Chp 1 Accounting Equation 1. Determine the missing amount for each of the following: Assets Liabilities Owner’s Equity (a) $18‚000 $ 11‚000 $50‚000 (b) $ 28‚000 $35‚000 $ 7‚000 (c) Categories/classes of accounts 2. . Indicate whether each of the following represents an asset‚ liability‚ or owner’s equity/Capital: (a) accounts payable/Creditors (b) wages expense (c) capital (d) accounts receivable/Debtors (e) withdrawal (f) Land g. prepaid insurance
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Asset and Liability problems: The information presented here represents selected data from the December 31‚ 2010‚ balance sheets and income statements for the year then ended for three firms. Calculate the missing amounts for each firm. Firm A Firm B Firm C Total assets‚ 12/31/10 $401‚000 $531‚000 $334‚000 Total liabilities‚ 12/31/10 222‚000 143‚000 ___________ Paid-in capital‚ 12/31/10 85‚000 [pic] 42‚000 Retained earnings‚ 12/31/10 [pic] 319‚000 ___________ Net income for
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$160‚000 Liabilities = $240‚000 Owners’ Equity and - 200‚000 (Capital) = $40‚000 (Retained Earnings) Thus: Retained Earning = $40‚000 Q4 a) Increase assets (Office Equipment) Decrease assets (Cash) b) Increase assets (Accounts Receivable) Increase owner’s equity (Capital) c) Decrease assets (Cash) Decrease owner’s equity (Capital) d) Increase assets (Cash) Increase owner’s equity (Capital) e) Increase Assets (Cash)‚ Decrease Assets (Debtors) f) Increase assets (Supplies Increase liabilities (Accounts
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Chapter 08 Acquisition and Expenditure Cycle True / False Questions 1. Acquisition and expenditure activities include (1) purchasing goods and services‚ (2) receiving the goods or services‚ (3) recording the asset or expense and related liability‚ and (4) depreciating assets purchased. True False 2. Purchases are requisitioned by a purchasing department that seeks the best prices and quality. True False 3. The accounts payable department reconciles the vendor invoice‚ purchase
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EXAM3 EXTRA CREDIT 1. Ultimate Butter Popcorn issues 6%‚ 6-year bonds with a face amount of $47‚000. The market interest rate for bonds of similar risk and maturity is 6%. Interest is paid semiannually. At what price will the bonds issue? (Do not round PV factors. Round your answer to the nearest dollar amount. Omit the "$" sign in your response.) Issue price $ 47‚000 2. Ultimate Butter Popcorn issues 7%‚ 6-year bonds with a face amount of $49‚000.
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Substantive Procedures for Cash Outflow Irregularities Substantive Procedures for Cash Outflow Irregularities There are many irregularities that can arise within the different accounting departments at Apollo Shoes. An audit program will be designed according to the three cycles that will be outlined below. The first cycle that will be discussed is cash‚ then accounts payable and finally the payroll function. These cycles will be evaluated for substantive procedures for Apollo Shoes
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accounts payable did the company have at the end of its 2 most recent annual reporting periods? What were the company’s total current liabilities at the end of its 2 most recent annual reporting periods? What were the company’s two largest current liabilities at the end of its 2 most recent annual reporting periods? What were the company’s total liabilities at the end of its 2 most recent annual reporting periods? What were the company’s revenues (or net revenues) for the last 3 annual
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................................................... (Name of the company) ................................... AS AT........................................................ (Date as at which it is made out) Figures for the P.Y. (Rs.) | LIABILITIES | Figures for the C.Y. (Rs.) | Figures for the P.Y. (Rs.) | ASSETS | Figures for the C.Y. (Rs.) | | SHARE CAPITAL (Refer Note A)Authorised/SharesOf ...................... Rs.... eachIssued/SharesOf ...................... Rs.... eachSubscribed/SharesOf
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plant and equipment 1400000 450000 600000 Trademarks.................... 300000 160000 200000 Total assets...................2560000 885000 Liabilities..................(500000) (180000) (180000) Common stock..................(400000) (200000) Additional paid in capital....(475000) (70000) Retained earnings............. (1185000)(435000) Total liabilities and equities (2560000) (885000) In addition‚ Pacifica assessed a research and development project under way at Seguros to have a fair value of
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rate in the event of default‚ the recovery rate is 50 per cent.The condensed financial accounts are as follows: $M Total current assets 66.3 Total noncurrent assets 659.9 Total assets 904 Total current liabilities 197.3 Total noncurrent liabilities 243.7 Total liabilities 473.0 Shareholder’s funds 546.7 Retained earnings 84.0 Shares on issue 547‚612 Earnings before interest and tax is $151‚608‚000 on sales of $742‚613‚000. The firm is requesting a loan of $150 million to
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