P 30‚000 Loss of P100‚000‚ 4:3:3 ( 40‚000) ( 30‚000) ( 30‚000) Cash distribution P – P150‚000 P – 4-8: b NORY OSCAR Capital balances before realization P23‚000 P 13‚500 Additional investment by Nory for the unpaid liabilities (33‚000-18‚000) 15‚000 – Loss on realization (schedule 1) ( 30‚900) ( 20‚600) Payment by Oscar to Nory P 7‚100 ( P7‚100) Schedule 1 Total capital before liquidation P 36‚500
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information for operating alternatives‚ projection of income of a new range of products‚ and forecasts of cash required for planning purposes. A. An inland revenue officer B. A labor union leader C. A tax agent D. A company’s manager 5. If the liabilities of a business decreased by RM3‚000 during a period of time and the owner’s equity in the business decreased by RM20‚000 during the same period‚ the assets of the business must have: A. decreased by RM17‚000 B. decreased by RM23‚000 C.
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Upstate Canning Corporation‚ Inc Case Study A. Conclusion and Statement of Case Situation Mr. Shields’ should accept Mr. Fordham’s proposal in relation to the acquisition of Upstate Canning Company‚ Inc. In this case‚ Mr. Shields attempts to conclude if he should acquire the company from its owner‚ Mr. Fordham‚ using his personal savings of $35‚000 in addition to an investment of $65‚000 from his associates. Moreover‚ Mr. Fordham proposes that he will loan Mr. Shields’ $300‚000 worth of
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100 100 100 100 100 100 100 100 100 100 100 100 Liabilities & Equity Accounts Payable 9.8 2.2 7.4 9.1 38.3 18 35.1 22.6 6.7 8.5 8.4 8.5 18 17.9 1.4 4.8 Debt in Current Liabilities 0.5 9.1 0 0 0 0 0.1 0 1.5 0 3.5 5.6 6.5 1.6 0.8 14.9 Income Taxes Payable 2.8 1.6 0.9 1.7 0 0 0 0 0 1.2 0.9 1 1.1 0.9 0.3 nmf Current Liabilities - Other 13 8.5 3.8 13.7 22.6 15.3 14.7 17.6 6.1 7.1 19.5 14.4 10.1 5.1 5.1 8.7 Current Liabilities - Total 26.1 21.4 12.2 24.4 60.9 33.3 49.9 40.2 14
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Accounting Equation Paper NAME ACC/300 INSTRUCTOR DATE The basic accounting equation is: Assets = Liabilities + Stockholders’ Equity. When looking at the balance sheet one can assume that assets must balance out each transaction and balance the claims to the assets (Kimmel‚ 2010). A balance sheet provides Assets of the company first and foremost‚ then Liabilities and Stockholders’ Equity and last retained earnings. This shows the companies incoming money‚ outgoing payments‚ and the
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What is the amount of total liabilities and equity that appears on the firm’s balance sheet? The amount of total liabilities and equity that appears on the firm’s balance sheet is
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(You will need to compute the missing figure for Notes Payable). (Be sure to list the assets and liabilities in order of their liquidity. Omit the "$" sign in your response.) THE SWEET SODA SHOP Balance Sheet September 30‚ 2011 Assets Cash Accounts receivable Building Furniture and fixtures Land Supplies Total Liabilities & Owners ’ Equity Liabilities: Notes payable Accounts payable Total Liabilities Owners ’ equity: Capital stock Retained earnings Total $ 7‚400 1‚250 45‚500 20‚000 55‚000 3‚440 $
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sales figures might not be met in the future which would severely lower the overall profit after tax. With this in mind‚ it is important to be prepared to meet the possibility that this positive forecast might not be met and that more debt and liabilities will have to be paid off than expected. Figuring out what the future markets have in store for a company is always tricky to determine. 2. If the future events of The Body Shop were to happen exactly as this forecast has said they would‚ then
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in millions) Assets 2007 2006 Current assets $8‚076 $7‚346 Property‚ plant‚ and equipment (net) 1‚678 1‚658 Other assets 934 866 Total assets $10‚688 $9‚870 Liabilities and Stockholders’ Equity Current liabilities $2‚584 $2‚612 Long-term liabilities 1‚079 973 Stockholders’ equity 7‚025 6‚285 Total liabilities and stockholders’ equity $10‚688 $9‚870 Complete the horizontal analysis of the balance sheet data for Nike using 2006 as a base. (If amount decreases‚ use either
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able to classify them into the respective categories (b) Understand the accounting equation and the relationship between assets‚ liabilities and owner’s equity. Classifications of accounts • • 1. 2. 3. 4. 5. An account is used to record all information regarding an item. The five major categories of account Revenues Expenses Assets Liabilities Owner’s Equity Revenue Account • • Revenues are income earned by a business Examples of revenue accounts 1. 2. 3. 4
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