operates on a fiscal year‚ which ends September 30. Following is the post-closing trial balance as of September 30: [pic] .:. Additional information: 1. The balance of the materials account represents the following: [pic] .:. The company uses the FIFO method of accounting for all inventories. Material A is used in the stamping department‚ and materials B and C are used in the plating department. 2. The balance of the work in process account represents the following costs that are applicable to
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Constructing a balance sheet of Sophie’s sofas: Cash balances: $10‚000 Inventory of sofas: $200‚000 Store and property: $100‚000 Accounts receivable: $22‚000 Accts payable: $17‚000 Long-term Debt: $170‚000 Balance sheet of (insert name) Assets Liabilities & Shareholders equity cash $10‚000 accounts payable $17‚000 Accounts receivable $22‚000 Long term debt $170‚000 Inventory $200‚000 Shareholders equity $145‚000 Store and Property $100‚000 _______ ________ Total assets: $332
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Microsoft2011 | Oracle 2011 | Current Assets | 85‚084 | 74‚918 | 40‚023 | 39‚174 | Current Liabilities | 32‚688 | 28‚774 | 15‚388 | 14‚192 | Net working capital | 52‚396 | 46‚144 | 24‚635 | 24‚982 | Current Ratio | 260.29% | 260.37% | 260.09% | 276.03% | Cash | 6‚938 | 9‚610 | 14‚955 | 16‚163 | Short-term securities | 56‚102 | 43‚162 | 15‚721 | 12‚685 | Account receivable | 15‚780 | 14‚987 | 6‚377 | 6‚628 | Quick Ratio | 241.13% | 235.49% | 240.79% | 249.97% | Total Liabilities | 54‚908 |
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Financial Accounting 1. Obligation of business that represents the claims of these against the assets of the less cash is called? A. Asset B. An expense (WA) C. Revenue D. An equity E. Liability 2. Net income results when A. Assets > liability B. Revenue = expenses C. Revenue > expenses D. Revenue < expenses E. None 3. Resources owned by a business are referred to as A. Stockholders equity B. Liability C. Assets D. Revenue (WA) E. None 4. Expenses are incurred
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Off balance sheet financing is financing from sources other than debt or equity offerings‚ such as joint ventures‚ research and development partnership and operating leases. For complex institutions such as banks‚ they increase their use of off shore subsidiaries and swap transactions to avoid disclosing liabilities. In other words‚ off balance sheet accounting is a process which a business creates what is practically a debt that it must pay off‚ but the debt is accounted as another type of transaction
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Allfoods Corp. (Allfoods) acquired 80 percent of the outstanding common stock of Baked Beans Corp. in a business combination. After value consideration transferred value of tangible and intangible assets acquired‚ libilities assumed‚ I recommend doing this consolidation general entry for the business combination: Dr. | Land | $ 21‚000‚000 | | | | Dr. | PPE | $ 7‚000‚000 | | | | Dr. | IPR&D | $ 15‚000‚000 | | | | Dr. | Trademark | $ 3‚000‚000 | | | | Dr. | Goodwill
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The balance sheet consists of assets and liabilities of any firm. The assets are called as the uses of the firm and the liabilities are called as the sources of the firm. Sources of the firm: (Debts or liabilities): The debts or liabilities are the claims of the outsiders against the assets of the firm. The liabilities refer to the amount payable by the firm to the claimholders; i.e. the amount owed by the firm to other parties. For an obligation to be recognized as a liability‚ it must meet three
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reported equity of $32‚000 on its December 31‚ 2014 balance sheet. The following information is available for the year ended December 31‚ 2015: Revenues $73‚000 Expenses 59‚000 Liabilities 11‚000 What are the total assets of Jellybean Company at December 31‚ 2015? A) $14‚000. B) $25‚000. C) $35‚000. D) $46‚000. E) $57‚000. 2. At the end of its first year of operations‚ Matlocke Company has total assets of $2‚000‚000 and total liabilities of $1‚200‚000. The owner originally
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-Starbucks Corporation and the use of “Off-Balance Sheet” Financing Starbucks Corporation‚ founded in 1985 in Seattle‚ Washington‚ purchases‚ roasts and sells whole bean coffees at retail locations worldwide. Starbuck’s in-store products include brewed coffees‚ espresso beverages‚ blended beverages‚ complimentary food items‚ teas and brewing equipment. At the end of 2009‚ Starbucks operated through 7‚ 803 retail locations in 49 countries (Annual Report 4). In recent years‚ Starbucks’s stock
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Balance Sheets A general ledger is the foundation of a company’s financial records‚ as they constitute the central summary of a company’s financial system. Every transaction is recorded through the general ledger. These records remain as a permanent track of the history of all financial transactions since the opening day of the company (Business Town‚ n.d.). The purpose of any business is to increase the owner’s equity through solid revenues. These revenues increase assets or proceed to decrease
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