Statement of Management’s Responsibility [ ] [ ] [ ] __________ • Statement of Representation (for first time filing) [ ] [ ] [ ] __________ • Report of Independent Auditor [ ] [ ] [ ] __________ • Comparative Balance Sheets [ ] [ ] [ ] __________ • Comparative Income Statements [ ] [ ] [ ] __________ • Comparative Statements of Changes in Equity [ ] [ ] [ ] __________ • Comparative Cash Flow Statements [ ]
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the owner are included in the a. statement of owner’s equity. b. income statement. c. balance sheet. d. chart of accounts. ANS: A DIF: Easy OBJ: LO 6-1 MSC: AACSB Communication 5. Owner’s equity can be increased through a. withdrawals by the owner. b. investments by the owner. c. expenses exceeding revenues. d. purchases of assets for cash. ANS: B DIF: Easy OBJ: LO 6-1 MSC: AACSB Communication 6. The balance in an expense account is closed to a(n) a. capital account. b. revenue account. c. drawing
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stock and retained earnings. The basic accounting equation is: Assets = Liabilities + Stockholders’ Equity (Wiley‚ Kimmel‚ Weygandt‚ & Kieso‚ 2011). A balance sheet is used to report the company’s assets‚ asset claims‚ and liabilities at a specific point in time. The basic accounting equation is what makes up the balance sheet. Assets are added together to come up with a total cost. Liabilities and stockholder’s equity is also added together. The two sums are then added together to figure
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assignment. - lets decide on this soon since Ms. Angela has to approve this selection. Obtain faculty approval of your selected organization before beginning the assignment. Access the information contained in your selected organization’s balance sheet and income statement to calculate the following: · Liquidity ratios o Current ratio o Acid-test‚ or quick‚ ratio o Receivables turnover o Inventory turnover · Profitability ratios
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Financial Statements Financial Statements of a company measures the performance of their accounting period. The four parts of a Financial Statement are income statement‚ balance sheet‚ and statement of cash flow‚ and stockholders’ equity. The income statement of Landry’s Restaurants will show the summary of how the business has incurred revenues and expenses through operating expenses (Phillip‚ Libby‚ Libby‚ 2005). The income statement of Landry’s Restaurants‚ Incorporation shows the
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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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