...Through the years the business world has use accounting and financial statements as a mean for communicating the numbers. Basically as a business person you need to know how to read financial statements in order to understand your business. There are four basic financial statements that are normally prepared by profit-making organizations to be used by financial corporations, banks, stockholders and other external decision makers. The first statement that we will discuss is the income statement. The Income statement is a financial report that shows the profits and costs and the resulting net revenue or net loss of a company for an explicit period of time. It basically displays how much cash a company earned and disbursed over a specific dates. The income statement is fundamentally a report to demonstrate the accomplishments or failure of the company's operations for a period of time. Income statements as well report earnings per share (or “EPS”). This calculation expresses how much money shareholders would receive if the company has to dispense all of the net incomes for the period. The Balance sheet is another financial statement that will be discussed. The balanced sheet reports the assets and claims to those assets at a specific point in time. It shows what a company possesses and what it is in debt at a fixed point in time. Claims to assets are subdivided into two classes: claims of creditors also known as liabilities and claims of owners also known as stockholders'...
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...ACC 290 WEEK 1 DISCUSSION QUESTION 1 To purchase this visit here: http://www.nerdypupil.com/product/acc-290-week-1-discussion-question-1-2/ Contact us at: nerdypupil@gmail.com ACC 290 WEEK 1 DISCUSSION QUESTION 1 ACC 290 Week One – DQ #1 What are the four basic financial statements? What is the primary purpose of each of the four basic financial statements? In your opinion, which financial statement is the most important? Explain why. How would the financial statements be useful to managers and employees? How would the financial statements be useful to investors and creditors? Home Work Hour aims to provide quality study notes and tutorials to the students of ACC 290 Week 1 Discussion Question 1 in order to ace their studies. ACC 290 WEEK 1 DISCUSSION QUESTION 1 To purchase this visit here: http://www.nerdypupil.com/product/acc-290-week-1-discussion-question-1-2/ Contact us at: nerdypupil@gmail.com ACC 290 WEEK 1 DISCUSSION QUESTION 1 ACC 290 Week One – DQ #1 What are the four basic financial statements? What is the primary purpose of each of the four basic financial statements? In your opinion, which financial statement is the most important? Explain why. How would the financial statements be useful to managers and employees? How would the financial statements be useful to investors and creditors? Home Work Hour aims to provide quality study notes and tutorials to the students of ACC 290 Week 1 Discussion Question 1 in order to ace their studies. ACC...
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...ACC 290 WEEK 1 DISCUSSION QUESTION 1 To purchase this visit here: http://www.nerdypupil.com/product/acc-290-week-1-discussion-question-1/ Contact us at: nerdypupil@gmail.com ACC 290 WEEK 1 DISCUSSION QUESTION 1 ACC 290 Week One – DQ #1 What are the four basic financial statements? What is the primary purpose of each of the four basic financial statements? In your opinion, which financial statement is the most important? Explain why. How would the financial statements be useful to managers and employees? How would the financial statements be useful to investors and creditors? Home Work Hour aims to provide quality study notes and tutorials to the students of ACC 290 Week 1 Discussion Question 1 in order to ace their studies. ACC 290 WEEK 1 DISCUSSION QUESTION 1 To purchase this visit here: http://www.nerdypupil.com/product/acc-290-week-1-discussion-question-1/ Contact us at: nerdypupil@gmail.com ACC 290 WEEK 1 DISCUSSION QUESTION 1 ACC 290 Week One – DQ #1 What are the four basic financial statements? What is the primary purpose of each of the four basic financial statements? In your opinion, which financial statement is the most important? Explain why. How would the financial statements be useful to managers and employees? How would the financial statements be useful to investors and creditors? Home Work Hour aims to provide quality study notes and tutorials to the students of ACC 290 Week 1 Discussion Question 1 in order to ace their studies. ACC 290...
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...Exercise E3-4 A) 1. The company gave shares of stock to stockholders for $20,000 cash 2. The company purchased $5,000 equipment on account with $1,000 paid in cash accruing a balance of $4,000. 3. The company paid $750 for supplies. 4.Company receives $4,100 of cash for services rendered, along with billing $5,400 from customer of services rendered. 5. The company paid $1,500 with cash on accounts payable. 6. The company paid a $2,000 dividend. 7. The company paid $800 for this month rent. 8. The company collects $450 from a customer. 9. The company pays the earnings of employees in salaries of $3,000. 10. The company pays $300 on utilities account. B) The stockholders equity increased $3,400. C) The net income is $5,400. Exercise E3-9 |Date |Account title |Debit |Credit | |4 |Accounts Payable |700 | | | |Cash | |700 | |7 |Service revenue |6800 | | | |Accounts Receivable | |6800 | |8 |Supplies |850 | | | |Accounts Payable | |850 | |9 |Equipment ...
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...ACC 290 WEEK 4 DISCUSSION QUESTION 1 To purchase this visit here: http://www.nerdypupil.com/product/acc-290-week-4-discussion-question-1/ Contact us at: nerdypupil@gmail.com ACC 290 WEEK 4 DISCUSSION QUESTION 1 How would you calculate cost of goods sold? What items make up cost of goods sold? How does beginning and ending inventory affect cost of goods sold? What are the journal entries a merchandising organization would use to record the purchase and subsequent sale of merchandise? How would these transactions differ with a periodic versus a perpetual inventory system? Why are perpetual inventory systems so much more popular today than back in the early 1960s and earlier? Why would a company employing a perpetual inventory system still take a physical inventory periodically? Home Work Hour aims to provide quality study notes and tutorials to the students of ACC 290 Week 4 Discussion Question 1 in order to ace their studies. ACC 290 WEEK 4 DISCUSSION QUESTION 1 To purchase this visit here: http://www.nerdypupil.com/product/acc-290-week-4-discussion-question-1/ Contact us at: nerdypupil@gmail.com ACC 290 WEEK 4 DISCUSSION QUESTION 1 How would you calculate cost of goods sold? What items make up cost of goods sold? How does beginning and ending inventory affect cost of goods sold? What are the journal entries a merchandising organization would use to record the purchase and subsequent sale of merchandise? How would these transactions differ with a periodic versus...
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...ACC 290 Week 1 WileyPLUS – 100% Correct To Buy This material Click below link http://www.uoptutors.com/acc-290-new/acc-290-week-1-wileyplus-new ACC 290 Week 1 WileyPLUS Question 1 Marsh Corporation began operations on January 1, 2014. The following information is available for Marsh Corporation on December 31, 2014. Accounts payable | | $ 7,580 | | Notes payable | | $ 12,160 | Accounts receivable | | 4,580 | | Rent expense | | 12,580 | Advertising expense | | 4,320 | | Retained earnings | | ? | Cash | | 5,680 | | Service revenue | | 30,160 | Common stock | | 17,580 | | Supplies | | 4,480 | Dividends | | 5,080 | | Supplies expense | | 1,380 | Equipment | | 29,380 | | | | | Prepare an income statement for Marsh Corporation. Prepare a retained earnings statement for Marsh Corporation. (List items that increase retained earnings first.) Prepare a balance sheet for Marsh Corporation. (List assets in order of liquidity.) Question 2 The Clear View Golf & Country Club details the following accounts in its financial statements. (a) Classify each of the following accounts as an asset, liability, stockholders’ equity, revenue, or expense item. (b) Classify each of the following accounts as a financing activity, investing activity, or operating activity. Question 3This information relates to Molina Co. for the year 2014. Retained earnings, January 1, 2014 | | $75,703 | Advertising expense | | 2,034 | Dividends | | 6...
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...Buy ACC/290 ACC/291 wileyplus - YouTube ► 0:10► 0:10 www.youtube.com/watch?v=3NYAYXcAOgE May 5, 2012 - 10 sec - Uploaded by uoptutorial buy acc 290 , acc 291 and many other courses from our website uoptutorial dot com. More videos for acc 290 » ACC 290: Certified Bookkeeper Course - Western Nevada Collegewww.wnc.edu/academics/catalog/acc/290/Cached You +1'd this publicly. Undo ACC 290: Certified Bookkeeper Course. General Information. Name: Certified Bookkeeper Course; Discipline: Accounting (ACC); Units (Credits): 6; Schedule ... ACC 290www.scribd.com/collections/3473096/ACC-290Cached You +1'd this publicly. Undo ACC/290 checkpoint acc/290 assignment acc/290 discussion questions acc/290 dqs acc/290 week acc/290 appendix acc/290 final acc/290 learning acc/290 ... ACC 290 Final Examwww.scribd.com/doc/89721525/ACC-290-Final-ExamCached You +1'd this publicly. Undo Apr 17, 2012 – purchase the solution to final Exam http://studentoffortune.com/question/1468561 /ACC-290-Wk-5 1) Which financial statement is used to ... ACC 290 - Student of Fortunestudentoffortune.com/question/1336889/ACC-290Cached You +1'd this publicly. Undo Jan 18, 2012 – ACC 290 Week 4 Learning Team Financial Reporting Kroger ... ACC 290 Week 4 - Chapter 4 P-4.8A Pro window washing.xlsx (33K) ACC 290 ... ACC 290 Week 3 Individual Summary Question One ...studentoffortune.com/.../ACC-290-Week-3-Individual-Summary-Qu...Cached You +1'd this publicly. Undo ACC 290 Principle Of Accounting I - Entire...
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...ACC 290 WEEK 3 INDIVIDUAL WILEYPLUS ASSIGNMENT To purchase this visit here: http://www.nerdypupil.com/product/acc-290-week-3-individual-wileyplus-assignment/ Contact us at: nerdypupil@gmail.com ACC 290 WEEK 3 INDIVIDUAL WILEYPLUS ASSIGNMENT Complete the following in WileyPLUS: Brief Exercise BE4-1, Problem P4-2A, and Problem P4-3A Home Work Hour aims to provide quality study notes and tutorials to the students of ACC 290 Week 3 Individual WileyPLUS Assignment in order to ace their studies. ACC 290 WEEK 3 INDIVIDUAL WILEYPLUS ASSIGNMENT To purchase this visit here: http://www.nerdypupil.com/product/acc-290-week-3-individual-wileyplus-assignment/ Contact us at: nerdypupil@gmail.com ACC 290 WEEK 3 INDIVIDUAL WILEYPLUS ASSIGNMENT Complete the following in WileyPLUS: Brief Exercise BE4-1, Problem P4-2A, and Problem P4-3A Home Work Hour aims to provide quality study notes and tutorials to the students of ACC 290 Week 3 Individual WileyPLUS Assignment in order to ace their studies. ACC 290 WEEK 3 INDIVIDUAL WILEYPLUS ASSIGNMENT To purchase this visit here: http://www.nerdypupil.com/product/acc-290-week-3-individual-wileyplus-assignment/ Contact us at: nerdypupil@gmail.com ACC 290 WEEK 3 INDIVIDUAL WILEYPLUS ASSIGNMENT Complete the following in WileyPLUS: Brief Exercise BE4-1, Problem P4-2A, and Problem P4-3A Home Work Hour aims to provide quality study notes and tutorials to the students of ACC 290 Week 3 Individual WileyPLUS Assignment in order to ace...
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...ACC 290 WEEK 3 A+ Graded Tutorial Available At: http://hwsoloutions.com/?product=week-3 Visit Our website: http://hwsoloutions.com/ Product Description PRODUCT DESCRIPTION ACC 290 Week 3, ACC 290 Week 3 Complete, 1- The process for completing accounting circuit includes … Analyzing business transactions (to judge what was purchased and what accounts it affects) Journalizing the transactions (place the entries in the correct accounts dr. & cr.) Post to ledger accounts (post to the correct ledger account dr. & cr.) 2- In order for me to remember which is a permanent account and which is a temporary account – temporary – revenues, expenses, and dividends permanent – all balance sheet accounts because they are carried forward to the next accounting period – assets, liabilities, and stockholder’s equity. The four closing journal entries are a- Revenue accounts are closed to income summary 3- A worksheet is a beneficial extra that sometimes makes it easier to prepare adjusting entries and financial statements. In larger corporations worksheets are helpful when making many adjustments and when using a computer, spreadsheet columns can be set up for trail balance, adjustments, and adjusted balances – there are also useful for the computation of net income/loss on the worksheet. Worksheets can be prepared manually, in an excel spreadsheet, or purchased with programmable Assignment BE4-1 cash net income A. B. C. D. E. F. -100 0 0 +800 -2,500 ...
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...ACC 290 Week 5 WileyPLUS – 100% Correct To Buy This material Click below link http://www.uoptutors.com/acc-290-new/acc-290-week-5-wileyplus-new Question 1 In its first month of operation, Kuhlman Company purchased 310 units of inventory for $5, then 410 units for $6, and finally 350 units for $7. At the end of the month, 380 units remained. Compute the amount of phantom profit that would result if the company used FIFO rather than LIFO. Question 2 Sadowski Video Center accumulates the following cost and market data at December 31. Inventory Categories | | Cost Data | | Market Data | Cameras | | $11,475 | | $12,565 | Camcorders | | 8,599 | | 9,289 | DVDs | | 11,359 | | 10,039 | Compute the lower-of-cost-or-market valuation for Sadowski inventory. The lower-of-cost-or-market value | | $ | Question 3 The financial statements of Tootsie Roll are presented below. Answer the following questions. (Give the amounts in thousands of dollars, as shown in Tootsie Roll’s annual report.) What did Tootsie Roll report for the amount of inventories in its Consolidated Balance Sheet at December 31, 2011? At December 31, 2010? (Round amounts to thousands.) Compute the dollar amount of change and the percentage change in inventories between 2010 and 2011. (Round percentages to 1 decimal place, e.g. 15.4% and other answer to thousands.) Compute inventory as a percentage of current assets for 2011.(Round answer to 1 decimal place, e.g. 15.4%.) What are the (product)...
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...ACC 290 Week 2 Assignment Click Link Below To Buy: http://hwcampus.com/shop/acc-290-week-2-assignment/ Broadening Your Perspective 3-2 The financial statements of The Hershey Company and Tootsie Roll are presented below. THE HERSHEY COMPANY CONSOLIDATED STATEMENTS OF INCOME For the years ended December 31, 2011 2010 2009 In thousands of dollars except per share amounts Net Sales $6,080,788 $5,671,009 $5,298,668 Costs and Expenses: Cost of sales 3,548,896 3,255,801 3,245,531 Selling, marketing and administrative 1,477,750 1,426,477 1,208,672 Business realignment and impairment (credits) charges, net (886) 83,433 82,875 Total costs and expenses 5,025,760 4,765,711 4,537,078 Income before Interest and Income Taxes 1,055,028 905,298 761,590 Interest expense, net 92,183 96,434 90,459 Income before Income Taxes 962,845 808,864 671,131 Provision for income taxes 333,883 299,065 235,137 Net Income $628,962 $509,799 $435,994 Net Income Per Share—Basic—Class B Common Stock $2.58 $2.08 $1.77 Net Income Per Share—Diluted—Class B Common Stock $2.56 $2.07 $1.77 Net Income Per Share—Basic—Common Stock $2.85 $2.29 $1.97 Net Income Per Share—Diluted—Common Stock $2.74 $2.21 $1.90 Cash Dividends Paid Per Share: Common Stock $1.3800 $1.2800 $1.1900 Class B Common Stock 1.2500 1.1600 1.0712 ................................. Required Based on the information contained in these financial statements, determine the normal balance for: Tootsie Roll Industries...
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...Comparing IFRS to GAAP ACC/290 June 5, 2016 Arin Smith Comparing IFRS to GAAP As international business increase those with financial responsibilities should be well versed in the two primary accounting methods: GAAP (Generally Accepted Accounting Principles) and IFRS (International Financial Reporting Standards). The Financial Accounting Standards Board set the GAAP which is primarily used in the United States and the IFRS is used in several other countries. It has been reported that the United States Security and Exchange Commission is planning to switch to IFRS in 2015 (Logue, 2011). While the two accounting methods share some similarities, there are some differences that could result in different reporting. Having a good understanding of both methods will allow companies to make business decisions that are effective and compliant. IFRS 2-1: In what ways does the format of a statement of financial or position under IFRS often differ from a balance sheet presented under GAAP? In my understanding, the IFRS does not give any specific order for the statement of financial position. If anything the, IFRS requires separation of current and noncurrent assets and liabilities. For a lot of the companies today they just report their assets in reverse order based off their liquidity. Now, the GAAP recommends separation of current and noncurrent assets and liabilities and also. require that all the accounts be in a specific ordered based on the liquidities hierarchy. IFRS 2-2:...
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...ACC 290 WEEK 5 A+ Graded Tutorial Available At: http://hwsoloutions.com/?product=week-5 Visit Our website: http://hwsoloutions.com/ Product Description PRODUCT DESCRIPTION ACC 290 Week 5, 1- The control environment is the basis of the entire control system that the organization is establishing. The control environment is the value that is placed on integrity and the knowledge that unethical activity will not be tolerated. It is management’s responsibility to express behavior and attitude that enforces this ethical behavior. The control environment affects the internal control by setting a basis of control activities that safeguard assets, enhance accounting reliability, increase 2- The controls that should be in place to protect a merchandiser in a cash rich environment are – Establishment of responsibility Segregation of duties Documentation procedures Physical controls Independent internal verification 3- The Sarbanes-Oxley Act (SOX) requires that all publicly traded U.S. corporations are required to sustain a satisfactory structure of internal controls. In addition to internal controls each organization must be able to confirm their compliance by an independent outside audit. SOX came about because of public outrage to lack of corporate integrity and accounting dishonesty. Major corporations such as Enron and WorldCom were dishonestly reporting accounting figures to investors and such dishonesty led to the major losses in investor’s money. SOX requirements...
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...ACC 290 Week 3 WileyPLUS – 100% Correct To Buy This material Click below link http://www.uoptutors.com/acc-290-new/acc-290-week-3-wileyplus-new Question 1 Ken Lumas started his own consulting firm, Lumas Consulting, on June 1, 2014. The trial balance at June 30 is as follows. LUMAS CONSULTING Trial Balance June 30, 2014 | | | Debit | | Credit | Cash | | $ 6,850 | | | Accounts Receivable | | 7,000 | | | Supplies | | 2,044 | | | Prepaid Insurance | | 3,480 | | | Equipment | | 15,000 | | | Accounts Payable | | | | $ 4,280 | Unearned Service Revenue | | | | 5,200 | Common Stock | | | | 22,134 | Service Revenue | | | | 8,000 | Salaries and Wages Expense | | 4,000 | | | Rent Expense | | 1,240 | | | | | $39,614 | | $39,614 | In addition to those accounts listed on the trial balance, the chart of accounts for Lumas also contains the following accounts: Accumulated Depreciation—Equipment, Salaries and Wages Payable, Depreciation Expense, Insurance Expense, Utilities Expense, and Supplies Expense. Other data: 1. | | Supplies on hand at June 30 total $850. | 2. | | A utility bill for $181 has not been recorded and will not be paid until next month. | 3. | | The insurance policy is for a year. | 4. | | Services were performed for $4,370 of unearned service revenue by the end of the month. | 5. | | Salaries of $1,338 are accrued at June 30. | 6. | | The equipment has a 5-year life with no salvage...
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