Acc 400 week 3 assignments



You will need access to my text books! There is four different short assignments to complete




Resource: Financial Accounting: Tools for Business Decision Making


Prepare responses to the following assignment from the e-text:




Assignment 1- Ch. 10: Questions 1, 7, 8, & 19




1. Georgia Lazenby believes a current liability is a debt that can be expected to be paid in one year. Is Georgia correct? Explain.




7. (a) What are long-term liabilities? Give two examples.


                (b) What is a bond?




            8. Contrast these types of bonds:


                        (a) Secured and unsecured.


                        (b) Convertible and callable.




            19. Valentin Zukovsky says that liquidity and solvency are the same thing. Is he correct? If not, how do they differ?






Assignment 2- Brief Exercise BE10-1




BE10-1 Kananga Company has these obligations at December 31: (a) a note payable for $100,000 due in 2 years, (b) a 10-year mortgage payable of $200,000 payable in ten $20,000 annual payments, (c) interest payable of $15,000 on the mortgage, and (d) accounts payable of $60,000. For each obligation, indicate whether it should be classified as a current liability.










Assignment 3- Financial Reporting Problem BYP10-1






BYP10-1 Refer to the financial statements of Tootsie Roll Industries and the Notes to Consolidated Financial Statements in Appendix A.






Answer the following questions.


(a) What were Tootsie Roll’s total current liabilities at December 31, 2004? What was the increase/decrease in Tootsie Roll’s total current liabilities from the prior year?


(b) How much were the accounts payable at December 31, 2004?


(c) What were the components of total current liabilities on December 31, 2004 (other than accounts payable already discussed above)?




















Resources: Financial and Managerial Accounting: The Basis for Business Decisions


Prepare responses to the following assignment from the e-text:




Assignment 4-Ch. 11: Internet Assignment 11-1




Visit the home page of Staples, Inc., at the following Internet address:


Locate the company’s most current balance sheet by selecting Corporate Information.






Answer the following questions:


a. Does the company report preferred stock in its balance sheet? If so, how many shares are currently outstanding?


b. How much common stock does the company report in its most recent balance sheet? What is the par value of each?


c. Does the company report any treasury stock? Has this amount changed since the previous year?




Internet sites are time and date sensitive. It is the purpose of these exercises to have you explore the Internet. You may need to use the Yahoo! search engine (or another favorite search engine) to find a company’s current Web address.