equivalent only when it has a short maturity of three months or less from the date of acquisition. An illustrative list of disclosures required under the act is enclosed (Pg 151) BALANCE SHEET I LIABILITIES: Share Capital: As per old schedule VI‚ debit balance on the allotment or call account is presented in the Balance Sheet not as an asset but by way of deduction from Called-up capital. However‚ as required by Clause K of Note 6A of the Revised Schedule VI‚ calls unpaid are to be disclosed separately
Premium Balance sheet Asset
2. What was the balance of Walmart’s accounting receivables as of January 31‚ 2012? $5‚937M 3. What was the balance of Walmart’s allowance for doubtful accounts (ADA) as of January 31‚ 2012? $323M 4. Assume that Walmart wrote-off $10 million of its accounting receivables during the fiscal year of 2012. Use the change in allowance for doubtful accounts from 2011 to 2012 to estimate the amount of bad debt expense (BDE) Walmart recorded for 2012. Use the balance sheet equation (BSE) to
Premium Balance sheet Asset Generally Accepted Accounting Principles
Capital Types of financial statements 1. Statement of Comprehensive Income 2. Statement of Financial Position (Balance Sheet) 3. Statement of Changes in Owner’s Equity 4. Statement of Cash Flows 5. Notes to the Financial Statements C. Steps in making financial statements 1. 2. Journalizing 3. Posting 4. Preparing a trial balance 5. Gathering of necessary adjustment data 6. III. Analyzing business transactions Preparing a worksheet
Premium Income statement Sole proprietorship Balance sheet
items were taken from a recent income statement and balance sheet. In each case‚ identify whether the item would appear on the balance sheet or income statement. (a) | | Income Statement | | Income tax expense | | | | | | (b) | | Balance Sheet | | Inventories | | | | | | (c) | | Balance Sheet | | Accounts payable | | | | | | (d) | | Balance Sheet | | Retained earnings | | | | | | (e) | | Balance Sheet | | Property‚ plant‚ and equipment | | | |
Premium Balance sheet Generally Accepted Accounting Principles Revenue
material into the examination room unless permission is given by the invigilator. Please check to make sure that this examination pack consists of: i) the Question Paper ii) an Answer Booklet - provided bv the Faculty iii) an Objective Answer Sheet DO NOT TURN THIS PAGE UNTIL YOU ARE TOLD TO DO SO This examination paper consists of 10 printed pages CONFIDENTIAL CONFIDENTIAL 2 BM/APR 2003/ACC100/1077 111/114/115 SECTION A This section consists of 10 multiple-choice questions
Premium Balance sheet Generally Accepted Accounting Principles Revenue
Companies use several tools such as a balance sheet to make sound business decisions. A balance sheet is a quantitative summary of a company ’s financial condition at a specific point in time‚ including assets‚ liabilities and net worth. The first part of a balance sheet shows all the productive assets a company owns‚ and the second part shows all the financing methods (such as liabilities and shareholders ’ equity) Also‚ called statement of condition. On a balance sheet‚ assets are equal to the sum of
Premium Generally Accepted Accounting Principles Income statement Balance sheet
friend who owns a small entity trading as Jobs Galore knows that you are studying accounting‚ and has asked if you would prepare the entity’s classified balance sheet as at 30 June. The friend has provided you with the following list of assets and liabilities (the equity figure has not been provided) to perform this task: JOBS GALORE Balance Sheet as at 30 June $ $ Assets Current Cash 4 000 Accounts receivable 3 500 Prepaid rent 700 Total current assets 8 200
Premium Balance sheet Generally Accepted Accounting Principles
Net sales $18‚139 $17‚695 $16‚502 Cost of products sold 5‚454 4‚729 4‚458 The company’s marginal tax rate during the three years was 35 percent. What adjustments are required to correct Bristol-Myers Squibb’s balance sheet for December 31‚ 2001? What assumptions underlie your adjustments? How would you expect the adjustments to affect Bristol-Myers Squibb’s performance in the coming few years. The problem is that the sales that have been recorded and the associated
Premium Balance sheet Generally Accepted Accounting Principles Deutsche Telekom
value of assets on the balance sheet so investors and creditors know their current value. __F___ The payment of a liability in cash will decrease stockholders’ equity. __F___ When a company borrows money from a bank‚ it leads to a cash inflow from an investing activity. Omit T Only events that can be measured will be reflected in the journal entries F Every transaction affects both the income statement and the balance sheet Matching (1 pt.
Premium Generally Accepted Accounting Principles Balance sheet Revenue
Recap 02 — The Importance of Capital and the Basel Accord Transformation and Risk According to Paul McCulley: [T]he essence of banking is maturity‚ liquidity and quality transformation: holding assets that are longer‚ less liquid and of lower quality than the funding liabilities. Transformation is where banks make their money‚ and transformation entails risk. Thus the tension that underlies international banking: The banks are trying to ramp up risk in order to make more money‚ while the regulators
Premium Bank Banking Fractional-reserve banking