To be classified as a cash equivalent, the only criterion an item must meet is that it must be readily convertible to a known amount of cash.

The balance sheet shows a company’s net income or loss due to earnings activities over a period of time.

Use the following selected information from Winnebago, LLC to determine the 2017 and 2016 trend percentages for net sales using 2016 as the base.    2017 2016 Net sales $ 276,200   $ 231,400   Cost of goods sold   151,900     129,590   Operating expenses   55,240     53,240   Net earnings   27,820     19,820  

Stockholders’ equity is increased when cash is received from customers in payment of previously recorded accounts receivable.

The statement of cash flows identifies cash flows separated into operating, investing, and financing activities over a period of time.

An example of a transaction that must be disclosed as a noncash investing and financing activity includes all but which of the following?

Horizontal analysis is used to reveal patterns in data covering successive periods.

The same four basic financial statements are prepared by both U.S. GAAP and IFRS.

Quick assets divided by current liabilities is the:

The statement of cash flows identifies cash flows separated into operating, investing, and financing activities over a period of time.