MC 3.54 Accrued liabilities:
Intermediate Accounting
Spiceland, Nelson, and Thomas
10th Edition
Accrued liabilities result from what?
Accrued liabilities result from what?
Asks about an omission in the notes to the financial statements that is extremely serious (a qualified opinion is not allowed)
Asks which would be computed using horizontal analysis method.
Asks effect of accruing salaries.
Asks what is not a characteristic of a reportable operating segment.
Asks where supplies would be classified on a balance sheet.
Austin Financial had its net income increase sharply from the prior year, yet its net cash provided from operations declined. Which of the following could explain this?a. The company’s dividend to common stockholders fell.b. The company’s spending on fixed assets declined.c. The company’s cost of goods sold increased.d. The company’s depreciation expense declined.e. The company’s…
On 12/31/15, Barnes Inc had $510 million of retained earnings on its balance sheet. This amount was exactly the same as the following year. If no earnings restatements were issued, which of the following must be CORRECT?a. If the firm lost money, then it must have paid dividends.b. The firm must have had zero earnings…
Which of the following is not on a company’s balance sheet under current liabilities? a. Accounts payable b. Notes payable to the bank c. Accrued wages d. Cost of goods sold e. Payroll taxes.
You are provided with a balance sheet for Games Inc. along with the value of retained earnings. You are asked to determine whether the company would be able to buy an asset with a cost of $200,000.