Week 1: Overview of Financial Statements - Discussion Accounting is a way of tracking transactions and organizing them into concise reports to be used by investors, principals of companies, or government agencies to be able to control the financial health of a company, family, or an individual. The book uses the example of a checkbook, which is apropos, as I don't know of anyone who has never "bounced" a check due to careless recording of a transaction. Accounting involves a level of trust, that
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CHAPTER 3 ------------------------------------------------- FINANCIAL STATEMENTS, CASH FLOW, AND TAXES 1. Below are the 2007 and 2008 year-end balance sheets for Tran Enterprises: Assets: 2008 2007 Cash $ 200,000 $ 170,000 Accounts receivable 864,000 700,000 Inventories 2,000,000 1,400,000 Total current assets $3,064,000 $2,270,000 Net fixed assets 6,000,000 5,600,000 Total assets $9,064,000 $7,870,000 Liabilities and equity:
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IIM Lucknow, Noida Campus MANAGEMENT ACCOUNTING –II Assignment – II, Daniel Dobbins Distillery, Inc (Case Analysis) Submitted By: Rahul Srivastava (WMP08034) Vinay Joshi (WMP08045) ANALYSIS Company History * Founded in 1880 in Oakwoods by Daniel Dobbins. * Major product is Old Trailridge Bourbon Whisky * High quality of whisky due to the unusual iron-free spring water used in the distillation process and the specially prepared fire-charred white oak barrels used in the aging
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business. In the first quarter of 2008 The Home Depot, Inc decided to close 15 underperforming stores and still making an operating profit and $41 billion in assets. Any business needs to be able to look at and analyze their Income Statement, Balance sheet, and Statement of Cash Flow to help determine if they are successful and if they need to make any adjustments to the business operations to make it more successful. Income Statement The Consolidated Statements of Earnings tells how the
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M1-6 | | | | | | | | | | | Matching Financial Statement Items to Balance Sheet and Income Statement Categories | | | | | | | Answer | Statement | | | | 1 | Accounts Receivable | | | | | | | 2 | Selling and Administrative Expenses | | | | | | 3 | Cash | | | | | | | | | 4 | Equipment | | | | | | | | 5 | Advertising Expense | | | | | | | 6 | Sales Revene | | | | | | | | 7 | Notes Payable | | | | | | |
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Off the Balance Sheet Robert W Tully Keiser University Abstract This paper briefly identifies what VIEs are and the purpose of FASB Statements 166 and 167. As with any freedom there is also responsibility, when this responsibility is neglected, authority must intervene. Off the Balance Sheet Thank you for reading this research paper on off balance sheet arrangement, variable interest entities, and noncontrolling interest. The author will attempt to present this paper in his own words
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sale is a sales transaction by which the buyer is allowed to take immediate possession of the purchased goods and pay for them at a later date. The revenues generated from credit sales to be collected are recorded in Accounts Receivable in the balance sheet. However, not all of the accounts receivable can be fully recovered as some of the
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Part I Financial statements allow users to view company performance, analyze past trends, project future performance, and make essential business decisions regarding investing into the enterprise. The consolidated statement of earnings, balance sheet, and statement of cash flows are a few of the reports users may look to find crucial information regarding the business. Reviewing The Home Depot's financial statements offers a glimpse into how the company performed during the 2008 and 2009 fiscal
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for users to understand which reports are pertinent to them and know how to interpret the information in those reports. Four Basic Financial Statements The four basic financial statements are the income statement, retained earnings statement, balance sheet, and statement of cash flow (Kimmel, Weygandt, & Kieso, 2010). These statements provide a summary of all the financial activity for a company during a particular period for use by both internal and external users. Purpose of Financial Statements
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and financial information for investors, creditors, and other external users.1 Select either the balance sheet or income statement and explain how the use of it may be applied to your everyday life. Businesses record their performance in standard formats called financial statements. The most common is the Balance Sheet, the Income Statement, and the Cash Flow Statement. The balance sheet contains information at a moment in time about resources (assets) that are owned or controlled by the
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