ACCOUNT BALANCES For many purposes‚ it is necessary to determine the balance in an account. This is accomplished by adding the debits‚ credits‚ and determining the difference between the two sums. An account is said to have a debit balance if the sum of the debit entries to that account exceeds the sum of the credit entries. Conversely‚ an account has a credit balance if the sum of the credit entries exceeds the sum of the debit entries. Asset accounts normally have debit balances inasmuch as
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first quarter: a. As of December 31‚ 2011 (the end of the prior quarter)‚ the company’s general ledger showed the following account balances: DEBIT CREDIT $ $ Cash 48‚000 Accounts receivable 224‚000 Finished goods Inventory (1000 units) 60‚000 Raw Materials inventory (500 units) 10‚000 Buildings and equipment (net) 370‚000 Accounts payable 93‚000 Capital stock 510‚000 Retained earnings 109‚000 712‚000 712‚000 b. ‐ Actual sales for December and budgeted sales for the next four months are as follows:
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CHAPTER 1 Overview of Current Account Balance * Introduction: The current account is the difference between exports of goods and services and imports of goods and services. If we denote the current account balance by CA‚ we can express this definition in symbol as CA = EX – IM The current account balance is one of two major measures of the nature of a country’s foreign trade (the other being the net capital outflow. A current account surplus increases a country’s net foreign assets by the
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$60‚000 cash on the purchase of equipment costing $80‚000. The remaining amount was recognized as a one year note payable with interest rate of 9%. Jan 4 Purchased office supplies costing $17‚600 on account. Jan 13 Provided services to its customers and received $28‚500 in cash. Jan 13 Paid the accounts payable on the office supplies purchased on January 4. Jan 14 Paid wages to its employees for first two weeks of January‚ aggregating $19‚100. Jan 18 Provided $54‚100 worth of services to its customers
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Interpret the contents of a trading and profit and loss account and balance sheet for a selected company‚ explaining how accounting ratios can be used to monitor the financial performance of the organisation. Profit and loss account and balance sheet for Tesco. Consolidated Profit & Loss Account for the year ended 2013 2014 Weeks 52 52 Currency £ Million £ Million Turnover 23653.0 20988.0 Cost of sales -21866.0 -19400.0 Gross Profit 1787.0 1588.0 Operating Expenses -465.0 -422
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proper question number before each answer. Remember to show your work if an answer requires a mathematical solution. It’s 25 questions. 1. On november 1‚ 2009 Broom company received a bank statement that showed a $2‚950 balance. Broom showed a $4‚010 checking account balance. The bank did not return the check No. 124 for $1‚080 and check No 138 for $720. A $3‚200 deposit made on October 30 was in transit. The bank charged Broom $12 for check printing and $18 for an NSF check. Broom forgot to record
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Consolidated Accounts Balance Sheet • Home Page» • Business & Economy» • Accounting Consolidated Accounts Balance Sheet C UNIT 3: CONSOLIDATED BALANCE SHEET Definition of a Group Under IAS 27 Consolidated and Separate Financial Statements‚ a group exists where one enterprise (the parent) controls‚ either directly or indirectly‚ another enterprise (the subsidiary). A group consists of a parent and its subsidiaries. Definition of Control Under IFRS 3 Business Combinations‚ control
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CHANGES IN BALANCE SHEET ACCOUNTS The total assets of a firm and the claims on assets change over time because of investing and financing activities. For example‚ a firm may issue common stock for cash; acquire a building by mortgaging a portion of the purchase price‚ or issue common stock in exchange for convertible bonds. These investing and financing activities affect the amount and structure of a firm’s assets‚ liabilities‚ and shareholders’ equity. The total assets of a firm and the claims
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equation are assets‚ liabilities‚ and equity. Assets include Cash‚ Accounts Receivable‚ Notes Receivable‚ Prepaid Expenses‚ Land‚ Building‚ Equipment‚ Furniture‚ and Fixtures. Liabilities include Accounts Payable‚ Notes Payable‚ Accrued Liability‚ and Unearned Revenue. Equity includes Owner’s Capital‚ Owner’s Withdrawals‚ Revenue‚ and Expenses. 2. Companies need a way to organize their accounts so they use a chart of accounts. Accounts starting with 1 are usually Assets‚ 2 – Liabilities‚ 3 – Equity
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Comparing the theme of The Most Dangerous Game with the theme of The Cask of Amontillado‚ revenge is what i believe‚ the theme of both short stories. Both Simply from the aspect of the number of men that Zaroff has killed‚ "The Most Dangerous Game‚" wins this contest of evil. Where Montressor‚ character from the short story‚ "The Cask of Amontillado‚" certainly shows his evil side when he leads his "friend" Fortunato into the catacombs and to face his death‚ his intentions only concern one man. Montressor’s
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