $760,000 <br>Cost of goods sold 440,000 350,000 <br>Cash, Dec. 31 125,000 110,000 <br>Accounts receivable, Dec. 31 180,000 140,000 <br>Inventory, Dec. 31 70,000 50,000 <br>Accounts payable, Dec. 31 115,000 108,000 <br> <br> <br>The company is planning to borrow $300,000 via a 90-day bank loan to cover short-term operating needs.<br>1. Compute the accounts receivable and inventory turnover ratios for 19X5. Alaska rounds all calculations to two decimal places.<br>2. Study the ratios from part (a) and comment on the company's ability to repay a bank loan in 90 days.<br>3. Suppose that Alaska's major line of business involves the processing and distribution of fresh and frozen fish throughout the United States. Do you have any concerns about the company's inventory turnover ratio? Briefly discuss.<br> <br>1. 3. Profitability ratios, trading on the equity. Digital Relay has both preferred and common stock outstanding. The com¬pany reported the following information for 19X7:<br>

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ACC 205 NEW learning Guidance/tutorialrank

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  1. For more course tutorials visit www.tutorialrank.com ACC 205 NEW Course Tutorial

  2. ACC 205 Week 5 Exercise Assignment Financial Ratios (New) ACC 205 Week 1 Exercise Assignment Basic Accounting Equations (New) ACC 205 NEW Course Tutorial .      Liquidity ratios. Edison, Stagg, and Thornton have the following financial information at the close of business on July 10: 1) Basic concepts. Jean's Marine Supply specializes in the sale of boating equipment and acces­sories. Identify the items that follow as an asset (A), liability (L), revenue (R), or expense (E) from the firm's viewpoint.

  3. ACC 205 NEW Course Tutorial ACC 205 Week 3 Exercise ACC 205 Week 2 Exercise 1. Recognition of concepts. Ron Carroll operates a small company that books entertainers for theaters, parties, conventions, and so forth. The company’s fiscal year ends on June 30. Consider the following items and classify each as either (1) prepaid expense, (2) unearned revenue, (3) accrued expense, (4) accrued revenue, or (5) none of the foregoing. • 1. Specific identification method. Boston Galleries uses the specific identification method for inventory valuation. Inventory information for several oil paintings follows.

  4. ACC 205 NEW Course Tutorial ACC 205 Week 4 Exercise Assignment Liability (New) ACC 205 Week 5 Final Paper Paper (New) • 1.  Partner investments; journal entries. The LP partnership was formed on January 1, 19X7, by investments from Bill Levy and Marv Parcells. Levy contributed $30,000 cash and $80,000 of land. Parcells contributed cash of $50,000 and equipment with a value of $20,000. Final PaperFocus of the Final PaperWrite a five to seven page financial statement analysis of a public company, and formatted according to APA style as outlined in the Ashford Writing Center.. 

  5. ACC 205 NEW Course Tutorial ACC 205 Week 5 Journal Most Important Ratio Journal (New) ACC 205 Week 4 DQ 1 Current Liability (New) • Most Important Ratio Journal • Reflect for a moment on the ratios (working capital, current ratio, quick ratio, debt to asset, debt to equity, times interest earned, gross margin and net margin) presented this week.  If you were considering investing in a company what ratio would be the most important to you?  Formulate and argument to defend your position. What is a current liability?  From a user of financial statements perspective why do you believe current liabilities are separated from long-term liabilities?  Based on your current experience and any additional research you may have done provide two examples of situations where businesses collect monies from customers and employees and reports these amounts as a current liability.

  6. ACC 205 NEW Course Tutorial ACC 205 Week 4 DQ 2 Client Recommendations (New) ACC 205 Week 3 Journal Inventory Journal (New) • A client comes to you thinking about starting a consulting business.  Specifically your client is interested in what type of entity should be created for this new business.  Based on your readings or any additional research you may have Reflect for a moment on the LIFO (Last in First Out) and FIFO (First in First Out) inventory methods. If you were starting a small manufacturing company, what inventory method do you believe would provide the most accurate financial statements? Why do you believe this is the case?

  7. ACC 205 NEW Course Tutorial ACC 205 Week 5 DQ 1 (New) ACC 205 Week 4 Journal Future Obligations Journal (New) • The current liability section of the balance sheet lists the liabilities that are due within the next 12 months.  Reflecting on your current financial situation, apply the concept of current liabilities.  What does this analysis tell you about your future obligations?  What did you learn from this experience? ACC 205 Week 5 DQ 1 

  8. ACC 205 NEW Course Tutorial ACC 205 Week 5 DQ 2 (New) ACC 205 Entire Course (New) ACC 205 Week 1 DQ 1 Accounting Equation ACC 205 Week 1 DQ 2 Accounts ACC 205 Week 1 Journal Balance Sheet Journal ACC 205 Week 2 DQ 1 Accounting Cycle • ACC 205 Week 5 DQ 2

  9. ACC 205 NEW Course Tutorial ACC 205 Week 3 DQ 1 LIFO vs. FIFO (New) ACC 205 Week 1 DQ 1 Accounting Equation (New) , As you have learned in this week’s readings the Accounting Equation is + Owners’ Equity.  Is the accounting equation true in all instances?  Provide sample transactions from your own experiences to demonstrate the validity of the Accounting Equation.   • The controller of Sagehen Enterprises believes that the company should switch from the LIFO method to the FIFO method.  The controller’s bonus is based on the next income.  It is the controller’s belief that the switch in inventory methods would increase the net income of the company.  What are the differences between the LIFO and FIFO methods? 

  10. ACC 205 NEW Course Tutorial ACC 205 Week 2 DQ 1 Accounting Cycle (New) ACC 205 Week 2 DQ 2 Bank Reconciliation (New) What is the purpose of a bank reconciliation?  What are the reasons there are differences between the cash reported in the accounting records and the cash balance in the bank statements? • Financial statements are a product of the accounting cycle.  Think about two different companies, one a manufacturing company, the other a retail company.  Why would different companies have different accounting cycles?  Would you expect the steps of the accounting cycle to be the same for each company?  Why or why not?

  11. ACC 205 NEW Course Tutorial ACC 205 Week 1 DQ 2 Accounts (New) ACC 205 Week 1 Journal The Balance Sheet is a financial snap shot of a company at  a particular point in time.  The Balance Sheet lists the assets, liabilities, and equity of the company.  Reflect on your personal financial situation, can you apply the concepts of the Balance Sheet?  What did you learn from this reflection? • What does the term “account” mean?  What are the different classifications of accounts?  How do the rules for Debits and Credits impact accounts?  Please provide an example of how debits and credits impact accounts.

  12. ACC 205 NEW Course Tutorial ACC 205 Week 2 Journal • The Income Statement measures the income and expenses of a company over a specific period of time.  Reflecting on your personal financial statement for the past month, can you apply the principles of the Income Statement?  What did you learn from this experience?

  13. For more course tutorials visit www.tutorialrank.com ACC 205 NEW Course Tutorial

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