Make accounting treatment of the revaluation of assets and liabilities and distribute the profit and loss on revaluation among the old partners. Make accounting treatment of unrecorded assets and liabilities Prepare capital Accounts‚ Cash A/c and Balance Sheet of the New firm Adjust the Partners‘ Capital Accounts Salient Points:1. Goodwill is the monetary value of business reputation. It is an intangible asset. 2. Goodwill may be of two types: a. Purchased goodwill b. Non-purchased goodwill 3. When
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been journalized and posted‚ all temporary accounts in the ledger should have zero balances. 11. Closing revenue and expense accounts to the Income Summary account is an optional bookkeeping procedure. 12. Closing the dividends account to Retained Earnings is not necessary if net income is greater than dividends during the period. 13. The dividends account is a permanent account whose balance is carried forward to the next accounting period. 14. Closing entries
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or nature of the industry they are in. John Deere uses LIFE as their cost flow assumption. d) The balance sheets of the two companies would differ in the LIFO reserve John Deere must have on the balance sheet. For John Deere‚ they utilize LIFO‚ which “stores” the value of the product in inventory more than FIFO. John Deere can keep their inventory stocked with lower priced goods on the balance sheet‚ when in reality they are moving all the same inventory. If prices are decreasing
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the computer scoring sheet using pencils. 3. This is a CLOSED BOOK test. You are not to bring in any material other than your matriculation card‚ pens‚ pencils‚ erasers and University-approved calculators. 4. Write your name and student matriculation number on both this question paper and the computer scoring sheet. Also write your tutorial group number on the top righthand corner of both papers. 5. Submit both this paper and the computer scoring sheet at the end of the test
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MEMORANDUM SUBJECT: Blockbuster/Netflix Case Analysis Introduction In this memorandum‚ I will analyze the competitive environment that Blockbuster and Netflix faced‚ state the key income statement and balance sheet accounts for each firm and use ratios (including DuPont model) to draw comparisons between the two firms in 2008. Competitive Environment Blockbuster is an American-based chain of VHS‚ DVD‚ Blu-Ray‚ and video game rental store that has over 5
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Re: How does slower payments change a Balance Sheet? ‚ Good post. The accounts that will be impacted on the Balance Sheet (which was the nature of my question) are as follows. If payers have longer to pay THEN the patient accounts receivable account will no doubt increase because the hospital is receiving payments on these accounts more slowly. This slower payment might also decrease cash accounts of the organization. Additionally‚ if the slower receipt of payments impacts the organization’s ability
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............................................................................................. 2 THE INCOME STATEMENT ....................................................................................................................... 7 THE BALANCE SHEET............................................................................................................................ 10 RATIO ANALYSIS......................................................................................................
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Questions for Consideration When Preparing Cases Riley Supply 1. Use a spreadsheet program such as excel. Keep all numbers for a particular year in the same column. 2. Prepare two indirect statements of cash flows. One for 2004-2005 and one for 2005-2006. 3. Calculate common sized income statements for each year. 4. Calculate all financial ratios. Use “A Basic Set of Financial Ratios” from Desire2Learn as a guide. 5. Identify the major factors influencing Riley’s cash flow. Use the cash flow statements
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Financial Statements Afaga Palasi May 17‚ 2015 Principals of Accounting I Donna Adams Financial statement is a more of a common term used to refer to procedures at the end of the accounting periods; such as the income statement‚ balance sheet‚ cash flow statement and the statement of owner’s equity. These four financial statements area sometimes known as the financial accounts in which the business prepares. To make decision for investing in certain business we need to have a proper view of each
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budgeting. Your assignment is to prepare a master budget for the next 3 months‚ starting April 1st. You are anxious to make a favorable impression on the president and have assembled the information below. The company desires a minimum ending cash balance each month of $10‚000. The ties are sold to retailers for $8 each. Recent and forecasted sales in units are as follows: The large buildup in sales before and during June is due to Father’s Day. Ending inventories are supposed to equal 90% of the
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