FIN 571 Course Great Wisdom / tutorialrank.com FIN 571 Course Great Wisdom / tutorialrank.com | Page 15

General Ledger for XYZ Company. The following is a portion of the
general ledger for XYZ Company as of December 31, 20X1, and the
statement of stockholders’ equity for XYZ Company for the year
ended December 31, 20X1. Use this information to answer questions
(1) through (5).
1. What is the total amount of current assets to be reported on XYZ
Company’s 12/31/X1 classified balance sheet?
2. What is the total amount of long-term assets to be reported on
XYZ Company’s 12/31/X1 classified balance sheet?
3. What is the total amount of current liabilities to be reported on
XYZ Company’s 12/31/X1 classified balance sheet?
4. What is the ending balance in retained earnings to be reported on
XYZ Company’s 12/31/X1 classified balance sheet?
5. What is the total amount of stockholders’ equity to be reported on
XYZ Company’s 12/31/X1 classified balance sheet?
3. Calculating Interest
This lesson will help fill in the basics on how to calculate interest
when tackling financial problems.
1. What is the amount of interest earned after two years on a $100
deposit paying 4 percent simple interest annually?
2. What is the amount of compound interest earned after three years
on a $100 deposit paying 8 percent interest annually?
3. A business just took out a loan for $100,000 at 10% interest. If the
business pays the loan off in three months, how much did the business
pay in interest?
4. What is the annual percentage yield (APY) for a deposit paying 5
percent interest with monthly compounding?
4.The Income Statement