Financial Statements Paper Your Name Principles of Accounting – ACC/280 Date Instructor Name Financial Statements Paper The purpose of accounting is to provide a means of reporting‚ recording‚ summarizing‚ and interpreting economic data within an organization. Accounting is used by everyone in one form or another. Everyone should have a basic understanding of accounting as it could be extremely beneficial to everyone. Within every company there should be an accounting department
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November 1978 and August 1979 contributed to this situation? (Hampton background) 3. Based on the information provided‚ prepare projected cash budget for the four months September through December 1979‚ a projected income statement‚ and a pro forma balance sheet as of December 31‚ 1979. 4. Critically evaluate the assumptions of the forecasts. 5. Do you believe that Hampton can repay the loan in December? 6. Should the bank approve the request? What are the bank’s major risks? 7. What alternatives
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entity’s balance sheet and any personal expenditure of the owners in the entity’s expenses in the income statement. An example of personal transaction that has implications for the business entity is drawings. Drawings are the withdrawals of assets from the entity by the owners that are recorded as decreases in equity. 4.8 What is the link between the accounting equation and the balance sheet? The financial statement known as the balance sheet is based on the accounting equation. The balance sheet
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specific date. Solutions to Vocabulary Quiz Chapter 1 1. Cost principle 2. Liabilities 3. Assets 4. Net loss 5. Partnership 6. Retained earnings 7. Accounting equation 8. Dividends 9. Expenses 10. Balance sheet Multiple Choice Quiz Name _______________ Chapter 1 1. All of the following are characteristics of a sole proprietorship except: a. a business owned by one person. b. owner has control of the business. c. a separate
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a company. These statements are the balance sheet‚ the income sheet‚ the statement of retained earning and the statement of cash flows. These four statements show a variety of information that pertains to the financial situation of a company during a specific accounting period. Managers and executives must be knowledgeable about the financial statements of their company and know where their company stands financially. The Balance Sheet The balance sheet is a report that shows the overall financial
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1/20/2013 MACC 594: LECTURE NOTES‚ MODULE I: INTRODUCTION TO ANALYSIS AND REVIEW OF BASIC CONCEPTS PART I. A. REVIEW OF FINANCIAL STATEMENTS ANALYZING THE BALANCE SHEET • The balance sheet lists the firm’s assets‚ liabilities and equity accounts and their balances at the end of the period. • What does the balance sheet reveal about a firm? • Size of the company (total assets or net assets) • Major assets owned and proportion of current vs. noncurrent assets: - Is the mix of assets consistent
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prepared? A. Balance sheet‚ income statement‚ statement of cash flows‚ and capital statement B. Income statement‚ capital statement‚ statement of cash flows‚ and balance sheet C. Balance sheet‚ capital statement‚ statement of cash flows‚ and income statement D. Income statement‚ capital statement‚ balance sheet‚ and statement of cash flows 3. In classifying transactions‚ which of the following is true in regard to assets? A. Normal balances and increases are debits B. Normal balances and decreases
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(McGladrey‚ Pullen‚ 2006). The third statement is the balance sheet. The balance sheet is a broad look at the organizations standing. The balance sheet shows the assets‚ liabilities‚ and stockholder ’s equity for a specific period of time. The assets are listed at the top of the balance sheet‚ followed by the liabilities and stockholders ’ equity. Assets and liabilities are divided into short-term and long-term. The bottom line of the balance sheet must be equal‚ which means assets must equal the liabilities
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Case 12-02 To Recognize or Not to Recognize‚ That Is the Question Shakespeare Inc. (“Shakespeare” or the “Company”) is a privately held book printing and publishing company with a December 31 year-end. The summary balance sheet as of December 31‚ 2010‚ included: Current assets Noncurrent assets Total assets Current liabilities Noncurrent liabilities Total liabilities Total shareholder equity $ 6‚500‚000 28‚250‚000 $34‚750‚000 $ 4‚500‚000 13‚750‚000 $18‚250‚000 $16‚500‚000 The summary results of
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assets at the date of acquisition. Selected balance sheet data at December 31‚ 2009‚ are as follows: 1. Based on the preceding information‚ what amount should be reported as noncontrolling interest in net assets in Jane Company’s December 31‚ 2009‚ consolidated balance sheet? A. $90‚000 B. $54‚000 C. $36‚000 D. $0 2. Based on the preceding information‚ what amount will Jane Company report as common stock outstanding in its consolidated balance sheet at December 31‚ 2009? A. $120‚000 B. $180
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