BE 21.12 – Sunset Acres
Intermediate Accounting
Spiceland, Nelson, and Thomas
10th Edition
Determine Sunset’s cash flows from operating activities.
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Determine Sunset’s cash flows from operating activities.
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Given account balances for the company, they ask you to calculate the total current assets and liabilities that would be on the balance sheet.
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Given account balances from a trial balance they ask you to determine the retained earnings.
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Given a list of account balances from a trial balance along with the original cost of equipment they ask you to prepare a classified balance sheet.
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Prepare a classified balance sheet for Culver City Lighting, Inc.
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Determine the appropriate classification of the items.
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Given a chart with missing values they ask you to calculate the inventory, property, plant, and equipment, and retained earnings.
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For each of the following note disclosures, indicate whether the disclosure would likely appear in (A) the summary of significant accounts policies or (B) a separate note: (1) depreciation method; (2) contingency information; (3) significant issuance of common stock after the fiscal year-end; (4) cash equivalent designation; (5) long-term debt information; and (6) inventory costing method.For each of the following note disclosures, indicate whether the disclosure would likely appear in (A) the summary of significant accounts policies or (B) a separate note. A/B Note disclosures (1) Depreciation method (2) Contingency information (3) Significant issuance of common stock after the fiscal year-end (4) Cash equivalent designation (5) Long-term debt information (6) Inventory costing method
They give you a post-closing trial balance and ask you to calculate the current ratio, acid-test ratio, and debt-to-equity ratio.
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Given two current ratios, they ask you to determine whether a payment of accounts payable would increase or decrease the current ratio.
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