11 Issues Chapter of Reporting, Disclosure and Financial Analysis Questions for Review and Discussion 1. The two main adjustment are likely to be the addition of capital assets and longterm obligations. 2. The main adjustments are likely to be: the addition of depreciation expense and gains or losses from the sale of capital assets and the deletion of amounts spent to acquire capital assets and the proceeds from the sale of capital assets the deletion of long-term debt proceeds and amounts spent
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December 31, 2013 Corporate Tax Return Problem - first year of operation Cash $180,000 1,400,000 Other assets (fixed assets and bond investments) Accounts payable and other liabilities $250,000 Capital stock 1,000,000 Retained earnings Service revenue 700,000 Sec. 103 Interest income - State of North Carolina Bonds 50,000 Salary expense, payroll taxes, rent, depreciation, etc. 400,000 Sec. 1211, 1212 Loss on sale of capital assets 20,000 Trial Balance Total (before recording the income tax provision)
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491,000 Less: Depreciation 263,160 146,200 Net Fixed Assets 939,790 344,800 Total Assets 2,866,592 1,468,800 Liabilities and Equity 2013 2012 Accts payable 544,160 145,600 Notes payable 636,808 200,000 Accruals 489,600 136,000 Total Current Liabilities 1,650,568 481,600 Long-term debt 723,432
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James Joel T. Maucesa Grade 5 James Joel T. Maucesa Grade 5 James Joel T. Maucesa Grade 5 James Joel T. Maucesa Grade 5 James Joel T. Maucesa Grade 5 James Joel T. Maucesa Grade 5 James Joel T. Maucesa Grade 5 James Joel T. Maucesa Grade 5 James Joel T. Maucesa Grade 5 James Joel T. Maucesa Grade 5 James Joel T. Maucesa Grade 5 James Joel T. Maucesa
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RESEARCH PAPER ACCOUNTING 483 - FEDERAL TAX Section 01 1st Research Paper Fall 2011 Due Wednesday, October 26, 2011 Speedy Karr is the used car sales manager of Fast Talking Ed's Car Sales, a local new and used car dealership in Moscow, Idaho. Speedy Karr’s income is about $80,000 a year from his salary and bonus (his bonus is a percentage of the net income of the dealership). In addition to his income from Fast Talking Ed's, Speedy also has income from rentals of about $15,000 a year. Speedy's
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2 Creating Deposits • Select the large + sign in the upper-middle part of the screen. • On the right-hand side under the Other menu, select Bank Deposit. • At the top left of the deposit screen, make sure account 100 Cash-Checking Acct is selected. • Enter the appropriate date to match data for Sierra Corporation data. Inputting the incorrect date will cause problems when reports are run later. • In the Received From field, select the proper name from the list that appears in
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491,000 Less: Depreciation 263,160 146,200 Net Fixed Assets 939,790 344,800 Total Assets 2,866,592 1,468,800 Liabilities and Equity 2014 2013 Accts payable 544,160 145,600 Notes payable 636,808 200,000 Accruals 489,600 136,000 Total Current Liabilities 1,650,568 481,600 Long-term debt 723,432
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ACCT 230 Managerial Accounting Office: JH3208 Spring 2011 Phone: (818) 677-2424 James Chiu, Ph.D., CPA, CMA Email: James.chiu@csun.edu Hours: 14:00- 15:20 T.TR. 18:00-19:00 W. and by Appointment Prerequisite: ACCT 220 Required Text: Brewer/Garrison/Noreen, Introduction to Managerial Accounting, 5th Edition (McGraw-Hill Publishing Co., 2010) Course Objective: Management accounting information system is designed
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Week 5 Assignment Financial Ratios Lauren Palmer 1. Liquidity Ratios Current Ratios Edison-12, 800/3,600=3.56:1 and 9,200 working capital Stagg-13,300/3,600=3.69:1 and 9,700 working capital Thornton-13,800/3,600=3.83: and 10,200 working capital Quick Ratios Edison-11,000/3,600=3.06:1 Stagg-10,000/3,600=2.78:1 Thornton-9,000/3,600=2.5:1 After looking at both ratios and calculating working capital, Edison is the most liquid. They have the highest quick ratio, which means they have
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2 Creating Deposits • Select the large + sign in the upper-middle part of the screen. • On the right-hand side under the Other menu, select Bank Deposit. • At the top left of the deposit screen, make sure account 100 Cash-Checking Acct is selected. • Enter the appropriate date to match data for Sierra Corporation data. Inputting the incorrect date will cause problems when reports are run later. • In the Received From field, select the proper name from the list that appears in
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