Basic Accounting Equations Angela M. Hill-McBride ACC 205 Professor Ivory December 17‚ 2012 Basic Accounting Equations 1. Basic concepts. Jean’s Marine Supply specializes in the sale of boating equipment and accessories. Identify the items that follow as an asset (A)‚ liability (L)‚ revenue (R)‚ or expense (E) from the firm’s viewpoint. a. The inventory of boating supplies owned by the company. (A) b. Monthly rental charges paid for store space. (L) c. A loan owed to Citizens
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Financial Statements Paper Your Name Principles of Accounting – ACC/280 Date Instructor Name Financial Statements Paper The purpose of accounting is to provide a means of reporting‚ recording‚ summarizing‚ and interpreting economic data within an organization. Accounting is used by everyone in one form or another. Everyone should have a basic understanding of accounting as it could be extremely beneficial to everyone. Within every company there should be an accounting department
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general nature of the accounting requirements specified in AASB 1039: Concise Financial Reports. Question 23: (4 marks) Define the terms ‘consolidated entity’ and ‘reporting entity’. SECTION C Question 24: (5 + 5 = 10 marks) Liquidation One Direction Ltd went into voluntary liquidation on 30 June 2012. Its shareholders’ equity was as follows: $ $ *35 000‚ 6.5 % preference shares (cumulative) of $2 each paid to $1.50 52 500 30 000 first issue ‘A” ordinary shares
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Costing Method Paper ACC/561 September 09‚ 2013 James Krause Absorption accounting method according to E Notes (n.d.) “is a method of accounting where all costs of the manufacturing are included and are allocated to the produced units”. This would include fixed‚ variable and mixed costs. This type of accounting would allow a more accurate figure to supply to upper management about their product and what the bottom line is. This is the most important factor in Absorption accounting
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Article Rebuttal Larry D. Bluford‚ Jr. BCOM/275 December 12th‚ 2012 Ernestine Givens‚ MBA University of Phoenix The death penalty has been in existence over 100 years in California. When capital punishment began the first method of execution was hanging. In 1937‚ they stopped hanging the convicted and replaced the method with the gas chamber. However‚ in 1972‚ the death penalty was considered cruel and unusual punishment. The abolishment of
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Memo To: John & Jane Smith From: Date: Re: Memo summarizing various tax issues 1. John Smith ’s tax issues: Issue a) How is the $300‚000 treated for purposes of federal tax income? John Smith’s earned income of $300‚000 will reported as gross income either on Schedule c of the individual return or as gross income on the LLC return. As a result of the variance in the state laws as to whether or not a single person LLC can report on a business return is the reasons why it could be
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Ethics case (a) Who will suffer negative effects if you do not comply with Gena Schmitt’s instructions? Who will suffer if you do comply? The negative effects of not complying with Gena Schmitt’s instructions can be detrimental to all stakeholders of the business. Those include the business‚ the employees‚ customers‚ and the assistant controller since he or she is disobeying a direct order. If the controller does comply with the instructions the controller can be held ethically responsible
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Chapter One Sole Proprietorship: A business with one owner (and is not a taxable entity) Partnerships: Owned by two or more individuals (also not a taxable entity) Non-business entities: organized for a purpose other than earning a profit Economic Entity Concept: Assuming that everything is accounted for in a business. Personal costs must be separate from the business. Operating Activities: “Day to day” activities Investing Activities: Purchase and sale of long-term assets Financing: Money needed
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Memorandum To: Ms. Katryna Faith CC: Personal Budget‚ Balance Sheet and Statement of Cash Flows From: Ms. Shelle Avis Date: 5/12/2013 Re: Recommendations Confidential Ms. Katryna Faith is a 27 year old woman who currently works as a Customer Service Representative for Phoenix Associates. Ms. Faith also has a Bachelor’s in Accounting that she received last year and seeking her Master’s degree in the Accounting. She has no dependents but she does have a puppy. Ms. Faith wants to develop a
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Juliana Borges Connie Robin Gibson XACC/290 June 9‚ 2013 BE5-1: A. $181‚500 B. $41‚200 C. $38‚000 D. $17‚900 E. $8‚500 F. $63‚400 BE5-2: Pocras Company buys merchandise on account from Wedell Company. The selling price of the goods is $900 and the cost of the goods sold is $590. Both companies use perpetual inventory systems. Journalize the transactions on the books of both companies. Pocras Company: Accounts Receivable: Debit = $900‚ Credit = $900. Cost of Goods Sold: Debit = $590
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