Financial Statements like the Balance Sheet are required to have standard titles and formats.

Question 1Match each term with the correct definition. Question Liquidity Insolvency Leverage Write-off Question 2Financial Statements like the Balance Sheet are required to have standard titles and formats. Match the correct phrases – in the correct sequence – with the 3 lines on a Balance Sheet for “Company ABC”: Question Line 1: Line 2: Line 3: Question 3Top Rated Cars is a worldwide manufacturer of cars and trucks. They maintain a reserve on the balance sheet for future warranty claims. The balance in this account at December 31, 2015, 2016, 2017, and 2018 (in millions) was: $315.0, $329.0, $354.7 and $361.9 respectively. In addition, revenues for the same periods were (in millions): $10,000.8, $10,122.0, $10,098.6 and $9,999.6. From this data, one could surmise that the quality of their cars and trucks is improving. Question 4Weather Bank Corporation shows the following selected items on its current balance sheet: (1) Total current assets of $123,487; (2) Total Current Liabilities of $98,459; (3) Total assets of $500,084 and (4) Total stockholders’ equity of $239,765. Remember A=L E. What are the Total Liabilities? Question 5Weather Bank Corporation shows the following selected items on its current balance sheet: (1) Total current assets of $123,487; (2) Total current liabilities of $98,459; (3) Total assets of $500,084; and (4) Total stockholders’ equity of $239,765. Remember, A = L E. Based upon this information, the current ratio is: Question 6Deliverance Corporation has annual credit sales of $56.0 million. Its CEO boasts of the fastest receivables turnover in the industry because he never has more than 36 days of sales in receivables. Is he correct, if receivables at the end of last quarter were approximately $8.0 million? Hint: Compute the dollar amount of daily sales. Question 7Winston Land and Cattle Company is a large operator of cattle feedlots and steak restaurants. Its recent financial statements showed their real estate holdings to be in excess of $50.0 million. Winston recently had a company-wide appraisal done for insurance purposes, and the report showed real estate to have a current market value of $356.0 million. Jim Winston, the owner, requested that the firm’s auditors show that value on the financial statements, and the auditors declined his request because: Question 8Deliverance Corporation has annual Cost of Goods Sold of $56.0 million and Average Inventory of $4,760,000. Its CEO boasts of the fastest Inventory Turnover of 8.5 times a year. Is he right? Question 9 Which of the following is a liability? Question 10Classify if the asset should be fixed or current Question Cash Land Inventory Accounts Receivable Long-Term Investments

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