Trading & Profit & Loss A/c - deals with Revenue & Expense Trading Account - deals with Gross Profit (π) or Gross Loss Profit & Loss - deals with Net Profit (π) or Net Loss Balance Sheet - deals with Assets‚ Liabilities & Capital Direct Revenue & Direct Expense - deals with the Trading A/c Indirect Revenue & Indirect Expense - deals with the Profit & Loss A/c The Accounting Period - is generally a quarter or a year and reflects all of the financial activity that occurred during that time
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In the power point one had to purchase their own drive-in theatre. One invested $100‚000 in their business. The $100‚000 would fall as a line item credit under assets and shareholder’s equity. And each side had to balance each other out. Next we had to invest $25‚000 for business supplies. This will fall as a debit and credit line item under assets because we spend cash and the $25‚000 would increase the value of the business. Next we had to but the land for $150‚000. This was a debit and credit
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Course: ACC/290 Financial Accounting‚ Fifth Edition by Kimmel‚ Weygandt‚ and Kieso Solving Financial Accounting Problems Using Microsoft Excel for Windows by Rex A Schildhouse P3-7B‚ Prepare a correct trial balance. This trial balance of Schumaker Company does not balance. SCHUMAKER COMPANY Trial Balance May 31‚ 2010 Debit Cash $6‚340 Accounts Receivable Prepaid Insurance 700 Equipment 8‚000 Accounts Payable Property Taxes Payable 750 Common Stock Retained Earnings Service Revenue
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------------------------------------------------- Worksheet Submitted By: [Type your name here.] Term | Definition | Scenario | Balance sheet | A balance sheet identifies what an organization is worth by keeping record of what an organization owns and owes. It balances the organizations expenses. | An organization has a balance sheet that shows all that the organizations owns. From what the organization owns the minus all their expenses in order to balance what they have left for
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BAM 110 Unit 2 Essay Question # 1. On January 1 the Prepaid Insurance account had a balance of $6‚000 that represented 6 months’ worth of advance payment. It is now the end of March and there have been no adjustments to the account balance. Determine the amount of expense to record at the end of March. An account for “Prepaid Insurance” had a balance of $6‚000.00. This was six months of advance payments into this account as of the 1st of January. It is now the 31st of March and there have been
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Double Entry Journal #2 A double-entry journal is a type of extended annotation. There is not enough room in the book to put all of the information that you’d like to write. Since the double-entry journal is in a document‚ you can make your information as detailed as you’d like. Your goal is to choose quotes that represent at least all of the key ideas in the section. Then discuss any connections you made to those quotes or thoughts that you had while reading. An example is done for you below
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a) -Revenues are inflows of assets or settlements of liabilities or both. Revenues come from activities of the entity’s central operations. -Gains are increases in net assets and from peripheral or incidental transactions of an entity. -The difference between gains and revenues depend to a great extent on the typical activities of a company. For example‚ when McDonald’s sells a hamburger‚ it records the selling price as revenue. However‚ when Mc Donald’s sells land‚ it records any excess of
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Acknowledgements I would like to thank all of the persons who helped me complete this project‚ especially my Aunt. It was long and tedious‚ but very fulfilling. I would also like to thank my teachers and my family members. I would like to thank most of all‚ God‚ whom I could not have finished this project without. Aims and Objectives The Aims and Objectives of this project include the following: To prepare all of the accounts and statements for the business “Pastry Delights” To provide
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Alpen Bank Executive Summary [Type the author name] Gregory Carle‚ the Romanian country manager for Alpen Bank‚ must decide whether or not the bank should launch a credit card program in Romania. Before deciding to go through with the credit card launch Carle must be certain that the Romanian credit card market is large enough to add € 5 million in annual profit to Alpen Bank’s Consumer Banking segment. Carle has two real options here‚ he can either choose to launch the credit card program
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Employee Benefits -all forms of consideration given by an entity in exchange for services rendered by employees. J/E: Benefit Expense xx Cash* xx Prepaid/Accrued Benefit Cost** xx (*) – Cash = Contribution to the fund (**) – Credited if Accrued (Underfunded); Debited if Prepaid (Overfunded) Underfunded – Expense is more than Cash contributed Overfunded – Cash contributed is more that expense incurred Benefit Expense: Current Service Cost xx Add: Interest Cost xx
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