Indicate whether each of the items above should be classified on December 31, 2017, as a current liability, a long-term liab
other classification. Consider each one independently from all others; that is, do n
E7-2 (Determine Cash Balance) Presented below are a number of
For each individual situation, determine the amount that should be reported as cash. If the
item(s) is not reported as cash, explain the rationale.
P6-8 (L04) (Analysis of Alternatives) Ellison Inc., a manufacturer of steel school lockers, plans to purchase a new punch
manufacturing process. After contacting the appropriate vendors, the purchasing department received differing terms an
Week 3 Homework Assignment
CA4-6 (Classification of Income Statement Items) As audit partner for Grupo and Rijo, you are
in charge of reviewing the classification of unusual items that have occurred during the current year. The
Statement of Cash Flows
For the Year Ened December 31, 2017
Cash flows from Operating Activities
Net Income for the year
Adjustments to Reconcile Net Income
to Net Cash Provided by Operating Activities:
E7-8 Recording Bad Debts
At the end of 2017, Aramis Company has accounts receivable of $800,000 and an allowance for doubtful
accounts of $40,000. On January 16, 2018, Aramis Company determined that its receivable from Ramirez
Company of $6,000 will not b
E16-1 (Issuance and Conversion of Bonds) For each of the unrelated transactions decribed below, present the
entry(ies) required to record each transaction.
1. Grand Corp. issued $20,000,000 par value 10% convertible bonds at 99. If the bonds had not been
Week 5 Homework Assignment
E6-5 (Computation of Present Value) Using the appropriate interest table, compare the present
values of the following periodic amounts due at the end of designated periods.
(a) $30,000 receivable at the end o
Generally Accepted Accounting Principles (GAAP) is composed of over 2,000 documents that have been
developed over the last 70 ye
E15-1 (Recording the Issuances of Common Stock) During its first year of operations, Collin Raye
Corporation had the following transactions pertaining to its common stock.
shares for cash at
shares to at
E13-1 (Balance Sheet Classification of Various Liabilities) How would each of the following items be reported on the balanc
(a) Accrued vacation Pay
(b) Estimated taxes payable
(c) Service warranties on appliance sales.
Week 5 Homework Assignment
E6-4 (Computation of Future Values and Present Values) Using appropriate interest table, answer
the following questions. (Each case is independent of the others).
(a) What is the future value of 20 periodic p
Multistep Income statement
less Cost of goods sold
Depreciation of sales
Week 9 Homework Assignment
Floyd Corporation has the following four items in its ending inventory.
Net Realizable Value (NRV)
Week #4 Homework Assignment
E5-16: Using Yahoo Finance- Look up Under Armor. For the period ending 12/31/15, complete the
following ratios for both 2015 and 2014 (the financial statements should be comparative as present