Financial statements : Financial statements are condensed summary of transactions communicated to the users in the form of reports for the purpose of decision making. To identify : (a) And indicate total current assets as at September 27, 2014 and September 28, 2013.

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Answer 1

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Chapter 2, Problem 2.1EYCT

(a)

To determine

Financial statements: Financial statements are condensed summary of transactions communicated to the users in the form of reports for the purpose of decision making.

To identify: (a) And indicate total current assets as at September 27, 2014 and September 28, 2013.

(b)

To determine

To identify: (b) Mention whether the current assets are listed in conformity with the order of liquidity.

(c)

To determine

To identify: (c) List the classification of total assets.

(d)

To determine

To identify: (d) Indicate the total current liabilities as at September 27, 2014 and September 28, 2013 of Incorporation A

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Review Apple’s balance sheet in Appendix. Identify one asset account that requires adjustment before annual financial statements can be prepared. What would be the effect on the income statement if this asset account were not adjusted? (Number not required, but comment on over- or understating of net income.)

8. Presented below are the Statements of Financial Position of Vickie Merchandising, for the past two calendar years, ending 2013 and 2014. Vickie is on the process of analyzing its financial statements in order to ascertain changes in each of its account balances. Vickie would want to identify account balances whose changes are worth investigating. Cash Assets Marketable Securities Accounts Receivable Merchandise Inventory Prepaid Expenses Total Current Assets Property, Plant, and Equipment (net) Total Assets Vickie Merchandising Statements of Financial Position. December 31 Liabilities and Owner's Equity Accounts Payable Salaries Payable Utilities Payable Taxes Payable Total Current Liabilities Notes Payable (due 2016) Total Liabilities Owner, Capital Total Liabilities and Owner's Equity 2014 P 125,000 45,000 85,000 50,000 4,000 P 309,000 450,000 P 759,000 30,000 20,000 10,000 15,000 ℗ 75,000 300,000 → 375,000 384,000 ℗ 759,000 2013 P 112,000 40,000 77,000 45,000 2,000 ℗ 276,500…

Answer 2

Question

Chapter 2, Problem 2.1EYCT

(a)

To determine

Financial statements: Financial statements are condensed summary of transactions communicated to the users in the form of reports for the purpose of decision making.

To identify: (a) And indicate total current assets as at September 27, 2014 and September 28, 2013.

(b)

To determine

To identify: (b) Mention whether the current assets are listed in conformity with the order of liquidity.

(c)

To determine

To identify: (c) List the classification of total assets.

(d)

To determine

To identify: (d) Indicate the total current liabilities as at September 27, 2014 and September 28, 2013 of Incorporation A

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Answer 3

Question

Chapter 2, Problem 2.1EYCT

(a)

To determine

Financial statements: Financial statements are condensed summary of transactions communicated to the users in the form of reports for the purpose of decision making.

To identify: (a) And indicate total current assets as at September 27, 2014 and September 28, 2013.

(b)

To determine

To identify: (b) Mention whether the current assets are listed in conformity with the order of liquidity.

(c)

To determine

To identify: (c) List the classification of total assets.

(d)

To determine

To identify: (d) Indicate the total current liabilities as at September 27, 2014 and September 28, 2013 of Incorporation A

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Answer 4

Question

Chapter 2, Problem 2.1EYCT

(a)

To determine

Financial statements: Financial statements are condensed summary of transactions communicated to the users in the form of reports for the purpose of decision making.

To identify: (a) And indicate total current assets as at September 27, 2014 and September 28, 2013.

(b)

To determine

To identify: (b) Mention whether the current assets are listed in conformity with the order of liquidity.

(c)

To determine

To identify: (c) List the classification of total assets.

(d)

To determine

To identify: (d) Indicate the total current liabilities as at September 27, 2014 and September 28, 2013 of Incorporation A

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Answer 5

Chapter 2, Problem 2.1EYCT

(a)

To determine

Financial statements: Financial statements are condensed summary of transactions communicated to the users in the form of reports for the purpose of decision making.

To identify: (a) And indicate total current assets as at September 27, 2014 and September 28, 2013.

(b)

To determine

To identify: (b) Mention whether the current assets are listed in conformity with the order of liquidity.

(c)

To determine

To identify: (c) List the classification of total assets.

(d)

To determine

To identify: (d) Indicate the total current liabilities as at September 27, 2014 and September 28, 2013 of Incorporation A

Answer 6

Chapter 2, Problem 2.1EYCT

(a)

To determine

Financial statements: Financial statements are condensed summary of transactions communicated to the users in the form of reports for the purpose of decision making.

To identify: (a) And indicate total current assets as at September 27, 2014 and September 28, 2013.

Answer 7

Chapter 2, Problem 2.1EYCT

(a)

To determine

Financial statements: Financial statements are condensed summary of transactions communicated to the users in the form of reports for the purpose of decision making.

To identify: (a) And indicate total current assets as at September 27, 2014 and September 28, 2013.

Answer 8

(b)

To determine

To identify: (b) Mention whether the current assets are listed in conformity with the order of liquidity.

Answer 9

(b)

To determine

To identify: (b) Mention whether the current assets are listed in conformity with the order of liquidity.

Answer 10

(c)

To determine

To identify: (c) List the classification of total assets.

Answer 11

(c)

To determine

To identify: (c) List the classification of total assets.

Answer 12

(d)

To determine

To identify: (d) Indicate the total current liabilities as at September 27, 2014 and September 28, 2013 of Incorporation A

Answer 13

(d)

To determine

To identify: (d) Indicate the total current liabilities as at September 27, 2014 and September 28, 2013 of Incorporation A

Answer 14

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Answer 15

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Answer 16

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Answer 17

Ch. 2 - What is meant by the term operating cycle?Ch. 2 - Define current assets. What basis is used for...Ch. 2 - Prob. 3Q Ch. 2 - Prob. 4Q Ch. 2 - Prob. 5Q Ch. 2 - Prob. 6Q Ch. 2 - Prob. 7Q Ch. 2 - Prob. 8Q Ch. 2 - What do these classes of ratios measure? (a)...Ch. 2 - Prob. 10Q

Financial statements : Financial statements are condensed summary of transactions communicated to the users in the form of reports for the purpose of decision making. To identify : (a) And indicate total current assets as at September 27, 2014 and September 28, 2013.

Solution Summary: The author explains that financial statements are condensed summary of transactions communicated to the users in the form of reports for the purpose of decision making.

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Financial statements: Financial statements are condensed summary of transactions communicated to the users in the form of reports for the purpose of decision making.

To identify: (a) And indicate total current assets as at September 27, 2014 and September 28, 2013.

To identify: (b) Mention whether the current assets are listed in conformity with the order of liquidity.

To identify: (c) List the classification of total assets.

To identify: (d) Indicate the total current liabilities as at September 27, 2014 and September 28, 2013 of Incorporation A

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Chapter 2 Solutions

Financial statements : Financial statements are condensed summary of transactions communicated to the users in the form of reports for the purpose of decision making. To identify : (a) And indicate total current assets as at September 27, 2014 and September 28, 2013.

Solution Summary: The author explains that financial statements are condensed summary of transactions communicated to the users in the form of reports for the purpose of decision making.

Concept explainers

Videos

Financial statements: Financial statements are condensed summary of transactions communicated to the users in the form of reports for the purpose of decision making. To identify: (a) And indicate total current assets as at September 27, 2014 and September 28, 2013.

To identify: (b) Mention whether the current assets are listed in conformity with the order of liquidity.

To identify: (c) List the classification of total assets.

To identify: (d) Indicate the total current liabilities as at September 27, 2014 and September 28, 2013 of Incorporation A

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Chapter 2 Solutions

Financial statements: Financial statements are condensed summary of transactions communicated to the users in the form of reports for the purpose of decision making.

To identify: (a) And indicate total current assets as at September 27, 2014 and September 28, 2013.