the Internet to acquire a copy of the most recent annual report for the publicly traded company used to complete the Financial Reporting Problem‚ Part 1 assignment due in Week Six. Analyze the information contained in the company’s balance sheet and income statement to answer the following questions: •Are the assets included under the company’s current assets listed in the proper order? Explain your answer. The current assets should be listed in the order of liquidity. The assets which can be
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Accounting Basics f or S t u d e n t s Ba sic a ccou nting le ss ons an d qu es tio ns fo r high s cho ol a nd c ollege s tude nts By Michael Celender Accounting Basics for Students Copyright © 2010 Michael Celender. All Rights Reserved. No part of this publication may be reproduced or transmitted in any form or by any means‚ including but not limited to digital copying and printing‚ without the express written permission of the author. The author‚ Michael Celender‚ has made his best effort
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Business Balance Sheet completely outlines the company; it includes the breakdown of assets and liabilities. It then transfers that to the owner’s equity. It will show debts that need to be addressed‚ if sales or profits need to be increased and overall if the company is in good standing or not. I would use the return on owner’s equity financial ratio to interpret the data. Taking the income after taxes and dividing it by the owner’s equity. I would be aiming for a higher return. Business Income Statement
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providing a product or service 3) These are selected account balances on December 31‚ 2008. Land (location of the corporation’s office building) $150‚000 Land (held for future use) 225‚000 Corporate Office Building 900‚000 Inventory 300‚000 Equipment 675‚000 Office Furniture 150‚000 Accumulated Depreciation 450‚000 What is the net amount of property‚ plant‚ and equipment that will appear on the balance sheet? D. $1‚650‚000 4) "Generally accepted" in
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Chapter 2 Questions 2-1. I agree with this statement. I would also like to add that cost behavior is also identifying the key resources that are performed‚ resources used in performing these activities‚ costs of the resources‚ and what the cost is driven from. 2-2. Two rules of thumb when analyzing cost behavior are to manage what the company manufactures‚ sells‚ and to give advice as to where costs can be reduced. 2-3. Three examples of a variable cost are a 12% increase in the production of
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Executives‚ South-Western College Publishing‚ 1999. Isberg‚ S. C. Financial analysis with the Du Pont ratio: A useful compass ‚ Credit & Financial Management Review‚ Second Quarter‚ 1998‚ pp Kelly‚ S.. Company health check‚ Accountancy Ireland‚ Vo. 37‚ No. 4‚ August‚ 2005‚ pp. 52-53. Lauzen‚ L. Small business failures are controllable ‚ Corporate Accounting‚ Summer‚ 1985‚ pp. Small Business Institute Journal‚ Volume 1‚ 2008 34 Meech‚ S. P. Financial standards ‚ The University Journal of Business
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purchased Rs. 30. 6) Sold goods to Nanabhai for cash Rs. 400. 7) Paid to Navakal Rs. 500 for Advertisement. 8) Paid to Kishanchand for salary Rs. 1000. 9) Paid into Bank account Rs. 2500. 10) Withdraw from bank for personal use Rs. 300. Trial Balance - 9100 Problem No. – 2 From the following transactions find out which two accounted‚ types of Accounts‚ Debited/Credited & Reason for Debit or Credit. 1) Started business with Rs. 100000. 2) Purchased goods from Pandurang on credit Rs. 1200.
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The analysis and application of the balance sheet Kuang xin Financial accounting is one of the most popular major in the world. In the study of accounting‚ people must know and use expertly the three accounting statement‚ balance sheets‚ cash flow‚ and income statement. It is the most basic and useful skill in one’s career of accounting. But in the four basic financial statement‚ the balance sheet or called statement of financial position is the only one
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6. A proforma cost sheet of a company provides the following particulars : Elements of Cost Material 40% Direct Labour 20% Overheads 20% The following further particulars are available: (a). It is proposed to maintain a level of activity of 2‚00‚000 units. (b).Selling price is Rs.12 per unit (c) Raw materials are expected to remain in stores for an average period of one month (d) Materials will be in process‚ on averages half a month. (e) Finished goods are required to be in stock for
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QUESTIONS: (2-3) Little Books Inc. recently reported $3m of net income. Its EBIT was $6m‚ and its tax was 40%. What was its interest expense? ANSWER: Net Income $3 Million EBIT $6 Million Divided by 0.6 Less IBT $5 Million Income before Taxes $5 Million Interest Expense $1 Million **Interest Expense = $1M** (2-7) The Talley Corporation had a taxable income of $365‚000 from operations after all operating costs but before (1) interest charges
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