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HomeworkFall2009Solutions 8&9

HomeworkFall2009Solutions 8&9 - Accounts payable...

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HOMEWORK - Fall 2009 – Chapters 1 through 7 ALL homework assignments must be completed by using some type of computer software program, e.g., word, excel. YOU WILL NOT RECEIVE FULL CREDIT FOR THE HOMEWORK UNLESS IT IS COMPLETED BY USING A COMPUTER. NO CREDIT WILL BE GIVEN FOR LATE HOMEWORK. When completing your homework assignments DO NOT use any abbreviations, e.g., spell out Governmental Accounting Standards Board instead of simply writing GASB. 8. (2 points) The adjusted trial balance of RAT Financial Consultants follows. Using the information from the adjusted trial balance, prepare a balance sheet as of December 31, 2007. RAT Financial Consultants Balance Sheet For the Year Ended December 31, 2007 Current assets Cash $ 590,000 Accounts receivable, net 125,000 Inventory 90,000 Prepaid expenses 60,000 Total current assets 865,000 Fixed assets, net 690,000 Other long-term assets 150,000 Total assets $ 1,705,000 Current liabilities
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Unformatted text preview: Accounts payable and accrued liabilities $ 195,000 Unearned revenue 80,000 Total current liabilities 275,000 Long-term debt 500,000 Total liabilities 775,000 Shareholders’ equity Common stock 400,000 Retained earnings 530,000 Total shareholders’ equity 930,000 Total liabilities and shareholders’ equity $ 1,705,000 9. (4 points) Identify which (if any) of the 3 sections on a statement of cash flow that the following should be presented/reflected. a. Cash dividends paid to shareholders during the year. financing b. Cash dividends declared but not yet paid during the year. not a cash flow c. Purchase of fixed assets for cash. investing d. Borrowing money on a long-term basis. financing e. Borrowing money on a short-term basis. financing f. Issuing common stock for $15 per share. financing g. Sale of a fixed asset for more than book value. investing & operating 1...
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