Jamona Corporation Scenario Amy McIntosh ACC545 May 7, 2012 Hung Tran Jamona Corporation Scenario The following paper details the journal entries relating to the investments, inventory, fixed assets, and capital leases noted within the Jamona Corporation document. The attached excel document shows applicable schedules, financial statement handling, and any necessary note disclosures. Investments Purchase 1/1/06 Available-for-sale Securities $322,744.44 Cash $322,744.44
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Striking the right balance • The FASB and IASB (the Boards) have proposed that substantially all leases be reported on a company’s balance sheet. In the income statement, the results of lease transactions would be recognized under a dual model—as either a financing (i.e., expense would be front-loaded) or ratably over the lease term (i.e., straight line expense). The recognition pattern generally would depend on whether the asset being leased is property (e.g., a building) or non-property (e.g.
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All ACCOUNTING STANDARDS Accounting Standards are the defined accounting policies issued by Government or expert institute. These standards are issued to bring harmonization in follow up of accounting policies. Presently, Institute of Chartered Accountants of India has issued 29 Accounting Standards as listed below. AS 01. AS 02. AS 03. AS 04. AS 05. Policies AS 06. AS 07. AS 08. AS 09. AS 10. AS 11. AS 12. AS 13. AS 14. AS 15. AS 16. AS 17. AS 18. AS 19. AS 20. AS 21. AS 22. AS 23. AS 24. AS 25
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Apple, Inc Financial Analysis Report Daunshae' Willrich Intermediate Accounting II Professor Wendy Achilles Apple Inc. designs, manufactures, and markets mobile communication and media devices, personal computers, and portable digital music players. The company also sells various related software, services, peripherals, networking solutions, and third-party digital content and applications. Products The company’s products and services include iPhone, iPad, Mac, iPod, Apple TV, a portfolio
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................................................................2 Financial statement presentation......................................4 Interim financial reporting ................................................6 Consolidation, joint venture accounting and equity method investees .............................................................7 Business combinations ...................................................11 Inventory ...................................................................
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26 28 31 33 35 38 40 42 43 44 46 47 Introduction Financial statement presentation Interim financial reporting Consolidations, joint venture accounting and equity method investees Business combinations Inventory Long-lived assets Intangible assets Impairment of long-lived assets, goodwill and intangible assets Financial instruments Foreign currency matters Leases Income taxes Provisions and contingencies Revenue recognition Share-based payments Employee benefits other than share-based payments Earnings
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operating lease for Company ABC. To accomplish this, I will discuss a little background on all of the options and the advantages and disadvantages of a lease. This will aid company ABC in determining the best course of action for acquiring equipment in the future. First, what is a lease? “According to the Federal Accounting Standards Board (FASB), a lease is an agreement conveying the right to use property, plant, and equipment usually for a stated period of time” (Lee, 2003). Essentially a lease is an
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ascertain that its operations are accurately broken out separately as discontinued operations on the income statement. (2) It appears that the accounting for the lease is inappropriate. The benefit of the “rent holiday” should not be taken in the first year. Instead, the benefit should be amortized over the life
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........................................................... 2 Financial statement presentation ..................................... 3 Interim financial reporting................................................ 6 Consolidation, joint venture accounting and equity method investees/associates ........................................... 7 Business combinations................................................... 13 Inventory ......................................................................
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the use of accrual basis vs. cash basis accounting? Choose 1 answer | | A. | | The cash basis of accounting considers all income for the year when it is earned and pays taxes on the gross income amount, regardless of when funds are actually collected. The accrual basis of accounting considers all income for the year when it is collected and pays taxes on that amount, regardless of when it is earned. | B. | | The accrual basis of accounting considers all income for the year when it
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