abbreviated form below. ZWEIFEL GALLERIES Balance Sheet as of December 31‚ 2014 Assets Liabilities and Stockholders’ Equity Cash $100‚000 Accounts payable $ 50‚000 Land 70‚000 Notes payable (long-term) 300‚000 Buildings (net) 200‚000 Total liabilities 350‚000 Equipment (net) 175‚000 Common stock $200‚000 Copyrights (net) 30‚000 Retained earnings 25‚000 225‚000 Total assets $575‚000 Total liabilities and stockholders’ equity $575‚000 Moss and Zweifel agree that: 1. Land is undervalued
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1) As you have learned in this week’s readings the Accounting Equation is Assets = Liabilities + Owners’ Equity. Is the accounting equation true in all instances? Provide sample transactions from your own experiences to demonstrate the validity of the Accounting Equation. 2) What does the term account mean? What are the different classifications of accounts? How do the rules for debits and credits impact accounts? Please provide an example of how debits and credits impact accounts.
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MCQ -1 – Financial Accounting Under the FIFO cost flow assumption during a period of inflation‚ which of the following is false? WHICH OF THE FOLLOWING IS NOT TRUE. (Hint: One way to answer this is to look at examples of lifo and fifo). Choose one answer. a. Income tax expense will be higher than under LIFO. b. Gross margin will be higher than under LIFO. c. Ending inventory will be lower than under LIFO. d. Cost of goods sold will be lower than under LIFO.
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BUSINESS PLAN OUTLINE THE BUSINESS CENTRE www.thebusinesscentre-nps.com turning ideas into enterprises Table of Contents Business Plan Overview Page #1 - #2 Your Business Venture Page #3 Industry & Market Analysis Page #4 - #5 Marketing Plan Page #6 Management & Ownership Page #7 Operating Plan Page #8 Financial Plan Page #9 - #12 Executive Summary Page #13 Exhibits and Appendices Page #14 THE BUSINESS CENTRE www.thebusinesscentre-nps
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directors of the company have built up their finished goods stocks at an even faster rate to make sure that they can meet customer demand. The Sales Director has reported on the two months of actual sales for July 2012 and August 2012 and has also estimated sales for the next six months: Stg£July 1‚125‚000August 1‚350‚000September 1‚450‚000October 1‚525‚000November 1‚625‚000December
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is the qualifying criterion of financial instruments. IFRS‚ unlike GASB has qualifying criteria that entities must meet in order to elect the fair value option. Furthermore‚ IFRS has different criteria to elect the fair value option for assets‚ liabilities and equity. Under IFRS 9‚ paragraph
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Over the next year‚ the company is forecasting a 10 percent increase in sales. Since the company is at full capacity‚ its assets must increase in proportion to sales. The company also estimates that if sales increase 10 percent‚ spontaneous liabilities will increase by $1 million. If the company’s sales increase‚ its profit margin will remain at its current level. The company’s dividend payout ratio is 30 percent. Based on the AFN formula‚ how much additional capital must the company raise
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department stores which compete between each other on local‚ regional and national level. That competitiveness is highly influencing operating results of the company. The importance of the retail industry emphasizes the sentence below: “An estimated two-thirds of the U.S. gross domestic product (GDP) comes from retail consumption. Therefore‚ store closings and openings are an indicator of how well the U.S. economy is recovering after the Great Recession in the late 2000’s.”[1] Regarding
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whether an entity is trying to measure the excess of inflows over outflows b. how much cash an entity received in a particular reporting period c. the timing of recognition of assets‚ liabilities‚ revenues‚ and expenditures/expenses in financial statements d. the ownership of the assets‚ liabilities‚ and equities reported in a balance sheet Answer: c 2. Governmental accounting normally does not a. use separate funds to account for various activities b. incorporate budgetary
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calculation are as follows. 1. On December 1‚ 2010 Zoomy made the decision to sell its outdoor toys division‚ which is considered a component of the entity. On December 31‚ 2010‚ the carrying value of the division’s assets was $33‚500‚000 and the estimated fair value (less costs to sell) was $33‚000‚000. The company completed the sale in April 2011‚ at which time the assets were sold for $32‚300‚000. The outdoor toys division generated pre-tax operating income of $900‚000 and $425‚000 during 2010
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