Balance Sheet and Income Statement Jennifer Grayson BSA/500 June 4‚ 2011 Brian Keltch Balance Sheet and Income Statement The following four companies are related to the companies that have been in review over the last four weeks. These four following companies show how well the company has been doing over the last two years or not so well. The company has pulled their balance sheets and income statement to see if all the company’s financial needs are being met. If the company’s needs are
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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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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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PRACTICAL ACCOUNTING 1 1. On January 1‚ 2012‚ Revenue Company sold specialized computers costing P760‚000 to Income‚ Inc. for P990‚000. Revenue Company’s trainers present numerous training sessions for Income’s employee during the installation period. Income made a 50% down payment‚ with the balance due upon completion of installation. How much revenue should Revenue Company recognize on its books on January 1‚ 2012? a. P990‚000 b. P760‚000 c. P495‚000 d. P-0- 2. SAMpple Company is an
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Ch8 Student: ___________________________________________________________________________ 1. Delta‚ Northwest‚ and United Airlines have all‚ at one time‚ filed for bankruptcy. True 2. In a classified balance sheet‚ we categorize all liabilities as current. True 3. False A line of credit is an informal agreement that permits a company to borrow up to a prearranged limit without having to follow formal loan procedures and paperwork. True 9. False We record interest expense in the period in
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ACCT556 Budgeting Project TO THE STUDENT Fantastic‚ Inc. is a case study which allows you to incorporate numerous financial and managerial accounting concepts into a single business setting. You will take the position of the company controller who will prepare the budget for the year ended December 31‚ 2006‚ using the actual data from 2001 through 2005 and information given to you by various departments. You will prepare a report for the president of the company describing the strengths and
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operating section. True False 4. When the net cash flows from operating‚ investing‚ and financing activities are combined to arrive at the overall net change in cash‚ a net decrease in cash is subtracted from the beginning cash balance to calculate the ending cash balance. True False 5. Major investing and financing activities that do not involve cash do not have to be reported as part of the statement of cash flows. True False 6. In general‚ the cash flow from operating activities
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BUSI 610 SUPPLEMENTAL EXERCISE 1: RATIO ANALYSIS The balance sheet of Blugreens‚ a leading drugstore chain‚ as of August 31‚ 2009‚ appears as follows (dollars in millions): ASSETS LIABILITIES and STOCHOLDERS’ EQUITY Cash $ 450 Accounts payable $ 1‚836 Accounts Receivable
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On January 4‚ 2010‚ Harley‚ Inc. acquired 40% of the outstanding common stock of Bike Co. for $2‚400‚000. This investment gave Harley the ability to exercise significant influence over Bike. Bike’s assets on that date were recorded at $10‚500‚000 with liabilities of $4‚500‚000. There were no other differences between book and fair values. During 2010‚ Bike reported net income of $500‚000. For 2011‚ Bike reported net income of $800‚000. Dividends of $300‚000 were paid in each of these two years.
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you understand by the concept of conservatism ? Why is it also called the concept of prudence? Why is it not applied as strongly today as it used to be in the Past ? (b) What is a Balance Sheet ? How does a Funds Flow Statement differ from a Balance Sheet ? Enumerate the items which are usually shown in a Balance Sheet and a Funds Flow Statement. 2 . (a) Discuss the importance of ratio analysis for inter-firm and intra-firm comparisons including circumstances responsible for its limitations
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