Liberty University ACCT 212 Chapter 13 Reading Assignment Answers Complete Solutions
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The complete income statement is separated into the following sections:
A financial statement report consists of an executive summary, analysis overview, evidential matter, assumptions, key factors, and inferences.
Identify and match the major parts of the the complete income statement.
Days’ sales uncollected is a measure of how a company collects accounts receivables computed by dividing the current balance of receivables by the annual credit (or net) sales and then multiplying by 365.
Vertical analysis is also called – analysis.
________ analysis is a form of horizontal analysis that can reveal patterns in data across successive periods by comparing period amounts by base period amounts.
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Comparative financial statements show financial information in _____ columns.
__________ are widely used tools of financial analysis because they provide clues and symptoms of underlying conditions. They can help us uncover conditions and trends difficult to detect by inspecting individual components of the statements.
Vertical analysis is a tool to evaluate individual financial statement items or a group of items in terms of a specific base amount. When analyzing income statement accounts, the base is usually (revenue/expenses/net income) and for balance sheet accounts, the base is usually total (assets/liabilities/equity) .
Trend percent is computed by taking the (analysis period amount ________) x 100.
Comparing amounts for two or more successive periods often helps in analyzing financial statements. financial statements facilitate this comparison by showing financial amounts in side-by-side columns on a single statement.
The formula for the acid-test ratio is computed as ( + short-term investments + current receivables)/current liabilities.
An investor in Able Inc. would like to understand Able’s funding requirements, also known as the availability of Able’s resources to meet its short-term cash requirements. This type of analysis is known as a(n) (efficiency/liquidity) measure.