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Exam 3: The Balance Sheet and Financial Disclosures

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Question 51

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Lack of long-term solvency refers to:

A) Risk of nonpayment relative to liabilities in the capital structure.
B) The length of time before long-term debt becomes due.
C) The ability to refinance long-term debt when it becomes due.
D) Long-term assets.

E) A) and C)
F) None of the above

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Question 52

Multiple Choice

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Which is a shareholders' equity account in the balance sheet?

A) Accumulated depreciation.
B) Paid-in capital.
C) Salaries payable.
D) Accounts receivable.

E) C) and D)
F) A) and C)

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Question 53

Multiple Choice

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Disclosure notes would not include:

Use the following to answer questions The following partial balance sheet ($ in thousands) for Paisano Seafood Inc.is shown below. -The acid-test ratio is (rounded) :

Listed below are 5 terms followed by a list of phrases that describe or characterize the terms.Match each phrase with the correct term.

A company's market value is generally less than its book value.

Which of the following is not a required disclosure for related-party transactions?

Use the following to answer questions Bronco Electronics' current assets consist of cash,marketable securities,accounts receivable,and inventories.The following data were abstracted from a recent financial statement: Required: Compute the following for Bronco: -Current assets

Long-term assets generally include:

Intangible assets usually are reported in the balance sheet as current assets.

Which of the following is not a characteristic that defines a reportable operating segment according to U.S.GAAP?

Long-term solvency refers to:

The usual difference between accounts payable and notes payable is:

Use the following to answer questions Spartan Sportswear's current assets consist of cash,marketable securities,accounts receivable,and inventories.The following data were abstracted from a recent financial statement: Required: Compute the following for Spartan: -Long-term liabilities

Current assets include cash and all other assets expected to become cash or be consumed:

The balance sheet reports a company's financial position at a point in time.

Use the following to answer questions The balance sheet for Altoid Co.is shown below. Selected 2016 income statement information for Altoid Co.includes: Required: Compute the following financial statement ratios for 2016: -Altoid Co.'s long term debt to equity ratio.Round your answer to two decimal places.

New Oaks Winery requires two months to make wine,two years to age it,one month to bottle it,two months to sell it,and one month to collect the receivable.Its operating cycle is:

How are management's responsibility and the auditors' opinion on internal controls represented in the standard auditor's report?

Use the following to answer questions The condensed balance sheet and income statement for Marjoram Company are presented below. -Compute the acid-test ratio for Marjoram Company.Round your answer to two decimal places.