Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

please please help! im so confused!!! Use the following partial list of accounts to determine the amount that should be reported as total current assets

please please help! im so confused!!! image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
Use the following partial list of accounts to determine the amount that should be reported as total current assets on the balance sheet. Select one: a. 544,000 b. $54,000 c. $31,000 d. $21,000 e. 542,000 Richards Corporation had the following balances at December 31, 2020: Net income for 2020 totaled $325,000. The company declared dividends of $50,000 on December 15,2019 . Richards Corporation's working capital totaled at the end of 2020 . Select one: a. 5487,000 b. 5452,000 c. $733,000 d. 5588,000 e. $477,000 API Services (a nonprofit organization) has the following account balances at june 30,2020 . How much should be reported as Cash and cash equivalents in its classified balance sheet? Select one: a. $17,500 b. $108.500 c. $50,000 d. 567,500 e. $73,500 In addition to profit or loss and totai asset amounts, certain revenue and expense amounts must be disclosed for each reportable segment if Select one: a. the auditor determines that the amounts are material b. the amount of the revenue or expense item equals or exceeds 10% of the total revenue or expense item for the company as a whote c. those items are reported as separate line items on the segment report regularly reviewed by the company/s chief operating decision maker. d. those revenue or expense items are reported as separate line items on the Statement of comprehensive income e. No specific revenue or expense amounts must be disclosed. 3. Limerick has three wholly owned subsidiaries. All companies operate in the retall industry. b. Limerick loaned $250,000, a material amount, to its Chief Executive officer during the year. The loan is payable over 20 years with interest at 5%. c. Limericks current liabilities exceeded its current assets as of the balance sheet date. d. Limerick records investments in equity securities at fair market value. All investments are in shares of publicly traded companies. e. Limerick uses fFFo to value its inventory. f. Limerick has issued 200,000 shares of Common stock, par value 31 8. Limerick terminated one of its Regional 5ales Managers subsequent to year end. (The Manager was terminated for poor performance.) h. Limerick uses estimates in determining the useful lives of factory equipment. Which of the above items above would not need to be disclosed or reported in Limerick Enterprises' financial statements? Select one: a, b, g, and h a, gr and h b and g g. b and h Select ane 4. Year end satment to financial focecast c. Pro forma Matement a Francial prejection - Comparatine waiernem a. Limerick has three wholly owned subsidiaries. All companies operate in the retail industry b. Limerick loaned 3250,000 , a material amount, to its Chief Executive Officef during the yeat, The loan is payable over 20 years with interest at 5 . c. Limerick's current liabilities exceeded its current assets as of the balance sheet date. d. Limerickrecords imvestments in equity securities at fair market value. Al investments are in shares of publicly traded companies. e. Limerick uses FIFO to value its inventory. 1. Limerick has issued 200,000 shares of Common stock, par value 51 8. Lmerick terminated one of its Regional Sales Managers subsequent to year end, (The Manager was terminated for poor performance.) h. Limerick wses estimates in determining the useful lives of factory equipment Which of the above items would normally be disclosed in the Summary of significant accounting policies note of Limerick Enterprises? Select one: a,e,andh a, e, and h a, d, e, and h d and e a,b,d,c,f, and h Which of the following statements are accurate? a. Equity attributable to noncontrolling interests in the net assets of a company's subsidiaries is shown separately on the balance sheet. b. An election to report certain individual asset at fair market value can be revoked at a subsequent balance sheet date. c. Investments in nonconsolidated subsidiaries should be reported as Long-term investments. d. Companies with operating cycles longer than one year should use one year when classifying assets or liabilities as current. e. The cost of unusable and unsaleable warehouse equipment should be reported as an Other asset until the equipment is fully depreciated. Select one: b, c, and e a,b,c, and e a. c, and e All of the statements are accurate d and e

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Students also viewed these Accounting questions

Question

What are the purposes of promotion ?

Answered: 1 week ago