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mihalych1998 [28]
3 years ago
8

For each of the following transactions for , state whether the total effect of the transaction results in an increase, decrease,

or has no effect on assets, liabilities, equity, and net income. collected cash from a credit sale 20 days after the sale. The terms of the sale were 2/15, n/25
Business
1 answer:
astraxan [27]3 years ago
5 0

Answer:

It will increase the assets,equity and net income but decrease the liabilities

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While auditing the financial statements of a nonissuer, a CPA was requested to change the engagement to a review in accordance w
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Answer: Neither A not B

Explanation:

When an accountant compiles the financial statements of a nonissuer in accordance with Statements on Standards for Accounting and Review Services (SSARS), the accountant's report should include a statement: that the accountant does not express an opinion on the financial statements.

When an independent CPA assists in preparing the financial statements of a publicly held entity but has not audited or reviewed them, the CPA should issue a disclaimer of opinion. In such situations, the CPA has no responsibility to apply any procedures beyond Documenting that internal control is not being relied on.

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What is the best scam ever in Business
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in a class of p student the average mark is n and in another class of q student the average mark is n. calculate the average mar
lesantik [10]

Answer: The average mark is n.

Explanation: The average mark is a average of averages. The average mark of class of p student is n, and q student is n, so n+n/2= 2n/2=n.

4 0
3 years ago
The most recent data from the annual balance sheets of Free Spirit Industries Corporation and LeBron Sports Equipment Corporatio
shutvik [7]

Answer:

Free Spirit Industries Corporation and LeBron Sports Equipment Corporation

1a. Free Spirit Industries Corporation’s current ratio is , and its quick ratio is 1.3337 : 1 and 0.7469 : 1 respectively.

1b. LeBron Sports Equipment Corporation’s current ratio is , and its quick ratio is 1.6596 : 1 and 0.9294 : 1 respectively.

2. True: Free Spirit Industries Corporation has less liquidity but also a greater reliance on outside cash flow to finance its short-term obligations than LeBron Sports Equipment Corporation.

3. True: A current ratio of 1 indicates that the book value of the company’s current assets is equal to the book value of its current liabilities.

4. True: An increase in the current ratio over time always means that the company’s liquidity position is improving.

Explanation:

a) Data:

Balance Sheet December 31st (Millions of dollars)

LeBron Sports Equipment Corporation   Free Spirit Industries Corporation

                             LeBron   Free Spirit                             LeBron   Free Spirit

Assets                                                        Liabilities

Current assets                                        Current liabilities

Cash                            $1,435      $922     Accounts payable         $0    $0

Accounts receivable      525         338      Accruals                       316      0

Inventories                   1,540         990      Notes payable          1,793   1,687

Total current assets $3,500   $2,250 Total current liabilities $2,109$1,687

Net fixed assets                                          Long-term bond      2,578 2,063

Net plant & equipment 2,750 2,750         Total debt             $4,687 $3,750

                                                                    Common equity

                                                                    Common stock     $1,016     $813

                                                                    Retained earnings   547       437

                                                            Total common equity $1,563  $1,250

Total assets      $6,250 $5,000 Total liabilities and equity$6,250 $5,000

b) Current Ratio and Quick Ratio:

Current Ratio = Current Assets/Current Liabilities

Quick Ratio = (Current Assets - Inventory)/Current Liabilities

1a. Free Spirit Industries Corporation’s current ratio is , and its quick ratio is

Current Ratio = $2,250 / $1,687 = 1.3337 : 1

Quick Ratio = ($2,250 - 990) / $1,687 = 0.7469 : 1

1b. LeBron Sports Equipment Corporation’s current ratio is , and its quick ratio is:

Current Ratio = $3,500 / $2,109 = 1.6596 : 1

Quick Ratio = $3,500 -1,540 / $2,109 = 0.9294 : 1

5 0
3 years ago
How could government – sponsored grants for the private development of new technologies result in a lower national debt?
Svet_ta [14]

Answer: Making initial development private saves the government from funding all of the research.

Explanation:

A grant refers to an amount of money that is financial assistance thats given by the government or an organization to an individual or firm for a specific purpose. A grant is different from a loan as it isn't meant to be paid back.

Government award grants for the development of technologies, community projects, home insulation etc.

With regards to the question, a government – sponsored grants for the private development of new technologies may result in a lower national debt when the government makes the initial development private thereby saving the government from funding all of the research.

6 0
3 years ago
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