FINANCIAL ACCT.FUND.(LOOSELEAF)
7th Edition
ISBN: 9781260482867
Author: Wild
Publisher: MCG
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Chapter 1, Problem 17QS
To determine
Financial statement:
The Financial statement is the part of
Assets:
Assets are the resources that a company needs to run the business. An asset is economic resources of the company.
Liabilities:
Liabilities are generally the amount owned by the company from lenders, suppliers, or a bank. Liabilities are the burden on the company that they have to pay to others.
Equity:
The Company needs finance to run the business. Equity is one of the methods through which the company raises the capital.
The assets, liabilities and equity relation is known as the accounting equation. Assets are the resources of the company and that increase as business expand whereas liabilities are the burden on a company that has to pay in future; Equity means the owner claim on assets. An accounting equation represents the Assets of the Company are equal to the liabilities and Equity of the company
a.
To identify: The amount of assets liabilities and equity.
b.
To determine
To verify:
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Integrative ExerciseIntegrating Accounting for Liabilities and Equity
Obtain Apple's 2016 10-K (filed October 26, 2016) either through the "Investor Relations" portion of its website (do a web search for "Apple Investor Relations") or go to www.sec.gov and click "Company Filings Search" under "Filings."
Required:
Using Apple's 10-K, answer the following questions (Hint: It may be easier to use the Word or PDF file and use the search feature within the program):
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2015
Current Ratio
fill in the blank 1
fill in the blank 2
Quick Ratio
fill in the blank 3
fill in the blank 4
Cash Ratio
fill in the blank 5
fill in the blank 6
Comment on Apple's short-term liquidity.
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Question 2
The following are financial statements of AR Sdn Bhd.
AR Sdn Bhd Income Statement for the year ended 31/12/2015
RM
RM
RM
Sales
18600
R/Inward
(440)
Net Sales
18160
COGS
Opening stock
Purchase
3776
11556
-R/Owards
(355)
11201
+carriage inwards
234
11435
15211
-Closing stock
COGS
(4998)
(10213)
GROSS PROFIT
7947
Other income
Interest Received
862
8809
(-) Expenses
Carriage O/ward
Motor expenses
326
664
Discount allowed
526
Rent
576
Sundry expenses
Salaries & wages
1208
2447
(5747)
3062
Net Profit
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Chapter 1 Solutions
FINANCIAL ACCT.FUND.(LOOSELEAF)
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