statement which shows debit balances and credit balances of all accounts in the ledger. Since‚ every debit should have a corresponding credit as per the rules of double entry system‚ the total of the debit balances and credit balances should tally (agree). In case‚ there is a difference‚ one has to check the correctness of the balances brought forward from the respective accounts. Trial balance can be prepared in any date provided accounts are balanced. DEFINITION “Trial balance is a statement‚ prepared
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The following items appeared in the accounting records of Triguero’s‚ a retail music store that also sponsors concerts. Classify each of the items as an asset‚ liability‚ revenue‚ or expense from the company’s viewpoint. Also indicate the normal account balance of each item. Classification Normal Balance a. The albums‚ tapes‚ and CDs held for sale to customers A Debit b
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flow and the manager’s job is to help keep it flowing. Under the Generally Accepted Accounting Principles working capital is simply the difference between a company’s Current Assets‚ which are cash‚ inventory‚ accounts receivable and prepaid items‚ and Current Liabilities‚ accounts payable and accrued expenses. Working capital is of major importance to a business because it controls the current day-to-day operations including payment of salaries‚ wages‚ inventory‚ raw materials‚ other business
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Answer for Tutorial 3 Fin 3000 – Managerial Finance September 2012/2012 Problems: 14-1 Net Working Capital Requirements JohnBoy Industries has a cash balance of $45‚000‚ accounts payable of $125‚000‚ inventory of $175‚000‚ accounts receivable of $210‚000‚ notes payable of $120‚000‚ and accrued wages and taxes of $37‚000. How much net working capital does the firm need to fund? (LG2) NWC = CA – CL = ($45‚000 + $210‚000 + $175‚000) – ($125‚000 + $120‚000 + $37‚000) = $148‚000. 14-3 Days’ Sales
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Rob DeVincent of Corcentric to Speak on How Automation Can Create Success at IFO’s Fusion 2014 1888PressRelease - DeVincent will offer three presentations designed for Accounts Payable professionals. Corcentric‚ a leading provider of accounts payable automation and electronic invoicing solutions‚ today announced Rob DeVincent‚ Vice President of Product Marketing will be speaking at the 2014 Institute of Financial Operations’ Fusion Conference in Dallas May 5-8. Speaking events include: •
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acquiree liquidates‚ what are the key accounts raised by the acquiree and what accounts are transferred to these accounts? LIQUIDATION ACCOUNT Assets taken over Contra assets Liabilities arising during the Liabilities assumed liquidation process Reserves Liquidation expenses Consideration received Balance to Shareholders Distribution SHAREHOLDERS’ EQUITY ACCOUNT Consideration paid to shareholders Share capital Balance Liquidation Account Exercises Exercise 14.21 ACQUISITION
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Chemical Company. My task in this case is to look into Eliot Manufacturing and to see if we should continue or terminate our relationship with them. If we were to continue‚ the choices would be to either have them in a program to reduce their accounts payable or to tolerate gradual increases in credit. After doing an analysis on Mr. Pound and the Eliot Manufacturing Company‚ I would recommend that Joyce Chemical Company should terminate their relationship with Eliot Manufacturing‚ which would
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ACCG908 CPA – Strategic Management Accounting Class 1 Appendix 1.1 to Module 1 Creating Organisational Value Class 1 – Introduction to Unit and to Your Exam Planning Review of Assumed Knowledge contained in Appendix 1 to Module 1 prepared by Patrick Gallagher North Ryde Unit Convenor using CPA 104 Study Guide Module 1 © CPA Australia Session 2 2014 READING THE MODULE is the most important thing to do before each class! Introduction to class in SMA � We will be concentrating on the
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Notes payable | 300‚000 | | | Fully secured debt | 900‚000 | | | New common stock to prepetition claimants | 375‚000 | 2‚775‚000 | | New common stock to old stockholders | $ (925‚000) | | P 17-1 1 Entries on trustee’s books: March 1‚ 2011 | Cash | $ 4‚000 | | | Accounts receivable — net | 8‚000 | | | Inventories | 36‚000 | | | Land | 20‚000 | | | Buildings — net | 100‚000 | | | Intangible assets | 26‚000 | | | Accounts payable
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have turned towards these new methods never returning to the pen‚ paper and calculator methods that they’d been using all along. During my internship ‚ the accounting software that I was introduced to was Microsoft Dynamics Great Plains. This is a system that I have never used before and have been learning a great deal about it in the past few months. The main reason why the company I work for chooses to use accounting software is to improve the company’s security of sensitive financial information
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