Lecture 2: Study Week 2 The Accounting Equation & the Double Entry System Objectives for today 1. Analyzing transactions using the Accounting Equation 2. Next Week: How do firms actually measure Income?: Accrual vs. Cash Accounting g 3. Next Week: Determine when a company should record revenues and Expenses: The Matching Principle The Operating Cycle Start with cash and end with more cash Collect cash from customers Purchase inventory Make sales to customers The Recording
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Learning Team Objective ACC/291 Learning Team During weeks four and five‚ we learned all about methods a company can have a picture of their overall fiscal rankings. A few of the subjects dealt with include using a report of cash flows to observe the coming in and going out of cash‚ assessing fiscal reports‚ the way to report the issuance of the various kinds of stock and dividend payments‚ and the Sarbanes-Oxley Act influence. A report of cash flows indicates
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This work ACC 561 Week 1 Discussion Question 2ACC 455 Week 5 Discussion Question 2 includes solutions to the following question: "Which one of the four financial statements is your favorite and why?" Business - Accounting Alternative Costing Methods The text presents job and processing costing systems as virtual “polar extremes‚” there are many situations where it may be best for a company to use a hybrid system that combines attributes of both systems. Describe such a situation and discuss
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stockholders’ equity section of Omar Company consists of common stock $600‚000 and retained earnings $900‚000. Omar is considering the following two courses of action: (1) declaring a 5% stock dividend on the 60‚000‚ $10 par value shares outstanding‚ or (2) effecting a 2-for-1 stock split that will reduce par value to $5 per share. The current market price is $14 per share. Instructions Prepare a tabular summary of the effects of the alternative actions on the components of stockholders’ equity and outstanding
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Learning Team B Week 2 Reflection Accounting: ACC/561 Learning Team B Week 2 Reflection There are different type of methods used for financial statements and stocks. The comparative analysis shows company information from period to period‚ and radio analysis is an indicator of the company stability to meet their debt obligations‚ profitability‚ solvency and liquidity. Importance of Comparative Analysis Comparative analysis is a method used by investors‚ is used to identify new trends
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How would healthcare companies operate without accounting? Why do we need financial and managerial accounting and what are the fundamental differences between the two? You must respond to at least two of your classmates ’ postings to receive full credit. Accounting plays a huge role within healthcare industry. If healthcare companies did not have an accounting department‚ it would be nearly impossible for it to operate effectively. Without an accounting department‚ it would be difficult to determine
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Susan Wiley (‘Genie’) * Genie was discovered on 4th November 1970 in Los Angeles. * The thirteen year old girl had been confined to a small room and spent most of her life often tied to a potty chair. * The girl was given the name Genie to protect her identity and privacy. "The case name is Genie. This is not the person’s real name‚ but when we think about what a genie is‚ a genie is a creature that comes out of a bottle or whatever‚ but emerges into human society past childhood. We assume
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XACC/291 – Week 4 Assignment Complete Exercises E10-6‚ E10-8‚ & E10-18. And Problems 10-3A & 10-6A. E10-6 Payroll Tax Expense $352.16 FICA Taxes Payable 198.40 Federal Unemployment Taxes Payable 19.84 State Unemployment Taxes Payable 133.92 (To Record Payable Taxes for the week) E10-8 1. True 2. True 3. False 4. True 5. False 6. False 7. True 8. True 9
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Answer Close ------------------------------------------------- Top of Form Problem 3-1A Post the adjusting entries to the ledger accounts. Enter the totals from the trial balance as beginning account balances. (Post entries in the order of journal entries posted in the previous part of the question.) Cash | | | | No. 101 | Date | Explanation | Ref | Debit | Credit | Balance | June 30 | Balance | √ | | | | Accounts Receivable | | | | No. 112 | Date | Explanation | Ref | Debit
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Assignments from the Readings ACC/400 July 15‚ 2013 Assignments from the Readings Chapter 8‚ Question 3: What are essential features of the allowance method of accounting for bad debt? According to Kimmel‚ Weygandt‚ & Kieso‚2007: 1. Estimated uncollectible accounts receivable: These accounts match them against revenues in the same accounting period. 2. “Record estimated uncollectible as an increase (a debt) to bad debt expense and an increase ( a credit) to Allowance for Doubtful
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