Problem 1-7A (75 minutes) Part 1 DE LEON COMPANY Manufacturing Statement For Year Ended December 31‚ 2013 Direct materials Raw materials inventory‚ December 31‚ 2012 $ 166‚850 Raw materials purchases 925‚000 Raw materials available for use 1‚091‚850 Less raw materials inventory‚ December 31‚ 2013 182‚000 Direct materials used $ 909‚850 Direct labor 675‚480 Factory overhead Depreciation expense—Factory equipment 33‚550
Premium Balance sheet Inventory Revenue
Business Research‚ Winter‚ 1995‚ pp Dun & Bradstreet‚ Business Failure Record ‚ New York‚ 1994. Gaskill‚ L.‚ Van Auken‚ H and Manning‚ R. A factor analytic study of the perceived causes of small business failure‚ Journal of Small Business Management‚ 1993‚ 31‚ pp Gitman‚ L. J. Principles of Financial Management‚ 8 th Edition‚ Addison Wesley Publishers‚ 2000. Harrington‚ D. and Wilson‚ B. Corporate Financial Analysis ‚ Business Publications‚ Inc. 1986. Hawawini‚ G. and Viallet‚ C. Finance for Executives‚
Premium Financial ratio Financial ratios Balance sheet
ACCOUNTING FOR LEASES IFRS questions are available at the end of this chapter. TRUE-FALSe—Conceptual Answer No. Description T 1. Benefits of leasing. F 2. Accounting for long-term leases. F 3. Classifying lease containing purchase option. T 4. Accounting for executory costs. F 5. Depreciating a capitalized asset. F 6. Lessee recording of interest expense. T 7. Benefit of leasing to lessor. F 8. Distinction between direct-financing and sales-type leases. F 9. Lessors’ classification
Premium Lease Depreciation Finance lease
Off Balance Sheet Financing Practices [Student Name] [Course Title] [Instructor Name] [Date] Off Balance Sheet Financing Practices The traditional accounting methods have been replaced by a number of new accounting techniques. Some of which are observable while other remain hidden. Off Balance Sheet Financing or OBSF is one of these new accounting techniques. It is a mode of obtaining finance for a business without disclosing significant capital expenditures on the balance sheet of a company
Premium Generally Accepted Accounting Principles Finance Balance sheet
The Series of Discussion Papers “Conceptual Framework of Financial Accounting” Working Group on Fundamental Concepts September 2004 （Tentative translation: 28 Feb. 2005） Contents Issuance of the Series of Discussion Papers “Conceptual Framework of Financial Accounting”・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・ 1 Discussion Paper “Objectives of Financial Reporting” ・・・・・・・・・・・・・・・4 Discussion Paper “Qualitative Characteristics of Accounting Information” ・・・・・12 Discussion Paper “Elements
Premium Balance sheet Income statement Asset
ANSWER SHEET STUDENT’S SURNAME........................................... OTHER NAMES.......………......................................... STUDENT NUMBER....……….................................. TUTORIAL DAY & TIME........………................... TUTOR’S FULL NAME......................................... Test 1 – Version 2 Session 2‚ 2012 Course Code: ACCG 224 Course Name: INTERMEDIATE FINANCIAL ACCOUNTING Time allowed: 55 minutes plus 5 minutes reading time Total No. of questions:
Premium Balance sheet Generally Accepted Accounting Principles Depreciation
Financial Accounting 1. Obligation of business that represents the claims of these against the assets of the less cash is called? A. Asset B. An expense (WA) C. Revenue D. An equity E. Liability 2. Net income results when A. Assets > liability B. Revenue = expenses C. Revenue > expenses D. Revenue < expenses E. None 3. Resources owned by a business are referred to as A. Stockholders equity B. Liability C. Assets D. Revenue (WA) E. None 4. Expenses are incurred
Premium Arithmetic mean Balance sheet Statistical hypothesis testing
The balance sheet consists of assets and liabilities of any firm. The assets are called as the uses of the firm and the liabilities are called as the sources of the firm. Sources of the firm: (Debts or liabilities): The debts or liabilities are the claims of the outsiders against the assets of the firm. The liabilities refer to the amount payable by the firm to the claimholders; i.e. the amount owed by the firm to other parties. For an obligation to be recognized as a liability‚ it must meet three
Premium Generally Accepted Accounting Principles Balance sheet Liability
funds to the company‚ the Bank‚ asked the company to decrease the debt to asset ratio so that it remains less than 55 % by the next year to continue availing the loan from the bank. Raising funds through equity issuance is an option but since the transaction costs associated with a small scale arrangement have reduced the sale price to $ 27.50 as compared to market price of $ 32.50‚ this option may not be ideal. But the need for funds is so crucial at this stage of business that such costs can be ignored
Premium Balance sheet Accounts receivable Finance
ACCOUNTING INFORMATION SYSTEM 3-2 Financial Accounting‚ Seventh Edition 3 Accounting Accounting Transactions Transactions Event (1). On October 1‚ cash of $10‚000 is invested in Sierra Corporation by investors in exchange for $10‚000 of common stock. 1. +10‚000 3-3 +10‚000 LO 1 Analyze the effect of business transactions on the basic accounting equation. Accounting Accounting Transactions Transactions Event (2). On October 1‚ Sierra borrowed $5‚000 from Castle Bank by signing a 3-month‚ 12%‚ $5
Premium 1988 1969 1966