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Category > Business & Finance Posted 23 Apr 2017 My Price 7.00

Indicate the effects of the transactions

Indicate the effects of the transactions listed in the following table on total current assets, current ratio, and net income. Use (+) to indicate an increase, (−) to indicate a decrease, and (0) to indicate either no effect or an indeterminate effect. Be prepared to state any necessary assumptions and assume an initial current ratio of more than 1.0.

 

Total

Current

Effect

a. Cash is acquired through issuance of additional

Current

Ratio

on Net

common stock.

Assets

  

Income

b. Merchandise is sold for cash.

 

 

 

c. Federal income tax due for the previous year is paid.

 

 

 

d. A fixed asset is sold for less than book value.

 

 

 

e. A fixed asset is sold for more than book value.

 

 

 

f. Merchandise is sold on credit.

 

 

 

g. Payment is made to trade creditors for previous

 

 

 

purchases.

 

    

h. A cash dividend is declared and paid.

 

 

 
         

 

 

 

 

Total Current Assets

Current

Ratio

Effect on Net Income

i.

Cash is obtained through short-term bank loans.

 

 

 

j.

Short-term notes receivable are sold at a discount.

 

 

 

k.

Marketable securities are sold below cost.

 

 

 

l.

Advances are made to employees.

 

 

 

m.

Current operating expenses are paid.

 

 

 

n.

Short-term promissory notes are issued to trade

 

 

 

 

creditors in exchange for past due accounts payable.

 

 

 

o.

10-year notes are issued to pay off accounts payable.

 

 

 

p.

A fully depreciated asset is retired.

 

 

 

q.

Accounts receivable are collected.

 

 

 

r.

Equipment is purchased with short-term notes.

 

 

 

s.

Merchandise is purchased on credit.

 

 

 

t.

The estimated taxes payable are increased.

 

 

 
 

 

Answers

Alpha Geek
(8)
Status NEW Posted 23 Apr 2017 04:04 PM My Price 7.00

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file 1492967263-Answer.docx preview (144 words )
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