chpt2 - SO1Chapter 2 A Further Look at Financial Statements...

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SO1 —Chapter 2 A Further Look at Financial Statements Identify the sections of a classified balance sheet. A ____ ___ is expected to be converted to cash or used in the business within a relatively short period of time. Answer: Current asset
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SO1 —Chapter 2 A Further Look at Financial Statements Identify the sections of a classified balance sheet. Liabilities are generally classified on the balance sheet as _____ liabilities and ____-____ liabilities. Answer: current, long-term
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SO1 —Chapter 2 A Further Look at Financial Statements Identify the sections of a classified balance sheet. An _____ asset derives it values from the rights and privileges it provides the owner. Answer: intangible
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SO1 —Chapter 2 A Further Look at Financial Statements Identify the sections of a classified balance sheet. ______ ______ include wages payable, accounts payable, and taxes payable. Answer: Current liabilities (NOTE: Bonds payable would be a long term liability)
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SO1 —Chapter 2 A Further Look at Financial Statements Identify the sections of a classified balance sheet. In a classified balance sheet, assets are usually classified as ?? (List in order) Answer: Current assets; Long-term investments; Property, plant and equipment; and Intangible assets
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SO1 —Chapter 2 A Further Look at Financial Statements Identify the sections of a classified balance sheet. On a classified balance sheet, current assets are customarily listed in the order in which they are expected to be converted to ____. Answer: Cash
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SO1 —Chapter 2 A Further Look at Financial Statements Identify the sections of a classified balance sheet. What are alternative means of expressing ratio relationships? Answer: Proportion (1.27:1 current assets to current liabilities) Rate (1.27 times as great as current liabilities) Percentage (127% of current liabilities
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SO1 —Chapter 2 A Further Look at Financial Statements Identify the sections of a classified balance sheet. Complete the Part A calculations on the sheet given you by Mrs. Iosefa!
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SO2 —Chapter 2 A Further Look at Financial Statements Identify and compute ratios for analyzing a company’s profitability. A measure of _____ is the earnings per share. Answer: Profitability
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SO2 —Chapter 2 A Further Look at Financial Statements Identify and compute ratios for analyzing a company’s profitability. _______ are calculated by dividing (net income – preferred stock dividends) by average number of common shares outstanding. Answer: Earnings per share
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SO2—Chapter 2 Identify and compute ratios for analyzing a company’s profitability. For 2007 Landford Corporation
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chpt2 - SO1Chapter 2 A Further Look at Financial Statements...

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