14 BANK RECONCILIATION STATEMENTS . . . this chapter covers In the last chapter we balanced the cash book of a business to find out the balance of the bank account. In this chapter we look at the way in which a business deals with any differences between the balance of the bank account in the cash book and the closing balance of the bank account shown by the bank statement for the same period. These differences are explained by a document known as a bank reconciliation statement: which
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pg.1 Based upon a balance of 5,270.00 on an APR of 15.53% the calculation is as follows per US BANK: $256.85 per month will pay off your credit card in 24 months. To pay off your credit card balance of $5,270 in 24 months you need to pay $256.85 per month. This includes your additional monthly purchases of $0 and your major purchases. This assumes no additional charges such as late fees. If you keep your monthly payment at $25 it will take more than 360 months(US BANK
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15-1 Operating lease [LO4] On January 1, 2011, Nath-Langstrom Services, Inc., a computer software training firm, leased several computers from ComputerWorld Corporation under a two-year operating lease agreement. The contract calls for four rent payments of $10,000 each, payable semiannually on June 30 and December 31 each year. The computers were acquired by Computer World at a cost of $90,000 and were expected to have a useful life of six years with no residual value. | Required: |
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method. • Apply the accounting methods for the recording of the retirement of a partner. • Prepare the journal entries to record the liquidation of a partnership when a cash payment to partners is made only after the sale of all of the partnership assets. • Prepare a schedule of the liquidation of a partnership where instalment payments to partners are made as cash becomes available. • Prepare a cash distribution plan prior to the commencement of the partnership liquidation. 1 2 CHAPTER 15 ACCOUNTING
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The paper (Thirlwall 1979) represents a model that long term growth rate of countries can be determined by the ratio of export growth and the income elasticity of demand for foreign goods. Particularly, the model uses the balance of payment as an indicator to determine counties growth rate. Base on the article, this essay is separated into three parts, first, introduces the article in relation to Thirlwall’s law. Second, demonstrates the arguments of Thirlwall’s law. Lastly, examines the weakness
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with the market based on the Prime Rate. APR for Balance Transfers 22.99% This APR will vary with the market based on the Prime Rate. APR for Cash Advances 25.24% This APR will vary with the market based on the Prime Rate. Penalty APR and When it Applies Up to 27.24%, based on your creditworthiness. This APR may be applied to your account if you make a late payment. This APR will vary with the market based on the Prime
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improvement loan (monthly payments of $125); he is making $85 monthly payments on a personal loan with a remaining balance of $750; he has a $2,000, secured, single-payment loan that’s due next year; he has a $70,000 home mortgage on which he’s making $750 monthly payments; he still owes $8,600 on a new car loan (monthly payments of $375); and he has a $960 balance on his MasterCard (minimum payment of $40), a $70 balance on his Exxon credit card (balance due in 30 days) and a $1,200 balance on a personal line
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Share-Based Payment and Special Purpose Entity Purpose We compiled the information presented to address concerns surrounding the audit of McDowells, a publicly traded company. The memo explores both share-based payment and special purpose entities. It details the proper accounting methods for each item. Finally, we offer suggestions and guidelines to ensure McDowells complies with GAAP on these matters. CONFIDENTIAL Share-based payment and SPE The transactions related to the share based payment are
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entry, Changes Data entry, Changes Paycheck Issued Paycheck Issued Reports Reports Employee Paycheck Employee Paycheck Payment of taxes Payment of taxes Inventory Flowchart Inventory Master File Inventory Master File Purchase Transaction File Purchase Transaction File Enter receipts date and add to inventory balance Enter receipts date and add to inventory balance Receiving Report Receiving Report Order Received form Order Received form PO File PO File Enter quantity ordered into inventory
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Retained Earnings Opening Balance +Net Income -Dividends =Retained Earnings Retained earnings = the profits of previous years’ which were not paid to the shareholders but stayed in the company. Balance sheet = shows the financial position of a company on a certain day. Balance Sheet Assets Liabilities Equity A=L+E ASSETS = LIABILITIES + STOCKHOLDERS’ EQUITY Statement of Cash Flows = the in- and outflows of cash in a company. Statement of Cash Flows Opening Balance +Investing Activities
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