| Additional Cash Raised | $0 | Cash Balance on Starting Date | $88‚000 | Total Assets | $138‚000 | | | | | Liabilities and Capital | | | | Liabilities | | Current Borrowing | $0 | Long-term Liabilities | $100‚000 | Accounts Payable (Outstanding Bills) | $1‚000 | Other Current Liabilities (interest-free) | $0 | Total Liabilities | $101‚000 | | | Capital | | | | Planned Investment | | Investor 1 | $25‚000 | Investor 2 | $15‚000 | Additional
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Computer Lab - Practical Question Bank FACULTY OF COMMERCE‚ OSMANIA UNIVERSITY ----------------------------------------------------------------------------------------------------- B.Com (All Streams) III Year W.E.F.2010-11 CORPORATE ACCOUNTING Time: 60 Minutes Record : 10 Skill Test : 20 Total Marks : 30 Note: Problems are to be solved by using computers
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audit procedures that Ernst Young applied to CBIs year-end accounts payable for fiscal 1992 and 1993. The principal audit test that Ernst Young used in auditing CBIs accounts payable was a search for unrecorded liabilities. Although Ernst Young auditors discovered unrecorded liabilities each year that resulted from Castellos fraudulent scheme‚ they did not properly investigate those items and‚ as a result‚ failed to require CBI to prepare appropriate adjusting entries for them. A subsequent lawsuit
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Current Ratio- the current ratio is current assets divided by current liabilities. In the data from 2002 in Appendix D the current assets equal $104‚296.00 and the current liabilities equal $139‚017.00 the current ratio equals 0.75. 2. Long –term solvency ratio- the formula used for long term solvency is total assets divided by total liabilities. In the data provided the total assets equal $391‚270.00 and the total liabilities equal $310‚246.00 making the long-term solvency ratio equal 1.26 3.
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C) dividends. D) the ending retained earning balance. 3. Net income will result during a time period when: A) assets exceed liabilities. B) assets exceed revenues. C) expenses exceed revenues. D) revenues exceed expenses. 4. Which of the following is not a common way that managers use the balance sheet? A) To analyze the balances of assets‚ liabilities‚ and stockholders’ equity throughout the accounting period B) To determine if the cash balance is sufficient for future needs C)
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Legal Page Confidentiality Agreement The undersigned reader acknowledges that the information provided by _________________________ in this business plan is confidential; therefore‚ reader agrees not to disclose it without the express written permission of _________________________. It is acknowledged by reader that information to be furnished in this business plan is in all respects confidential in nature‚ other than information which is in the public domain through other means and that any
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formula for the accounting equation is Assets = Liabilities + Owner’s Equity. In addition‚ we consider that in a business transactions there “are four basic financial statements for most organizations” (AIU Online‚ para. 1‚ 2012) which are: the balance sheet‚ the income statement‚ the statement of owner’s equity‚ and the statement of cash flows. First I will show how each cash transaction affects the accounting equation. Assets = Liabilities + Owner’s Equity + $6‚000 cash + $6
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The total current liabilities have also decreased compared? The results compare to revenue of $7.51 billion and net quarterly profit of $1.05 billion or $1.16 per diluted share in the year ago. In March 28 2009 the company posted revenue of $8.16 billion and net quarterly profit of $1.21 billion or $1.33 per diluted share. Apple current liabilities from 2005 was 3‚484‚000 into 2009 11‚506‚000 in the apple’s balance sheet ‚ which shows all of their assets‚ liabilities and their stockholder
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of the accounting cycle‚ the chart of accounts is used in the journaling process (i.e.‚ performing journal entries) and also serves as the title for each ledger. All the accounts will be filed under one of five categories: • Assets • Liabilities • Owner’s Equity • Revenue • Expenses Each account can be assigned a number for identification purposes. Most systems will assign a block of numbers to one of the five categories to be applied to the sub-categories. Some charts leave
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M. Hill-McBride ACC 205 Professor Ivory December 17‚ 2012 Basic Accounting Equations 1. Basic concepts. Jean’s Marine Supply specializes in the sale of boating equipment and accessories. Identify the items that follow as an asset (A)‚ liability (L)‚ revenue (R)‚ or expense (E) from the firm’s viewpoint. a. The inventory of boating supplies owned by the company. (A) b. Monthly rental charges paid for store space. (L) c. A loan owed to Citizens Bank.(L) d. New computer
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