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(Answered) Financial reporting: current assets, pending litigation


21. Which of the following would not be classified as a current asset on a classified balance sheet?;a. Investment securities (trading);b. Short-term investments;c. Prepaid expenses;d. Intangible assets;22. The correct order to present current assets is;a. cash, inventories, prepaid items, accounts receivable.;b. cash, inventories, accounts receivable, prepaid items.;c. cash, accounts receivable, prepaid items, inventories.;d. cash, accounts receivable, inventories, prepaid items.;23. Pending litigation would generally be considered a(n);a. nonmonetary liability.;b. contingent liability.;c. estimated liability.;d. current liability.;24. Which of the following statements best describes a subsequent event?;a. A subsequent event affects only subsequent reporting periods.;b. A subsequent event may occur any time after financial statements are issued.;c. A subsequent event is, in some cases, reflected in the statements of the preceding period.;d. A subsequent event is not covered by the independent auditor's report.;25. The operating cycle;a. measures the time elapsed between cash disbursement for inventory and cash collection of the sales price.;b. refers to the seasonal variations experienced by business enterprises.;c. should be used to classify assets and liabilities as current if it is less than one year.;d. cannot exceed one year.;26. Blues Corporation's trial balance included the following account balances at December 31, 2011;Accounts Payable........................................ $45,000;Bonds Payable, due 2012................................. 75,000;Discount on Bonds Payable, due 2012..................... 9,000;Dividends Payable January 31, 2012...................... 24,000;Notes Payable, due January 31, 2015..................... 60,000;What amount should be included in the current liability section of Blues' December 31, 2011, balance sheet?;a. $135,000;b. $153,000;c. $195,000;d. $234,000
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Financial reporting: current assets, pending litigation

 


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