Allowance for Doubtful Accounts | Beginning balance Write-offs | Bad debt expense | Ending balance Accounts Receivable Beginning balance | Write-offs Net Sales | Cash collections Ending balance | (3) Consolidated Balance Sheet ASSETS Current Assets Cash and cash equivalents Short-term investments Inventories Supplies Accounts receivable Less: Allowance for doubtful account Short-term notes receivable
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Fair value in financial reporting: problems and pitfalls in practice – a case study analysis of the use of fair valuation at Enron David Gwilliam∗ and Richard H G Jackson School of Business and Economics‚ University of Exeter‚ Streatham Court‚ Rennes Drive‚ Exeter EX4 4PU‚ UK This paper has been accepted for publication in Accounting Forum ____________________________________________________________ ____________ Abstract This paper contributes to the debate on the use of mark to market
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A balance sheet‚ like a photo‚ provides a financial picture of a company on a given day and time. It categorizes all of a company’s resources as assets‚ all of its debts as liabilities‚ and all of the owner’s investments as equity. A company uses its assets‚ such as accounts receivable‚ inventory‚ and equipment‚ for manufacturing or purchasing products for sale or to provide a service. A company’s assets are financed by its liabilities (debt) and the owner’s equity (net worth). On a balance sheet
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Basic Objectives To allow better allocations of Capital market Ressources(Useful to those making invest and credit decisions ( Provide info: economic resour‚ claims and changes Fundamental Concepts Relevant - Past‚ Present‚ Future Events ( Reliable - Dependable‚ Reasonably Free Of Error ( Verifiable ( Comparable to other entities ( Consistent over time Recognition And Measurement Concepts Economic entity ( Going concern ( Monetary unit ( Periodically Basic Principles Historical
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BALAGUSA BSED-Supplemental How Values Affect A Person Values are set of beliefs to which a person refers to in times of crisis. That is when the person is confronted with the hardest decision to make. Say for instance‚ while I was taking a walk along the downtown area of Tacloban City‚ I saw an old woman carrying a pocket full of cash. Maybe she just came from selling her copra from a nearby buying shop. From her disheveled look‚ she was a real rural folk. I was so amused with her because she
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Chapter 2‚ Illustrative Problem 1 Entries into T accounts and trial balance Daphne Ebert‚ an interior design consultant‚ established a professional services corporation known as Daphne Designs‚ Inc. on August 1 of the current year. During the month‚ she opened an office and completed the following transactions connected with her professional practice: a. Daphne deposited $32‚500 drawn on her personal bank account to a business account opened under the name of Daphne’s Designs in exchange
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HOW DO YOU ACCOUNT FOR ORGANIZATION COSTS? Example: A company incorporates on 9/1/08 and incurs organization expenses of $4‚000 attorney fees‚ $3‚000 accounting fees‚ and $3‚000 stock printing costs. •Journal entry required on 9/1/08 Organization Costs (() 10‚000 Cash (() 10‚000 •How much amortization expense should be recorded on 12/31/08? $10‚000 / 5 years = $2‚000
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Book value: The book value of ordinary share is the net worth of a corporation less the par value of preference shares outstanding divided by the number of ordinary shares outstanding. Suppose the net worth of a company contains the following information viz; Preference shares (Rs. 100 per share): 1000000.00 Ordinary share (Rs.5 per share): 1500000.00 Share premium:
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Was the Treaty of Versailles fair? Answer: The Entente and the US spoke with different voices in 1918-19. President Wilson talked about a peace without ’victors or vanquished’‚ which implied concepts of fairness‚ but Britain and France (and their allies) imposed a conventional treaty with winners and losers. That is the key issue. Answer In 1918 when the war had ended the League of Nations was drawn up‚ but at the same time the "big three" were planning a way to get compensation for the war
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What could “Fair is foul and foul is fair” ever mean?"Fair is foul‚ and foul is fair‚" expresses the main theme of Macbeth written by William Shakespeare. There are several different ways in which these words can be interpreted. It could mean not everything is what it seems or it could mean that something that is supposedly used for good can bring forth evil.The first time we hear the statement is in the opening scene when the witches say the exact line "Fair is foul‚ and foul is fair" (Act I Scene
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