{[ promptMessage ]}

Bookmark it

{[ promptMessage ]}

Acct%20Project%201[1]

Acct%20Project%201[1] - financial weakness since a company...

Info icon This preview shows pages 1–2. Sign up to view the full content.

View Full Document Right Arrow Icon
Drew Sherry and Aaron Kovalchik ACCT 214 Project 1 Professor Rankin 25 October 2011 Chapter 3 1. A company has accrued expenses at year-end because they wait until the end of the period. They use an adjusting entry to update each expense for their financial statements 2. Accrued Expenses and Other $902 million 3. December 31, 2008 a. Accrued Expense and Other 1093 Accounts Payable 1093 b. Operation Expenses 3428 Cash 2335 Accrued Expense 1093 4.
Image of page 1

Info icon This preview has intentionally blurred sections. Sign up to view the full version.

View Full Document Right Arrow Icon
5. a. 2007 Current Ratio: 5164 = 1.39 3714 2007 Debt Ratio: 5288 = 0.8154 6485 b. 2008 Current Ratio: 6157 = 1.297 4746 2008 Debt Ratio: 5642 = 0.6786 8314 Amazon.com Inc’s current ratio decreased between 2007 and 2008, showing a
Image of page 2
This is the end of the preview. Sign up to access the rest of the document.

Unformatted text preview: financial weakness, since a company wants its current ratio to improve. On the other hand, the debt ratio also decreased showing a financial strength, since lesser debt is good for a company. Chapter 5 1. Net Accounts signifies: Accounts Receivable – Allowance for Bad Debt Other signifies: Other Current Assets 2. Accounts Receivable: online purchases using a credit card, is vendor receivable and customer receivables 3. The allowance for doubtful accounts in 2008 was $81 million, while in 2009 it was $64 million....
View Full Document

{[ snackBarMessage ]}

What students are saying

  • Left Quote Icon

    As a current student on this bumpy collegiate pathway, I stumbled upon Course Hero, where I can find study resources for nearly all my courses, get online help from tutors 24/7, and even share my old projects, papers, and lecture notes with other students.

    Student Picture

    Kiran Temple University Fox School of Business ‘17, Course Hero Intern

  • Left Quote Icon

    I cannot even describe how much Course Hero helped me this summer. It’s truly become something I can always rely on and help me. In the end, I was not only able to survive summer classes, but I was able to thrive thanks to Course Hero.

    Student Picture

    Dana University of Pennsylvania ‘17, Course Hero Intern

  • Left Quote Icon

    The ability to access any university’s resources through Course Hero proved invaluable in my case. I was behind on Tulane coursework and actually used UCLA’s materials to help me move forward and get everything together on time.

    Student Picture

    Jill Tulane University ‘16, Course Hero Intern