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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- Which of the following statements is false? Select one: a. The separation of current debt from long-term debt is done on the date of the balance sheet b. Each year, the amount of long-term debt would increase, as a portion is classified as current debt. c. Current assets include cash, accounts receivable and prepaid insurance. d. Long-term assets include vehicles, computers and furniture.4. Classify each of the following as a current asset, a fixed asset, a current liability, or a long-term liability: (a) Accounts Receivable (b) Land (c) Bank Loan (6 months) (d) Office Supplies (e) Delivery Truck (f) Prepaid Rent (8) Automobile (h) Mortgage Payable (i) Taxes Owing (i) Government Bonds (k) Accounts Payable (1Matching: For each of the following situations, select the best answer concerning the classification of the liability. a. Electric bill owed to a local utility b. Fees charged by bankruptcy trustee c. Inventory valued at $61,895 collaterizing a note payable to a bank in the amount of $56,982 d. Land and building valued at $427,000 mortgaged by a bank loan in the amount of $517,000 e. Salaries payable to employees in the following amounts: $1250, $1876, $4500 Classification Options: Unsecured without Priority Partially Secured Unsecured with Priority Fully Secured
- 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.7. Indicate which of the following losses or expenses would be included in calculating a net operating loss by placing a check mark on the appropriate line. A. A short-term capital loss that resulted from selling stock B. Net business loss from a sole proprietorship C. A casualty loss involving a personal residence that resulted from a Presidentially declared disaster D. Loss from selling 1244 stock E. Deductible contributions made to a traditional IRA account F. Loss in selling business equipment G. Charitable donations claimed as itemized deductions 8. If a net operating loss is carried forward to a future return, the deduction would be allowed only as a deduction from AGI (an itemized deduction). True FalseCase I. The Property Corporation requires funds for its inventory, payment of salaries and wages, payment of utilities and other monthly operating costs. a). You are to suggest which financial market the company may approach and why? b). Discuss the financial instruments to raise in this requirement.
- Common categories of a classified balance sheet include Current Assets, Long-Term Investments, Plant Assets, Intangible Assets, Current Liabilities, Long-Term Liabilities, and Equity. For each of the following items, identify the balance sheet category where the item typically would best appear. If an item does not appear on the balance, indicate that instead. Account Title 1. Notes receivable (due in 2 years) 2. Interest payable (due in 1 week) 3. Long-term investment in stock 4. Wages payable 5. Trademarks 6. Salaries payable 7. Merchandise inventory 8. Prepaid Insurance (expires in 5 months) 9. Rental revenue 10. Unearned revenue Classification Account Title 11. Accounts receivable 12. Accounts payable 13. Short-term investments 14. Taxes payable (Due in 5 weeks) 15. Supplies 16. Goodwill 17. Office supplies 18. Franchises 19. Store supplies 20. Copyrights Classification! Required information [The following information applies to the questions displayed below.] Turtle Creek Partnership had the following revenues, expenses, gains, losses, and distributions: Sales revenue Long-term capital gains Cost of goods sold Depreciation-MACRS Amortization of organization costs. Guaranteed payments to partners for general management Cash distributions to partners $ 65,500 $ 4,800 Ordinary income (loss) $ (22,100) $ (7,900) $ (1,240) $ (15,600) $ (3,600) a. Given these items, what is Turtle Creek's ordinary business income (loss) for the year?Common categories of a classified balance sheet Include Current Assets, Long-Term Investments, Plant Assets, Intangible Assets, Current Liabilities, Long-Term Liabilities, and Equity. For each of the following items, Identify the balance sheet category where the item typically would best appear. If an item does not appear on the balance, indicate that instead. 1. Notes receivable (due in 2 years) 2. Interest payable (due in 1 week) 3. Long-term investment in stock 4. Wages payable 5. Trademarks 6. Salaries payable 7. Merchandise inventory 8. Prepaid Insurance (expires in 5 months) 9. Rental revenue 10. Unearned revenue 11. Accounts receivable 12. Accounts payable 13. Short-term investments 14. Taxes payable (Due in 5 weeks) 15. Supplies 16. Goodwill 17. Office supplies 18. Franchises 19. Store supplies 20. Copyrights
- 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. MachineryBanking and Finance(1) Takaful premiums are Select one: O a. recognized as deposits that must be returned to the participants at the end of business year O b. considered as trust held by the operator on behalf of the participants c. paid in return for an insurance cover d. all of the options Next pas