Example Company Balance Sheet December 31‚ 2011 ASSETS LIABILITIES Current Assets Current Liabilities Cash $ 2‚100 Notes Payable $ 5‚000 Petty Cash 100 Accounts Payable 35‚900 Temporary Investments 10‚000 Wages Payable 8‚500 Accounts Receivable - net 40‚500 Interest Payable 2‚900 Inventory 31‚000 Taxes Payable 6‚100 Supplies 3‚800 Warranty Liability 1‚100 Prepaid Insurance 1‚500 Unearned Revenues 1‚500 Total Current
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COURSE 2 - The Balance Sheet The balance sheet (also called statement of financial position) reports the financial position of the business at a point in time. It does so by listing the categories and amounts of assets‚ liabilities and equity on a specific date‚ in a format that proves the fundamental accounting equation. ASSETS = EQUITY + LIABILITIES or ASSETS – LIABILITIES = EQUITY Formats of presentation Regardless of
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A balance sheet is a financial statement that reports the assets‚ which are resources owned by a business‚ liabilities‚ and stockholders’ equity at a specific date. Examples of assets would be computers‚ delivery trucks‚ furniture‚ and buildings. A balance sheet has two categories: Assets‚ liabilities‚ and stockholders’ equity. Liabilities are the debts and obligations of a business. Liabilities represent c claims of creditors on the assets of business. Examples of liabilities would be notes
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Merck Consolidated Balance Sheet | | | | | | € million | ------------------------------------------------- Note | ------------------------------------------------- Dec. 31‚ 2012 | ------------------------------------------------- Dec. 31‚ 2011 | ------------------------------------------------- Jan. 1‚ 2011 | 1 | Previous year’s figures have been adjusted‚ see Note [5] | | Current assets | ------------------------------------------------- | -------------------------------------------------
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Rent Expense | 6‚200 | Electricity Bill – paid on May 30‚ 2011 | 8‚500 | Land | 15‚000 | Depreciation Expense | 31‚750 | | | Required Prepare a fully classified vertical format Balance Sheet for Nguyen Bich Fitness Club as at June 30‚ 2011 EXERCISE 2. The following are account balances of Brickwork as | | | | at 31 December 2010: | | | | | | | | | | | | | | Account | Amount ($) | | | | | | Plant & machinery | 25‚000 | | | | | |
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1. Q:Collect Balance Sheet of five different companies. Try to analyse it in your own words. Analysis can be in terms of change in profit‚ asset‚ liabilities. Etc ZYNGA [pic] The First comapny we’ll be looking at is Zynga. Let’s jump right into it. Across the board‚ the Total Current Assets is less than the previous year‚ more more than other earlier years. This could indicate that the company may have liquidized some of their assests within the year. Total Assests is greater than the
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To start this off‚ conservatives and liberals are quite opposite of eachother. Liberals are into new ideas and fixing things as Conservatives are more traditional and don’t like change. Liberals believe that everyone should work together and rely on the government to fix their problems‚ on the other hand conservatives believe that things should be kept personal and problems should be solved on a personal level. Conservatives believe in a strong national security because without it we are open to
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Running Head: DIFFERENCES BETWEEN GAAP AND IFRS 1 Differences Between GAAP and IFRS Accounting Practices Sharon Woodards Liberty University Intermediate Accounting II 302 Professor Ashley Harper November 7‚ 2014 DIFFERENCES BETWEEN GAAP AND IFRS 2 Both the IFRS ( International Financial Reporting Standards ) and the GAAP ( Generally Accepted Accounting Principles ) are a set of accounting rules that companies either can or must
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is the difference between fear and respect? When you respect someone it’s mistaken for fear. But today we are going to learn the true meaning of these two words. First‚ we are going to try to find out was these words mean. The word respect means you admire that person’s quality or ability‚ according to Dictionary.com. For example if you respect someone‚ like a parent’s decisions then you respect the decision they made. Kids are supposed to respect their parents. We should show respect because
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Between meiosis and mitosis there are many unique similarities and differences such that mitosis has four stages and meiosis has eight. Or a similarity where they both have no new gene combination when each of the cells splits after each of their processes. Many more of these similarities and differences will be explained throughout the text. Many similarities occur between meiosis and mitosis such that each process‚ after it has been gone through‚ result in no new gene combination. Each new cell
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