et for the first quarter: a. As of December 31‚ 2011 (the end of the prior quarter)‚ the company’s general ledger showed the following account balances: DEBIT CREDIT $ $ Cash 48‚000 Accounts receivable 224‚000 Finished goods Inventory (1000 units) 60‚000 Raw Materials inventory (500 units) 10‚000 Buildings and equipment (net) 370‚000 Accounts payable 93‚000 Capital stock 510‚000 Retained earnings 109‚000 712‚000 712‚000 b. ‐ Actual sales for December and budgeted sales for the next four months are as follows:
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CHANGES IN BALANCE SHEET ACCOUNTS The total assets of a firm and the claims on assets change over time because of investing and financing activities. For example‚ a firm may issue common stock for cash; acquire a building by mortgaging a portion of the purchase price‚ or issue common stock in exchange for convertible bonds. These investing and financing activities affect the amount and structure of a firm’s assets‚ liabilities‚ and shareholders’ equity. The total assets of a firm and the claims
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Consolidated Accounts Balance Sheet • Home Page» • Business & Economy» • Accounting Consolidated Accounts Balance Sheet C UNIT 3: CONSOLIDATED BALANCE SHEET Definition of a Group Under IAS 27 Consolidated and Separate Financial Statements‚ a group exists where one enterprise (the parent) controls‚ either directly or indirectly‚ another enterprise (the subsidiary). A group consists of a parent and its subsidiaries. Definition of Control Under IFRS 3 Business Combinations‚ control
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$60‚000 cash on the purchase of equipment costing $80‚000. The remaining amount was recognized as a one year note payable with interest rate of 9%. Jan 4 Purchased office supplies costing $17‚600 on account. Jan 13 Provided services to its customers and received $28‚500 in cash. Jan 13 Paid the accounts payable on the office supplies purchased on January 4. Jan 14 Paid wages to its employees for first two weeks of January‚ aggregating $19‚100. Jan 18 Provided $54‚100 worth of services to its customers
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A balance sheet‚ like a photo‚ provides a financial picture of a company on a given day and time. It categorizes all of a company’s resources as assets‚ all of its debts as liabilities‚ and all of the owner’s investments as equity. A company uses its assets‚ such as accounts receivable‚ inventory‚ and equipment‚ for manufacturing or purchasing products for sale or to provide a service. A company’s assets are financed by its liabilities (debt) and the owner’s equity (net worth). On a balance sheet
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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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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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EXERCISE 1. Nguyen Bich Fitness Club has provided the following information that relates to their financial year ended June 30‚ 2011 Account | Amount ($) | Nguyen Bich - Capital | 350‚000 | Bank Loan – due in October‚ 2012 | 5‚000 | Accounts Payable | 17‚250 | Accounts Receivable | 41‚560 | Cash | 18‚750 | Retained Profits | 76‚000 | Salaries payable | 6‚750 | Supplies | 1‚040 | Salaries Expense | 19‚100 | Buildings | 85‚000 | Prepaid Rent | 15‚600 | Motor Vehicles
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equity on January1‚ 2012 called the balance sheet. The report the reader will see below is a current balance sheet for a company called Custom Building that I personally work with. Working one on one with the owner has offered quite a bit of experience in the accounting world. The reader will be able to view the balance sheet below‚ following the explanation of the balance sheet for Custom Building discussed in full. Custom Building Company Balance Sheet January 1‚ 2012 Non-current Assets
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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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