The Following Balance Sheet for XYZ Corporation Has a Number

question 104

Essay

The following balance sheet for XYZ Corporation has a number of format, classification, and terminology deficiencies. Assume that all of the figures are correct.
Balance Sheet
Year Ended December 31, Year 3

assets
current assets:
cash in banks		$11,800
due from customres & employees	$9,700
less reserve for uncollectables	600
bond sinking fund		15,000
inventories		22,320
total current asstes		58,300
property, plamt& equipment
land& builldings		41,000
furniture & fixtures		17,600
used property held for sale		4,000
total		62,500
less accumulated depreciation		19,000
total property and equipment		43,600
deferred charges:
unamortized bond discount		1,200
supplies on hand		2,000
goodwill		14,000
total		17,200
other assets:
treasury stock(at cost)		$6,600
total assets		$124,500
equites
liabilities
accured bond interest expense		$900
accounts & notes payable		21,000
bonds payable		30,000
accumulated other comprehensive income		10,000
total liabilites		61,900

$\begin{array}{|l|l|l|}\hline \text { Net worth: } & & \\\hline \text { Common Shares } & & 40,000 \\\hline \text { Retained earnings } & & 7,600 \\\hline \text { Reserve for bond sinking fund } & & 15,000 \\\hline \text { Total net worth } && 62,600 \\\hline \text { Total equities } && \$ 124,500 \\\hline\end{array}$
Required:
List 10 deficiencies in the above statement.

Identify and describe educational practices for gifted and talented students.

Recognize the differences between dyscalculia and reading difficulties.

Differentiate between achievement tests and intelligence (or aptitude) tests.

Comprehend the variance in education processes for gifted and talented students across the U.S.

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Definitions:

Operating Expenses

Ongoing expenses for operating a business, excluding the cost of goods sold but including costs like rent, utilities, and payroll.

Budgetary Slack

The practice of underestimating revenues or overestimating costs when preparing a budget, to create a buffer that makes budget targets easier to achieve.

Revenue Projection

An estimate of the future sales and income generated by a company during a specific period, often used in budgeting and planning.

Quarterly Production Budget

A financial plan that outlines the expected production costs and output levels for a business over a three-month period.