January 1 for each of the next four years . The proper balance sheet presentation on December 31 , 2014 , is Question 13
One objective of the income statement is to separate the results of continuing operations from those of discontinued operations . Question 14
All of the following are true regarding financial statement analysis ratios associated with liabilities except Question 15
A primary objective of the statement of cash flows is to show the income or loss on investing and financing transactions . Question 16
A master budget is most useful in evaluating a manager ' s performance in controlling costs . Question 17
The master budget reflects management ' s long-term plans encompassing five years or more . Question 18
The debt to assets ratio measures the percentage of the total assets provided by creditors
Question 19
A company whose current liabilities exceed its current assets may have a liquidity problem . Question 20
During 2014 , Phelps Corporation reported net sales of $ 3,000,000 , net income of $ 1,320,000 , and depreciation expense of $ 80,000 . Phelps