has a very detailed and organized balance sheet and income statement in which all of the company ’s information is listed in the proper order. The balance sheet can be viewed annually or quarterly and all amounts are in US dollars by millions except for per share amounts. The balance sheet first begins to lists the company ’s assets. The assets section is broken down by current assets‚ cash‚ net receivables‚ inventories‚ and other current assets. The balance sheet then lists in order the total current
Premium Generally Accepted Accounting Principles General Motors Automotive industry
Khalid Al Mulla ------------------------------------------------- 213102097 ------------------------------------------------- Assignment 1 BE1-1 Presented below is the basic accounting equation (in thousands). Determine the missing amounts. Assets = Liabilities + Equity 90‚000 = 50‚000 + 40‚000 110‚000 = 40‚000 + 70‚000 ------------------------------------------------- 94‚000 = 41‚000 + 53‚000 BE1-5 Indicate whether each of the following items
Premium Balance sheet Generally Accepted Accounting Principles Accounts receivable
owned or controlled to produce value and that is held to have positive economic value is considered an asset. Simply stated‚ assets represent value of ownership that can be converted into cash (although cash itself is also considered an asset).The balance sheet of a firm records the monetary value of the assets owned by the firm. It is money and other valuables belonging to an individual or business. Two major asset classes are tangible assets and intangible assets. Tangible assets contain various subclasses
Premium Asset Balance sheet Liability
Problem 1-7A (75 minutes) Part 1 DE LEON COMPANY Manufacturing Statement For Year Ended December 31‚ 2013 Direct materials Raw materials inventory‚ December 31‚ 2012 $ 166‚850 Raw materials purchases 925‚000 Raw materials available for use 1‚091‚850 Less raw materials inventory‚ December 31‚ 2013 182‚000 Direct materials used $ 909‚850 Direct labor 675‚480 Factory overhead Depreciation expense—Factory equipment 33‚550
Premium Balance sheet Inventory Revenue
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
Premium Accounts receivable 1967 1983
Viewing:805 Business Combinations25-5) In this case‚ the contingent consideration is classified as equity since it settled in shares. (ASC 815-40-25-4) The contingient consideration goes into additional paid in capital account (APIC) on the Allfoods’ balance sheet. (4) Exchange of share options in conjunction with a business combination is modification of share-based payment awards. The portion attributable to precombination service is part of the consideration transferred. (ASC 805-30-30) The underlying
Premium Balance sheet Goodwill Asset
Revenue Company sold specialized computers costing P760‚000 to Income‚ Inc. for P990‚000. Revenue Company’s trainers present numerous training sessions for Income’s employee during the installation period. Income made a 50% down payment‚ with the balance due upon completion of installation. How much revenue should Revenue Company recognize on its books on January 1‚ 2012? a. P990‚000 b. P760‚000 c. P495‚000 d. P-0- 2. SAMpple Company is an experienced home appliance dealer. SAMpple Company
Premium Balance sheet Depreciation 1986
Financial Accounting 1. Obligation of business that represents the claims of these against the assets of the less cash is called? A. Asset B. An expense (WA) C. Revenue D. An equity E. Liability 2. Net income results when A. Assets > liability B. Revenue = expenses C. Revenue > expenses D. Revenue < expenses E. None 3. Resources owned by a business are referred to as A. Stockholders equity B. Liability C. Assets D. Revenue (WA) E. None 4. Expenses are incurred
Premium Arithmetic mean Balance sheet Statistical hypothesis testing
The Series of Discussion Papers “Conceptual Framework of Financial Accounting” Working Group on Fundamental Concepts September 2004 （Tentative translation: 28 Feb. 2005） Contents Issuance of the Series of Discussion Papers “Conceptual Framework of Financial Accounting”・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・ 1 Discussion Paper “Objectives of Financial Reporting” ・・・・・・・・・・・・・・・4 Discussion Paper “Qualitative Characteristics of Accounting Information” ・・・・・12 Discussion Paper “Elements
Premium Balance sheet Income statement Asset
ANSWER SHEET STUDENT’S SURNAME........................................... OTHER NAMES.......………......................................... STUDENT NUMBER....……….................................. TUTORIAL DAY & TIME........………................... TUTOR’S FULL NAME......................................... Test 1 – Version 2 Session 2‚ 2012 Course Code: ACCG 224 Course Name: INTERMEDIATE FINANCIAL ACCOUNTING Time allowed: 55 minutes plus 5 minutes reading time Total No. of questions:
Premium Balance sheet Generally Accepted Accounting Principles Depreciation