assessments of liquidity sheet and understand its usefulness and limitations. and long-term solvency. Distinguish between current and noncurrent The purpose of this chapter is to provide assets and liabilities. Identify and describe the various balance sheet an overview of the balance sheet and asset classifications. notes to the financial statements and to Identify and describe the two balance sheet liability classifications. explore how this information is used by Explain the purpose
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1. Assets - are things of value owned by the business. 2. Liabilities - are the equities of the creditors, or the debts of the business. 3. Cash - is any medium of exchange that the bank will accept at face value. 4. Accounts Receivable - Money which is owed to a company by a customer for products and services provided on credit. This is often treated as a current asset on a balance sheet. 5. Notes Receivable - A note receivable is a formal promise to receive a specific amount of cash from another
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resources that are used to make the organization’s assets and accounting equation. Capitals influence owner’s equity; for example, issuing stocks. Once the business is up and running, income and also expenses will be added to the balance sheet (Tracy, 2015). Assets incorporate everything the organization maintains. There are two kinds of assets: the tangible assets such as property and equipment and intangible assets such as trademarks ("Asset", 2015). Liabilities are obligations the organization
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AINSWORTH GAME TECHNOLOGY Business Analysis and Valuation Report Prepared By: Kai.Zhang(42690157) Version # 1.4 Updated on 25/10/2011 10 PM ------------------------------------------------- Acknowledgments ------------------------------------------------- If applicable, include acknowledgement to contributing individuals: ------------------------------------------------- ------------------------------------------------- Analyst’s Name | Number | E-Mail
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by U.S. GAAP & IFRS Introduction Goodwill is an intangible asset that usually arises from the acquisition of a business. When the purchase price is determined, the difference between the purchase price and the fair market value of the net assets, i.e. fair market value of the assets minus the fair market value of the liabilities assumed, is said to be the goodwill attributable to that business. Unlike other assets, both tangible and intangible, goodwill is not said to have a determinable useful
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000 Other assets 45,000 Deferred income taxes (long-term liability) 18,000 Retained earnings 33,000 Accumulated depreciation 61,000 Bonds and mortgages generally have 10-30 years until maturity. Marketable securities are short-term investments that can be converted to cash in a matter of minutes. Required: Prepare a classified balance sheet with a proper heading on a spreadsheet. For assets, use the classifications of current assets, plant and equipment, intangibles, and other
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* Recording gain or loss on asset disposal * Adjusting goodwill for impairment Recording Gain or Loss on disposal of Assets Any asset, such as land, a factory or equipment purchased by Evenbetternow, LLC for business purposes is called a capital asset. When a company disposes of capital assets, it is required by the Financial Accounting Standards Board (FASB) that the financial records account for any gain or loss incurred during the disposal. As capital asset items are used, they will lose
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Functions and powers of the FRC (s. 225 of ASIC Act )---Provide broad oversight of the process for setting accounting standards//Appoint members of the AASB//Approve and monitor the AASB’s priorities, business plan, budget and staffing//Give the AASB directions, advice or feedback on matters of general policy//No power to direct AASB regarding development of particular standards//No power to veto a standard//Powers expanded in 2003 to include overseeing the activities of AUASB (ASIC) is responsible
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States are a. proprietorships and partnerships. 6. In a classified balance sheet, assets are usually classified as: c. current assets; long-term investments; tangible assets; and intangible assets. 7. A current asset is d. expected to be converted to cash or used in the business within a relatively short period of time. 8. Which of the following is not considered an asset? b. Dividends 9. Liabilities are generally classified on a balance sheet
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Implementation, Strategic Controls, and Contingency Plans Apple Inc. STR / 581 March 3, 2014 Professor Wallace Introduction Apple Inc. is a leading global retailer of computers, tablets, cell phones, and other entertainment items. Apple needs new growth methods, product development and be the leader in the mobile market. The implementation plan below will identify the course of action best suited for the corporation along with the implementation process, assessed risks and financial projections
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