ACCT-550-60076 Intermediate Accounting I
Description: This paper covers fundamental concepts in intermediate accounting, focusing on financial statements and processes.
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ACCT-550-60076 Intermediate Accounting I
Review the provided financial statements and classifications from Intermediate Accounting I.
Explain the importance of correctly classifying assets, liabilities, and stockholders' equity in
financial statements. Discuss how operating, investing, and financing activities impact the
statement of cash flows and why differentiating non-cash activities is essential. Analyze the
given balance sheet to evaluate the company’s financial position in terms of liquidity, solvency,
and equity structure. Provide examples from the provided data to support your response (200–
300 words).
Review the provided financial statements and classifications from Intermediate Accounting I.
Explain the importance of correctly classifying assets, liabilities, and stockholders' equity in
financial statements. Discuss how operating, investing, and financing activities impact the
statement of cash flows and why differentiating non-cash activities is essential. Analyze the
given balance sheet to evaluate the company’s financial position in terms of liquidity, solvency,
and equity structure. Provide examples from the provided data to support your response (200–
300 words).
E5-2
1. Preferred stock H 2. Goodwill D
3. Salaries and wages payable. F 4. Accounts payable. F
5. Buildings. C 6. Equity investments (trading). A
7. Current maturity of long-term debt. F 8, Premium on bonds payable. G
9. Allowance for doubtful accounts. A 10. Accounts receivable. A
11. Cash surrender value of life insurance. B 12. Notes payable (due next year). F
13. Supplies. A 14. Common stock. H
15. Land C 16. Bond sinking fund. B
17. Inventory A 18. Prepaid insurance A
19. Bonds payable. G 20. Income taxes payable. F
E5-4 LIABILITIES
Current Assets Current Liabilities
Cash Notes Payable
Less Cash Restricted
Notes Receivables Accrued Salaries Payable
Accounts Receivable
Less Allowances for doubtful
Accounts
Inventory -Work in process
Unearned Rent Revenues
Unearned Subscription revenue
Total Current Assets Total Current Liabilities
1. Preferred stock H 2. Goodwill D
3. Salaries and wages payable. F 4. Accounts payable. F
5. Buildings. C 6. Equity investments (trading). A
7. Current maturity of long-term debt. F 8, Premium on bonds payable. G
9. Allowance for doubtful accounts. A 10. Accounts receivable. A
11. Cash surrender value of life insurance. B 12. Notes payable (due next year). F
13. Supplies. A 14. Common stock. H
15. Land C 16. Bond sinking fund. B
17. Inventory A 18. Prepaid insurance A
19. Bonds payable. G 20. Income taxes payable. F
E5-4 LIABILITIES
Current Assets Current Liabilities
Cash Notes Payable
Less Cash Restricted
Notes Receivables Accrued Salaries Payable
Accounts Receivable
Less Allowances for doubtful
Accounts
Inventory -Work in process
Unearned Rent Revenues
Unearned Subscription revenue
Total Current Assets Total Current Liabilities
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Document Details
University
DeVry University
Subject
Accounting