------------------------------------------------- Assignment 1 BE1-1 Presented below is the basic accounting equation (in thousands). Determine the missing amounts. Assets = Liabilities + Equity 90‚000 = 50‚000 + 40‚000 110‚000 = 40‚000 + 70‚000 ------------------------------------------------- 94‚000 = 41‚000 + 53‚000 BE1-5 Indicate whether each of the following items is an asset (A)‚ liability (L)‚ or part of equity (E). (A) Accounts receivable (L) Salaries
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Off balance sheet financing is financing from sources other than debt or equity offerings‚ such as joint ventures‚ research and development partnership and operating leases. For complex institutions such as banks‚ they increase their use of off shore subsidiaries and swap transactions to avoid disclosing liabilities. In other words‚ off balance sheet accounting is a process which a business creates what is practically a debt that it must pay off‚ but the debt is accounted as another type of transaction
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Milli Drexler ACC220 July 29‚ 2012 Accounting Documents A balance sheet is used by accounting departments to show a company their financial position at the end of a specified date. It is often called a snapshot of a company’s financial position at a given moment. It gives the reader of the document a clear picture of all transactions that have been posted by that company as of a specific date. When accountants prepare a balance sheet they list the company’s assets at the time. Assets are things
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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
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Limited Liability Corporation and Partnership In the United States‚ limited liability companies increased rapidly throughout the past 10 years. These structures permit businesses to decrease federal tax liabilities by federal pass-through provisions (Bean & Bilyeu‚ 1997). Limited liability can apply to any non-corporate business‚ in any state‚ and provides characteristics of a corporation and a partnership. Individual states regulate the operations of the LLCs. However‚ companies with limited
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000 as an advance payment from customers. Jan 26 Purchased office supplies costing $5‚200 on account. Jan 28 Paid wages to its employees for the third and fourth week of January: $19‚100. Jan 31 Paid $5‚000 as dividends. Jan 31 Received electricity bill of $2‚470. Jan 31 Received telephone bill of $1‚494. Jan 31 Miscellaneous expenses paid during the month totaled $3‚470 The following table shows the journal entries for the above events. Date Account Debit Credit Jan 1 Cash 100‚000 Common
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Balance Sheets A general ledger is the foundation of a company’s financial records‚ as they constitute the central summary of a company’s financial system. Every transaction is recorded through the general ledger. These records remain as a permanent track of the history of all financial transactions since the opening day of the company (Business Town‚ n.d.). The purpose of any business is to increase the owner’s equity through solid revenues. These revenues increase assets or proceed to decrease
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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 A. Only one rare occasion (WA) B. To produce asset (WA) C. To produce liability (WA) D. To generate revenue E. None. 5. Which is
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potential interested buyer. After the primary market which is the initial public offering is the secondary market. The secondary market allows people to buy and sell stocks to each other on such as the stock exchange or NASDAQ. For example‚ XYZ Corporation just opens it sells to the primary market. John Smith buys from the primary market‚ but then decides to sell it to a friend‚ Amy Bank who wants to buy it from John Smith. John then sells it on the secondary market to Amy. What are three primary
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The Harvesters‚ painted with oil on wood in 1565 by Peter Bruegel the Elder‚ portrays a scenic harvesting and the people who are participating in it. The painting was part of a series of six‚ meant to display the seasons of the year and was commissioned by a merchant in Antwerp for his own personal collection. The Harvesters has a civic intention‚ being a part of a community‚ and uses artistic detail to create scenery a person can identify with and become a part of. Studying the painting helps identify
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