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Foundations of Financial Management
- Define current assets and current liabilities. Why are current assets and current liabilities separated from noncurrent assets and long-term liabilities on the balance sheet?arrow_forwardUnder which of the following categories would Accounts Receivable appear? A. long−term assets B. current assets C. long−term liabilities D. current liabilitiesarrow_forward"Accrued interest income" would normally appear in the financialstatement under A. Current assetsB. Noncurrent assetsC. RevenueD. Equityarrow_forward
- GJ Company Trial Balance January 31, 2021 Account Titles Debit Credit Cash 33, 450 Accounts receivable – R. Gil Accounts receivable – M. Soriano 1200 Repair tools 30, 000 Repair supplies 15, 000 Furniture and fixtures 16, 500 Service equipment Accounts payable – Cruz furniture 120, 000 Notes payable – Cruz furniture G. Alajar, Capital G. Alajar, Drawing 8, 250 190, 000 3, 500 Service income 28, 400 Advertising expense 1, 500 Salaries expense 2, 000 Utilities expense 1, 500 Rent expense 2, 000 Total 226, 650 226, 650arrow_forwardWhich of the following describes how assets are listed onthe balance sheet?a. In alphabetical order.b. In order of magnitude, lowest value to highestvalue.c. In the order they will be used up or turned intocash.d. From least current to most currentarrow_forwardDistinguishing between current and non-current items on the balance sheet and presenting a subtotal for current assets and liabilities is referred to as: B . an unclassifi ed balance sheetarrow_forward
- Define these. a. Return on equityb. Total assets turnoverc. Return on assetsd. Current ratioe. Receivables turnoverarrow_forwardCompute the following: A. Current Asset B. Non current asset C. Total asset D. Current liabilities E. Non current liabilities F. Total liabilities G. Equity H. Net income I. Total liabilities and equity J. Prepare a Statement of Financial Positionarrow_forwardCompute for total current assests, total uncurrent assets, total current liabilities and total uncurrent liabilitiesarrow_forward
- Required: Prepare a Balance sheet in good form (always start with the top row in each section) Put into these categories: Current Assets, Long-Term Investments, PPE, Intangible Assets, Current Liabilities, Long-Term Liabilities, and Stockholders Equity. Also label as debit or credit. The Correct total amount for each category is at the top.arrow_forwardIn general terms, financial assets appear in the balancesheet at:a. Face value.b. Current value.c. Cost.d. Estimated future sales value.arrow_forward4. Current assets DIVIDED BY current liabilities is the a. Current Ratio b. Net Worth Ratio c. Working Capital d. Quick Assetsarrow_forward
- Cornerstones of Financial AccountingAccountingISBN:9781337690881Author:Jay Rich, Jeff JonesPublisher:Cengage LearningCollege Accounting (Book Only): A Career ApproachAccountingISBN:9781337280570Author:Scott, Cathy J.Publisher:South-Western College Pub