| | BE 1-5 In alphabetical order below are balance sheet items for Wyoming Company at December 31, 2012. Accounts payable | | $80,600 | Accounts receivable | | 88,040 | Cash | | 27,280 | Common stock | | 34,720 | Prepare a balance sheet. WYOMING COMPANY Balance Sheet December 31, 2012 | Assets | Cash | | | | | $ 27,280 | | Accounts Receivable | | | | | 88,040 | | Total Assets | | | | | $ 115,320 | | Liabilities and Stockholders' Equity | Liabilities
Words: 1191 - Pages: 5
1. Describe the nature of balance sheet or statement of financial position. The balance sheet is a financial report that is created from the trial balance. When preparing the balance sheet, the trial balance is used as a starting point. All trial balance accounts are aggregated into balance sheet elements. The balance sheet provides a snapshot of a company’s financial position on a given date. This report contains a total of all assets, liabilities and shareholders’ equity. The most important
Words: 1000 - Pages: 4
Core_Endsheets_Rear.qxd 5/17/08 12:51 PM Page E Abbreviations and Acronyms Commonly Used in Business and Accounting AAA ABC AICPA CIA CIM CMA CPA Cr. Dr. EFT EPS FAF FASB FEI FICA tax FIFO FOB GAAP GASB GNP IMA IRC IRS JIT LIFO Lower of C or M MACRS n/30 n/eom P/E Ratio POS ROI SEC TQC American Accounting Association Activity-based costing American Institute of Certified Public Accountants Certified Internal Auditor Computer-integrated manufacturing Certified Management Accountant Certified Public
Words: 987 - Pages: 4
ACC 607 Lecture Notes Session 1 Types of Accounting A. Financial Accounting B. Managerial Accounting Role of Accounting * Safeguarding assets of the company (through record keeping) * Providing information to various user groups * Creditors (lenders) * Investors (stockholders) * Managers (internal users) * Regulatory agencies (e.g., IRS) * Of these groups investors may need the most comprehensive set of financial information. This
Words: 5696 - Pages: 23
Pre-Test 1. Financial accounting is an information system that: tracks and records an organization's business transactions 2. Jeff Brown is the sole owner of Shoe Central, a small shoe shop. One day, he buys a used car for his personal use, and pays $2,000 from his checking account. The fact that this transaction has no effect on Shoe Central's financial accounts is an application of the: 3. Jeff Brown, owner of Shoe Central, a small shoe store, buys cleaning supplies for his store once
Words: 13926 - Pages: 56
Chapter 2 BASIC ACCOUNTING CONCEPTS: THE BALANCE SHEET Changes from Eleventh Edition The Chapter has been updated. Approach It is helpful if students understand from the outset that financial accounting is being discussed in two cycles. In the first cycle, Chapters 2 through 4, we go through the entire accounting process quickly, to establish an overview. We then go through the process a second time, in Chapters 5 through 14, and go into the same topics in much greater depth. Thus, students
Words: 4403 - Pages: 18
Financial Statement Differentiation ACC/561 Financial Statement Differentiation There are four different kinds of financial statements. These include the income statement, the statement of cash flow, the balance sheet, and the retained earnings statement. Each statement has a different focus and are used by investors, managers, and creditors to help make decisions about a business. Knowing which statements need to be used and when will help make any business more aware of where their funds
Words: 641 - Pages: 3
Financial Statements Paper By Becky Lapointe University of Phoenix Accounting 280 Instructor: Silvana Moffitt Ever wonder how businesses like Apple, Wal-Mart, Home Depot, Lowe’s, or even Verizon keep themselves in business. It does not just have to do with marketing skills or good advertisements but these businesses also have to take into consideration the financial information when running these types of corporations. Accounting is a big part of running any type of company or corporation
Words: 1189 - Pages: 5
Assignment 2 Dear all, Please solve the following problems and submit it on or before 30 November, 2012. Question.1 : As on December 31, 2001 the end of annual accounting period, the trial balance of the ledger of Mahmud Store are as follows: MAHMUD STORE TRIAL BALANCE DECEMBER 31, 2001 Sl. No. | Name of Accounting | Debit Tk. | Credit Tk. | 1 | Cash | 90,000 | | 2 | Accounts Receivable | 166,000 | | 3 | Merchandise inventory | 300,000 | | 4 | Purchase | 3,310,000 | | 5
Words: 1724 - Pages: 7
Current and Noncurrent Assets Paper Every business must have assets to generate income for the business. Businesses must account for all assets in their balance sheets regardless if what is being reported are assets or non-assets. Balance sheets are organized in a particular way so that financial statements fundamentals are arranged in subgroups. Some of the basic examples of assets consist of cash, accounts receivables, and prepaid expenses. Examples of non-current assets consist of fixed assets
Words: 668 - Pages: 3
