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 Assets 89‚000 Total Current Liabilities 61
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QUESTION 2 “Limited Liability Partnership is an alternative vehicle to carry out business which combines the characteristics of a private company and a conventional partnership.” From the above statement‚ discuss the concept of conventional partnership and Limited Liability Partnership. Distinguish LLP with conventional partnership and company. Partnership is a business owned by two or more persons but not more than 20 persons. Identity card name cannot be used as business name. It is registered
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which the agency incurs the liability Recognize a payable in the fiscal year in which the agency incurs the liability. Prepaid Items Under GAAP‚ it is optional to use either the purchases method or the consumption method. Recognize an asset when an item is purchased and an expense when the item is used or consumed Recognize an asset when an item is purchased and an expense when an item is used or consumed. Long-Term Liabilities – Current Portion Recognize the liability as it matures or to the extent
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International College of Business and Human Resources Development Common Law Assignment 1 BMT: 387-09-09 Task 1(P1) A contract may be defined as an agreement which legally binds the parties. A party to a contract is bound because he has agreed to be bound. The underlying theory then is that a contract is the outcome of ‘consenting minds’. Parties are not judged by what is in their minds what they have said‚ written or done. Contracts are
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the following cases‚ (a) calculate the year-end liability and any associated expenses for the year (if any)‚ and (b) journalise the transaction. (1) CoinRich Ltd. issued 1000‚ $100 bonds but found that the bond interest rate was lower than market rates‚ and so received $98 cash for each. (a) Year-end liability and expenses for the year: Liabilities: $98000 Expenses: $0 (b) Journal entries: Dr Cash $98000 Dr Bond Discount (Contra-Liabilities) $2000 Cr Bond $100‚000 (2) Ten board game companies
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form‚ the total of all expenses is deducted from the total of all revenues. There are no intermediate balances. b. In the report form of balance sheet‚ the assets‚ liabilities‚ and stockholders’ equity are presented in that order in a downward sequence. In the account form‚ the assets are listed on the left-hand side‚ and the liabilities and stockholders’ equity are listed on the right-hand side. P4–2 1. AQUA CO. Income Statement For the Year Ended June 30‚ 20Y8 Revenues: Net sales $ 3‚567‚000
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CHAPTER 13 CURRENT LIABILITIES AND CONTINGENCIES IFRS questions are available at the end of this chapter. TRUE-FALSE—Conceptual Answer No. Description F 1. Zero-interest-bearing note payable. F 2. Dividends in arrears. T 3. Examples of unearned revenues. T 4. Reporting discount on Notes Payable. F 5. Currently maturing long-term debt. F 6. Excluding short-term debt refinanced. T 7. Accounting for sales tax collected. F 8. Accounting for sick pay. T 9. Social security
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days’ time is: Select one: a. decrease the asset computers‚ increase the asset cash‚ decrease the liability accounts payable. b. increase the asset computers‚ increase the asset cash‚ decrease the liability accounts payable. c. increase the asset computers‚ decrease the asset cash‚ increase the liability accounts payable. d. increase the asset computers‚ decrease the asset cash‚ decrease the liability accounts payable. Question 2 Complete Mark 1.00 out of 1.00 Flag question Question text If only
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Management of Banks and Financial Institutions CIA-2 Asset Liability Management Management of Assets and Liabilities by Banks [pic] Submitted By: Paul George 0921420 Caroline 0921440 Poornima 0921449 Sonal 0921454 Anvin 0921459 Meaning of ALM ALM is an attempt to match Assets and Liabilities‚ in terms of Maturities and Interest Rate Sensitivities‚ to minimize Interest Rate Risk and Liquidity Risk. • ALM can be termed as
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financial position of the company on a particular date. Unlike the income statement‚ which is a change statement that reports events occurring during a period of time‚ the balance sheet is a statement that presents an organized array of assets‚ liabilities‚ and shareholders’ equity at a point in time. It is a freeze frame or snapshot picture of financial position at the end of a particular day marking the end of an accounting period. Question 3-2 The balance sheet does not portray the market
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