the General Fund of the reporting entity? Does the report state the basis of accounting used for the General Fund? What types of assets are included on the govern- mental funds balance sheet? Do current and noncurrent assets appear on the balance sheet? Do current and noncurrent liabilities appear on the balance sheet? Is this reporting consistent with the basis of accounting being followed? c. Other Governmental Fund Types. List the names of governmental funds other than the General Fund that
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Course: ACC/280 Date: P4-2A The adjusted trial balance columns of the worksheet for Porter Company are as follows. (a) Complete the worksheet by extending the balances to the financial statement columns. PORTER COMPANY Work Sheet (Partial) For the Year Ended December 31‚ 2008 Adjusted Trial Balance Income Statement Balance Sheet Debit Credit Debit Credit Debit Credit Cash $18‚800 $18‚800 Accounts
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statements? How are the financial statements interrelated? Balance Sheet -summarizes the assets‚ liabilities and owner’s equity at a specific point in time Income Statement - summarizes the revenues and expenses‚ hence giving the net income Statement of Retained Earnings - summarizes the income earned and dividends paid out over the life of a business (Beginning balance + Net income for the period - Dividends for the period = Ending balance) Net income increases retained earnings‚ dividends decrease
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loss accounts and a balance sheet. A trading‚ profit and loss account shows the firm’s financial performance over a given time period‚ usually one year. The trading account of the Trading Profit and Loss Account will show the businesses gross profit before taking into account other expenses such as overheads. The profit and loss account shows them their final net profit of that year. http://www.bbc.co.uk/schools/gcsebitesize/business/finance/accountsrev1.shtml Balance Sheet: This is a financial
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period of time. 2- Balance Sheet (Statement of Financial Position ) It’s a Status report summarizing company’s Assets‚ liabilities and Equities which it include the statement of Retained Earnings at a specific point in time. The Balance Sheet Formula is : Assets = Liabilities + Equities 3- Cash Flows Statement ( The statement of changes in financial position ) The statement of cash flow is independent accounting method and its complement and integrate the information on the balance sheet and income statement
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the world’s information and make it universally accessible and useful”. After closely researching and analyzing certain financial statements‚ we would recommend anyone to invest in Google Incorporated. Google’s income statement‚ cash flow‚ and balance sheet all reveal that Google is one of the top rising corporations that has an abyss of accomplishments in the technology industry and is only expected to continue expanding. Some of Google’s accomplishments include Google Maps‚ YouTube‚ Gmail‚ Android
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Question 1 | The comparative balance sheets of Nike‚ Inc. are presented here. | NIKE INC. | Comparative Balance Sheets | May 31 | ------------------------------------------------- ($ in millions) | Assets | 2007 | 2006 | Current assets | $8‚076 | $7‚346 | Property‚ plant‚ and equipment (net) | 1‚678 | 1‚658 | Other assets | ------------------------------------------------- 934 | ------------------------------------------------- 866 | Total assets | -------------------------------------------------
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its overall performance. In the accounting world there are four main financial statements that are universally understood and prepared for most publically traded companies and many small and medium sized businesses: the income statement‚ the balance sheet‚ the statement of cash flows‚ and the statement of retained earnings (sometimes referred to as shareholders’ equity). A fundamental ability to properly interpret the information these statements contain allows internal and external users to make
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With the passing of Law Number 22 Year 1999 regarding‚ Regional and Law No. 25 of 1999 on Financial Balance of the Central Government and the Regions‚ and the rules for its implementation in particular Regulation Number 105 Year 2000 on the Financial Management and Accountability of the starting fiscal year 2001‚ there has been a renewal in financial management area. With this autonomy‚ the area is given broad authority to take care of their own household with minimal government intervention. Local
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and accounts receivable. This report is a good indicator of the operational management of the company and the impact of their accounts receivable collection activities. A company can appear financially sound based on the income statement and balance sheets when it is not. A cash flow statement adds context to the reports and reflects the actual cash position. The financial statement of a company provides a great opportunity to learn about the company’s finances. Take the time to compare the three
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