Acc 556 Week 7 Acc556 Week 7 Essay
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ACC 556 Week 1 Discussion
"Financial Statements" Please respond to the following: * From the e-Activity, analyze Apple’s most recent financial statements. Based on your analysis, predict whether Apple’s financial health will likely improve or deteriorate over the next five (5) years. Provide a rationale for your response. * From the e-Activity, examine Apple’s statement of cash flows. Recommend at least two (2) actions that Apple could take in order to maximize the use of its cash flows. Provide a …show more content…
Question 8 Which of the following activities involves collecting the necessary funds to support the business?
| | Operating | | | Investing | | | Financing | | | Delivering |
Question 9 Which of the following is an asset?
| | Mortgage payable | | | Investments | | | Common stock | | | Retained earnings |
Question 10 Which of the following would not be considered an external user of accounting data for the Julian Company?
| | Internal Revenue Service agent | | | Management | | | Creditors | | | Customers |
Question 11 Ashley’s Accessory Shop started the year with total assets of $140,000 and total liabilities of $80,000. During the year the business recorded $220,000 in revenues, $110,000 in expenses, and dividends of $40,000. The net income reported by Ashley’s Accessory Shop for the year was
| | $80,000. | | | $100,000. | | | $130,000. | | | $110,000. |
Question 12 Stockholders’ equity is comprised of
| | common stock and dividends. | | | common stock and retained earnings. | | | dividends and retained earnings. | | | net income and retained earnings. |
Question 13 Marvin Services Corporation had the following accounts and balances: Accounts payable | $18,000 | Equipment | $21,000 | Accounts receivable | 3,000 | Land | 21,000 | Buildings | ? | Unearned service revenue | 6,000 | Cash