Chapters 1-3
A company's resources is typically referred to as...
Assets
Slide 10
On Service Date
Slide 15
Cost of Asset plus all costs necessary to get Asset ready for use
What is an advantage of a corporation?
Limited Liability
Financial Accounting and reporting standards in the U.S. are established primarily by the...
Financial Accounting Standards Board (FASB)
Ryan company provides services on account for Professor Fisher costing $750. What is the effect on the accounting equation?
Assets: Increase
Liabilities: No effect
SE: Increase
Slide 11
Date of Cash Receipt
Slide 16
$25,200
Slide 22
Increase Common Stock by $500
Slide 13
Decrease Allowance for Uncollectible Accounts
Suppose Ryan company has $57,000 in assets, $17,000 in liabilities, and $30,000 in retained earnings. How much Stockholders Equity does Ryan company have?
Accounts Receivable can be best described as...
Assets represented by what customers owe
Slide 17
$700,000
Slide 23
Increase Total Assets
What type(s) of company reports revenue when selling inventory
Manufacturing and Merchandising
On January 1st, Ryan company started the year with $400,000 in Retained Earnings and $525,000 in Common Stock. Over the year, Ryan company reported Net Income of $150,000, issued dividends of $15,000, and acquired a loan worth $45,000. What is the value of Stockholders’ Equity at year end for Ryan company.
$1,060,000
Slide 14
$2,600
Slide 18
Decrease NI by $2,000
Purchasing a Long-Term Asset can be classified as an...
Investing Activity
Slide 19
$38,400
Slide 9
$500
Slide 12
2,800
Slide 20
$1.5 Million
What does the Current Ratio measure
The ability of a company to pay its current obligations
Slide 21
$129