* In the space provided at right, write the word or phrase that is defined or indicated. 1. 1. Obligations expected to be liquidated through use of current assets. 2. 2. Statement showing financial condition at a point in time. 3. Events that depend upon future outcomes. 3. 4. 4. Probable future sacrifices of economic benefits 5. 5. Resources expected to be converted to cash in one year or the operating cycle, whichever is longer. 6. 6. Resources of a durable nature used in operations 7. 7. Economic rights or competitive advantages which lack physical substance. 8. Probable future economic benefits. 8. 9. 9. Residual interest in the net assets of a entity Your answer Part -2 * The following accounts appeared on the trail balance of Elbert Company at December 31, 2017 Accounts Receivable Prepaid Insurance $518,400 56,250 Notes Payable (short-term) Accumulated Depreciation - Bldg. Supplies Salaries and Wages Payable Debt Investments (long-term) Cash Bonds Payable Due 1/1/2025 Allowance for Doubtful Accts Copyrights Notes Receivable (due in 6 months) Income Taxes Payable Preferred Stock Appropriated Retained Earnings $192,000 783,000 37,800 34 200 281,400 170,250 1,200,000 7,800 192.900 138,000 156.000 750,000 294,000 Common Stock Unappropriated Retained Earnings Inventory Land Trading Securities Interest Payable Buildings Accounts Payable Additional Paid-in Capital 1,125,000 318,000 1,580,250 465,000 73,200 5,700 1,926 409,950 163,800 Instructions Compute each of the following 1. Total current assets 2. Total property, plant, and equipment 3. Total assets 4 Total current liabilities 5. Total stockholders' equity Your answer For each event listed below, select the appropriate category which describes the effect of the event on a statement of cash flows: a. Cash provided/used by operating activities. b. Cash provided/used by investing activities. C. Cash provided/used by financing activities. d. Not a cash flow. 1. Payment on long-term debt 2. Issuance of bonds at a premium 3. Collection of accounts receivable 4. Cash dividends declared 5. Issuance of stock to acquire land 6. Sale of available-for-sale securities (long-term) 7. Payment of employees' wages 8. Issuance of common stock for cash 9. Payment of income taxes payable 10. Purchase of equipment 11. Purchase of treasury stock (common) 12. Sale of real estate held as a long-term investment Your