1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
nordsb [41]
3 years ago
10

Assume that Denis Savard Inc. has the following accounts at the end of the current year.

Social Studies
1 answer:
GaryK [48]3 years ago
6 0

Answer:

Since the answer requires the preparation of a balance sheet, please refer to the explanation section for the answer.

Explanation:

ASSETS

Long Term Assets

Property, Plant & Equipment

Intangible Assets

Long Term Investments

Total Non-current Assets

Current Assets

Cash

Inventory

Accounts Receivable

Notes Receivable

Total Current Assets

Total Assets

LIABILITIES AND EQUITY

Long Term Liabilities

Bonds Payable

Total Non-current Liabilities

Current Liabilities

Notes Payable

Accrued Expenses

Payables

Total Current Liabilities

Total Liabilities

Shareholders' Equity

Common Stock

Treasury Stock

Additional Paid in Capital

Minority Interest

Retained Earnings

Total Shareholders' Equity

Total Liabilities and Equity

Note that a classified balance sheet is one in which information about a company's equity, liabilities, and assets (along with the subsegments under each classification and category) is reported as on a specific date. Balance sheets can be created for any date but are usually created at the end of the financial year of the company or at the end of a shorter accounting period, for example, quarter end and semi-annual etc. The word classification is used since the balance sheet "classifies" certain types of account under one general account name. So rather than mentioning all the accounts that a company can possible have in the balance sheet, you include generic forms that club various accounts together. Details of all the accounts can be provided in the notes to the financial statements. This makes a balance sheet much easier to read for a user of the financial statement and makes for easier comparisons between years and between other companies.

The balance sheet provided above has, first of all, divided the accounts into 3 distinct classifications (represented in the accounting equation) which is assets, liabilities, and equity. These are then further broken into short term and long term (for example current assets and non-current assets). Finally, these are further broken down into line items encompassing a bunch of individual accounts.

So, for example, the line item that reads Property Plant & Equipment has clubbed the following accounts mentioned in the question: Accumulated Depreciation - Buildings, Land Held for Future Plant Site, and Buildings.

The following can be provided in the notes and reflects on how the categories were grouped line item wise.

(1) Intangible assets refer to copyright (which is long term in nature)

(2) Long term investments refer to preferred stock investments (long term)

(3) Cash refers to both Cash and Cash restricted for plant expansion

(4) Inventory refers to Raw Materials, Work in Process, and Finished Goods

(5) Accounts Receivable refers to Receivables - Officers and Allowance for Doubtful Accounts (which is a contra asset account)

(6) Bonds payable refers to Bonds Payable (due in 4 years) and discount on bonds

(7) Accrued Expenses refer to Unearned Rent Revenue and Unearned Subscriptions Revenue

You might be interested in
This crop was responsible for fueling the development of the plantation
Effectus [21]

Answer:

Tobacco

Explanation:

Tobacco was a big crop but in order to farm it takes a lot of manpower. In turn  slaves were used to farm and grown the tobacco.

4 0
2 years ago
Jesse displayed a remarkable musical ability as a young child much like his grandfather did. however, his parents and his school
andre [41]

His inherited capacity was not supported by his environment.  

Epigenetics gives a structure to comprehend how the expression of genes is affected by encounters and the surroundings to deliver singular contrasts in conduct, cognizance, identity, and emotional wellness. Epigenetic can be utilized to portray something besides DNA sequence that impacts the improvement of a living being.  

4 0
3 years ago
Enzo just started his own IT company and is taking a marketing course to learn how to create more effective business marketing m
Llana [10]

Answer:

Guidelines below

Explanation:

Well, since an Elevator pitch takes from 60 to 90 seconds. Enzo must be able to say:

1) What is the name of his company?

2) How long he's been on the market

3) Why He does that?

4) Why would somebody hire them? Highlights their best services

5) Kindly Invite for a meeting without strings attached.

Enzo, also, must write it down as an story, memorize it and be ready to say with all his heart.

4 0
3 years ago
Read 2 more answers
Briefly explain the operation of the stare decisis rule
Sedbober [7]
Stare decisis is a legal doctrine that necessitates courts to follow historical cases when creating a ruling on a similar current or future case. Stare decisis safeguards that cases with identical facts be approached in the same way, except overruled by the same court or a higher court such as the US Supreme Court. Simply put, it binds courts to follow legal precedents set by previous decisions.  Stare decisis is a Latin term meaning "to stand by that which is decided". The US common law system has a integrated system of determining legal matters from the principle of stare decisis and precedent. A past ruling or judgment on any circumstance is known as a precedent. Stare decisis commands that courts look to precedent when overseeing an on-going case with similar circumstances.
7 0
3 years ago
How can a bill gain support in Congress?
aniked [119]

Answer:

Representatives usually sponsor bills that are important to them and their constituents.

Representatives who sponsor bills will try to gain support for them, in hopes that they will become laws.

Two or more sponsors for the same bill are called co-sponsors.

5 0
2 years ago
Read 2 more answers
Other questions:
  • 1500 words on groundwater- life line of nation
    9·1 answer
  • How did farming change the kinds of communities early people lived in?
    14·2 answers
  • Section quiz 16 1 what are psychological disorders answers
    6·1 answer
  • Which criminal justice profession requires the most training and experience?
    13·2 answers
  • Freud asserted that ________ lay at the core of his patients' neurotic behavior.
    5·1 answer
  • Please help me! What were the different family roles in African societies? Thanks!
    6·2 answers
  • How does representative democracy differ from direct democracy
    7·2 answers
  • How are the northeast and southeast similar
    15·1 answer
  • Describe the labeling theory of deviance (be sure to mention all three stages). What is it about the labeling approach that make
    8·1 answer
  • A earns a doctoral degree in medicine, provides therapy for those with severe disorders, and is
    5·2 answers
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!