Part 1 Dr CREDITORS A/C Cr Date Particulars Amount Date Particulars Amount 31-Dec-12 sales a/c 5,000 bal c/d 5,000 5,000 5,000 STOCK A/C Date Particulars Amount Date Particulars Amount 31-Dec-12 sales a/c 5,000 bal c/d 5,000 5,000 5,000 PACKAGING EXPENCE A/C Date Particulars Amount Date Particulars Amount 31-Dec-12 Labor 250 bal c/d 250 250 250 Profit & Loss A/C Date Particulars Amount Date Particulars Amount 31-Nov-12 Cost of goods sold 3,500 31-Dec-12 sales 5,000 packaging expense 250 bal c/d(profit) 1,250 5,000 5,000 2 BANK A/C Date Particulars Amount Date Particulars Amount 2-Jan Insurance policy a/c 500 bal c/d 500 500 500 Insurance Policy Expense A/C Date Particulars Amount Date Particulars Amount 2-Jan Bank a/c 2012 250 2-Jan Bank a/c 2012 c/f 250 3 MACHINERY A/C Date Particulars Amount Date Particulars Amount 1-Jan-12 PURCHASE 8,500 31-Dec-10 Deprn a/c 2,100 31-Dec-11 Deprn a/c 2,100 31-Dec-12 Deprn a/c 2,100
Comprehensive Annual Financial Report (CAFR) is a report used by cities, and local governments to provide the public with their financial records each year, while adhering to government accounting standards board (GASB) guidelines. The report presents a comprehensive picture of the reporting entity’s financial condition, it provides how funds are spent and allocated throughout the year.
While the history of private enterprise is thousands of years old, a relevant launchpad to understand the modern corporation, and its associated concepts of limited liability and disclosure etc. can be with the corporations of the 17th century.
Two traditional approaches to fund programs are grants and donations. Grant funding is typically the largest revenue source for a human service organization. Vast arrays of different grants are available for funding purposes. The XYZ Corporation can utilize these funds from government private foundations. The second traditional fundraising method to fund programs is donations. Building a relationship with the community and having a confident CEO that will reach out for donations can impact the amount of donations your organization receives annually. The XYZ Corporation has a large clientele and therefore should be able to gain recognition within the community and gain donations.
(b) The bonds are sold on August 1, 2011 for $425,000 plus accrued interest. Prepare all entries required to properly record the
Record the period-end adjustment to cost of goods sold on May 31, assuming the company has no
Topic Allowed income and deductions Deductions for and from AGI Deductions for and from AGI Deductions for and from AGI Deductions for and from AGI Deductions for and from AGI Deductions for and from AGI; deductions disallowance Ordinary and necessary requirement Reasonable compensation Business versus nonbusiness losses Reporting procedures Method of accounting: cash basis Prepayment provision for cash basis taxpayer All events and economic performance
During 2012 sales on account were $145,000 and collections on account were $86,000. Also, during 2012 the company wrote off $8,000 in uncollectible accounts. An analysis of outstanding receivable accounts at year end indicated that bad debts should be estimated at $54,000. The change in the cash realizable value from the balance at 12/31/11 to 12/31/12 was (Points : 2)
(b) Would the trial balance be out of balance if the $2650 entry had been journalized correctly but the credit to Cash had been posted as $2560?
Prepare entries necessary to classify the amounts into proper accounts, assuming that all the securities are classified as available-for-sale. (List multiple debit/credit entries from largest to smallest amount, e.g. 10, 5, 2.)
(c) What were the components of total current liabilities on December 31, 2004 (otherthan accounts payable already discussed above)?
In the current liabilities section we see that borrowing has decreased 100.0%, there was a 35,000,000-bank loan (short term) in 2010 with no other short term loans taken in 2011, current tax liabilities are up 20.5% due to an increase in income tax and provisions are up 12.9% due to the company holding more in annual leave accrued and not expected to be taken within 12 months.
Car that Fast Ed gave to Slick Sam has the market value of $19,000 and the car’s actual cost to fast Ed was $17,000 which he exchanged for a obligation of %18,000 which he owned to Slick Sam and that transaction will be assessable as independent business income under (s 6-5 of ATAA 1997). In that event if the transaction is not the arm’s length, then the amount to compute assessable pay will be market value (S 70-20). As the market value was $19,000 thus the income will be $2000 to be incorporated as the business Income. The salary from exchange will be assessable when Fast Ed gave the auto to the Slick Sam.
Landry’s Debt to Asset ratio also increased from year 2002 to 2003. In 2002 Landry had a debt to asset ratio of 0.39. In 2003 Landry’s debt to asset ratio increased to 0.45. While both numbers are acceptable and considerably low, the increase from 2002 to 2003 could influence potential investors to not invest in Landry’s stock. This increase also suggests that Landry’s debt also increased from 2002 to 2003. Overall, while there was a slight increase from 2002 to 2003 Landry’s still had a good debt to asset ratio. We think that a contributing factor to the debt
Detailed course programme Day 1 Day 2 Day 3 Day 4 Day 5 Day 6 and 7 Framework, Accounts preparation and Non Current Assets Group accounts Inventories, Leases, Provisions, Substance over form Cashflows and Ratios Financial Instruments, Pensions, Deferred tax and Share based payment DipIFR
One of the most important profitability metrics is return on equity. Return on equity reveals how much profit a company earned in comparison to the total amount of shareholder equity. It’s what the shareholders “own”. A business that has a high return on equity is more likely to be one that is capable of generating cash internally. For the most part, the higher a company’s return on equity compared to its industry, the better.