EDDY’S CARPET CLEANERS (B) & (C ) Worksheet For the Month Ended March 31, 2008 "Adjusted Trial Balance" "Income Statement" Account Titles Trial Balance Adjustments Balance Sheet Dr. Cr. Dr. Cr. Dr. Cr. Dr. Cr. Dr. Cr. Cash 2,500 - - - 2,500 - - - 2,500 - Accounts Receivable 5,900 - 700 - 6,600 - - - 6,600
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Act 101(Going Concern) 'Definition of the 'going concern' concept The 'going concern' concept directs accountants to prepare financial statements on the assumption that the business is not about to go broke or be liquidated (i.e. where the business closes and sells all the assets for whatever price they can get). So, unless there is significant evidence to the contrary, accountants will base their valuations and their reporting of financial data on the assumption that the business will remain
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Business Analysis Part II Megan Exantus MGT/521 September 28, 2011 Laurie Ryan Business Analysis Financial statements are made to show a company’s financial position, performance, and changes that will be made throughout the company that may deter any economic decisions. Financial statements should be understandable, relevant, reliable and comparable. Reported assets, liabilities, equity, income and expenses are directly related to
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above table, the liquidity ratios of Tootsie Roll Industries reveal that the company has $3.45 in current assets to pay for $1 of the current liabilities. In addition, the cash provided by operation activities include the whole year rather than a balance at one point. Solvency The solvency ratios for
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Funding Allocation and Accountability Rena Godfrey Capella University ED7822 Funding of Educational Institutions Quarter & Year: Winter 2013 Email: renag1934@gmail.com Instructor: Lee Moore, Ed.D. Funding Education and Accountability Financial reporting ensures that school district budgetary and financial information are available, comparable and audited, and that school districts are meeting their legislated and government policy based financial responsibilities. Background of
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three important financial statements for a business that provide management and shareholders financial information that can be key to financial decisions made by each. Those important financial statements of a business are the income statement, the balance sheet, and the cash flows statement. The income statement tells about a company's financial results for the financial year reported. Some information contained within the financial statements of a company would be profit or loss, the amount of
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CASE 10B–5 Ethics and the Manager; Rigging Standards [LO5] Stacy Cummins, the newly hired controller at Merced Home Products, Inc., was disturbed by what she had discovered about the standard costs at the Home Security Division. In looking over the past several years of quarterly earnings reports at the Home Security Division, she noticed that the first-quarter earnings were always poor, the second-quarter earnings were slightly better, the third-quarter earnings were again slightly better, and
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LLP is the registered public accounting firm for the coffee company Starbucks. 6. Gross margin is $11,700.4 7. Net Income is $1245.7 8. The total asset is $7360.4 9. The total liability is $2973.1 10. The Stockholders’equity balance is $4387.3 11. The Retained Earning is $4297.4 12. Current ratios is Current Asset/Current Liability =$3794.9/$2075.8=1.83 13. Net income before tax/sales-1811.1/11700.4=0.15 14. Debt to equity ratio=Total liabilities/Total Equities=2973
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ACC3101 Student Activities Module 5 Solutions SUGGESTED ANSWERS TO DISCUSSION QUESTIONS Discussion Questions P 11.13 Prepare a DFD context, Level 0 [pic] [pic] P 11.10 Prepare a Document flowchart [pic] Ethics Use Stakeholder analysis framework to answer the ethical dilemma below (Horngren et al 5th ed p128) The net profit of Bynum & Hobbs, a department store, decreased sharply during the first part of 2008. Ron Bynum, owner of the store, anticipated the
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2012 Level II Mock Exam: Afternoon Session The afternoon session of the 2012 Level II Chartered Financial Analyst (CFA®) Mock Examination has 60 questions. To best simulate the exam day experience, candidates are advised to allocate an average of 18 minutes per item set (vignette and 6 multiple choice questions) for a total of 180 minutes (3 hours) for this session of the exam. By accessing this mock exam, you agree to the following terms of use: This mock exam is provided to currently registered
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