Assignment 1-3: Week One Practice Problems Exercise 1-9 Transaction (a) would be described as an investment by owner. In this transaction Zen personally invests $40,000 cash in a new consulting firm. The cash (an asset) and the stockholders’ equity each equal $40,000. Assets = $40,000 Equity = $40,000 Transaction (b) involes the purchase of supplies for cash and credit. Zen purchases $3,000 of supplies with cash and then purchases another $1,000 of supplies with credit. Zen office supplies
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ASSIGNMENT WEEK 1 14 – 10 A1 . 3,600,000 X (1 + 10%) = 3,960,000 A2. 3,600,000 / 10,800,000 X 14,400,000 = 4,800,000 A3. 14,400,000 “(8,400,000 X 60%) = 9,360,000 A4. Regular: 3,600,000 X (1 + 10% ) = 3,960,000
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1. GAAP- Which stands for Generally Accepted Accounting Principles. Is the common set of accounting principles, standards and procedures that companies use to compile their financial statements. http://www.investopedia.com/terms/g/gaap.asp#axzz1oacXp4E6 2. Basic accounting formula- is a way to understand how assets, liabilities, and owner’s equity relate to each other. http://www.accountingcoach.com/online-accounting-course/14Xpg01.html 3. Transaction, t-account- A T-account is a visual
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financial assets, such as trade receivables, loans, or mortgages, into liquid securities. Formation of SPEs enable companies to remove debt from their balance sheet to they can meet certain ratios or loan covenants. According to SFAS 140, Accounting for Transfers and Servicing of Financial Assets and Extinguishment of Liabilities, any assets transferred to an SPE should be accounted for as a sale by the transferor. The audit will therefore look for assets transferred to an SPE to ensure that
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Checkpoint: Ratio, Vertical, and Horizontal Analysis The current ratio shows the percentage of liabilities there is compared to the assets. It is the total current assets divided by the total current liabilities. The vertical analysis is the current assets divided by the total assets for that year. The result is shown in percentage. The horizontal analysis is the change in assets. The current assets of one year divided by another year will show the increase or decrease in assets for those
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Math 116 Algebra 1a wk 7 ch. 8 Topic: Systems of Equations Refer to these examples: Ex. 2: EXAMPLE 2 Blending Flower Seeds. Tara’s website, Garden Edibles, specializes in the sale of herbs and flowers for colorful meals and garnishes. Tara sells packets of nasturtium seeds for $0.95 each and packets of Johnny-jumpup seeds for $1.43 each. She decides to offer a 16-packet spring-garden combination, combining packets of both types of seeds at $1.10 per packet. How many packets of each type
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similarities of accounting for profit-seeking and G&NP organizations include: 1. Double-entry system of accounts. 2. Most accounting mechanics, e.g., basic transaction documents, journals, ledgers, charts of accounts. 3. Where a G&NP organization has a business-type activity, e.g., a municipal electric utility, the accounting largely parallels that for a similar private business (e.g., electric utility). b. Among the unique aspects of G&NP organization accounting are: 1. Fund
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1. Recognition of normal balances a. Amounts paid to a mall for rent -expense b. Amounts to be paid in 10 days- liability c. A new fax machine purchases for office use- assets d. Land held as an investment - assets e. Amounts due from customers -assets f. Daily sales of merchandise sold - revenue g. Promotional costs to publicize a concert - expense h. A long-term loan owed to Citizens Bank -liability i. The albums, tapes, and CDs held for sale to customers –assets Normal balance for:
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For example the Sierra Corporation and accounting system use accounts. There are individual accounting record of increases and decreases in a specific asset, liability, stockholders equity, and revenue or expense items. They have separate accounts for cash accounts payable service revenue the expense so alignment and resembles the letter. Accounting has terms and debt one the left is accounts and the right side is credit this is the short term is Dr and Cr. It is not for increase or decrease these
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Getting the function back from a table This probably sounds weird, but are there any Wikipedia articles on the topic of "reconstructing" the function used in a table of values? For example, if I had a table: x 8 10 12 y 71 97 123 Just in case you didn't know, it means that f(8)=71, f(10)=97, and f(12)=123. I'm trying to find out what the function (f) is. I can then use a certain method to find that the function is . Is there any more information out there on this topic (the "reconstruction")
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