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Exam 3: The Balance Sheet and Financial Disclosures

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Question 21

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Indicate whether each of the actions listed below will immediately increase (I), decrease (D), or have no effect (N) on the ratios shown. Assume each ratio is greater than 1.0 before the action is taken. -

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Question 22

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Janson Corporation Co.'s trial balance included the following account balances at December 31,2016: Investments consist of treasury bills that were purchased in November and mature in January.Prepaid insurance is for the next two years.What amount should be included in the current asset section of Janson's December 31,2016,balance sheet?

A) $ 88.000.
B) $ 85,000.
C) $ 55,000.
D) $135,000.

E) A) and B)
F) C) and D)

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Question 23

Multiple Choice

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An exception that is so serious that even a qualified opinion is not justified would result in:

Indicate whether each of the actions listed below will immediately increase (I), decrease (D), or have no effect (N) on the ratios shown. Assume each ratio is greater than 1.0 before the action is taken. -

Indicate whether each of the actions listed below will immediately increase (I), decrease (D), or have no effect (N) on the ratios shown. Assume each ratio is greater than 1.0 before the action is taken. -

An example of fraud would be:

Use the following to answer questions Listed below are year-end account balances (in $millions) taken from the records of Symphony Stores. -What would Symphony report as total assets?

The ultimate responsibility for the financial statements lies with the auditors.

Listed below are ten terms followed by a list of phrases that describe or characterize the terms.Match each phrase with the correct term.

Working capital is equal to:

Listed below are 5 terms followed by a list of phrases that describe or characterize the terms.Match each phrase with the correct term.

The current ratio is calculated as:

When a company accrues federal income taxes at the end of the accounting period:

Prepaid expenses are classified as current assets if the services purchased are expected to expire within 12 months or the operating cycle,whichever is longer.

Indicate whether each of the actions listed below will immediately increase (I), decrease (D), or have no effect (N) on the ratios shown. Assume each ratio is greater than 1.0 before the action is taken. -

Listed below are 5 terms followed by a list of phrases that describe or characterize the terms.Match each phrase with the correct term.

Use the following to answer questions The condensed balance sheet and income statement for Marjoram Company are presented below. -Compute the times interest earned ratio for Marjoram Company.Round your answer to two decimal places.

The balance of net receivables represents the amount expected to be collected.

When a company sells land for cash and recognizes a $25,000 gain:

Assets classified as property,plant,and equipment include machinery,equipment,and inventories.