consecutive years‚ dividend payments were distributed to shareholders • • • • ACCT 551 Financial Accounting & Reporting‚ Fall 2014 Group-2 2 INTRODUCTION cont. • More than 37‚000 employees worldwide • Approximately 7‚900 employees engaged in research and development • Clinical research conducted in more than 55 countries • Research and development facilities located in 9 countries • Manufacturing plants located in 13 countries ACCT 551 Financial Accounting & Reporting‚ Fall 2014 Group-2 3 INDUSTRY
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Chapter 4 accounting for merchandising BUSINESSES Problems P4–1 1. AQUA CO. Income Statement For the Year Ended June 30‚ 20Y8 Revenue from sales: Sales $ 3‚625‚000 Less: Sales returns and allowances $ 37‚800 Sales discounts 20‚200 58‚000 Net sales $ 3‚567‚000 Cost of merchandise sold 2‚175‚000 Gross profit $ 1‚392‚000 Operating expenses: Selling expenses: Sales salaries expense $ 388‚800 Advertising expense 45‚900 Depreciation expense—store equipment 8‚300
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CURRICULUM ACCORDING TO CATALOGUE 2005 - 2006) NAME: ID #: Tel #: P.O.Box: E-mail: MAJOR REQUIREMENTS CR CORE BUSINESS COURSES ACCT 210 CONCENTRATION 3 BUSS 200 BUSS 211 ACCOUNTING CR 3 3 ACCT 215 ACCT 217 to ACCT 250 3 ACCT 217 to ACCT 250 3 2 ACCT 217 to ACCT 250 3 BUSS 230 3 ACCT 217 to ACCT 250 3 BUSS 239 0 0 Any business elective Total Crs 3 15 BUSS 240 BUSS 245 1 BIDS CR BUSS 248 0 INFO
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00 11‚087.00 (501) CASH PAYMENTS JOURNAL Account Debited Post. General Ref. Debit Rent Expense √ 1‚235.00 Acct Pay Debit Belk Suppliers Greene Inc. Harris Co. √ √ 4‚552.00 2‚158.00 3‚877.00 10‚587.00 (202) GENERAL JOURNAL Oct Oct 10 17 Purchases Debit Purch Disc Credit 1‚995.00 1‚235.00 (√) Date Page 3 Acct Pay Credit 4‚552.00 2‚658.00 3‚877.00 11‚087.00 (202) Description Accounts Payable Purchases Returns & Allowances
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ACCT 3512 Chart of Accounts Accounts & 4 Characteristics by 6 Acct Types: FS‚ Real vs. Nominal & Normal Acct Bal (NAB) mjm cpa 9/13 (Contra Accts) [Historical Cost Exceptions] (ACCT 3512 emphasized accts in italics) by Marco J. Malandra‚ CPA 1. ASSETS: BS‚ Real‚ Dr NAB‚ (Cr if contra) 3. SHs’ EQUITY: BS‚ Real‚ Cr NAB (Dr if contra) Current [generally]: IC accts: Preferred Stock [at Par Value] Cash (Money Orders‚Checks‚Checking‚ Savings‚ Petty) Additional-paid-in-capital
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Business Administration: Diploma Description The two year diploma in Business Administration will prepare you for an entry level management position. Courses provide basic business skills‚ a solid grounding in economics‚ and a foundation in calculus appropriate for advanced studies in economics and operations research. It offers a business diploma with a solid exposure to the liberal arts. Completion of this diploma (with a minimum grade point average of 2.7 and a minimum grade of C+ in Accounting
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Chapter 3 continued... Every acct on adj trial bal is used only once in creating first 3 financial stmts. Point of closing is to bring RE up to date - in doing that‚ we zero out temp accts. 4 kinds of closing entries: 1) close out Revenue - debit Rev CR Income Summ (normal credit bal) (only exists long enough for closing entries) - companies may be closing hundreds of rev or exp accts 2) close out Expense accts - list every single acct DR Income Summ CR Exp accts 3) DR Income Summ CR Retained
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Paid monthly utility bill. Problem 2-1A (Continued) Part 2 Cash Acct. No. 101 Date Explanation PR Debit Credit Balance April 1 G1 100‚000 100‚000 2 G1 7‚200 92‚800 6 G1 2‚000 94‚800 13 G1 14‚400 80‚400 19 G1 6‚000 74‚400 22 G1 6‚400 80‚800 28 G1 6‚200 74‚600 30 G1 700 73‚900 Accounts Receivable Acct. No. 106 Date Explanation PR Debit Credit Balance April 9 G1 8‚000 8‚000 22 G1 6
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1 – Partnership Ownership Changes & Liquidations - Heading Chapter 14: Partnership Ownership Changes & Liquidations 3 – Partnership Dissolution - #1 • Dissolution is a legal termination • UPA § 31 & 32: – admission or withdrawal of Pr results in Pp dissolution • When act of dissolution occurs‚ Prs may – continue business as new Pp or – liquidate 2 – Partnership Dissolution - Heading Partnership Dissolution 4 – Partnership Dissolution - #2 • Remember dissolution is not
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MIA BY-LAWS PART A: FUNDAMENTAL PRINCIPLES AND CONCEPTUAL FRAMEWORK • Circums where PA req to disclose confid info or such disclosure may be appropriate: o Disclosure permitted by law‚ auth by client o Disclosure req by law: Doc as evidence in legal proceedings Disclosure to approp public authority o Pro duty/right to disclose: Comply quality review of MIA Respond to inquiry/investigation by reg body Protect pro interest of PA in legal proceedings Comply with tech standards & ethics
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