Supply specializes in the sale of boating equipment and acces¬sories. Identify the Basic 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. – Asset (A) b. Monthly rental charges paid for store space. – Expense (E) c. A loan owed to Citizens Bank. – Liability (L) d. New computer equipment purchased to handle daily record keeping. – Asset (A) e. Daily sales made to customers.
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One Exercise Assignment Basic Accounting Equations 1. Recognition of normal balances The following items appeared in the accounting records of Triguero’s‚ a retail music store that also sponsors concerts. Classify each of the items as an asset‚ liability‚ revenue‚ or expense from the company’s viewpoint. Also indicate the normal account balance of each item. Classification Normal Balance a. The albums
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the period‚ the working capital has become positive. The current ratio measures whether or not a company has enough resources to pay its debt over the next business cycle (usually 12months) by comparing the firm’s current assets to its current liabilities. A current ratio of 2:1 is acceptable in most industries. The higher the ratio‚ the more capable the company is to pay its obligations. The current ratio of KML remained below 1 from 2009-2011 but crossed 1 in 2012 due to a sharp decline in the
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Ch 7 Question 69 Essay Question The following are key terms in Chapter 7 that relate accounting for the business-type activities of state and local governments: A. Customer advances for construction B. Revenue bonds C. Utility plant acquisition adjustment D. Regulatory accounting principles E. Original cost F. Historical cost G. General obligation bonds For each of the following definitions‚ indicate the key term from the list above that best matches by placing the appropriate letter
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A) Assets + Liabilities = Owner’s equity B) Assets = Liabilities + Owner’s equity C) Assets + Revenue = Owner’s equity D) Assets + Revenue = Liabilities + Expenses 2. Which of the following financial statements shows the changes in capital during a period of time? A) Income statement B) Statement of owner’s equity C) Statement of cash flows D) Balance sheet 3. Which of the following financial statements lists the entity ’s assets‚ liabilities‚ and capital as
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right side of the account. Entries to liability and stockholders’ equity accounts are handled in the reverse manner. They are increased by entries on the right side and are decreased by entries on the left side. These rules may be summarized as follows: • Assets are increased by entries on the left side. • Assets are decreased by entries on the right side. • Liabilities and Stockholders’ Equity are increased by entries on the right side. • Liabilities and Stockholders’ Equity are decreased
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Non Profit Business Plan 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
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Executive Summary Gaian Adventure Fabric and Notions is a brick and mortar and an e-commerce company based out of Eugene‚ OR. As the name implies‚ Gaian sells outdoor fabrics and assorted notions to assist anyone in completing an outdoor project. Gaian’s selection will be the largest on the Web. Additionally‚ Gaian will take special care in developing a very easy to use‚ engaging website. Having an easily navigated‚ simple to use‚ website is key for transforming lookers into customers. The
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I am writing to analyse the company’s current balance sheet and income statement. Particularly‚ I will critique on the company’s results‚ compare it to past years‚ compare it to competitors‚ and make recommendations on how to improve its financial position. Neiman Marcus department stores offer luxurious and high-quality men’s and women’s apparel and accessories. The Neiman Marcus Group operates 35 stores in nearly 20 states. The 2004 net income was an impressive $204 million and revenue was $3
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1. “Accounting is ingrained in our society and it is vital to our economic system.” Do you agree? Explain. I agree because I think Accounting is part of our economic system specifically in business and we all know that in order to maintain the competitiveness of our economic system all over the world is to uplift the business society that’s why Accounting is vital to our economic system. 2. Identify and describe the steps in the accounting process. 1. Identifying the financial transaction
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