There have been several concepts learned and discussed that will be beneficial to persons holding positions in the accounting field. Some skills required to be successful are; differentiating between accrual-basis and cash-basis accounting‚ detailing what creating adjusting entries entails‚ and the logistics of preparing an adjusted trial balance. These two methods are somewhat alike but do have a couple differences. Both methods have been tested and proven to be effective ways for companies to
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University of Phoenix Name XACC/280 Week four checkpoint Date Checkpoint: Besides the general journal‚ there are four different special journals; the Sales Journal‚ the Cash Receipts Journal‚ the Purchases Journal‚ and the Cash Journal. The Sales Journal records all sales of merchandise on account‚ cash and credit sales not included. The advantage of the sales journal is that it is time saving and easy because not every transaction has to be singled out‚ total can be reported instead
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The term cash flows refer to the receipts and payment of cash. A financial statement that shows how changes in balance sheet accounts and income affect cash and cash equivalents is known as a statement of cash flow. Similar to an income statement‚ a cash flow statement records a company’s performance over a period of time. Consistently‚ companies will disclose the cash arising are generally required to prepare a statement of cash flow in their annual reports because it contains vital information
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Chapter 3 Problem 3 Operating Activities: Net Income $5‚560 Depreciation $4‚268 Change in Working Capital $1‚397 Cash from Operating Activities $11‚225 Investing Activities: Increased in Fixed Assets ($6‚068) Cash from Investing Activities ($6‚068) Financing Activities: Decrease in Debt ($7‚655) Dividends Paid ($2‚900) New Stock Sold $4‚800 Cash from Financing Activities ($5‚755) Net Cash Flow ($598) Beginning Cash Flow $3‚245 Net Cash Flow ($598) Ending Cash $2‚647 Problem
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6. Durrant Manufacturers‚ Inc. spent $8 million on plant expansion‚ $1.5 million on new capital equipment‚ and $0.5 million on replacement capital in 1980. At the beginning of 1980‚ Durrant had $2.5 million of goods in its inventory; at the beginning of 1981‚ they had $1.5 million in their inventory‚ with sales during the year running $20 million. During 1980‚ their gross investment expenditures were: a. $9.0 million. c. $8.0 million. b. $9.5 million. d. $10 million. 7. Which of the following
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This work of XACC 280 Week 5 Discussion Question 1 contains: What are reversing entries and why are they required? What would happen if reversing entries were not made? What transactions might require reversing entries? What transactions might not require reversing entries? Business - Accounting ACC 280 Week 1 Individual Assignment Financial Statements Paper ACC 280 Week 2 Individual Assignment Ch. 1‚ 2‚ 7 Textbook Exercises ACC 280 Week 2 Learning Team Assignment
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xx/xx/xxxx xacc/280 week 8 Checkpoint The collapse of Enron back in 2001 shows a number of unethical practice. This company shows unethical practice in accounting as well as business. This company is a perfect example on how unethical behavior of a few people can affect millions of individuals. This also affected these individuals for many years after. Enron was the first business to have nationwide gas pipeline networks. On November 8‚ 2001 Enron made an announcement in a SEC filing that
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In this file ACC 290 Week 4 WileyPLUS Assignment Week Four you can find right answers on the following task: Linda Blye opened Cardinal Window Washing Inc. on July 1‚ 2010. During July the following transactions were completed. Journalize the July transactions. (List multiple debit/credit entries from largest to smallest amount‚ e.g. 10‚ 5‚ 2.). Journalize the following adjustments. 1.Services provided but unbilled and uncollected at July 31 were $1‚700. 2.Depreciation on equipment for the month
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to check out ACCNerd.com for the latest updates! 1. Which financial statement is used to determine cash generated from operations? A. Income statement B. Statement of operations C. Statement of cash flows D. Retained earnings statement 2. In terms of sequence‚ in what order must the four basic financial statements be prepared? A. Balance sheet‚ income statement‚ statement of cash flows‚ and capital statement B. Income statement‚ capital statement‚ statement of cash flows‚ and balance
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Week 3 DQ Organization is a social unit of people that is structured and managed to meet a need or to pursue collective goals. (Businessdictionary.com) Organization as a structure distributes responsibilities among the members of the company (child 2005‚ p.6). By allocating people and recourses to the necessary tasks and designating responsibilities‚ the organization contributes to the successful implementations of its goals. While organization as a process focus more closely on behaviors
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