1. If a company has total equity of 400,000 and total assets of 750,000, calculate the total liabilities using the basic accounting formula. 

2. If the current account balances are: Cash = 40,000 Working capital = 25,000 Common Stock = 40,000 Retained earnings = 15,000 Calculate the current liabilities 

3. Which financial statement shows the firm's cash flows over a given period of time? 

4. If current account balances are: Cash = 20,000 Accounts Payable = 35,000 Fixed Assets = 50,000 Accounts Receivable = 40,000 Common Equity = 15,000 Calculate current assets. 

5. Given the information in #4 above, calculate the current liabilities. 

6. Name 3 different places public firms financial statements can be found, according to the textbook. 

7. The _______________________ reports a firm's assets, liabilities and equity at a particular point in time. 

8. __________________ constitute the firm's obligations due within one year. 

9. If the gross profit is 25,000 and the cost of goods sold is 20,000, calculate the net sales. 

10. You are in a business meeting, and someone mentions EBITDA, what are they referring to?

Answer rating: 100% (QA)

1 Total liabilities can be calculated using the basic accounting formula Assets Liabilities Equity Rearranging the formula we get Liabilities Assets E... View the full answer