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Chapter 2: Q13BP (page 50)

Classify the following balance sheet items as current or noncurrent:

Retained earning

Bond payable

Accounts payable

Accrued wages payable

Prepaid expenses

Accounts receivable

Plant and equipment

Capital in excess of par

Inventory

Preferred stock

Common stock

Marketable security

Short Answer

Expert verified

Current asset means the assets which can reasonably be expected to be realizable within a year or during the normal operating cycle of the business.

Step by step solution

01

Non-current assets

The non-current assets mean the assets which can not be expected to be realized in the normal operating cycle or within one year.

02

Classification of balance sheet item as current or non-current

Particulars

Classification

Retained earnings

NA

Bonds payable

Non-current

Accounts payable

Current

Accrued wages payable

Current

Prepaid expenses

Current

Accounts receivable

Current

Plant and equipment

Non-current

Capital in excess of par

NA

Inventory

Current

Preferred stock

NA

Common stock

NA

Marketable security

Current

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Most popular questions from this chapter

J. Lo鈥檚 Clothiers has forecast credit sales for the fourth quarter of the year:

September (actual)

\(70,000

Fourth Quarter

October

\)60,000

November

55,000

December

80,000

Experience has shown that 30 percent of sales are collected in the month of sale, 60 percent are collected in the following month, and 10 percent are never collected.

Prepare a schedule of cash receipts for J. Lo鈥檚 Clothiers covering the fourth quarter (October through December).

U.S. Steal has the following income statement data:

Units sold

Total variable costs

Fixed costs

Total costs

Total revenue

Operating income (Loss)

60,000

\(120,000

\)50,000

\(170,000

\)360,000

$190,000

80,000

160,000

50,000

210,000

480,000

270,000

a. Compute DOL based on the following formula (see page 131 for an example):

DOL=PercentagechangeinoperatingincomePercentagechangeinunitssold

Sosa Diet Supplements had earnings after taxes of $800,000 in 20X1 with 200,000 shares of stock outstanding. On January 1, 20X2, the firm issued 50,000 new shares. Because of the proceeds from these new shares and other operating improvements, earnings after taxes increased by 30 percent.

a. Compute earnings per share for the year 20X1.

b. Compute earnings per share for the year 20X2.

Dr. Zhiva虁go Diagnostics Corp.鈥檚 income statement for 20X1 is as follows:

Sales\( 2790000
Cost of goods sold1790000
Gross Profits\)1000000
Selling and administrative expenses302000
Operating profits\(698000
Interest Expense54800
Income before taxes\)643200
Taxes30%192960
Income after-tax$ 450240

Compute the profit margin for 20X1.

Explain how depreciation generates actual cash flows for the company.
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