values of Colonial’s assets and liabilities‚ which Buff is interested in acquiring. Against these assets are claims of suppliers and bank loan used to finance a portion of the inventory. Buff hired a valuation consultant for Colonial’s tangible assets and liabilities.
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3‚870 Acc / Pay 5‚000 A/R 10‚000 (Raw Mat 11‚800 + Finished Goods1‚500) Inv 13‚300 Total Current Assets $ 27‚170 Total Current Liabilities $ 5‚000 (Depreciation $90) PPE (Net) $ 5910 C/S $ 30‚000 Prepaid Rent $ 2000 R/E $ 80 Total Non-Current Assets $ 7‚910 SHE $
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Bookkeeping & Accounting Compared 5. Uses of Accounting Data 6. Reasons for Using Accounting Data 7. Ethics in Accounting 8. Generally Accepted Accounting Principles 9. IFRS & GAAP Compared 10. Accounting Equation 11. Assets 12. Liabilities 13. Owners Equity 1. Brief History of Accounting:- Accounting is the language of Business. The father of Accounting LUKAS PACIOLI. Who is a citizen of Italy. First book: Summa-de-ArithmeticaGeometrica Pro..(1494) Financial accounting
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1.0 Introduction Nowadays‚ high inflation is an inevitable problem in many countries. High inflation occurred owing to the demand level of goods and services are over the supply level of goods and services. It is lead to price changes taking place. Since year of 1980‚ several different accounting approaches were introduced to overcome these problems that reflected by inflation. However‚ the historical cost accounting still widely and continuously to be used by most companies in their accounting
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because the picture is always changing.) The term ’balance sheet’ is derived from the simple purpose of detailing where the money came from‚ and where it is now. The balance sheet equation is fundamentally: (where the money came from) Capital + Liabilities = Assets (where the money is now). Hence the term ’double entry’ - for every change on one side of the balance sheet‚ so there must be a corresponding change on the other side - it must always balance. The Balance Sheet does not show how much
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Cash Requirements from Start-up $401‚500 Additional Cash Raised $0 Cash Balance on Starting Date $401‚500 Total Assets $401‚500 Liabilities and Capital Liabilities Current Borrowing $0 Long-term Liabilities $200‚000 Accounts Payable (Outstanding Bills) $0 Other Current Liabilities (interest-free) $0 Total Liabilities $200‚000 Capital Planned Investment Investor 1 $130‚000 Investor 2 $130‚000 Other $0 Additional Investment Requirement
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600 Total assets……………………………………………….. $69‚ 000 Liabilities and Owners’ Equity Note payable…………………………………………………. $21‚ 000 Owners’ Equity:.................................................................. Mrs. Landers…………………………………………………..$16‚ 000 Mr. Antoine……………………………………………………. 16‚ 000 Mrs. Antoine…………………………………………………… 16‚ 000 48‚ 000 Total liabilities and owners’ equity…………………….... $69‚ 000 2. Prepare a
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Copyright © 2011 John Wiley & Sons‚ Inc. Weygandt‚ Accounting Principles‚ 10/e‚ Solutions Manual (For Instructor Use Only) 1-33 PROBLEM 1-1B (a) VINCE’S TRAVEL AGENCY | | | | | | | | | | | | | Owner’s Equity | | | Cash | + | AccountsReceivable | + | Supplies | + | Equipment | = | AccountsPayable | + | Owner’sCapital | – | Owner’s Drawings | + | Revenues | – | Expenses | | | | | | | | | | | | | | | | | | | | 1.2.3.4.5.6.7.8.9.10. | | +$15
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mall for rent -expense b. Amounts to be paid in 10 days- liability c. A new fax machine purchases for office use- assets d. Land held as an investment - assets e. Amounts due from customers -assets f. Daily sales of merchandise sold - revenue g. Promotional costs to publicize a concert - expense h. A long-term loan owed to Citizens Bank -liability i. The albums‚ tapes‚ and CDs held for sale to customers –assets Normal balance for: liability = credit revenue = credit asset = debit expense = debit
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this assignment and what the title is ? Is that still the "valuation of Air thread connection" or anything else?” “How detail should the appraisal should be?” “Unsure if capital expenditure for 2007 to be calculate as Total assest -Total Liabilities?” Friday 19th October Answer The assignment is due by Week 13 17:00 (5:00PM) Friday 9th November [MQ iLearn system clock]. The iLearn submission window will be open from Week 12 Monday 29th October. Submit your assignment in iLearn using
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