Ch05 - CHAPTER 5 FINANCIAL POSITION AND CASH FLOWS...

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CHAPTER 5 FINANCIAL POSITION AND CASH FLOWS ASSIGNMENT CLASSIFICATION TABLE Topics Brief Exercises Exercises Problems Writing Assignments 1. Classification and disclosure of items in the balance sheet and other financial statements. 2, 3, 4, 5, 6, 7, 8 1, 2, 3, 6, 7, 8, 9 9, 10 2 2. Preparation of balance sheet; issues of format, terminology, and valuation. 1 4, 5, 6, 7, 10, 11 1, 2, 3, 4, 5, 6, 7, 8 3. Statement of cash flows. 9,10,11,12 11, 12, 13, 14, 15 6, 8 1 4. Review of Chapters 4 and 5. 7 5. Analysis* 13 4, 5, 9, 16, 17 6, 8 *This material is covered in an Appendix to the chapter.
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ASSIGNMENT CHARACTERISTICS TABLE Item Description Level of Difficulty Time (minutes) E5-1 Balance sheet classifications. Simple 15-20 E5-2 Classification of balance sheet accounts. Simple 15-20 E5-3 Classification of balance sheet accounts. Simple 15-20 E5-4 Preparation of a corrected balance sheet and analysis. Moderate 35-40 E5-5 Correction of a balance sheet and analysis. Moderate 35-40 E5-6 Preparation of a classified balance sheet. Simple 30-35 E5-7 Current asset section of the balance sheet. Moderate 20-25 E5-8 Current vs. long-term liabilities. Moderate 10-15 E5-9 Current assets and current liabilities and analysis. Complex 30-35 E5-10 Preparation of a balance sheet. Moderate 35-40 E5-11 Preparation of a balance sheet and cash flow statement. Moderate 40-45 E5-12 Statement of cash flow and comments. Moderate 15-20 E5-13 Statement of cash flows—classifications. Moderate 15-20 E5-14 Statement of cash flow – indirect method. Moderate 15-20 E5-15 Operating activities – direct and indirect. Moderate 30-35 *E5-16 Analysis. Moderate 15-20 *E5-17 Analysis. Moderate 15-20 P5-1 Preparation of a classified balance sheet. Moderate 30-35 P5-2 Balance sheet preparation. Moderate 35-40 P5-3 Balance sheet adjustment and preparation. Moderate 40-45 P5-4 Preparation of a corrected balance sheet. Complex 40-45 P5-5 Balance sheet adjustment and preparation. Complex 40-45 P5-6 Preparation of a balance sheet, cash flow statement and analysis. Moderate 40-50 P5-7 Income statement and balance sheet preparation. Moderate 30-40 P5-8 Balance sheet and cash flow preparation and analysis. Moderate 40-50 P5-9 Reporting for financial effects of varied transactions. Moderate 25-30 P5-10 Critique of balance sheet format and content. Moderate 25-30
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SOLUTIONS TO BRIEF EXERCISES BRIEF EXERCISE 5-1 Three examples of financial statement items, which would be omitted from the balance sheet because they cannot be objectively recorded, include: 1. Internally-generated goodwill 2. Intellectual capital developed from research 3. Contingent liabilities that cannot be reasonably estimated BRIEF EXERCISE 5-2 Current assets Cash $9,000 Accounts receivable $221,000 Less allowance for doubtful accounts (8,000 ) 213,000 Inventories 190,000 Prepaid insurance 9,700 Total current assets $421,700 Cash and accounts receivable are monetary assets. BRIEF EXERCISE 5-3
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This note was uploaded on 11/07/2010 for the course ACCT 1000 taught by Professor Curtis during the Spring '06 term at British Columbia Institute of Technology.

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Ch05 - CHAPTER 5 FINANCIAL POSITION AND CASH FLOWS...

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