Exercise Assignment Basic Accounting Equations 1. Recognition of normal balances The following items appeared in the accounting records of Triguero ’s‚ a retail music store that also sponsors concerts. Classify each of the items as an asset‚ liability‚ revenue‚ or expense from the company ’s viewpoint. Also indicate the normal account balance of each item. a. The albums‚ tapes‚ and CDs held for sale to customers. b. A long-term loan owed to Citizens Bank. c. Promotional costs to publicize
Premium Accounts receivable Balance sheet Liability
Assignment 2: You are an Entrepreneur Roxanne Joseph-Jerry Strayer University ACC 557 Financial Accounting Professor Daniel Terfassa August 21‚ 2014 Table of Contents: Executive Summary Company Summary Start Up Summary Start Up Expenses Income Statement Balance Sheet Internal Control Compliance and Regulatory Bodies References Executive summary ABC Learning Academy aims to prepare its students to excel as young leaders of tomorrow by combining an exclusive collegiate-based
Premium Balance sheet Asset Generally Accepted Accounting Principles
AMALGAMATION‚ ABSORPTION & RECONSTRUCTION 1. Method to calculate Purchase Consideration: |Net Asset method |Intansic value method |Net payment method | |Agreed value of |MV of total assets xxx |Amalgamation in nature of: - | |assets taken over xxx |Less: MV of total Liab. xxx |Merger: Amount paid to Equity shareholders|
Premium Asset Balance sheet Goodwill
CDR Transport‚ LLC Business Plan March 2008 Table of Contents Please click below and press F9 to automatically generate the Table of Contents. 1.0 Executive Summary .............................................................................................................................. 1 1.1 Objectives ......................................................................................................................................... 1 1.2 Mission..............................
Premium Generally Accepted Accounting Principles Asset Balance sheet
piece of machinery. Intangible Assets‚ which usually involve a legal right or claim such as a patent. Liabilities: these are the debts of a corporation. Nearly all businesses have liabilities; even the most successful and profitable of companies will make purchases on credit. Most companies also find it desirable to borrow money as a means of expanding operations more rapidly. Typical liabilities of the company include long-term debt‚ notes payable‚ and accounts payable. Equity: also referred
Premium Generally Accepted Accounting Principles Liability Asset
account payable in cash. What would be the effects of this transaction on the accounting equation? a. Assets‚ $45‚000 increase; Liabilities‚ no effect; Equity‚ $45‚000 increase. b. Assets‚ $45‚000 decrease; Liabilities‚ $45‚000 decrease; Equity‚ no effect. c. Assets‚ $45‚000 increase; Liabilities‚ $45‚000 decrease; Equity‚ no effect. d. Assets‚ no effect; Liabilities‚ $45‚000 decrease; Equity‚ $45‚000 increase. 4. A company purchased a new machine for $15‚000 by trading in an old machine which
Premium Generally Accepted Accounting Principles Balance sheet Liability
1.0 Introduction Nowadays‚ high inflation is an inevitable problem in many countries. High inflation occurred owing to the demand level of goods and services are over the supply level of goods and services. It is lead to price changes taking place. Since year of 1980‚ several different accounting approaches were introduced to overcome these problems that reflected by inflation. However‚ the historical cost accounting still widely and continuously to be used by most companies in their accounting
Premium Balance sheet Generally Accepted Accounting Principles Asset
Bookkeeping & Accounting Compared 5. Uses of Accounting Data 6. Reasons for Using Accounting Data 7. Ethics in Accounting 8. Generally Accepted Accounting Principles 9. IFRS & GAAP Compared 10. Accounting Equation 11. Assets 12. Liabilities 13. Owners Equity 1. Brief History of Accounting:- Accounting is the language of Business. The father of Accounting LUKAS PACIOLI. Who is a citizen of Italy. First book: Summa-de-ArithmeticaGeometrica Pro..(1494) Financial accounting
Premium Balance sheet Generally Accepted Accounting Principles Financial statements
BUSINESS PLAN For JAVA Looks www.javalooks.com Customize and Handmade Jewelry submitted by -Vina Prisita M NPM 1.427.R004 -Irwan Armanto 1.430.R.012 -Dwiki Ramadhan -Guruminda MM UNIVERSITAS WIDYATAMA 2013 1. Executive Summary JAVA Looks is an e-commerce company designed to become the market leader in Web based sales of handmade and customize jewelry in Indonesia and further in world. The company is located in Bandung‚ West Java‚ Indonesia. Although many Internet companies
Premium Generally Accepted Accounting Principles Asset Inventory
and statutory reporting requirements require the classification of assets and liabilities to reflect the time required to convert assets into cash and the order of payment of liabilities in the ordinary course of business. This case demonstrates that the basis of this classification is not as simple as it might appear at first glance. • Balance sheet classification • Current liabilities • Deferred liabilities The 1993 Annual Report of Coca-Cola Amatil Ltd (CCA) described the company as
Premium Balance sheet Liability Auditor's report