such as cash‚ receivables‚ or inventory that can be converted into cash‚ consumed‚ or sold within a year’s time or a normal operating business cycle. These assets are listed on a company’s balance sheet as cash‚ unexpired insurance‚ accounts receivable‚ supplies‚ etc. and are expect to leave the balance sheet in the near future. Current assets get used up quickly and are used to pay current liabilities. Current assets are involved in creating the liquidity of a company (Schroeder‚ Clark‚ & Cathey
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Bombay Dyeing and Manufacturing Company’s Financial State I evaluated four company’s balance sheet. I will write a brief commentary on each company’s balance sheet and income statement. The companies are Bombay Dyeing and Manufacturing‚ Dean Foods‚ Huffman Trucking‚ and Hallmark Financial Services. Bombay Dyeing and Manufacturing Company’s assets greatly increased between March‚ 2006 and March‚ 2010. In March‚ 2006 – Bombay’s assets were 939.92; In March‚ 2010 assets increased to 1‚183.46. Bombay’s
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Statement The four main financial statement are the balance sheet‚ the income statement‚ the cash flow statements‚ and the statements of shareholder’s equity. Each statement can be used to give an insight to a company’s financial activities‚ and can provide valuable information on said company. The balance sheet provides detailed information on a company’s assets‚ liabilities‚ and their shareholder’s equity. A company’s balance sheet has to equal out‚ so the assets have to equal the sum of
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FINANCIAL ACCOUNTS FINANCIAL ACCOUNTS BALANCE SHEET The Balance Sheet is one of the three essential measurement reports for the performance and health of a company along with the Profit and Loss Account and the Cashflow Statement. The Balance Sheet is a ’snapshot’ in time of who owns what in the company‚ and what assets and debts represent the value of the company. (It can only ever be a snapshot because the picture is always changing.) The term ’balance sheet’ is derived from the simple purpose
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Chapter 4 Balance Sheet Introduction A balance sheet also known as the statement of financial position tells about the assets‚ liabilities and equity of a business at a specific point of time. equity of a business at a specific point of time It is a snapshot of a business. A balance sheet is an extended form of the accounting equation. An accounting equation is: Assets Liabilities + Equity Assets = Liabilities + Equity Assets are the resources controlled by a business‚ equity is the obligation of the company to its owners
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Dr Fang (to be used in the workshop in week 1) Month-end balance sheet amounts for the dental practice of Dr Fang‚ a local dentist‚ for three consecutive months are presented below. The information is complete except for the balance in the owners’ equity account. Cash Accounts receivable Prepaid insurance Surgery equipment Building Land Accounts payable Wages payable Mortgage payable Owners’ Equity 31 October $ 9 100 16 100 700 29 800 81 000 33 000 10 100 5 100 34 700
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000 116‚000 Timing differences: Excess of CCA over amortization (16‚000 ) Excess rent collected over rent earned 24‚000 Taxable income $124‚000 Current income taxes - 30% $37‚200 (b) Deductible Balance (Taxable) Future Tax Current Sheet Temporary Tax Asset Long- Account Differences X Rate (Liability) Term PP & E ($16‚000)* 30% ($4‚800) LT Unearned Rent revenue 24‚000 30% 7‚200 C Future income tax asset‚ Dec. 31‚ 2009 2‚400
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implications for change in capital contributions; Describe the need for revaluation of assets and reassessment of liabilities; Carry out the treatment for reserves/accumulated profits or losses among the partners; Develop the skill of preparing the balance sheet of the reconstituted firm. l l l l l Change in the profit sharing ratio of the existing partners : For example‚ Ram‚ Mohan and Sohan are partners in the firm sharing profits in the ratio of 3:2:1. With effect from April 1‚ 2001
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ANALYSIS AND INTERPRETATION OF FINANCIAL STATEMENTS: CASE STUDIES THESIS SUBMITTED IN PARTIAL FULFILLMENT OF THE REQUIREMENTS FOR THE DEGREE OF Bachelor of Technology in Mining Engineering By SUDIP DAS Roll: 10605038 DEPARTMENT OF MINING ENGINEERING NATIONAL INSTITUTE OF TECHNOLOGY‚ ROURKELA 2010 ANALYSIS AND INTERPRETATION OF FINANCIAL STATEMENTS: CASE STUDIES THESIS SUBMITTED IN PARTIAL FULFILLMENT OF THE REQUIREMENTS FOR THE DEGREE OF Bachelor of Technology in Mining Engineering
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--------------- 1. Rs.50‚000 2. Rs.100‚000 3. Rs.150‚000 4. Rs.200‚000 5. The financial statement that reports assets‚ liabilities and owners’ equity is the -------- 1. income statement 2. statement of owner’s equity 3. balance sheet 4. statement of cash flows 6. Events are recorded by a business if assets‚ liabilities‚ or owner’s equity are affected. Select the event(s) that should be recorded in the business records from those listed below. 1. Customer purchases
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