Incorporated‚ a small manufacturing company. Whistle Stop also has a small service department that repairs customers’ model trains for a fee. The company has been in business for five years. At the end of the most recent fiscal year‚ November 30‚ 2011‚ the accounting records reflected total assets of $500‚000 and total liabilities of $200‚000. During the current fiscal year ending November 30‚ 2012‚ the following summarized events occurred: a. Issued additional common shares for $200‚000. b.
Premium Generally Accepted Accounting Principles Balance sheet Asset
the straight-line method of amortization for bond premium or discount. Instructions: Prepare the journal entries to record the following. a. The issuance of the bonds. b. The payment of interest and the related amortization on July 1‚ 2011. c. The accrual of interest and the related amortization on December 31‚ 2011. E14-6 (Amortization Schedules—Straight-Line) Spencer Company sells 10% bonds having a maturity value of $3‚000‚000 for $2‚783‚724. The bonds are dated January 1‚ 2010‚ and mature
Premium Generally Accepted Accounting Principles 1966 1983
supplier. e. Company X bought $ 5000 inventories by cash. 3. Flora Accounting Services completed these transactions in February: a. Purchased office supplies on account‚ $300. b. Completed work for a client on credit‚ $500. c. Paid cash for the office supplies purchased in (a). d. Completed work for a client and received $800 cash. e. Received $500 cash for the work described in (b). f. Received $1‚000 from a client for accounting services to be performed in March. Prepare journal entries to
Premium Generally Accepted Accounting Principles Liability Accounts receivable
If a company earns net income of $25 million in Year 8‚ has 10 million shares of stock‚ pays a dividend of $1.00 per share‚ and has annual interest costs of $10 million‚ then | | |[pic]|[pic]|the company would have Year 8 earnings per share of $1.50. | | |[pic]| | |[pic]|[pic]|the company’s retained earnings for
Premium Generally Accepted Accounting Principles Balance sheet Revenue
Accountancy Department College of Business and Accountancy Notre Dame University Cotabato City‚ Philippines CPA – MOCK BOARD EXAMINATION AUDITING PROBLEMS MR. RONALD GERMO MAMARIL INSTRUCTION: Select the correct answer for each of the following questions. Mark only one answer for each item by shading the box corresponding to the letter of your choice on the sheet provided. STRICLY NO ERASURES ALLOWED. Use pencil no. 1 only. CASE 1: STOCK INVESTMENT IN SAN
Premium Generally Accepted Accounting Principles 1920 Balance sheet
Q.No.1. (A). Encircle the correct answer. Marks (20*1) (Time Allowed 20 Min) 1. Resources owned by business are known as: a. Assets b. Expenses c. Liabilities d. Income 2. Amount withdrawn from business is recorded as: e. Drawings f. Capital g. Liabilities h. none 3. Assets minus capital equals to: i. Assets j. Capital k. Liability l. None 4. The payment of business debts: m. Has no effect
Premium Generally Accepted Accounting Principles Balance sheet 2007
Financial Statement Analysis: Costco Wholesale (COST) Executive Summary Costco Wholesale is recognized as the largest wholesale club operator in the US. Over the three-year time period of 2002-2004‚ this company has expanded its membership base while increasing its number of warehouses both in the U.S. and internationally. In 2004 alone‚ net sales increased 13.1% over the prior year‚ driven by an increase in comparable sales of 10% and the opening of twenty new warehouses; net income
Premium Generally Accepted Accounting Principles Balance sheet Financial ratios
The Carlton Polish Company Duisenberg School of Finance 04-03-2013 1. Comparable Economic Laboratory (EL) is like Carlton a leading manufacturer in chemical supplies. However this company is much bigger‚ internationally operating and directly supplying to end-users‚ mainly institutions. The product range being offered is most in line with the products offered by Carlton Polish. Another comparison is the compounded growth rate of sales: EL has a growth rate of 13% and Carlton of 14.59%
Premium Generally Accepted Accounting Principles Asset Balance sheet
fall-out of Accounting Period concept. This concept requires that expenses incurred for a particular accounting period should be reckoned in the same period‚ irrespective of the fact whether these expenses have been paid in cash or not in that year. The same holds true for revenues‚ i.e.‚ revenues earned in a specific accounting period are construed as incomes of the same period‚ irrespective of their receipts. This concept is also known as the accrual theory of accounting or accrual accounting. This
Premium Generally Accepted Accounting Principles Income statement Balance sheet
Generally Accepted Accounting Principles HCS/571 Generally accepted accounting principles‚ better known as (GAAP) discloses statements and reports financial information dealing with businesses and organizations. They are rules made by the Financial Accounting Standards Board (FASB) in which are commonly used in the health industry to maintain the decisions of the organization. GAAP gives detailed information to investors about the budget of the organization and their debt. GAAP includes the
Premium Generally Accepted Accounting Principles Income statement