lost Cash 9‚800 3‚920 3‚920 5‚880 120 6‚000 13-3 Bob Anderson‚ 2004 13-4 Notes Payable April 1 Journal Entry ? Trucks Cash Notes payable Debit 30‚000 Zero Interest-bearing Note Written promises to pay a certain sum of money on a specified future date. No such thing as 0% interest‚ always “impute a rate” if the stated rate is different than a reasonable rate. Credit 4‚000 26‚000 Any entry required at April 30 ? Interest expense 260 Interest payable ($26‚000 x 12% / 12) Example -On May 1
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Memoirs of a Geisha Character Journal First Entry: Chairman Iwamura Dear Journal‚ Today I had the most peculiar encounter. This afternoon‚ as I was nearing the Minamiza Theater to see the Kabuki play‚ Shibaraku after lunch‚ I met a young girl no older than 14 dressed in maids attire and crying in an alley along the Shirakawa Stream. I was not thinking when I approached her for I was with two business associates and a geisha who was accompanying us but something drew
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a) -Revenues are inflows of assets or settlements of liabilities or both. Revenues come from activities of the entity’s central operations. -Gains are increases in net assets and from peripheral or incidental transactions of an entity. -The difference between gains and revenues depend to a great extent on the typical activities of a company. For example‚ when McDonald’s sells a hamburger‚ it records the selling price as revenue. However‚ when Mc Donald’s sells land‚ it records any excess of
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Alpen Bank Executive Summary [Type the author name] Gregory Carle‚ the Romanian country manager for Alpen Bank‚ must decide whether or not the bank should launch a credit card program in Romania. Before deciding to go through with the credit card launch Carle must be certain that the Romanian credit card market is large enough to add € 5 million in annual profit to Alpen Bank’s Consumer Banking segment. Carle has two real options here‚ he can either choose to launch the credit card program
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Employee Benefits -all forms of consideration given by an entity in exchange for services rendered by employees. J/E: Benefit Expense xx Cash* xx Prepaid/Accrued Benefit Cost** xx (*) – Cash = Contribution to the fund (**) – Credited if Accrued (Underfunded); Debited if Prepaid (Overfunded) Underfunded – Expense is more than Cash contributed Overfunded – Cash contributed is more that expense incurred Benefit Expense: Current Service Cost xx Add: Interest Cost xx
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INDIVIDUAL QUESTIONS/PROBLEMS DUE FRIDAY - POST THESE TO THE MAIN CLASSROOM FORUM [please don’t start answering these DQs until Tuesday the start of the class‚ thanks] 1. What are the four basic financial statements? What is the primary purpose of each of the four basic financial statements? In your opinion‚ which financial statement is the most important? Explain why. * 2. How would the financial statements be useful to managers and employees? How would
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When doing a financial report the general goals are pretty obvious. A financial report is a way to show the intake and the out take of a business such as the rent of a building which would be the debit. The credit would be an example of common stock. As I was working on Appendix C I had to stop and think about debit and credit and what they actually meant. Debit is a source of an outcome‚ which means that money is being removed. Credit is when there is income being added. The steps that I took in
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Finances in business Process-------Recording ------interpreting/analyzing -----communicating Internal external (potential investors) Users A=B+C (A)Assets = (B) Liabilities + (C) Owner’s Equity Assets = Liabilities + owner’s Equity what IS OWNED/ Owed to you Cash Loan Investments Accounts receivable Account payable Withdrawals Inventory Note payable Revenues Equipment Bond payable Expenses Prepaid Insurance Accrued
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February 17th I recently read a novel by Suzanne Collins titled‚ The Hunger Games. What I recall most about this book is the magnificent emphasis put on food. Every single meal eaten by the characters was described in such great detail that you would think the author was a former culinary student. As the name persists‚ food is a significant issue in this book. It’s a luxury for people living in the districts and a commodity for the capital. People from the districts often died of starvation while
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Scout’s first day at school -- Scout‚ Miss Caroline‚ Walter Cunningham‚ Burris Ewell‚ Chuck Little Until I feared I would lose it‚ I never loved to read. One does not love breathing. To Kill a Mockingbird Scout‚ Chapter 2. Dear Diary‚ Damn I hate school! T o be honest “I never looked forward more to anything in my life” (Lee 15)‚ but everything went wrong. My teacher is Ms. Caroline Fisher. I don’t think she’s more than twenty-two. “She … wore a red-and-white-striped dress. She looked
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