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Balance Sheet Classifications and Relationships:Shelley and Co. has the following balance sheet elements as of December 31, 2012.Land. . . . . . . . . . . . . . . . . . . . . . . $247,000 Mortgage payable. . . . . . . . . . $365,000Cash . . . . . . . . . . . . . . . . . . . . . . ? Capital stock. . . . . . . . . . . . . . 300,000Building . . . . . . . . . . . . . . . . . . . . 330,000 Retained earnings . . . . . . . . . . 218,000Accounts payable . . . . . . . . . . . . . 159,000 Inventory . . . . . . . . . . . . . . . . 81,000Notes payable (short-term). . . . . . . 86,000 Accounts receivable . . . . . . . . 154,000Equipment . . . . . . . . . . . . . . . . . . 282,000
Required:Compute the total amount of:1. Current assets.2. Long-term assets.3. Current liabilities.4. Long-term liabilities.5. Stockholders' equity.
Illustration of Corporate tax During the year ended31/12/2003, A Ltd. had estimated the corporation tax for the year to be £100,000. The amount was still outstanding as at 31/1
Illustrations of Income statement Profit/Loss on disposal of non-current assets Material write down or reversal of write down on assets e.g. PPE inventory and debtors.
The comparative financial statement of new World Piano Company for 2003,2002, and 2001 included the following selected data: 2003 2002 2003 In Millions Cash $67 $66 $62 Short T
what is the explanation?
Right of indemnity If the Official Receiver or trustee has seized or disposed of any property in the possession of the debtor, without notice or claim relating thereto, he is
Q. Evlaute Expected value of sales volume? (17500 × 0·3) + (20000 × 0·6) + (22500 × 0·1) = 19500 units Expected NPV = (((19500 × 1·35) - 10000) × 3·605) - 50000 = $8852 W
Revenue recognition is a joint project of financial accounting standard board and international accounting standard board.1.identify the roles and objectives of FASB and IASB?.2. W
Accounting concepts The word 'Accounting Concept' is used to denote necessary assumptions and ideas which are basic to accounting practice. The variety of accounting concepts i
Q. Calculation of the change in finance costs? Past ACCA examiners have occupied inconsistent approaches regarding the calculation of the change in finance costs due to settlem
how to solve the question income statements
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