Course: ACC/280 Date: P4-2A The adjusted trial balance columns of the worksheet for Porter Company are as follows. (a) Complete the worksheet by extending the balances to the financial statement columns. PORTER COMPANY Work Sheet (Partial) For the Year Ended December 31‚ 2008 Adjusted Trial Balance Income Statement Balance Sheet Debit Credit Debit Credit Debit Credit Cash $18‚800 $18‚800 Accounts
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statements? How are the financial statements interrelated? Balance Sheet -summarizes the assets‚ liabilities and owner’s equity at a specific point in time Income Statement - summarizes the revenues and expenses‚ hence giving the net income Statement of Retained Earnings - summarizes the income earned and dividends paid out over the life of a business (Beginning balance + Net income for the period - Dividends for the period = Ending balance) Net income increases retained earnings‚ dividends decrease
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its overall performance. In the accounting world there are four main financial statements that are universally understood and prepared for most publically traded companies and many small and medium sized businesses: the income statement‚ the balance sheet‚ the statement of cash flows‚ and the statement of retained earnings (sometimes referred to as shareholders’ equity). A fundamental ability to properly interpret the information these statements contain allows internal and external users to make
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With the passing of Law Number 22 Year 1999 regarding‚ Regional and Law No. 25 of 1999 on Financial Balance of the Central Government and the Regions‚ and the rules for its implementation in particular Regulation Number 105 Year 2000 on the Financial Management and Accountability of the starting fiscal year 2001‚ there has been a renewal in financial management area. With this autonomy‚ the area is given broad authority to take care of their own household with minimal government intervention. Local
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M3 Interpret the contents of a trading and profit and loss account and balance sheet for a selected company explaining how accounting ratios can be used to monitor the financial performance of the organisation . Profit and Loss account. The P&L will not tell you about the underlying health of the business‚ such as how much money it owes or is owed and what the value of its assets are. It shows how much money did business made in a year. It records two things sales and cost/turnover.
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Company Exercise 1. What did Donahoo’s balance sheet look like at the outset of the firm’s life? According to the text‚ at the start of the business‚ all of the firm’s capital was held in cash. This is represented by the $1‚500‚000 in cash current assets‚ which we can see are comprised of a $500‚000 long-term loan and $1‚000‚000 in equity. 2. What did the firm’s balance sheet look like after each transaction? In the following balance sheet‚ we see that cash has been reduced by $500
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The problem is that Banc One’s stock price has gone down nearly 25% due to analyst and investor concern that increased derivative use has inflated key accounting margins and ratios. The derivatives (interest-rate swaps) do not show up on the balance sheet as assets/liabilities‚ but do show up on the income statement. Therefore‚ metrics such as ReturnOnAssets may not accurately reflect the underlying business. Derivative use was concerning to investors mainly because they did not fully understand
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AP-3: ⇒Audit Program for Accounts Receivable Company Balance Sheet Date | | | The company has the following general ledger accounts that are classified in the accounts‚ notes‚ or other receivables captions of the | |balance sheet:
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in the global market‚ resulting in the business acquiring a strong consolidated balance sheet. The cash and cash equivalents from Crown Crafts incorporated primarily comprise of highly liquid investments purchased with an original maturity of three months or less. For instance‚ the company’s consolidated balance sheet shows cash and cash equivalent at April 3rd‚ 2011 are $205‚000 and at April 1st‚ 2012 shows a balance of $214‚000 (U. S. Security and Exchange Commission‚ 2012). Also financial statements
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period of time. 2- Balance Sheet (Statement of Financial Position ) It’s a Status report summarizing company’s Assets‚ liabilities and Equities which it include the statement of Retained Earnings at a specific point in time. The Balance Sheet Formula is : Assets = Liabilities + Equities 3- Cash Flows Statement ( The statement of changes in financial position ) The statement of cash flow is independent accounting method and its complement and integrate the information on the balance sheet and income statement
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