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- year. contain financial activity for a specific period, i.e. a month, a quarter, or aChoose from the following list of terms and phrases to best complete the statements below. a. Fiscal year c. Accrual basis accounting e. Cash basis accounting b. Timeliness d. Annual financial statements f. Time period assumption 1. presumes that an organization’s activities can be divided into specific time periods. 2. Financial reports covering a one-year period are known as . 3. A(n) consists of any 12 consecutive months. 4. records revenues when services are provided and records expenses when incurred. 5. The value of information is often linked to its .What is the amount of working capital and the current ratio at the end of this year? What is the acid - test ratio at the end of this year? What is the accounts receivable turnover and the average collection period? What is the inventory turnover and the average sale period? What is the company's operating cycle? What is the total asset turnover? What is the times interest earned ratio? What is the debt-to-equity ratio at the end of this year? Markus Company's common stock sold for $2.75 per share at the end of this year. The company paid a common stock dividend of $0.55 per share this year. It also provided the following data excerpts from this year's financial statements: Ending Balance Beginning Balance Cash Accounts receivable Inventory Current assets Total assets Current liabilities Total liabilities Common stock, $1 par value Total stockholders' equity Total liabilities and stockholders' equity Sales (all on account) Cost of goods sold Gross margin Net operating income Interest…
- Debts that are due to be paid within one year or within the company's operating cycle are called: a.deferred liabilities. b.liquid liabilities. c.long-term liabilities. d.current liabilities. e.quick liabilities.4. The life of a business is divided into specific time periods, usually a year, to measure results of operations for each such time period and to portray financial conditions at the end of each period. (a)This practice is based on the accounting assumption that the life of the business consists of a series of time periods and that it is possible to measure accurately the results of operations for each period. Comment on the validity and necessity of this assumption.Please show the solution in good accounting form. 8. How much is the total shareholders' equity at year-end?
- The Balance Sheet abstract of a Company for two years are given below. You are required to – 1. Calculate, for this year Debt-Equity Ratio, Quick Ratio, and Working Capital Turnover Ratio; and 2. Sales Volume required to maintain the same Working Capital Turnover Ratio in This year.Which of the following increases the current assets of a business entity? A) Consumable inventory B) Bank (credit balance) C) Investment (with a maturity date of more than one year hance) D) Deferred incomePlease answer ASAPUsing the information provided in the picture, complete the calculation of accounting ratios andpercentages and comment briefly on the performance of the company for the twoyears.
- Required: (a) You are required to calculate the following ratios:(iv) Return on Capital Employed(v) Asset turnover(vi) Non-current asset turnover(vii) Current Ratio(viii) Quick Ratio(ix) Inventory days(x) Receivables days(xi) Payable days(xii) Interest cover (b) In light of your calculations comment on the performance of the company over thelast two years.The life of a business is divided into specific time periods,usually a year, to measure results of operations for eachsuch time period and to portray financial conditions at theend of each period.(a) This practice is based on the accounting assumptionthat the life of the business consists of a series of timeperiods and that it is possible to measure accuratelythe results of operations for each period. Commenton the validity and necessity of this assumption.(b) What has been the effect of this practice on accounting?What is its relation to the accrual system?What influence has it had on accounting entries andmethodology?The life of a business is divided into specific time periods, usually a year, to measure results of operations for each such time period and to portray financial conditions at the end of each period. (a) This practice is based on the accounting assumption that the life of the business consists of a series of time periods and that it is possible to measure accurately the results of operations for each period. Comment on the validity and necessity of this assumption. (b) What has been the effect of this practice on accounting? What is its relation to the accrual basis of accounting? What influence has it had on accounting entries and practices?
