Balance Sheets A general ledger is the foundation of a company’s financial records‚ as they constitute the central summary of a company’s financial system. Every transaction is recorded through the general ledger. These records remain as a permanent track of the history of all financial transactions since the opening day of the company (Business Town‚ n.d.). The purpose of any business is to increase the owner’s equity through solid revenues. These revenues increase assets or proceed to decrease
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Journal Entries Example Company A was incorporated on January 1‚ 2010 with an initial capital of 5‚000 shares of common stock having $20 par value. During the first month of its operations‚ the company engaged in following transactions: Date Transaction Jan 2 An amount of $36‚000 was paid as advance rent for three months. Jan 3 Paid $60‚000 cash on the purchase of equipment costing $80‚000. The remaining amount was recognized as a one year note payable with interest rate of 9%. Jan 4 Purchased office
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through neglect or fraudulent activity compromise a patient’s personal health information. Channel 13 in Indiana did an investigation on pharmacies throughout our nation which discarded prescription labels‚ pill bottles‚ and patient information sheets with patient’s personal information into their unsecured dumpsters around Boston‚ Chicago‚ Cleveland‚ Dallas‚ Denver‚ Detroit‚ Miami‚ Louisville‚ Philadelphia‚ and Phoenix. When prescriptions are dropped off‚ electronically transferred‚ or called
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1. Suppose the Federal Reserve instructs the Trading Desk to purchase $1 billion of securities. Show result of this transaction on the balance sheets of the Federal Reserve System and commercial banks. > Change in Federal Reserve’s Balance Sheet Assets Liabilities Securities + $1 billion
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Balance Sheet Analysis Applebee’s International 2004 In analyzing the common-size balance sheet for Applebee’s‚ it is noted that the total current assets has jumped from 11% to 14% of the total assets. The total assets for Applebee’s has jumped 6% from 2000 to 2001 driven by increased in the total current assets of 28%. Of those 28% increase‚ they consisted of 88% increase in the Cash & Equivalents (increased of $10.6 millions) caused by the decreased in the Capital Stock repurchasing in 2001
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Course Project Comprehensive Balance Sheet December 31st 2012 Assets Current Assets Cash $42‚485 Account Receivable $165‚824 Allowance for Doubtful accounts 1‚850 Net Accounts Receivable 163‚974 Inventories 499‚493 Securities (available for sale/at fair market value) 28‚250 Notes Receivable (due next year) 23‚000 Prepaid Expenses 16‚252 Total Current Assets……………………………………………………………………………………$773‚454 Non-Current Assets
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Situation Analysis External environment Chick-fil-A is affected by numerous external forces which challenge upper management’s ability to make Chick-fil-A “America’s best quick-service restaurant”. Through intense strategic planning‚ based upon the vision‚ mission and corporate values‚ Chick-fil-A has been able to establish a unique position in a very competitive industry. The corporate purpose of Chick-fil-A‚ “To glorify God by being a faithful steward of all that is entrusted to us and to have
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preparing a post-closing trial balance D. journalizing and posting the closing entries Score: 1/1 2. During the end-of-period processing which of the following best describes the logical order of this process Student Response Feedback A. Preparation of adjustments‚ adjusted trial balance‚ financial statements B. Preparation of Income Statement‚ adjusted trial balance‚ Balance Sheet C. Preparation of adjusted trial balance‚ cross-referencing‚ journalizing
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1 Find the roles that have facilitated preparation of balance sheet. Ans. Balance sheet provides details regarding the financial performance of a company. This as a consequence‚ requires the functions of various segments that work together. It involves the preparing of journal‚ ledger‚ trial balance‚ profit and loss account‚ balance sheet. Each of these segments have a role to play in order to formulate the eventual financial report. For eg. Vouchers may act like the source document that
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However‚ the cost of an asset purchased some ten years ago cannot reflect its current value to the business now‚ especially in a time of rising prices. In other words‚ a company’s balance sheet cannot represent a realistic financial position of that company at the year end. The value of assets in the balance sheet merely represents an aggregation of mixed values of assets purchased at different times. As a result‚ the company’s financial statements will be misleading‚ and comparing them with
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