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Module 2: Introducing Financial Statements and Transaction Analysis

Module 2: Introducing Financial Statements and Transaction Analysis

Module 2: Introducing Financial Statements and Transaction Analysis. Balance Sheet. Reflects the Accounting Equation Assets = Liabilities + Equity Uses of funds = Sources of funds Assets are listed in order of liquidity Liabilities are listed in order of maturity

By tynice
(112 views)

The Adjusting Process

The Adjusting Process

The Adjusting Process. Chapter 3. Accrual Accounting Versus Cash-Basis Accounting. Accrual Basis Revenues recognized when earned Expenses recognized when incurred. Cash Basis Revenues recognized when cash received Expenses recorded when cash paid. Not GAAP.

By nara
(216 views)

COMPLETING THE ACCOUNTING CYCLE

COMPLETING THE ACCOUNTING CYCLE

COMPLETING THE ACCOUNTING CYCLE. ACT 2112 KUMPULAN 8 SHERLIZA PUAT NELSON. Content. Accrual accounting Adjusting entries Closing the books Summary of the accounting cycle Adjusting entries: Original entries to expense or revenue. Accounting Cycle. Step 1- Analyse transaction

By vida
(159 views)

STUDY OBJECTIVES After studying this chapter, you should understand:

STUDY OBJECTIVES After studying this chapter, you should understand:

ACCRUALS AND DEFERRALS. STUDY OBJECTIVES After studying this chapter, you should understand:. STUDY OBJECTIVE 1 TIME PERIOD ASSUMPTION. The time period assumption assumes that the economic life of a business can be divided into artificial time periods.

By cecilia-anthony
(116 views)

ADJUSTING THE ACCOUNTS

ADJUSTING THE ACCOUNTS

CHAPTER. 3. ADJUSTING THE ACCOUNTS. TIME PERIOD ASSUMPTION. The time period (or periodicity) assumption assumes that the economic life of a business can be divided into artificial time periods — generally a month, a quarter, or a year.

By kelly-vargas
(235 views)

The Income Statement and Statement of Cash Flows

The Income Statement and Statement of Cash Flows

The Income Statement and Statement of Cash Flows. Objectives of the Chapter. 1. Study the content of an income statement . 2. Study the reporting of comprehensive income. 3. Prepare a retained earnings statement.

By unity-francis
(149 views)

STUDY OBJECTIVES After studying this chapter, you should understand:

STUDY OBJECTIVES After studying this chapter, you should understand:

ADJUSTING THE ACCOUNTS. STUDY OBJECTIVES After studying this chapter, you should understand:. STUDY OBJECTIVE 1 TIME PERIOD ASSUMPTION. The time period assumption assumes that the economic life of a business can be divided into artificial time periods.

By carla-schultz
(101 views)

ACC 300 Tutorial Course/Uoptutorial

ACC 300 Tutorial Course/Uoptutorial

For more course tutorials visit \nwww.uoptutorial.com\n\n\n\nACC 300 Week 2 Individual Assignment Accounting Equation paper\nACC 300 Week 2 Individual Problem Set P1-3A and P3-5A\nACC 300 Week 3 Learning Team Assignment Working With Financial Statements\nACC 300 Week 3 Team Assignment problem 4-2A\nACC 300 Week 4 Individual Problem Set II P2-6A and P13-2A\nACC 300 Week 5 Final Exam Guide\nACC 300 Week 5 Team Assignment Global Environments (Mc Donalds)\nACC 300 Week 5 Team Assignment Problem Set PE-2, E7-5, E7-6, E7-9\n\n\n\n

By vimash123
(106 views)

ACC 290 ASH TUTORIAL / Uoptutorial

ACC 290 ASH TUTORIAL / Uoptutorial

Week 1 Discussion Question 1\nWeek 1 Discussion Question 2\nWeek 1 Individual Assignment Financial Statements Paper\nWeek 2 Discussion Question 1 \nWeek 2 Discussion Question 2 \nWeek 2 Individual WileyPLUS Assignment Week Two -Exercise E3-4 ,E3-9 Problem 3-5A, 3-6A\nWeek 2 LT Reflection Summary\n \nWeek 3 Discussion Question 1 \n \nWeek 3 Discussion Question 2 \n \nWeek 3 - Individual WileyPLUS Assignment Week Three - Exercise BE4-1, Problem P4-2A and P4-3A\n \nWeek 3 LT Reflection Summary\n \nWeek 4 Discussion Question 1 \n \nWeek 4 Discussion Question 2 \n \nWeek 4 Individual WileyPLUS Assignment Week Four - Problem 4-8A\n \nWeek 4 Learning Team Financial Reporting Problem, Part 1\n \nWeek 4 LT Reflection Summary\n \nWeek 5 Discussion Question 1 \n \nWeek 5 Individual WileyPLUS Assignment Brief Exercise BE5-1, Brief Exercise BE5-2, Brief Exercise BE6-5, Brief Exercise BE6-7, Brief Exercise BE7-4, and Brief Exercise BE7-6\n \nWeek 5 Learning Team Reflection\nSummary\nWeek 5 Individual Assignment Financial Reporting Problem Part II\n

By cherry64
(57 views)

ACC 290 New Instant Education/uophelp

ACC 290 New Instant Education/uophelp

ACC 290 Finals\nQuestion 1\n \nJackson Company recorded the following cash transactions for the year:\n \nPaid $135,000 for salaries.\nPaid $60,000 to purchase office equipment.\nPaid $15,000 for utilities.\nPaid $6,000 in dividends.\nCollected $245,000 from customers.\n \nQuestion 2\n \nWhich of the following describes the classification and normal balance of the Unearned Rent Revenue account?\n \nQuestion 3\n \nPosting\n \nQuestion 4\n \nThe following is selected information from L Corporation for the fiscal year ending October 31, 2014.\n \nCash received from customers $300,000\nRevenue earned 390,000\nCash paid for expenses 170,000\nCash paid for computers on November 1, 2013 that will be used for 3 years 48,000\nExpenses incurred including any depreciation 216,000\n \nQuestion 5\n \nLa More Company had the following transactions during 2013.\n• Sales of $4,500 on account\n• Collected $2,000 for services to be performed in 2014\n• Paid $1,325 cash in salaries\n• Purchased airline tickets for $250 in December for a trip to take place in 2014\n \n \nQuestion 6\n \nWhich one of the following is not a justification for adjusting entries?\n \nQuestion 7\n \nThe Vintage Laundry Company purchased $6,500 worth of laundry supplies on June 2 and recorded the purchase as an asset. On June 30, an inventory of the laundry supplies indi-cated only $1,000 on hand. The adjusting entry that should be made by the company on June 30 is:\n \nQuestion 8\n \nSimilarities between International Financial Reporting Standards (IFRS) and U.S. GAAP in-clude all of the following except\n \nQuestion 9\n \nConway Company purchased merchandise inventory with an invoice price of $9,000 and credit terms of 2/10, n/30. What is the net cost of the goods if Conway Company pays within the discount period?\n \n \nQuestion 10\n \nStan’s Market recorded the following events involving a recent purchase of inventory:\n Received goods for $90,000, terms 2/10, n/30.\n Returned $1,800 of the shipment for credit.\n Paid $450 freight on the shipment.\n Paid the invoice within the discount period.\n \nQuestion 11\n \nFinancial information is presented below:\nOperating expenses $36,000\nSales revenue 150,000\nCost of goods sold 105,000\n \n \nQuestion 12\n \nAt December 31, 2014 Mohling Company’s inventory records indicated a balance of $602,000. Upon further investigation it was determined that this amount included the following:\n \n▪ $112,000 in inventory purchases made by Mohling shipped from the seller 12/27/14 terms FOB destination, but not due to be received until January 2nd\n▪ $74,000 in goods sold by Mohling with terms FOB destination on December 27th. The goods are not expected to reach their destination until January 6th\n▪ $6,000 of goods received on consignment from Dollywood Company\n \n \nQuestion 13\n \nOlympus Climbers Company has the following inventory data:\n \nJuly 1 Beginning inventory 20 units at $19 $380\n7 Purchases 70 units at $20 1,400\n22 Purchases 10 units at $22 220\n$2,000\n \nA physical count of merchandise inventory on July 30 reveals that there are 32 units on hand. Using the FIFO inventory method, the amount allocated to cost of goods sold for July is\n \nQuestion 14\n \nJenks Company developed the following information about its inventories in applying the lower of cost or market (LCM) basis in valuing inventories:\n \nProduct Cost Market\nA $57,000 $60,000\nB 40,000 38,000\nC 80,000 81,000\n \n \nQuestion 15\n \nNilson Company gathered the following reconciling information in preparing its August bank reconciliation:\n \nCash baA 8

By Monarda2
(189 views)

ACC 290 NEW Academic Coach/uophelp

ACC 290 NEW Academic Coach/uophelp

For more course tutorials visit\nwww.uophelp.com\n\nACC 290 Week 1 Discussion Question 1\nACC 290 Week 1 Individual Assignment Financial Statements Paper\nACC 290 Week 1 Vocabulary Activity (New)\nACC 290 Week 2 Discussion Question 1\nACC 290 Week 2 LT Reflection Summary (New)\nACC 290 Week 2 Practice Quiz (New)\nACC 290 Week 3 Discussion Question 1\nACC 290 Week 3 LT Reflection Summary\nACC 290 Week 3 of 4 Learning Team Financial Reporting Problem, Part 1 (New)\nACC 290 Week 3 WileyPlus Assignment BE4-1, P4-2A, P4-3A, BYP4- (New)\nACC 290 Week 4 Discussion Question 1\nACC 290 Week 4 LT Reflection Summary

By weather2
(56 views)

ACC 290 Empower Learning/ indigohelp

ACC 290 Empower Learning/ indigohelp

The Vintage Laundry Company purchased $6,500 worth of laundry supplies on June 2 and recorded the purchase as an asset. On June 30, an inventory of the laundry supplies indi-cated only $1,000 on hand. The adjusting entry that should be made by the company on June 30 is:

By rajesh665
(65 views)

ACC 290 (New) In order to succeed, you must read/Uophelpdotcom

ACC 290 (New) In order to succeed, you must read/Uophelpdotcom

For more course tutorials visit\nwww.uophelp.com\n\n\nACC 290 Finals\nQuestion 1\n

By manchester2
(100 views)

ACC 290 GENIUS EDUCATION EXPERT / acc290genius.com

ACC 290 GENIUS EDUCATION EXPERT / acc290genius.com

FOR MORE CLASSES VISIT \nwww.acc290genius.com\n\n\nFinancial Reporting Problem Part I Browse the Internet to acquire a copy of the most recent annual report for a publicly traded company. Analyze the information contained in the company’s balance sheet and income statement to answer the following questions: What are the company’s total assets at the end of its most recent annual reporting period? Why is this important? What are the total assets at the end of the previous annual reporting period? How

By chintu32322
(51 views)

ACC 290 GENIUS A Clearer path to student success-acc290genius.com

ACC 290 GENIUS A Clearer path to student success-acc290genius.com

FOR MORE CLASSES VISIT \nwww.acc290genius.com\n\n\nFinancial Reporting Problem Part I Browse the Internet to acquire a copy of the most recent annual report for a publicly traded company. Analyze the information contained in the company’s balance sheet and income statement to answer the following questions: What are the company’s total assets at the end of its most recent annual reporting period? Why is this important? What are the total assets at the end of the previous annual reporting period? How much cash and cash equivalents did the company have at the end of its most recent annual reporting period? What amount of accounts payable did the company have at the end of its most recent annual reporting period? What amount of accounts payable did the company have at the end of the previous annual reporting period? What are the company’s net revenues for the last three annual reporting periods? What is the change in dollars in the company’s net income from its most recent annual reporting period to the previous annual reporting period? What are the company’s total current assets at the end of its most recent annual reporting period? What are the total current assets at the end of the previous annual reporting period? What in the information above would be important to a potential investor, employee, and so on? Summarize the analysis in a 1,050-1,400 word paper in a Microsoft® Word document. Include a copy of the company’s balance sheet and income statement. Format your paper consistent with APA guidelines.

By teambolt45
(15 views)

Prepared by Coby Harmon University of California, Santa Barbara Westmont College

Prepared by Coby Harmon University of California, Santa Barbara Westmont College

W ILEY. IFRS EDITION. Prepared by Coby Harmon University of California, Santa Barbara Westmont College. PREVIEW OF CHAPTER 3. Financial Accounting IFRS 3rd Edition Weygandt ● Kimmel ● Kieso. CHAPTER. 3. Adjusting the Accounts. LEARNING OBJECTIVES

By samanthak
(2 views)

Chapter 3 The Adjusting Process

Chapter 3 The Adjusting Process

Chapter 3 The Adjusting Process. What is the Difference Between Cash Basis Accounting and Accrual Basis Accounting?. Cash basis accounting Revenue is recorded when cash is received. Expenses are recorded when cash is paid. Not allowed under GAAP. Accrual basis accounting

By danielr
(0 views)

TIME PERIOD ASSUMPTION

TIME PERIOD ASSUMPTION

TIME PERIOD ASSUMPTION. The time period (or periodicity) assumption assumes that the economic life of a business can be divided into artificial time periods — generally a month, a quarter, or a year. Periods of less than one year are called interim periods .

By rdeleo
(0 views)

Revenue Recognition

Revenue Recognition

PART II: Corporate Accounting Concepts and Issues. Lecture 20. Revenue Recognition. Instructor Adnan Shoaib. Learning Objectives. Apply the revenue recognition principle. Describe accounting issues for revenue recognition at point of sale.

By maryburton
(2 views)

After studying this chapter, you should be able to:

After studying this chapter, you should be able to:

CHAPTER 3 ADJUSTING THE ACCOUNTS. After studying this chapter, you should be able to:. 1 Explain the time period assumption. 2 Explain the accrual basis of accounting. 3 Explain why adjusting entries are needed. 4 Identify the major types of adjusting entries.

By sallyw
(0 views)

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