Retained Earnings Identify each item as an “Asset”‚ “Liability” or “Equity” Account Common Stock Wages Payable Accounts Payable Inventory Land Notes Payable Prepaid Insurance Supplies Unearned Revenue Retained Earnings If assets increased by $5‚000 and liabilities decreased by $2‚000 then how much did stockholder’s equity increase
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2014 STUDENT C ASE C OMPETITION The Student Case Competition is sponsored annually by IMA® to provide an opportunity for students to interpret‚ analyze‚ evaluate‚ synthesize‚ and communicate a solution to a management accounting problem. Starfire’s Dilemma Capacity at What Cost? By Thomas L. Albright‚ CPA; Paul E. Juras‚ CMA‚ CPA; and Russ Elrod F ounded in 1968 by Alan James‚ Starfire Trucking Company has grown into a sizeable operation with 90 trucks and 180 trailers. Recently
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Finance and Accounting Memo focusing on Managements Role and Responsibilities within ABC Complete Kitchens‚ INC SKS5000-8 Comprehension Strategic Knowledge Studies February 9th‚ 2014 Professor Nick Harkiolakis Memorandum To: The Board of Directors of ABC Complete Kitchens‚ Inc. From: Alexandra Kent Date: February 9th‚ 2014 Subject: Managements responsibilities regarding finances and accounting “Great organizations demand a high level of commitment by the people involved”-
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Sensitive Assets (RSAs) Fixed Rate Assets (FRAs) Nonearning Assets (NEAs) Total $100 $200 Liabilities Rate Sensitive Liabilities (RSLs) Fixed Rate Liabilities (FRLs) $ 50 $250 $ 40 Equity $ 40 $340 Total $340 1. Classify each asset on the balance sheet as either: RSA FRA NEA 2. Classify each liability/equity account: RSL FRL Equity 3. Group assets and liabilities into the following groups: RSAs financed by RSLs FRAs financed by FRLs NEA financed by Equity
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serve as the general ledger for UST Company. UST Company Chart of Accounts Asset accounts Cash Accounts receivable Merchandise inventory Prepaid expenses Land Fixed assets Accumulated depreciation Liability accounts Accounts payable Customer prepayments Other current liabilities Long-term liabilities Temporary accounts Dividends Sales Cost of goods sold Selling and administrative expenses Rent expense Insurance expense Depreciation expense Interest expense Gains Losses Shareholder equity accounts
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Accounts receivable. b. Accounts payable. c. Sales. d. Cash. 9. Of the following account types‚ which would be increased by a debit? a. Liabilities and expenses. b. Assets and equity. c. Assets and expenses. d. Equity and revenues. 10. Cash reduction of capital result in: a. Increase in owner’s equity and assets b. Increase in owner’s equity and liabilities c. Decrease in owner’s equity and assets d. Decrease in owner’s equity and
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1) The net working capital of a firm will decrease when accrued wages are paid with cash. False 2) While corporations provide shareholders returns from _______‚ capital markets provide returns to shareholders from ______. Dividends; capital gains 3) The Sarbanes-Oxley act of 2002 was passed to: Establish auditing standards. 4) In general‚ what is changing as you read down the left hand side of a balance sheet? The assets are becoming less liquid. 5) Early in
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TOTAL ASSETS LIABILITIES & EQUITY Liabilities Current Liabilities Accounts Payable Accounts Payable Total Accounts Payable Credit Cards MasterCard 0.00 Total Credit Cards 0.00 Other Current Liabilities Unearned Revenue Accrued Liabilities Payroll Liabilities Sales Tax Payable 16‚250.00 1‚995.52 3‚370.36 26‚044.85 2‚000.00 3‚000.00 30‚000.00 -4.48 370.36 -3‚955.15 99.8% 112.3% 86.8% Total Other Current Liabilities 47‚660.73 35‚000.00 12‚660.73 136.2% Total Current Liabilities 344‚660.73
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unitech (real estate company) profile of the company FULL DESCRIPTION Unitech Limited is a real estate developer engaged in real estate development and related activities‚ including construction and consultancy services. Its segments include real estate and related activities‚ property management‚ hospitality‚ electrical and others. Real estate development includes development of mini cities/townships‚ construction of residential
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Apollo Shoes‚ Inc. Potential Problem Areas December 31‚ 2011 The following refers to the Comparative Trial Balances‚ GA-7.1 through GA-7.5: Accounts Receivable‚ Other Receivables‚ Allowance for Doubtful Accounts‚ Bad Debt ExpenseInventories and Reserve for Inventory Obsolescence Prepaid Insurance and Insurance Expense Machinery‚ Equipment‚ and Office Furniture Accounts Payable Taxes Payable Line of Credit Sales‚ Sales Returns‚ Net Sales – Relationship to Inventory Research & Development
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