What is GAAP, and why is it important?

Which of the following is NOT one of the four basic financial statements?

What should balance on a company’s balance sheet?

On a balance sheet, goodwill is an example of what?

What agency does a publicly traded company file with if they sell stock?

What are retained earnings?

In computing the rate of return on assets, interest expense net of income tax savings is added to net income. Assume that XYZ Company has interest expense of $20 million and net income of $50 million. Assume that the income tax rate is 40 percent. In computing the rate of return on assets, what would the numerator be?

XYZ Company reports total assets and total liabilities of $425,000 and $200,000, respectively, at the conclusion of its first year of business. The company earned $95,000 during the first year and distributed $50,000 in dividends. What was the firm's contributed capital?

Which is NOT a current liability?

The _______________is supposed to indicate the ability of the firm to meet its current obligations.

The _______________ is used to indicate the relative protection of bondholders and to assess the probability of a firm's failing to meet required interest payments.