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D. Discuss the following with your partner.
1) What principle is the classification of assets based on?
2) What are current assets?
3) What types of investments can be distinguished?
4) What is the difference between tangible and intangible assets?
5) What does the term “current liabilities” refer to?
6) What is included into the category of long-term liabilities?
E. Study the classified balance sheet carefully and answer the following questions.
1) What are total assets?
2) What are total liabilities?
3) What is stockholders’ equity?
Classified Balance Sheet
UISE ELIASON and COMPANY Balance Sheet
December 31, 2XXX
| ASSETS:
|
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| Current assets:
|
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| Cash…………………………………………………………………$
|
|
| Accounts Receivable…………………………………………
| 251,000
|
| Inventory ………………………………………………………..
| 298,900
|
| Prepaid Expenses ……………………………………………
| 50,000
|
| Total Current Assets……………………………………………………………
| $ 6000,000
| Long-Term Assets:
|
|
| Land …………………………………………………………………$
| $ 125,000
|
| Plant and Equipment........................ $1,075,000
|
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| Less: Accumulated Depreciation………….. (283,200)
|
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| Plant and Equipment Net………………………………
| 791,800
|
| Total Long Term Assets…………………………………………………………
| 916,800
| Total Assets ………………………………………………………………………………..……….
| $1,516,800
| LIABILITIES:
| | Current Liabilities:
| | Accounts Payable…………………………………$ 501,000
|
| | Short-Term Note Payable…………………………50,000
|
| | Total Current Liabilities …………………………………
| $ 551,000
| | Long-Term Liabilities:
|
| | Bonds Payable………………………………………………………
| 300,000
| | Total Liabilities………………………………………………………………………………………
| $ 851,000
| STOCKHOLDERS’ EQUITY:
| |
| Common Stock, No Par Value,
| |
| 10,000 Shares Issued and Outstanding…………………
| $ 400,000
|
| Retained Earnings …………………………………………………………
| 265,800
|
| Total Stockholders’ Equity …………………………………………………………………….
Total Liabilities and Stockholders’ Equity……………………………………………....
| 665,800
| $ 1,516,800
| | | | |
F. Translate the groups of derivatives:
a) account – accountant – accounting – accountancy – accountable – accountability
b) assist – assistance – assistant
c) calculate – calculated – calculation – calculator – calculating
d) earn – earner – earnings – earned
e) finance – financial – financing – financier
f) owe – owing – owing to – owed
g) own – owner – ownership – owning – owned
h) pay – payable – payee – payment – paid – unpaid
i) profit – nonprofit – not-for-profit – profitable – unprofitable – profitably – profitability – profiteer – profiteering – profitless
G. Match synonyms.
careful (accurate)
| to perform (duties)
| controller
| commitments
| executive
| to aid
| obligations
| to supply
| often
| to bring adequate return
| operations
| to define
| owners’ equity
| to reduce
| plant assets
| to advance
| sophisticated
| transactions
| to assist
| administrative
| to carry out
| frequently
| to cut down
| fixed assets
| to determine
| difficult
| to profit
| chief accounting officer
| to promote
| to launch
| to provide
| net worth
| to start
| proper
|
H. Match antonyms.
bottom
| profit
| decreases
| part-time
| full-time
| expenses
| intangible
| increases
| long-term
| to exceed
| loss
| to borrow
| receivable
| top
| revenues
| growth
| to be salaried frequently
| short-term
| to decline
| payable
| to lack
| tangible
| to lend
| to be paid a fee
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