ACCT 212 Course Project For more classes visits www.snaptutorial.com TCO 1) The Accounting Equation is used to develop the organizations financial reports. (1) Describe what owners' equity values would be if Assets are $100,000 and Liabilities are $27,000 by showing the Accounting Equation (10 points) and (2) provide an explanation of what accounts could be found in owners' equity. (10 points) (TCO 1) The financial statements present a company to the public in financial terms. (1) Which financial
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in between Iraqi company’s financial statements prepared in English language and the English language accepted internationally, and even some translation were used wrong. Some differences in the entities we used: Total Liabilities ………………….. Finance sources Current liabilities ……….……… Total Short-term sources Total stockholder equity ……. Nominal and paid up capital Net
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Macy’s: Executive Summary Macy’s, Inc. Macy’s, Inc. is known as the one of the leading retail corporations worldwide. It offers its customers a wide range of products including clothing, footwear, jewelry, beauty products, and even home décor. Macy’s has opened more than 800 stores across the U.S. and reported fiscal year (FY) 2009 sales of $23.5 billion. Although Macy’s is a prominent retailer today, their success had to start somewhere. In this summary we will take a glance at Macy’s history
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SOAD DAHDAL AMERICAN INTERCONTINENTAL UNIVERSITY PRESENTING BUSINESS PLANS MGMT422 – 1202A - 02 ADVANCED ENTREPRENEURSHIP 04/22/12 Table of Contents I. Table of Contents……………………………………………………………….2 II. Executive Summary……………………………………………………………..3 III. Introduction …………………………………………………………………….4 IV. Business Description…………………………………………………………….5 V. Description of Proposed Product………………………………………………..6 VI. Definition
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be excluded from current liabilities if the entity intends to refinance the obligation on a long-term basis”, and “After the date of an entity's balance sheet but before that balance sheet is issued or is available to be issued, a long-term obligation or equity securities have been issued for the purpose of refinancing the short-term obligation on a long-term basis. If equity securities have been issued, the short-term obligation, although excluded from current liabilities, shall not be included in
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also an asset. Cause it is treated as an asset to create income in future time. Liabilities: Liabilities are claims against assets that is existing debt and obligations. All business purchase merchandise on credit and borrow money from different sources to conduct their business. For example purchase on account is called account payable. Notes payable, wages payables, sales payable are also called liabilities. And the creditors claim must be paid before owners claims. Owner’s equity:
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Characteristics of a liability 1. It embodies a duty or responsibility 2. There is little or no discretion to avoid a future transfer or use of assets to satisfy the obligation, and 3. The obligating event has already occurred. In June 2001 the FASB issued a Statement No. 143, Accounting for Asset Retirement Obligations requiring entities to record liabilities for tangible, long-lived assets that must be retired or disposed of in a specified way by law or contract. Such liabilities are known as Asset
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company. ___R__ summarizing economic events. Exercise E1-5 Meredith Cleaners has the following balance sheet items. Accounts payable Incorrect Liabilities Accounts receivable Correct Assets Cash Correct Assets Notes payable Incorrect Liabilities Cleaning equipment Incorrect Asset Salaries payable Incorrect Liabilities Cleaning supplies Correct Assets Common stock Incorrect Stockholders equity Exercise E1-12 Income Statement Advertising
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Charles’ Clamps Corporation Charles’ Clamps Corporation Western Pennsylvania Date of Submission 31/12/1984 A case analysis on “Charles’s Clamps Corporation Structuring Short term Liabilities: Sequential Method” Date of Submission: 21/05/2012 Submitted To: Md. Monzur Morshed Bhuyia Associate professor Department of Finance Jagannath University Submitted By: Group No. 10 (E.I.C) LIST OF GROUP MEMBERS ROLL NO | NAME | CGPA | WORK LOAD | CASEWRITE UP | PRESENTATION | TOTAL
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22,352 | | | | | LIABILITIES & EQUITY | | | | Current liabilities | | | | Accounts payable | $ 10,064 | | $ 9,858 | Accrued liabilities | 2,912 | | 2,839 | Short-term debt | 163 | | 690 | Current portion of long-term debt | 427 | | 33 | Total current liabilities | 13,566 | | 13,420 | Long-term liabilities | 1,119 | |
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