due at maturity. Dr Cash $20,000 Cr Notes payable $20,000 12/10 Established a warranty liability for the XY-80, a new product. Sales are expected to total 1,000 units during the month. Past experience with similar products indicates that 2% of the units will require repair, with warranty costs averaging $27 per unit (parts only). Dr Warranty expense 540 (1,000 x 2% x $27) Cr Warranty liability 540 12/22 Purchased $16,000 of merchandise on account from Oregon Company, terms 2/10, n/30
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plant, and equipment, net Intangibles resulting from business acquisitions Other assets Total assets LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Accounts payable Accrued liabilities Unearned revenue on maintenance contracts Short-term debt Current portion of long-term debt Total current liabilities Long-term debt Other long-term liabilities Deferred income taxes Total liabilities Stockholders' equity Common stock Additional paid-in capital Retained earnings 88,669 53,681 1,942,626
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as any event or exchange that has a financial impact on the business entity.. These transactions are recorded by accountants in many ways and are ultimately reported in financial statements. The basic rule of thumb in accounting is: assets equal liabilities plus owner’s equity (A = L + E). The entries and preparation of business transactions, and how they affect the entity’s operations, are generated using this equation. The equilibrium of the accounting equation must always be maintained at any given
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be disposed of together as a group in a single transaction and liabilities directly associated with those assets that will be transferred in the transaction. Note: The following definition is Pending Content; see Transition Guidance in 205-20-65-1. A disposal group for a long-lived asset or assets to be disposed of by sale or otherwise represents assets to be disposed of together as a group in a single transaction and liabilities directly associated with those assets that will be transferred in
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Year ended January | 2013 | 2012 | Group revenue | £3.5 billion | £3.4 billion | Group profit before tax | £622 billion | £570 billion | Total employees | 54,507 | 52,569 | Total full time equivalents | 28,301 | 28,685 | UK&Eire NEXT stores-number | 540 | 536 | UK&Eire NEXT stores-sq. footage | 6.7 million | 6.5 million | Average active directory customers | 3.3 million | 3.0 million | Annual total of directory pages | 4,204 | 4,180 | Share buybacks – number of shares |
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ACC557 – Financial Accounting The following will describe the mobile car wash, the benefits it has, and provide a chart of accounts explaining the need for each item to be purchased. The type of business that I will create is a mobile car wash. A mobile car wash will solve several business problems. The first business issue that a mobile car wash solves is that “mobile car washes often use less water than traditional car washes” (Sinclair, 2012). Mobile car washes can be performed
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accounting principle. Accounting is measured by resources and obligations. Economic resources or assets include buildings, equipment, supplies, money, claims to receive money, and ownership interest in other businesses. Economic obligations or liabilities are the promise to provide economic resources or services to other entities for the purchase of
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different points of view. We understand that both reports provide a snapshot of the business financial status at a particular juncture in time. However, interpreting data over a span of time appears daunting. The data on these sheets feature assets, liabilities and equity during a specific time of the year, whether it’s monthly, quarterly, or annually. Assets have monetary value and are usually categorize on the balance sheet. Under normal circumstances, these resources either generate cash or
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Question 1) Many people intentionally (fraudulently) misrepresent the figures to the accounts in exhibit 1 regarding the journal entries 1 through 8. Enron, and other companies/organizations have shown us that individuals have various excuses to their reasoning on why they committed fraud – according to anti-fraud partners, “the fraud triangle includes pressures (financial pressure, vice pressure, work-related pressure, other pressure), opportunity (lack of controls, can’t judge performance quality
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| |Total assets | | |$917,617 |$983,646 | | | | | | | | | | | | |Liabilities and owners' equity | | |Current liabilities | | | | | |Accounts payable | |$214,414 |$192,480 | | |Notes payable
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