Financial activities
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Ma3.
For each one, select:
a. operational activities
b. Investment activities
c. Financial activities
d. Operational part, investment part
e. Financing part, operational part
____1. Costs incurred to settle a long-term debt
____2.Balance of some zero-coupon bonds, five years from its maturity date
____3.Compensation received from an insurance company for the destruction of a warehouse and the inventory that was stored there
____4.Money received as a result of canceling a life insurance policy in which the company was the beneficiary.
____5.Premiums paid for a life insurance policy in which the company was beneficiary.
____6. Dividend received from an investment in common stock accounted for with the equity method.
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- 37- - Which of the following is not one of the balance sheet principles of assets ? a) Assets that are used in business activities for more than one year and do not turn into money within one year are shown in the Current Assets group in the balance sheet. B) In order to be able to present the assets with their fair values at the balance sheet date, impairments in assets should be shown and appropriate provisions should be made. NS) In order to show the bills receivable in the current assets and fixed assets groups with their fair values on the balance sheet date, rediscount transactions should be made on the bills. D) Expenses for future periods paid in advance and income accrued in the current period but to be collected in future periods should be shown separately in the balance sheet. TO) Receivables; Securities, subsidiary securities and parts of liabilities that belong to…Which of the following would be included in the financing section? A. loss on sale of investments B. depreciation expense C. increase in notes receivable D. decrease in notes payableClassification of Assets and Liabilities Indicate the appropriate classification of each of the following as a current asset (CA), noncurrent asset (NCA), current liability (CL), or long-term liability (LTL). ______ 1. Inventory ______ 2. Accounts payable ______ 3. Cash ______ 4. Patents ______ 5. Notes payable, due in six months ______ 6. Taxes payable ______ 7. Prepaid rent (for the next nine months) ______ 8. Bonds payable, due in ten years ______ 9. Machinery
- In a classified balance sheet, liabilities are separated into two categories based on a. The amount of the obligation to be satisfied—large versus small. b. To whom the obligation is owed—those inside versus those outside of the company. c. The nature of the obligation—determinable amount versus estimated amount. d. The length of time until the obligation is expected to be satisfied—less than one year versus more than one year.Which of the following increases the current assets of a business entity? A) Consumable inventory B) Bank (credit balance) C) Investment (with a maturity date of more than one year hance) D) Deferred incomeThe following are the typical classifications used in a balance sheet: a. Current assets f. Current liabilities b. Investments g. Long-term liabilities c. Property, plant, and equipment h. Paid-in capital d. Intangible assets i. Retained earnings e. Other assets Required:For each of the following 2021 balance sheet items, use the letters above to indicate the appropriate classification category. (If the item is a contra account, select the appropriate letter with a minus sign.) Interest Payable __ Franchise __ Accumulated Depreciation __ Prepaid Insurance (for 2022) __ Bonds Payable (due in 10 years) __ Current Maturities of Long-Term Debt __ Notes Payable (due in 3 months) __ Long-Term Receivables __ Restricted Cash (which will be used to retire bonds in 10 years) __ Supplies __ Machinery __ Land (used in operations) __ Deferred Revenue (for 2022) __ Copyrights __ Common Stock __ Land (held for speculation) __ Cash equivalents __ Salaries Payable __
- Classify the accounts listed below by matching the account name with one of the following financial statementsections in which the account would be reported:a. Current Assetsb. Fixed Assetsc. Intangible Assetsd. Current Liabilitye. Long-Term Liabilityf. Owners’ Equityg. Revenuesh. Operating Expensesi. Other Income/Expense____ 31. Buildings____ 32. Accumulated Depreciation - Buildings____ 33. Depreciation Expense____ 34. Trademarks____ 35. Amortization Expense____ 36. Repairs Expense____ 37. Land Improvements____ 38. Gain on sale of equipment____ 39. Loss on disposal of asset____ 40. Loss from Impaired Goodwill____ 18. The acquisition of an asset on creditA) leaves the total assets unchangedB) decreases assets and increases liabilitiesC) increases assets and liabilitiesD) increases assets and owner’s equity____ 19. The account records long-term debt of thebusiness entity for which it has pledged certainassets as securityA) notes payableB) accounts payableC) mortgage payableD) bonds payable____ 20. The accounting equationA) is used to determine the amount of liabilities owedB) is used to determine the amount of income earnedduring the periodC) shows the claims on the owner’s equity by thecreditorsD) shows the claims on the entity’s assets by both thecreditors and the owner____ 21. When the proprietor withdraws cash or otherassets, the withdrawal account isA) debitedB) creditedC) debited and creditedD) not affected____ 22. A credit entry decreases the balance ofA) owner’s equityB) assetsC) incomeD) liabilities____ 23. When an entity pays employees for theirservices, the effect is an increase…6.On a statement of financial affairs, a company's liabilities should be valued at Select one: a.the present value of future cash flows. b.the amount expected to be paid if the company could honor its debts. c.net realizable value. d.the amount required for settlement. e.replacement cost.
- Corporation Beta must remeasuring several accounts that were created during that year in two transactions that were denominated in foreign currency and that had a different value on that date than their value on the balance sheet date. In the balance sheet, which account is presented at its current value? A) Depreciation expense B) Equipment C) Accounts receivable D)InventoryWhich of the following should show a profit in order for a financial institution to give a the company a loan a) income statement b) rent expense c) accelerated depreciation d) accounts receivable a) income statement b) rent expense c) accelerated depreciation d) accounts receivableThe purchase of equipment financed by a long-term notes payable is an example of ________. A non-cash investing and financing activity B investing activity C operating activity D financing activity
