Balance Sheet: Horizontal Analysis Income Statement :Horizontal Analysis Balance Sheet: Assets Cash A/R Inventories Total CA Gross FA Less: Deprec. Net FA Total Assets 2012E 85,632 878,000 1,716,480 2,680,112 1,197,160 380,120 817,040 3,497,152 2011 7,282 632,160 1,287,360 1,926,802 1,202,950 263,160 939,790 2,866,592 Balance Sheet: Liabilities and Equity Accts payable Notes payable Accruals Total CL Long-term debt Common stock Retained earnings Total Equity Total L & E 2012E 436,800 300,000
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Adjusting the Accounts Chapter STUDY OBJECTIVES After studying this chapter, you should be able to: 1 Explain the time period assumption. 2 Explain the accrual basis of accounting. 3 Explain the reasons for adjusting entries. 4 Identify the major types of adjusting entries. 5 Prepare adjusting entries for deferrals. 6 Prepare adjusting entries for accruals. 7 Describe the nature and purpose of an adjusted trial balance. The Navigator ✓ The Navigator Scan Study Objectives Read Feature Story Read Preview
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|Topic in Mastery of the |Chapter 3 - Building Your |Chapter 4 – Brain Teasers: Using|Chapter 5 – Cases to Accompany | |Financial Accounting Research |Business Vocabulary: Defining |FARS to Untangle the Mystery |FARS [Related Assignments at End| |System (FARS) Through Cases 2nd |Terms and Solving Problems |[See Introduction and Example |of Cases] | |Edition by Wallace [Chapter 1 |Through FARS [See Introduction |pp. 4-1 to 4-7]
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Accrual Accounting Concepts The Navigator • Scan Study Objectives • Read Feature Story • Read Preview • Read text and answer Before You Go On p. 169 p. 174 p. 183 • Work Using the Decision Toolkit • Review Summary of Study Objectives • Work Demonstration Problem • Answer Self-Study Questions • Complete Assignments Feature Story What Was Your Profit? The accuracy of the financial reporting system depends on answers to a few fundamental questions. At what point
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Intermediate Accounting III TABLE OF CONTENTS Introduction 2 Deferred Taxes 2-4 Permanent and Temporary Differences 4 Tax Provisions 5-6 Defined Benefit and Contribution Plans 6-7 Earnings Per Share 7-8 Share Based Compensation 8 Direct vs Indirect 8-9 Investing and Financing Activities 9 Noncash Transactions 9 Conclusion 9 Works Cited 10 Introduction In this report I will be reviewing McDonald’s 10-K SEC Filing for the year ending in December 31, 2015. This review will include
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for specific types of financial activities which are typically used to analyze the value of accrual method of accounting, providing reports for different people in an organization. They can also develop an internal control system and procedure for the company or organization. Many bookkeepers also are responsible for preparing financial statements such as balance sheets, income statements and statements of cash flows to close the monthly statements. Four Basic Financial Statements In accounting there
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assets in reverse order. IFRS financial statements have current and noncurrent assets and then current and noncurrent liabilities listed separately on their balance sheet. GAAP requires that accounts are ordered based on what could be liquidized first. Cash, assets, liabilities and equity in that order. (Epstein, 2013) IFRS 2-2: Do the IFRS and GAAP conceptual frameworks differ in terms of the objective of financial reporting? Explain. No, from what I have read about the IFRS and GAAP it seems to me
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Chapter 8 Business Income, Deductions, and Accounting Methods SOLUTIONS MANUAL Discussion Questions 1. [LO 1] What is an “ordinary and necessary” business expenditure? “Ordinary” and “necessary” imply that an expense must be customary and helpful, respectively. Because these terms are subjective, the tests are ambiguous. However, ordinary is interpreted by the courts as including expenses which may be unusual for a specific taxpayer (but not for that type of business) and necessary
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entity. Consider referencing appropriate tax code and regulations. 1. Defend your business entity recommendation by describing the accounting method. Consider the advantages and disadvantages of the business entity based on the following: 1. Cash basis vs. accrual 2. The cost to prep the returns 3. The tax benefits 4. The limited liability protection 5. Employee benefits C. Interpret the tax law pertaining to the type of business recommended and justify your recommendation using details consistent
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entity. Consider referencing appropriate tax code and regulations. 1. Defend your business entity recommendation by describing the accounting method. Consider the advantages and disadvantages of the business entity based on the following: 1. Cash basis vs. accrual 2. The cost to prep the returns 3. The tax benefits 4. The limited liability protection 5. Employee benefits C. Interpret the tax law pertaining to the type of business recommended and justify your recommendation using details consistent
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