Financial Accounting: Tools for Business Decision Making, 8th Edition
8th Edition
ISBN: 9781118953808
Author: Paul D. Kimmel, Jerry J. Weygandt, Donald E. Kieso
Publisher: WILEY
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Chapter 2, Problem 2.1AP
To determine
Classified balance sheet: The main elements of balance sheet assets, liabilities, and stockholders’ equity are categorized or classified further into sections in a classified balance sheet. Assets are further classified as current assets, long-term investments, property, plant, and equipment (PPE), and intangible assets. Liabilities are classified into two sections current and long-term. Stockholders’ equity comprises of common stock and
To prepare: Classified balance sheet for Incorporation Y as at December 31, 2017
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Suppose the following items were taken from the 2025 financial statements of Texas Instruments, Inc. (All dollars are in millions.)
Common stock
Prepaid rent
Equipment
Stock investments (long-term)
Debt investments (short-term) 1,620
Income taxes payable
Cash
Current Assets
$2,100
150
6,070
Cash
700
140
1,200
Accumulated depreciation-equipment $2,890
Accounts payable
1,770
2,160
Patents
Notes payable (long-term)
Retained earnings
Accounts receivable
Inventory
Prepare a classified balance sheet in good form as of December 31, 2025. (List Current Assets in order of liquidity. Enter amounts
in millions.)
TEXAS INSTRUMENTS, INC.
Balance Sheet
December 31, 2025
710
(in millions)
Assets
7.260
1,900
1,070
1200
Suppose the following items were taken from the 2022 financial statements of Texas Instruments, Inc. (All dollars are in millions.)
Common stock
Prepaid rent
Equipment
Stock investments (long-term)
Debt Investments (short-term)
Income taxes payable
Cash
$2.826
164
6,705
637
1,743
128
1,182
Accumulated depreciation-equipment
Accounts payable
Patents
Notes payable (long-term)
Retained earnings
Accounts receivable
V
Inventory
TEXAS INSTRUMENTS, INC.
Balance Sheet
(in millions)
Assets
$3.547
1,459
2,210
Prepare a classified balance sheet in good form as of December 31, 2022. (List Current Assets in order of liquidity)
$
810
6,896
1,823
1,202
Liabilities and Stockholders' Equity
$
$
$
$
Use the following data:
Barry Computer Company Balance Sheet as of December 31, 2014 In thousands of $
Cash 85,775 Accounts payable 171,550
Receivables 669,045 Other current liabilities 257,325
Inventories 446,030 Notes payable 85,775
Total current assets 1,200,850 Total current liabilities 514,650
Net fixed assets 514,650 Long-term debbt 394,565
Common equity 806,285
Total assets 1,715,500 Total liabilities and equity 1,715,500
Barry Computer Company Income Statement For the year ended December 31, 2014 In thousands of $
Sales 2,350,000
COGS
Materials 1,081,000
Labour 517,000
Heat, light and power 164,500
Indirect labour 188,000
Depreciation 94,000
Total COGS 2,044,500
Gross profit 305,500
Selling expenses 164,500
General and administrative expenses 47,000
EBIT 94,000
Interest expense 39,457
EBT 54,543
Federal and state income taxes (40%) 21,817
Net income 32,726
Calculate the following ratio for Barry Company. Round your answer to two decimal places.
ROIC:
Chapter 2 Solutions
Financial Accounting: Tools for Business Decision Making, 8th Edition
Ch. 2 - What is meant by the term operating cycle?Ch. 2 - Define current assets. What basis is used for...Ch. 2 - Prob. 3QCh. 2 - Prob. 4QCh. 2 - Prob. 5QCh. 2 - Prob. 6QCh. 2 - Prob. 7QCh. 2 - Prob. 8QCh. 2 - What do these classes of ratios measure? (a)...Ch. 2 - Prob. 10Q
Ch. 2 - Prob. 11QCh. 2 - Prob. 12QCh. 2 - (a) What is the primary objective of financial...Ch. 2 - Merle Hawkins, the president of Pathway Company,...Ch. 2 - Prob. 15QCh. 2 - Prob. 16QCh. 2 - Prob. 17QCh. 2 - Prob. 18QCh. 2 - What is the economic entity assumption? Give an...Ch. 2 - Prob. 20QCh. 2 - The following are the major balance sheet...Ch. 2 - Prob. 2.2BECh. 2 - Prob. 2.3BECh. 2 - Prob. 2.4BECh. 2 - Prob. 2.5BECh. 2 - Prob. 2.6BECh. 2 - Prob. 2.7BECh. 2 - Prob. 2.8BECh. 2 - Here are some qualitative characteristics of...Ch. 2 - Prob. 2.10BECh. 2 - Prob. 2.1ADIECh. 2 - Prob. 2.1BDIECh. 2 - Prob. 2.2DIECh. 2 - The following characteristics, assumptions,...Ch. 2 - Prob. 2.1ECh. 2 - The major balance sheet classifications are listed...Ch. 2 - Prob. 2.3ECh. 2 - Prob. 2.4ECh. 2 - Prob. 2.5ECh. 2 - Prob. 2.6ECh. 2 - Prob. 2.7ECh. 2 - Prob. 2.8ECh. 2 - Nordstrom, Inc. operates department stores in...Ch. 2 - Prob. 2.10ECh. 2 - Prob. 2.11ECh. 2 - Prob. 2.12ECh. 2 - Prob. 2.13ECh. 2 - Prob. 2.1APCh. 2 - Prob. 2.2APCh. 2 - Prob. 2.3APCh. 2 - Prob. 2.4APCh. 2 - Prob. 2.5APCh. 2 - Prob. 2.6APCh. 2 - Prob. 2.7APCh. 2 - Prob. 2.8APCh. 2 - Prob. 2.1EYCTCh. 2 - Prob. 2.2EYCTCh. 2 - Prob. 2.3EYCTCh. 2 - Prob. 2.4EYCTCh. 2 - Prob. 2.7EYCTCh. 2 - Prob. 2.8EYCTCh. 2 - Prob. 2.9EYCTCh. 2 - ETHICS CASE At one time, Boeing closed a giant...Ch. 2 - In what ways does the format of a statement of...Ch. 2 - Prob. 2.2IFRSCh. 2 - Prob. 2.3IFRSCh. 2 - Prob. 2.4IFRSCh. 2 - Prob. 2.5IFRS
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