Profit and loss accounts and balance sheet By law companies are expected to produce financial statements each year. These statements appear in Company Reports. There are two main financial statements: 1. The profit and loss account‚ and 2. The balance sheet. 1.The profit and loss (P&L) account. This account can be updated regularly and shows how much profit or loss a business is making. A profit can be made in several ways‚ for example: * from trading‚ in the case of a High Street shop
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BACC 100 Assignment # 1 1. Jellybean Company reported equity of $32‚000 on its December 31‚ 2014 balance sheet. The following information is available for the year ended December 31‚ 2015: Revenues $73‚000 Expenses 59‚000 Liabilities 11‚000 What are the total assets of Jellybean Company at December 31‚ 2015? A) $14‚000. B) $25‚000. C) $35‚000. D) $46‚000. E) $57‚000. 2. At the end of its first year of operations‚ Matlocke Company has total assets of $2‚000‚000 and total
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------------------------------------------------- 94‚000 = 41‚000 + 53‚000 BE1-5 Indicate whether each of the following items is an asset (A)‚ liability (L)‚ or part of equity (E). (A) Accounts receivable (L) Salaries and wages payable (A) Equipment (A) Supplies (E) Owner ’s capital (L) Notes payable ------------------------------------------------- BE1-8 Classify each of the following items as dividends (D)‚ revenue (R)‚ or expense (E). (E) Advertising expense (R) Service revenue
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Chapter 3 The Balance Sheet and Financial Disclosures Questions for Review of Key Topics Question 3-1 The purpose of the balance sheet‚ also known as the statement of financial position‚ is to present the financial position of the company on a particular date. Unlike the income statement‚ which is a change statement that reports events occurring during a period of time‚ the balance sheet is a statement that presents an organized array of assets‚ liabilities
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fiscal year‚ which ends September 30. Following is the post-closing trial balance as of September 30: [pic] .:. Additional information: 1. The balance of the materials account represents the following: [pic] .:. The company uses the FIFO method of accounting for all inventories. Material A is used in the stamping department‚ and materials B and C are used in the plating department. 2. The balance of the work in process account represents the following costs that are applicable to Job 905.
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you understand by the concept of conservatism ? Why is it also called the concept of prudence? Why is it not applied as strongly today as it used to be in the Past ? (b) What is a Balance Sheet ? How does a Funds Flow Statement differ from a Balance Sheet ? Enumerate the items which are usually shown in a Balance Sheet and a Funds Flow Statement. 2 . (a) Discuss the importance of ratio analysis for inter-firm and intra-firm comparisons including circumstances responsible for its limitations
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Constructing a balance sheet of Sophie’s sofas: Cash balances: $10‚000 Inventory of sofas: $200‚000 Store and property: $100‚000 Accounts receivable: $22‚000 Accts payable: $17‚000 Long-term Debt: $170‚000 Balance sheet of (insert name) Assets Liabilities & Shareholders equity cash $10‚000 accounts payable $17‚000 Accounts receivable $22‚000 Long term debt $170‚000 Inventory $200‚000 Shareholders equity $145‚000 Store and Property $100‚000 _______ ________ Total assets: $332
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Directions: Using Microsoft® Word to save and submit your work‚ please provide detailed and elaborate responses to the following questions. Your responses should include examples from the reading assignments. 1. What are the main components of a personal balance sheet and a cash flow statement? What is the main purpose of each of these personal financial statements? A personal balance sheet and a cash flow statement are personal financial statements that show your current financial position and summarize
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Revenue Company sold specialized computers costing P760‚000 to Income‚ Inc. for P990‚000. Revenue Company’s trainers present numerous training sessions for Income’s employee during the installation period. Income made a 50% down payment‚ with the balance due upon completion of installation. How much revenue should Revenue Company recognize on its books on January 1‚ 2012? a. P990‚000 b. P760‚000 c. P495‚000 d. P-0- 2. SAMpple Company is an experienced home appliance dealer. SAMpple Company
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References: Blumenthal‚ R. G. ‘Tis the gift to be simple: Why the 80-year-old Du Pont model still has fans‚ CFO Magazine‚ January‚ 1998‚ pp Brigham‚ E. F. and Houston‚ J. F. Fundamentals of Financial Management‚ Concise Third Edition‚ Harcourt Publishers‚ 2001. Devine‚ K. and Seaton‚ L. An examination of quarterly financial ratio stability: implications for financial decision making‚ Journal of Applied Business Research‚ Winter‚ 1995‚ pp Dun & Bradstreet‚ Business Failure
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