3‚870 Acc / Pay 5‚000 A/R 10‚000 (Raw Mat 11‚800 + Finished Goods1‚500) Inv 13‚300 Total Current Assets $ 27‚170 Total Current Liabilities $ 5‚000 (Depreciation $90) PPE (Net) $ 5910 C/S $ 30‚000 Prepaid Rent $ 2000 R/E $ 80 Total Non-Current Assets $ 7‚910 SHE $
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when due. Suppose a company has cash of $40 million‚ accounts payable of $30 million‚ and no other current assets or liabilities. The current ratio and quick ratio would both be 1.33 to 1. Now suppose that the company used $20 million to pay a like amount of accounts payable. This transaction should have no special significance‚ as both the very liquid assets and the current liabilities would be reduced by the
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Case Study: TCO‚ E-Commerce Sara Soltanzadeh Fairleigh Dickinson University Table of Contents Introduction Page 3 Background Page 4 Application of Concepts TCO Page 4 E-commerce Page 6 E-commerce advantages and disadvantages Page 6 Treats Page 8 Solution to E-commerce treats Page 9 Conclusion Page 10 References Page 11 Appendix Page 12 Introduction Establishing
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mall for rent -expense b. Amounts to be paid in 10 days- liability c. A new fax machine purchases for office use- assets d. Land held as an investment - assets e. Amounts due from customers -assets f. Daily sales of merchandise sold - revenue g. Promotional costs to publicize a concert - expense h. A long-term loan owed to Citizens Bank -liability i. The albums‚ tapes‚ and CDs held for sale to customers –assets Normal balance for: liability = credit revenue = credit asset = debit expense = debit
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600 Total assets……………………………………………….. $69‚ 000 Liabilities and Owners’ Equity Note payable…………………………………………………. $21‚ 000 Owners’ Equity:.................................................................. Mrs. Landers…………………………………………………..$16‚ 000 Mr. Antoine……………………………………………………. 16‚ 000 Mrs. Antoine…………………………………………………… 16‚ 000 48‚ 000 Total liabilities and owners’ equity…………………….... $69‚ 000 2. Prepare a
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Additional Practice Problems for Midterm Exam Preparation of Multiple-Step Income Statement Zoomy Zombie Inc. manufactures a wide variety of children’s products including educational toys‚ safety products‚ and outdoor toys. Skellan Davis‚ the company’s controller‚ had to leave unexpectedly while preparing the 2011 financial statements. Prior to his departure‚ Skellan had calculated 2011 income from operations before taxes of $22‚850‚000 (total for all divisions). Additional events and transactions
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standard-setting body in the United States. True T False Internal users are those who manage the business. True T False False An expense paid with cash would result in an equal decrease in liabilities and owner’s equity. True False 1 Wenzhou-Kean University Fall 2013 ACCT 2200 F 9. Liabilities represent the ownership claim on total assets. True F 10. Certified Public Accountants are only permitted to prepare audit reports and tax returns. True F 11. 12. 13. 14. 15. 16. False
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Hi Team C‚ you presented 2 Word files‚ including a certificate of originality‚ as well as a file containing a memo of audit conclusions for the audit of the fixed asset cycle‚ and a memo on prepaid assets and other asset conclusions‚ as well as leadsheets for fixed assets and prepaid assets. Your memo contained excellent conclusions‚ including inconsistencies in the useful life of real property‚ computer equipment‚ and production equipment. You noted inconsistencies in depreciation method for various
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May 14‚ 2012 [ EXECUTIVE DIPLOMA] EXECUTIVE DIPLOMA IN BUSINESS MANAGEMENT Awarded by the Asia e University Assignment [Business Accounting] Submission due date : 23rd June 2012 by or before 5.30pm 1 May 14‚ 2012 [ EXECUTIVE DIPLOMA] Assignment Question Scenario You have been recruited to help your uncle’s family to set up and run a supermarket called ‘BeliMurah Mart’ in Petaling Jaya. In the past‚ they had set up and managed smaller scale businesses‚ but
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KHF CORPORATION SEEDS OF DISTRESS Jim Layton‚ controller for Kitty (Hawk Food)‚ Inc. (KHF) was under considerable stress as he walked toward the chief executive’s office. Marshall Horne‚ the CEO‚ was not known to take bad news well. In his hands‚ Jim held two letters from food suppliers that threatened to cancel KHF’s trade credit accounts. KHF had developed difficulties in cash flow such that their payments on the accounts had been late‚ at best. The suppliers provided normal trade terms to KHF
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