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CHP 1 “With great power comes great responsibility” POWER = RESPONSIBILITY

CHP 1 “With great power comes great responsibility” POWER = RESPONSIBILITY. Persamaan Akuntansi. POWER. RESPONSIBILITY. =. Assets. Liabilities. Equity. =. +. Pihak lain. Pemilik. Share capital. Retained earning. PENGGERAK EKUITAS. Using The Accounting Equation.

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CHP 1 “With great power comes great responsibility” POWER = RESPONSIBILITY

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  1. CHP 1 “With great power comes great responsibility” POWER = RESPONSIBILITY

  2. PersamaanAkuntansi POWER RESPONSIBILITY = Assets Liabilities Equity = + Pihak lain Pemilik Share capital Retained earning

  3. PENGGERAK EKUITAS

  4. Using The Accounting Equation Illustration: Are the following events recorded in the accounting records? Discuss product design with customer. Illustration 1-8 Purchase computer. Pay rent. Event Is the financial position (assets, liabilities, or equity) of the company changed? Criterion Record/ Don’t Record SO 7 Analyze the effects of business transactions on the accounting equation.

  5. Using The Accounting Equation Transaction Analysis SO 7 Analyze the effects of business transactions on the accounting equation.

  6. Transactions Analysis Transaction (1). Investment by Shareholders. Ray and Barbara Neal decides to open a computer programming service which he names Softbyte. On September 1, 2011, they invest $15,000 cash in exchange for capital shares. The effect of this transaction on the basic equation is: Solution on notes page SO 7 Analyze the effects of business transactions on the accounting equation.

  7. Transactions Analysis Transaction (2). Purchase of Equipment for Cash. Softbyte purchases computer equipment for $7,000 cash. Solution on notes page SO 7 Analyze the effects of business transactions on the accounting equation.

  8. Transactions Analysis Transaction (3). Purchase of Supplies on Credit. Softbyte purchases for $1,600 from Acme Supply Company computer paper and other supplies expected to last several months. Solution on notes page SO 7 Analyze the effects of business transactions on the accounting equation.

  9. Transactions Analysis Transaction (4). Services Provided for Cash. Softbyte receives $1,200 cash from customers for programming services it has provided. Solution on notes page SO 7 Analyze the effects of business transactions on the accounting equation.

  10. Transactions Analysis Transaction (5). Purchase of Advertising on Credit. Softbyte receives a bill for $250 from the Daily News for advertising but postpones payment until a later date. Solution on notes page SO 7 Analyze the effects of business transactions on the accounting equation.

  11. Transactions Analysis Transaction (6). Services Provided for Cash and Credit. Softbyte provides $3,500 of programming services for customers. The company receives cash of $1,500 from customers, and it bills the balance of $2,000 on account. Solution on notes page SO 7 Analyze the effects of business transactions on the accounting equation.

  12. Transactions Analysis Transaction (7). Payment of Expenses. Softbyte pays the following Expenses in cash for September: store rent $600, salaries of employees $900, and utilities $200. Solution on notes page SO 7 Analyze the effects of business transactions on the accounting equation.

  13. Transactions Analysis Transaction (8). Payment of Accounts Payable. Softbyte pays its $250 Daily News bill in cash. Solution on notes page SO 7 Analyze the effects of business transactions on the accounting equation.

  14. Transactions Analysis Transaction (9). Receipt of Cash on Account. Softbyte receives $600 in cash from customers who had been billed for services [in Transaction (6)]. Solution on notes page SO 7 Analyze the effects of business transactions on the accounting equation.

  15. Transactions Analysis Transaction (10). Dividends. The corporation pays a dividend of $1,300 in cash. Solution on notes page SO 7 Analyze the effects of business transactions on the accounting equation.

  16. Transactions Analysis Summary of Transactions Illustration 1-10 Tabular summary of Softbyte transactions SO 7 Analyze the effects of business transactions on the accounting equation.

  17. Financial Statements Companies prepare four financial statements from the summarized accounting data: Income Statement Retained Earnings Statement Statement of Financial Position Statement of Cash Flows SO 8 Understand the four financial statements and how they are prepared.

  18. Financial Statements Income Statement • Reports the revenues and expenses for a specific period of time. • Net income – revenues exceed expenses. • Net loss – expenses exceed revenues. Illustration 1-11 Financial statements and their interrelationships SO 8 Understand the four financial statements and how they are prepared.

  19. Financial Statements Net income is needed to determine the ending balance in retained earnings. Illustration 1-11 Financial statements and their interrelationships SO 8

  20. Financial Statements Retained Earnings Statement • Statement indicates the reasons why retained earnings has increased or decreased during the period. Illustration 1-11 Financial statements and their interrelationships SO 8 Understand the four financial statements and how they are prepared.

  21. Financial Statements The ending balance in retained earnings is needed in preparing the statement of financial position Illustration 1-11 Financial statements and their interrelationships SO 8 Understand the four financial statements and how they are prepared.

  22. Financial Statements Balance Sheet Illustration 1-11 Financial statements and their interrelationships SO 8 Understand the four financial statements and how they are prepared.

  23. Financial Statements Illustration 1-11 Financial statements and their interrelationships

  24. Financial Statements Statement of Cash Flows • Information for a specific period of time. • Answers the following: • Where did cash come from? • What was cash used for? • What was the change in the cash balance? SO 8 Understand the four financial statements and how they are prepared.

  25. Financial Statements Statement of Cash Flows Illustration 1-11 Financial statements and their interrelationships SO 8 Understand the four financial statements and how they are prepared.

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