Acc 205 Week 5 Complete Uop Exam Assignment

ACC 205 Week 5 Complete

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DQ1.From Chapter 9, Fraud Case 9-1. Complete all parts of the case and respond to at least two of your classmates’ postings. 

When a business sells a fully depreciated asset for its salvage value, is a gain or loss recognized?

How do businesses determine what salvage values to use for their various assets? Are there “hard and fast” rules for salvage values?

How would an organization prevent the kind of fraud depicted here?

DQ2.There are two types of  liabilities that must be estimated.  Describe them and explain why they must be estimated.  How are the financial statements affected if they are not estimated?  Respond to at least two of your classmates’ postings.

Individual Assignment - Financial Ratios

1.  Liquidity ratios. Edison, Stagg, and Thornton have the following financial information at the close of business on July 10:

Compute the current and quick ratios for each of the three companies. (Round calculations to two decimal places.) Which firm is the most liquid? Why?

2.  Computation and evaluation of activity ratios. The following data relate to Alaska Products, Inc:

Compute the accounts receivable and inventory turnover ratios for 19X5. Alaska rounds all calculations to two decimal places.

3.  Profitability ratios, trading on the equity. Digital Relay has both preferred and common  outstanding. The company reported the following information for 19X7:

Compute the gross profit margin ratio, the return on equity and the return on assets, rounding calculations to two decimal places. Does the firm have positive or negative financial leverage? Briefly explain.

4.  Horizontal analysis. Mary Lynn Corporation has been operating for several years. Selected data from the 20X1 and 20X2 financial statements follow.

Prepare a horizontal analysis for 20X1 and 20X2....