The trial balance for Lindor Corporation, a manufacturing company, for the year ended December 31, 2024, included the following accounts: Account Title Debits Credits Sales revenue $ 2,640,000 Cost of goods sold $ 1,560,000 Selling and administrative expense 434,000 Interest expense 56,000 Gain on debt securities 96,000 The gain on … Read more
Week 3: Income Statement Remember to post your first discussion response by Wednesday and post at least 2 additional times throughout the week. Discussion Instructions Students often refer to an income statement as the statement that shows how much money a company has made. Money, by definition, is something that is generally accepted as a … Read more
How much will $6,500 invested at the end of each year grow to in six years, assuming an interest rate of 9% compounded annually? Note: Use tables, Excel, or a financial calculator. Round your final answer to the nearest whole dollar. (FV of $1, PV of $1, FVA of $1, and PVA of $1). Shane wants to … Read more
Week 4: Time Value of Money Discussion Instructions You might think of the time value of money to be a topic for finance class, but accountants need an understanding of this topic as well. Let’s discuss where and why an accountant may need to use these skills or calculations. Be sure to provide an example. … Read more
For each of the following balance sheet items, indicate the appropriate classification category from the dropdown list. Note: If the item is a contra account, select the appropriate classification category with “- contra” from the dropdown list. 1.Property, plant, and equipment Current liabilities Investments 4.Current assets-contra 5.Long-term liabilities 6.Current liabilities 7.Current liabilities 8.Retained eamings 9.Investments … Read more
Listed below are several terms and phrases associated with the FASB’s conceptual framework. Pair each item from List A with the item from List B that is most appropriately associated with it. Predictive value Relevance Timeliness Distribution to owners Confirmatory value Understandability Gain Faithful representation Comprehensive income Materiality Comparability Neutrality Recognition Consistency Cost-effectiveness Verifiability … Read more
Which of the following potentially limits the usefulness of the balance sheet? Multiple Choice All of the other answer choices represent potential limitations of the balance sheet. Many items in the balance sheet reflect estimates and judgments of management. Property, plant, and equipment are recorded at their book values rather than fair values. Many valuable … Read more
Week 2: Balance Sheet—Purpose and Uses Discussion Instructions The balance sheet is one of the first financial statements people turn to when reviewing a company. You can learn a lot about a company by looking at its balance sheet. What is the purpose of the balance sheet? How would you use the balance sheet to … Read more
Management has decided to change the estimated useful life of a machinery but fails to disclose this change in the financial statements. This violation of GAAP can cause the information to be misleading because it lacks: Top of Form Multiple Choice Neutrality. Completeness. Confirmatory value. Timeliness. Bottom of Form The most political issue in … Read more
ObjectivesWeek 1: Course Objectives Course Objectives Instructions Review the Course Objectives outlined in the Syllabus (refer to the main course menu). Share your expectations from this course.