T1 ay13 14 acctba1 individual business case
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This document presents the statements of financial position for Galaxy Corporation and Universal Corporation as of July 31, 2012. Galaxy has total assets of P6,020,000 consisting mainly of cash, accounts receivable, land, and building. Its total liabilities are P1,100,000 and owner's equity is P4,920,000. Universal has total assets of P9,120,000 consisting mainly of cash, accounts receivable, land, building, and equipment. Its total liabilities are P3,280,000 and owner's equity is P5,840,000. The document instructs to assume being a banker considering a 90-day loan of P600,000 for each company and which would be
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The summary identifies 10 facts discovered about Billy Beard's Billboard Screen statement of financial position. Several items were not accounted for correctly according to GAAP principles, including cash that included Billy's personal funds, an uncollectible receivable, a donated asset still on the books, taxes paid considered an asset, and overvalued land. The corrected statement of financial position prepared by the group will properly account for these items and other payables according to GAAP.Reinvestment Zone No. 17
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Accounting identifies, records, and communicates the economic events of a business to internal and external users. It recognizes business transactions by assigning monetary values and prepares financial statements such as the income statement, balance sheet, and statement of cash flows. Accounting provides important information to managers in areas like marketing, finance, and real estate for decision making.T1 ay13 14 actbas1 individual business case
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The document provides the statements of financial position for Galaxy Corporation and Universal Corporation as of July 31, 2012. Galaxy has total assets of P6,020,000 consisting mainly of cash, accounts receivable, land, and building. Its total liabilities are P1,100,000 and owner's equity is P4,920,000. Universal has total assets of P9,120,000 consisting mainly of cash, accounts receivable, land, building, and equipment. Its total liabilities are P3,280,000 and owner's equity is P5,840,000. The document asks you to assume the role of a banker considering a 90-day loan of P600,000 to each company and whichBookkeeping Basic & Quickbooks for Contractors
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SPM 4723 Annotated Bibliography You second major proje.docxsusanschei
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SPM 4723
Annotated Bibliography
You second major project for the course will be an annotated bibliography. Instead of writing a
paper, an annotated bibliography requires you to research a particular legal topic or question, of
your choosing, in sports and find academic and law review articles that address that topic. You
will develop a question about a legal topic in sports and find seven law review articles to
summarize. Each article summary should be 300-350 words in length and should both explain
the contents of the article and its relevance to your question or topic. The summaries should be
written in your own words. You are required to select law review articles using LexisNexis. The
format for the annotated bibliography is explained below.
Please put your topic as the title for your paper. Next, each annotation should begin with the
APA citation for the article in bold print (do not include web links), followed by a summary of
the article (300-350 words) explaining how it addresses your question. The complete annotated
bibliography should be double-spaced, 12pt Times New Roman font with one-inch margins. You
will be submitting it through Turnitin via Canvas, do not include your name, course number,
date or UFID on your annotated bibliography (similar to the case briefs). You should start each
annotation on a separate page, and please remember to begin each annotation with the APA
citation for the article as instructed above. This assignment is due on Wednesday, April 22nd.
1.Which of the following is not a key component of the conceptual framework of accounting?
Select one:
a.油internal users
b.油the objective of financial reporting
c.油cost constraint on useful financial reporting
d.油elements of the financial statements
2.The balance sheet and income statement for Joe's Fish Hut are presented below:
Joe's Fish Hut
Balance Sheet
As at December 31
2016
2015
ASSETS
Current Assets
Cash
$180,623
$60,300
Accounts receivable
$18,900
$14,200
Inventory
$23,600
$25,300
Total Current Assets
$223,123
$99,800
Property, plant & equipment
$129,000
$184,000
Less: Accumulated depreciation
$-26,900
$-21,600
TOTAL ASSETS
$325,223
$262,200
LIABILITIES AND EQUITY
Liabilities
Current Liabilities
Accounts payable
$28,000
$41,800
Current portion of bank loan
$9,500
$9,500
Total Current Liabilities
$37,500
$51,300
Non-current portion of bank loan
$71,000
$42,000
TOTAL LIABILITIES
$108,500
$93,300
Shareholders' Equity
Common shares
$80,000
$54,400
Retained earnings
$136,723
$114,500
TOTAL SHAREHOLDERS' EQUITY
$216,723
$168,900
TOTAL LIABILITIES AND EQUITY
$325,223
$262,200
Joe's Fish Hut
Income Statement
For the Year Ended December 31, 2016
Sales
$137,000
COGS
$83,200
Gross Profit
$53,800
Operating Expenses
Insurance Expense
$1,600
Rent Expense
$5,380
Salaries Expense
$5,150
Telephone Expense
$840
Interest Expense
$1,340
Depreciation Expense
$5,300
Total Operating Expenses
$19,610
Operating Profit Before .FIN 360BUSINESS DESCRIPTION Please include a pie chart depic.docx
FIN 360BUSINESS DESCRIPTION Please include a pie chart depic.docxssuser454af01
油
FIN 360
BUSINESS DESCRIPTION
Please include a pie chart depicting the sizes of the various business
Resources:
Company annual report
Company 10-K filing
Company Investor Relations website
FIN 360
COMPETITIVE POSITION
What is the companys respective industry market share of each line of business?
Is its market share growing or contracting and why?
RESOURCES .. Barrons, Bloomberg, Business Source Complete, CNBC, Google Finance, IBES World, Morningstar Direct, Mutual Fund Management Commentary on Holdings, S&P NetAdvantage, Statista, ValueLine, Wall Street Journal, Zacks, Yahoo Finance
FIN 360
INVESTMENT POSTIVES
Bullet point rationales what are the positive attributes of your stock recommendation back it up by facts
Examples new product introduction, niche market with growing market share, cost cutting initiative will grow operating margins
RESOURCES .. Barrons, Bloomberg, Business Source Complete, CNBC, Google Finance, IBES World, Morningstar Direct, Mutual Fund Management Commentary on Holdings, S&P NetAdvantage, Statista, ValueLine, Wall Street Journal, Zacks, Yahoo Finance
EXERCISE 9-8A
a.
Event
Assets
=
Liab.
+
Equity
Rev.
Exp.
=
Net Inc.
Cash Flow
1.
2.
3a.
3b.
4.
5.
6.
7.
8.
9.
10.
EXERCISE 9-8A (cont.)
b.
Ozark Sales
General Journal for 2016
Event
Account Title
Debit
Credit
1.
Cash
Common Stock
2.
Merchandise Inventory
Accounts Payable
3a.
Cash
Sales Revenue
Sales Tax Payable
3b.
Cost of Goods Sold
Merchandise Inventory
4.
Warranty Expense
Warranties Payable
5.
Sales Tax Payable
Cash
6.
Cash
Notes Payable
7.
Warranty Payable
Cash
8.
Operating Expense
Cash
9.
Accounts Payable
Cash
10.
Interest Expense1
Interest Payable
EXERCISE 9-8A b. (cont.)
Ozark Sales
T-Accounts for 2016
Assets
=
Liabilities
+
Stockholders Equity
Cash
Accounts Payable
Common Stock
1.
5.
9.
2.
1.
3a.
7.
Bal.
Bal.
6.
8.
9.
Sales Tax Payable
Sales Revenue
Bal. 284,600
5.
3a.
3a. 510,000
Bal.
Bal. 510,000
Merchandise Inventory
2.
3b.
Warranties Payable
Cost of Goods Sold
Bal.
7.
4.
3b.
Bal. 4,000
Bal. 330,000
Interest Payable
Operating Expenses
10.
8.
Bal. 667
Bal. 78,000
Notes Payable
Warranty Expense
6.
4.
Bal. 50,000
Bal. 10,200
Interest Expense
10.
Bal. 667
EXERCISE 9-8A (cont.)
c.
Ozark Sales
Income Statement
For the Year Ended December 31, 2016
Sales Revenue
Cost of Goods Sold
Gross Margin
Expenses
Operating Expenses
$78,000
Warranty Expense
10,200
Total Operating Expenses
Operating Income
Interest Expense
Net Income
...SPM 4723 Annotated Bibliography You second major proje.docx
SPM 4723 Annotated Bibliography You second major proje.docxwilliame8
油
SPM 4723
Annotated Bibliography
You second major project for the course will be an annotated bibliography. Instead of writing a
paper, an annotated bibliography requires you to research a particular legal topic or question, of
your choosing, in sports and find academic and law review articles that address that topic. You
will develop a question about a legal topic in sports and find seven law review articles to
summarize. Each article summary should be 300-350 words in length and should both explain
the contents of the article and its relevance to your question or topic. The summaries should be
written in your own words. You are required to select law review articles using LexisNexis. The
format for the annotated bibliography is explained below.
Please put your topic as the title for your paper. Next, each annotation should begin with the
APA citation for the article in bold print (do not include web links), followed by a summary of
the article (300-350 words) explaining how it addresses your question. The complete annotated
bibliography should be double-spaced, 12pt Times New Roman font with one-inch margins. You
will be submitting it through Turnitin via Canvas, do not include your name, course number,
date or UFID on your annotated bibliography (similar to the case briefs). You should start each
annotation on a separate page, and please remember to begin each annotation with the APA
citation for the article as instructed above. This assignment is due on Wednesday, April 22nd.
1.Which of the following is not a key component of the conceptual framework of accounting?
Select one:
a.油internal users
b.油the objective of financial reporting
c.油cost constraint on useful financial reporting
d.油elements of the financial statements
2.The balance sheet and income statement for Joe's Fish Hut are presented below:
Joe's Fish Hut
Balance Sheet
As at December 31
2016
2015
ASSETS
Current Assets
Cash
$180,623
$60,300
Accounts receivable
$18,900
$14,200
Inventory
$23,600
$25,300
Total Current Assets
$223,123
$99,800
Property, plant & equipment
$129,000
$184,000
Less: Accumulated depreciation
$-26,900
$-21,600
TOTAL ASSETS
$325,223
$262,200
LIABILITIES AND EQUITY
Liabilities
Current Liabilities
Accounts payable
$28,000
$41,800
Current portion of bank loan
$9,500
$9,500
Total Current Liabilities
$37,500
$51,300
Non-current portion of bank loan
$71,000
$42,000
TOTAL LIABILITIES
$108,500
$93,300
Shareholders' Equity
Common shares
$80,000
$54,400
Retained earnings
$136,723
$114,500
TOTAL SHAREHOLDERS' EQUITY
$216,723
$168,900
TOTAL LIABILITIES AND EQUITY
$325,223
$262,200
Joe's Fish Hut
Income Statement
For the Year Ended December 31, 2016
Sales
$137,000
COGS
$83,200
Gross Profit
$53,800
Operating Expenses
Insurance Expense
$1,600
Rent Expense
$5,380
Salaries Expense
$5,150
Telephone Expense
$840
Interest Expense
$1,340
Depreciation Expense
$5,300
Total Operating Expenses
$19,610
Operating Profit Before .Assignment 1 Chapter 2 Mini Case Financial .docx
Assignment 1 Chapter 2 Mini Case Financial .docxtrippettjettie
油
Assignment 1: Chapter 2 Mini Case: Financial Statement and Cash Flow Analysis
In the mini case in our textbook we were given an account balance sheet for Jaeden Industries as of December 31, 2010 along with their income statement and balance sheet from the previous year. It also stated that the firms dividend payout ratio is 25% and the tax rate is 34%. The firms stock price on December 31, 2009, was $ 42.89 and on December 31, 2010, it was $ 56.82. In part A of our assignment it asks us to use the financial statements in the text to determine Jaedens free cash flow, liquidity, debt and profitability ratios, and market ratios for year 2010.
Part A
Jaedens Free Cash Flow
The measure of free cash flow (FCF) is the amount of cash flow available to investors; the providers of debt and equity capital. It represents the net amount of cash flow remaining after the firm has met all operating needs and has made all required payments on both long- term (fixed) and short- term (current) investments (Graham, Megginson, Smart pg. 34). However, in order to determine the free cash flow you have to obtain the operating cash flow (OCF), which are cash inflows and outflows directly related to the production and sale of products or services.
OCF = [Earnings before interest and taxes (EBIT) (1 - T)] + Depreciation (T=.34%)
OCF = (42000000-26460000-1621000-800000) x (1 T) + Depreciation
OCF = 13119000 x (1 - .34) + 800000
OCF = 9458540
Now that we have the OCF we can solve for the FCF
FCF = OCF Capital Expenditures + Depreciation Networking Capital
FCF = 9458540 2932000 (4530181-190000-150000)
FCF = 9458540 2932000 4190181
FCF = 2336359
Jaedens free cash flow is 2336359
Jaedens Liquidity
Our textbook states that liquidity ratios measure a firms ability to satisfy its short-term obligations as they come due. Current ratio and quick ratio are two measures of liquidity. Current Ratio is defined as current assets divided by current liabilities and it is used to measure a firms ability to meet short-term obligations. Current assets include cash, marketable securities, accounts receivable, and inventory. Current liabilities include accounts payable, notes payable, and accruals. Quick ratio is somewhat similar except it excludes a certain asset that is, inventory. Inventory turnover provides a measure of how quickly a firm sells its goods (Graham, Megginson, Smart pg. 43). Inventory turnover can be converted into average age turnover simply by dividing the turnover figure by the amount of days in a year.
Current Ratio = Current Assets / Current Liabilities
Current Ratio = (3689000 + 5423000 + 1836000 + 4118000) / (3136000 + 706000 + 500000)
Current Ratio = 15066000 / 4342000
Current Ratio = 3.469829572
Quick Ratio = Current Assets Inventory / Current Liabilities
Quick Ratio = (3689000 + 5423000 + 1836000) 4118000 / (3136000 + 706000 + 500000)
Quick Ratio = (10948000 4118000) / (3136000 + 706000 + 5000 ...Intermediate Accounting . CH 13 . by MidoCool
Intermediate Accounting . CH 13 . by MidoCoolMahmoud Mohamed
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The document discusses current liabilities and contingencies. It defines current liabilities as obligations due within one year and lists common types like accounts payable, notes payable, income taxes payable. It also discusses classification of short-term debt expected to be refinanced. Contingencies are defined as uncertain gains or losses, with loss contingencies accrued if probable and reasonably estimable. Common contingencies include litigation, guarantees, and environmental liabilities.Moelis' 3Q19 Investor Presentation
Moelis' 3Q19 Investor PresentationMoelis_Company
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This document contains forward-looking statements about the company's operations, financial performance, and risks and uncertainties. It notes that actual results could differ materially from what is presented. The company undertakes no obligation to update forward-looking statements except as required by law. The rest of the document provides an overview of Moelis & Company, including its global footprint and advisory services, leadership team experience, growth milestones, business model, recent high-profile transactions, financial performance and outlook, and commitment to returning capital to shareholders.ProblemIssuance油of油stock油organization油costs.油Snowbound油Corporat.docx
ProblemIssuance油of油stock油organization油costs.油Snowbound油Corporat.docxbriancrawford30935
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Problem
Issuance油of油stock:油organization油costs.油Snowbound油Corporation油was油incorporated油in油July.油The油firm's油charter油authorized油the油sale油of油200,000油shares油of油$10油par-value油common油stock.油The油following油transactions油occurred油during油the油year:
油油油油7/1:
油
Sold油45,000油shares油of油common油stock油to油investors油for油$18油per油share.油Cash油was油collected油and油the油shares油were油issued.
油油油油7/7:
Issued油600油shares油to油Sharon油Dale,油attorney-at-law,油for油services油rendered油during油the油corporation's油organizational油phase.油Dale油charged油$12,600油for油her油work.
油油8/11:
Sold油20,000油shares油to油investors油for油$22油per油share.油Cash油was油collected油and油the油shares油were油issued.
12/14:
Issued油30,000油shares油to油the油MJB油Company油for油land油valued油at油$900,000.
Instructions
Prepare油journal油entries油to油record油each油transaction.
Student Guidance ReportAshford University ACC205Guidance ReportWeek FourLISTEN TO AUDIO/VIDEO EXPLAINING THE GUIDANCE REPORTYELLOW INDICATES ACCOUNT AMOUNTS CHANGEDChange Account to:Based Upon Course Start DateAccount to
be changedOriginal
AmountJan - FebMar-AprMay-JunJul-AugSept-OctNov-DecCh 7 Ex 2Loan$ 225,000$ 250,000$ 260,000$ 270,000$ 280,000$ 290,000$ 450,000QuestionsYOUR ANSWERS BASED UPON COURSE START DATEa. Compute Halls accrued interest as of December 31, 20X1.b. Present the appropriate balance sheet disclosure for the accrued interest and the current and long-term portion of the outstanding debt as of December 31, 20X1.c. Repeat parts (a) and (b) using a date of December 31, 20X2, rather than December 31, 20X1. Assume that Hall is in compliance with the terms of the loan agreement.Accrued interest 12/31/X2DisclosureAccount to
be changedOriginal
AmountJan - FebMar-AprMay-JunJul-AugSept-OctNov-DecCh 7 Ex 4Salary expense5000051,00052,00053,00054,00055,00056,000QuestionsYOUR ANSWERS BASED UPON COURSE START DATESalary expenseSocial Security PayableMedicare PayableFed Taxes PayableState Taxes PayableInsurance PayableCashPayroll Tax ExpenseSocial Security PayableMedicare PayableState unemploymentFed unemploymentAccount to
be changedOriginal
AmountJan - FebMar-AprMay-JunJul-AugSept-OctNov-DecCh 7 Pb 212/1 Note payable2000025,00026,00028,00030,00031,00033,00012/1 Interest rate015%15%15%15%15%15%Warranty2027202820292030203120322033Purchase on account1600017,00018,00019,00020,00021,00022,000Note payable50006,0007,0008,0009,00010,00011,000Warranty repair162172182192202222232Salary accural14001,5001,6001,7001,8001,9002,000Vacation6%360006%37,0006%38,0006%39,0006%40,0006%41,0006%42,00012/26 interest120$ 120$ 120$ 120$ 120$ 120$ 120a. Prepare journal entries to record the preceding transactions and events.CashNotes PayableWarranty expenseWarranty LiabilityMerchandiseAccounts PayableCashNote PayableWarranty LiabilityCashSalary ExpenseSalary PayablePayroll ExpenseAccrued Vacation Payableb. Determine accrued interest as of December 31, 20XX, and prepare the necessary adjusting entry or entries.12/1 one month accrual12/26 60 day note-accrue 5 daysTotal Interest Acc.Accounting Economics And Business 20 Nov
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The document provides information about an afterschool programme on accounting, economics and business run by the Centre for Social Entrepreneurship. It is the world's most comprehensive programme on social and spiritual entrepreneurship and is open and free for all.Greene Company Miriam Aranda .docx
Greene Company Miriam Aranda .docxwhittemorelucilla
油
Greene Company
Miriam Aranda
Content Layout
Information
Part 1- Subsidiaries
Part 2- Greenes Consolidated Balance Sheet
Part 3- Overseas Companies
Conclusion
References
Information
Greene is a rapidly expanding manufacturing company, and is considering some additional acquisitions. The company would like to diversify, and is trying to decide between the two different scenarios outlined in Part 1 and Part 3.油 To help him make his decision, the Chief Financial Officer would like specific information on how the potential acquisitions would affect financial reporting (ACG 4201-- Writing Project and Presentation, n.d.).
This Photo by Unknown Author is licensed under CC BY
Part 1- Subsidiaries
According to FASB ASC 810-10-10-1, The purpose of consolidated financial statements is to present, primarily for the benefit of the owners and creditors of the parent, the results of operations and the financial position of a parent and all its subsidiaries as if the consolidated group were a single economic entity (FASB, n.d.)
Part 1- Subsidiaries
Insurance
Under the industry, insurances companies use SAP.
Different reporting periods
Different accounting principles.
Lumber
Historical cost
Follows GAAP
Part 1- Subsidiaries
Parent company and subsidiaries are not required to report under the same accounting policies (insurance).
Preparation-
eliminate parent companys investment account .
intra-entity balances and transactions be eliminated (sales and purchases)
Intercompany receivables and payable
Subsidiarys retained earnings or deficit are not included in the consolidated retained earnings.
Part 2- Greenes Consolidated Balance Sheet
Part 2- Greenes Consolidated Balance Sheet
Part 3- Overseas Companies
Factors need to know to be considered when determining the functional currency for a consolidated subsidiary are as follow: (1) Sales Prices, (2) Expenses, (3) Intercompany transactions, (4) Cash Flows, (5) Sales Markets, and (6) Financing (Christensen, Cottrell, & Budd, 2016). As it is also stated under FASB ASC 830-10-55-5.
This Photo by Unknown Author is licensed under CC BY-NC
Part 3- Overseas Companies: Economic indicators
New Zealand
Economy is largely based on export and imports
Financial markets are open to global financial encounter
U.S. dollar to New Zealand dollar
Exchange rate is the increase of domestic interest rates
Spain
US dollar to Euro
European Central Bank
Open markets
Continuous research on inflation
Part 3- Overseas Companies
In high inflationary economies, functional currency designation is stated which is the U.S. dollar for U.S. companies.
When acknowledging investments across borders, one of the main important tasks to understand is the different and variety of accounting standards other countries
Converting foreign currency into U.S. dollar can be done in 3 different exchange rates; current rate, h ...Financial statement analysis
Financial statement analysisInstantAssignmentHelpAustralia
油
Get a sample on Financial statement analysis explaining how equity investors have the objectives to know the business future earning capacity, growth potential and security of their holdings. All the investors are very much interested to get higher amount of returns. Therefore, they make risk and return analysis associated with their invested funds. Lenders such as bond investors have the objectives to know the short term as well as long term solvency of the business (Bushman and Smith, 2001). Moelis Company - Q3 Investor Presentation
Moelis Company - Q3 Investor PresentationMoelis_Company
油
This document contains a presentation by Moelis & Company, a global independent investment bank. The summary is:
1) Moelis has experienced significant organic growth, with revenues increasing nearly 100% since its IPO and a global footprint expanded to 19 locations.
2) The company has a differentiated model focused on relationships, judgment, and experience. It utilizes a one-firm philosophy and partnership culture.
3) Moelis has a strong balance sheet with no debt or goodwill and a commitment to returning excess capital to shareholders through dividends and buybacks. It has returned over $10 per share to shareholders in the last three years.Entrepreneurship development revision exercises
Entrepreneurship development revision exercisesAlphonse Bisangabagabo
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The document contains a multi-part question regarding entrepreneur Peter's financial status. It asks the reader to: 1) Categorize Peter's financial information into assets, liabilities, income and expenses. 2) Prepare an income statement. 3) Determine Peter's capital and prepare a balance sheet. Acc week 7
Acc week 7Shu Shin
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The document discusses the principles of internal checks in accounting, including:
1) The need to prepare adjusting entries to account for expenses/revenues on an accrual basis rather than cash basis in order to match revenues to the period earned and expenses to the period incurred.
2) Examples of common types of adjusting entries such as prepaid expenses, unearned revenues, accrued expenses, and accrued revenues.
3) How to calculate and record provisions for doubtful debts to account for expected uncollectible accounts receivable.Capital expenditure
Capital expenditureImran Qadri
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The bank manager met with the MD of HICL, a six-year-old consumer company going through rapid expansion. HICL is seeking medium-term financing of $1.2 million to consolidate operations across three locations into a new single office. The bank analyzed HICL's financial ratios and statements over several years, forecasted projections, and proposed a $1.25 million loan at 10% interest over 5 years, subject to certain conditions.IFA II CH 1 Current Liab, Prov and Cont.ppt
IFA II CH 1 Current Liab, Prov and Cont.pptEbsaAbdi
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1. The document discusses current liabilities and contingencies from an accounting textbook chapter. It defines current liabilities and lists common types like accounts payable, notes payable, and current maturities of long-term debt.
2. One learning objective is to explain the classification of short-term debt expected to be refinanced. This debt is excluded from current liabilities if management intends to refinance and has the ability to, such as securing a financing agreement.
3. Employee-related liabilities are identified as a type of current liability. The document provides examples and journal entries related to classifying various debt obligations.
PROCESS ENGINEERING & ECONOMICS - COST ACCOUNTING & ESTIMATION
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The document provides details on accounting procedures and concepts. It discusses:
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3. Key financial statements like the balance sheet and income statement. The balance sheet presents assets, liabilities, and equity on a particular date while the income statement shows profits/losses over a period.
4. Illustrative examples are provided of balance sheet preparation from trial balance details for different companies. Accounting ratios and limitations of financial statements are also briefly covered.ACC 405 Final Project One Scenario Posey Company O.docx
ACC 405 Final Project One Scenario Posey Company O.docxbartholomeocoombs
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ACC 405 Final Project One Scenario
Posey Company
Overview
You are a financial accountant for Posey Company tasked with preparing consolidation documentation
at year end. You have the following information:
December 31, 20X5
Posey Company acquired 90% of Stargell Corporations outstanding common stock for $1,116,900. On
that date:
The fair value of the noncontrolling interest was $124,100;
Stargell reported common stock outstanding of $487,000, premium on common stock of
$267,000, and retained earnings of $407,000; the book values and fair values of Stargells assets
and liabilities were equal except for land, which was worth $30,000 more than its book value.
On April 1, 20X6
Posey issued at par $200,000 of 10% bonds directly to Stargell; interest on the bonds is payable
March 31 and September 30.
On January 2, 20X7
Posey purchased all of Stargells outstanding 10-year, 12% bonds from an unrelated institutional
investor at 98. The bonds originally had been issued on January 2, 20X1, for 101. Interest on the
bonds is payable December 31 and June 30.
Since the date it was acquired by Posey
Stargell has sold inventory to Posey on a regular basis. The amount of such intercompany sales
totaled $67,000 in 20X6 and $83,000 in 20X7, including a 30% gross profit.
All inventory transferred in 20X6 had been resold by December 31, 20X6, except inventory for
which Posey had paid $18,000 and did not resell until January 20X7.
All inventory transferred in 20X7 had been resold at December 31, 20X7, except merchandise
for which Posey had paid $16,667.
As of December 31, 20X7
Stargell had declared but not yet paid its fourth-quarter dividend of $12,750.
Both Posey and Stargell use straight-line depreciation and amortization, including the
amortization of bond discount and premium.
On December 31, 20X7, Poseys management reviewed the amount attributed to goodwill as a
result of its purchase of Stargell common stock and concluded that an impairment loss in the
amount of $25,000 had occurred during 20X7 and should be shared proportionately between
the controlling and noncontrolling interests.
Posey uses the fully adjusted equity method to account for its investment in Stargell.
On December 31, 20X7, trial balances for Posey and Stargell appeared as follows:
Posey Company Stargell Corporation
Item Debit Credit Debit Credit
Cash $ 49,500 $ 39,000
Current Receivables 121,500 90,100
Inventory 317,000 364,900
Investment in Stargell Stock 1,243,800
Investment in Stargell Bonds 985,000
Investment in Posey Bonds 200,000
Land 1,241,000 518,000
Buildings and Equipment 2,940,000 1,915,000
Cost of Goods Sold 1,829,000 .
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The document discusses the process of posting journal entries to individual accounts in the general ledger and preparing a trial balance. It explains that a trial balance is a list of open ledger accounts and their balances that is prepared to verify the equality of debits and credits. The document also outlines some common errors that can occur in a trial balance such as transposition errors, sliding errors, and amounts posted to the wrong side of an account. Steps for locating errors in an unbalanced trial balance are provided.More Related Content
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SPM 4723 Annotated Bibliography You second major proje.docx
SPM 4723 Annotated Bibliography You second major proje.docxwilliame8
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SPM 4723
Annotated Bibliography
You second major project for the course will be an annotated bibliography. Instead of writing a
paper, an annotated bibliography requires you to research a particular legal topic or question, of
your choosing, in sports and find academic and law review articles that address that topic. You
will develop a question about a legal topic in sports and find seven law review articles to
summarize. Each article summary should be 300-350 words in length and should both explain
the contents of the article and its relevance to your question or topic. The summaries should be
written in your own words. You are required to select law review articles using LexisNexis. The
format for the annotated bibliography is explained below.
Please put your topic as the title for your paper. Next, each annotation should begin with the
APA citation for the article in bold print (do not include web links), followed by a summary of
the article (300-350 words) explaining how it addresses your question. The complete annotated
bibliography should be double-spaced, 12pt Times New Roman font with one-inch margins. You
will be submitting it through Turnitin via Canvas, do not include your name, course number,
date or UFID on your annotated bibliography (similar to the case briefs). You should start each
annotation on a separate page, and please remember to begin each annotation with the APA
citation for the article as instructed above. This assignment is due on Wednesday, April 22nd.
1.Which of the following is not a key component of the conceptual framework of accounting?
Select one:
a.油internal users
b.油the objective of financial reporting
c.油cost constraint on useful financial reporting
d.油elements of the financial statements
2.The balance sheet and income statement for Joe's Fish Hut are presented below:
Joe's Fish Hut
Balance Sheet
As at December 31
2016
2015
ASSETS
Current Assets
Cash
$180,623
$60,300
Accounts receivable
$18,900
$14,200
Inventory
$23,600
$25,300
Total Current Assets
$223,123
$99,800
Property, plant & equipment
$129,000
$184,000
Less: Accumulated depreciation
$-26,900
$-21,600
TOTAL ASSETS
$325,223
$262,200
LIABILITIES AND EQUITY
Liabilities
Current Liabilities
Accounts payable
$28,000
$41,800
Current portion of bank loan
$9,500
$9,500
Total Current Liabilities
$37,500
$51,300
Non-current portion of bank loan
$71,000
$42,000
TOTAL LIABILITIES
$108,500
$93,300
Shareholders' Equity
Common shares
$80,000
$54,400
Retained earnings
$136,723
$114,500
TOTAL SHAREHOLDERS' EQUITY
$216,723
$168,900
TOTAL LIABILITIES AND EQUITY
$325,223
$262,200
Joe's Fish Hut
Income Statement
For the Year Ended December 31, 2016
Sales
$137,000
COGS
$83,200
Gross Profit
$53,800
Operating Expenses
Insurance Expense
$1,600
Rent Expense
$5,380
Salaries Expense
$5,150
Telephone Expense
$840
Interest Expense
$1,340
Depreciation Expense
$5,300
Total Operating Expenses
$19,610
Operating Profit Before .Assignment 1 Chapter 2 Mini Case Financial .docx
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Assignment 1: Chapter 2 Mini Case: Financial Statement and Cash Flow Analysis
In the mini case in our textbook we were given an account balance sheet for Jaeden Industries as of December 31, 2010 along with their income statement and balance sheet from the previous year. It also stated that the firms dividend payout ratio is 25% and the tax rate is 34%. The firms stock price on December 31, 2009, was $ 42.89 and on December 31, 2010, it was $ 56.82. In part A of our assignment it asks us to use the financial statements in the text to determine Jaedens free cash flow, liquidity, debt and profitability ratios, and market ratios for year 2010.
Part A
Jaedens Free Cash Flow
The measure of free cash flow (FCF) is the amount of cash flow available to investors; the providers of debt and equity capital. It represents the net amount of cash flow remaining after the firm has met all operating needs and has made all required payments on both long- term (fixed) and short- term (current) investments (Graham, Megginson, Smart pg. 34). However, in order to determine the free cash flow you have to obtain the operating cash flow (OCF), which are cash inflows and outflows directly related to the production and sale of products or services.
OCF = [Earnings before interest and taxes (EBIT) (1 - T)] + Depreciation (T=.34%)
OCF = (42000000-26460000-1621000-800000) x (1 T) + Depreciation
OCF = 13119000 x (1 - .34) + 800000
OCF = 9458540
Now that we have the OCF we can solve for the FCF
FCF = OCF Capital Expenditures + Depreciation Networking Capital
FCF = 9458540 2932000 (4530181-190000-150000)
FCF = 9458540 2932000 4190181
FCF = 2336359
Jaedens free cash flow is 2336359
Jaedens Liquidity
Our textbook states that liquidity ratios measure a firms ability to satisfy its short-term obligations as they come due. Current ratio and quick ratio are two measures of liquidity. Current Ratio is defined as current assets divided by current liabilities and it is used to measure a firms ability to meet short-term obligations. Current assets include cash, marketable securities, accounts receivable, and inventory. Current liabilities include accounts payable, notes payable, and accruals. Quick ratio is somewhat similar except it excludes a certain asset that is, inventory. Inventory turnover provides a measure of how quickly a firm sells its goods (Graham, Megginson, Smart pg. 43). Inventory turnover can be converted into average age turnover simply by dividing the turnover figure by the amount of days in a year.
Current Ratio = Current Assets / Current Liabilities
Current Ratio = (3689000 + 5423000 + 1836000 + 4118000) / (3136000 + 706000 + 500000)
Current Ratio = 15066000 / 4342000
Current Ratio = 3.469829572
Quick Ratio = Current Assets Inventory / Current Liabilities
Quick Ratio = (3689000 + 5423000 + 1836000) 4118000 / (3136000 + 706000 + 500000)
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Problem
Issuance油of油stock:油organization油costs.油Snowbound油Corporation油was油incorporated油in油July.油The油firm's油charter油authorized油the油sale油of油200,000油shares油of油$10油par-value油common油stock.油The油following油transactions油occurred油during油the油year:
油油油油7/1:
油
Sold油45,000油shares油of油common油stock油to油investors油for油$18油per油share.油Cash油was油collected油and油the油shares油were油issued.
油油油油7/7:
Issued油600油shares油to油Sharon油Dale,油attorney-at-law,油for油services油rendered油during油the油corporation's油organizational油phase.油Dale油charged油$12,600油for油her油work.
油油8/11:
Sold油20,000油shares油to油investors油for油$22油per油share.油Cash油was油collected油and油the油shares油were油issued.
12/14:
Issued油30,000油shares油to油the油MJB油Company油for油land油valued油at油$900,000.
Instructions
Prepare油journal油entries油to油record油each油transaction.
Student Guidance ReportAshford University ACC205Guidance ReportWeek FourLISTEN TO AUDIO/VIDEO EXPLAINING THE GUIDANCE REPORTYELLOW INDICATES ACCOUNT AMOUNTS CHANGEDChange Account to:Based Upon Course Start DateAccount to
be changedOriginal
AmountJan - FebMar-AprMay-JunJul-AugSept-OctNov-DecCh 7 Ex 2Loan$ 225,000$ 250,000$ 260,000$ 270,000$ 280,000$ 290,000$ 450,000QuestionsYOUR ANSWERS BASED UPON COURSE START DATEa. Compute Halls accrued interest as of December 31, 20X1.b. Present the appropriate balance sheet disclosure for the accrued interest and the current and long-term portion of the outstanding debt as of December 31, 20X1.c. Repeat parts (a) and (b) using a date of December 31, 20X2, rather than December 31, 20X1. Assume that Hall is in compliance with the terms of the loan agreement.Accrued interest 12/31/X2DisclosureAccount to
be changedOriginal
AmountJan - FebMar-AprMay-JunJul-AugSept-OctNov-DecCh 7 Ex 4Salary expense5000051,00052,00053,00054,00055,00056,000QuestionsYOUR ANSWERS BASED UPON COURSE START DATESalary expenseSocial Security PayableMedicare PayableFed Taxes PayableState Taxes PayableInsurance PayableCashPayroll Tax ExpenseSocial Security PayableMedicare PayableState unemploymentFed unemploymentAccount to
be changedOriginal
AmountJan - FebMar-AprMay-JunJul-AugSept-OctNov-DecCh 7 Pb 212/1 Note payable2000025,00026,00028,00030,00031,00033,00012/1 Interest rate015%15%15%15%15%15%Warranty2027202820292030203120322033Purchase on account1600017,00018,00019,00020,00021,00022,000Note payable50006,0007,0008,0009,00010,00011,000Warranty repair162172182192202222232Salary accural14001,5001,6001,7001,8001,9002,000Vacation6%360006%37,0006%38,0006%39,0006%40,0006%41,0006%42,00012/26 interest120$ 120$ 120$ 120$ 120$ 120$ 120a. Prepare journal entries to record the preceding transactions and events.CashNotes PayableWarranty expenseWarranty LiabilityMerchandiseAccounts PayableCashNote PayableWarranty LiabilityCashSalary ExpenseSalary PayablePayroll ExpenseAccrued Vacation Payableb. Determine accrued interest as of December 31, 20XX, and prepare the necessary adjusting entry or entries.12/1 one month accrual12/26 60 day note-accrue 5 daysTotal Interest Acc.Accounting Economics And Business 20 Nov
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Greene Company
Miriam Aranda
Content Layout
Information
Part 1- Subsidiaries
Part 2- Greenes Consolidated Balance Sheet
Part 3- Overseas Companies
Conclusion
References
Information
Greene is a rapidly expanding manufacturing company, and is considering some additional acquisitions. The company would like to diversify, and is trying to decide between the two different scenarios outlined in Part 1 and Part 3.油 To help him make his decision, the Chief Financial Officer would like specific information on how the potential acquisitions would affect financial reporting (ACG 4201-- Writing Project and Presentation, n.d.).
This Photo by Unknown Author is licensed under CC BY
Part 1- Subsidiaries
According to FASB ASC 810-10-10-1, The purpose of consolidated financial statements is to present, primarily for the benefit of the owners and creditors of the parent, the results of operations and the financial position of a parent and all its subsidiaries as if the consolidated group were a single economic entity (FASB, n.d.)
Part 1- Subsidiaries
Insurance
Under the industry, insurances companies use SAP.
Different reporting periods
Different accounting principles.
Lumber
Historical cost
Follows GAAP
Part 1- Subsidiaries
Parent company and subsidiaries are not required to report under the same accounting policies (insurance).
Preparation-
eliminate parent companys investment account .
intra-entity balances and transactions be eliminated (sales and purchases)
Intercompany receivables and payable
Subsidiarys retained earnings or deficit are not included in the consolidated retained earnings.
Part 2- Greenes Consolidated Balance Sheet
Part 2- Greenes Consolidated Balance Sheet
Part 3- Overseas Companies
Factors need to know to be considered when determining the functional currency for a consolidated subsidiary are as follow: (1) Sales Prices, (2) Expenses, (3) Intercompany transactions, (4) Cash Flows, (5) Sales Markets, and (6) Financing (Christensen, Cottrell, & Budd, 2016). As it is also stated under FASB ASC 830-10-55-5.
This Photo by Unknown Author is licensed under CC BY-NC
Part 3- Overseas Companies: Economic indicators
New Zealand
Economy is largely based on export and imports
Financial markets are open to global financial encounter
U.S. dollar to New Zealand dollar
Exchange rate is the increase of domestic interest rates
Spain
US dollar to Euro
European Central Bank
Open markets
Continuous research on inflation
Part 3- Overseas Companies
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ACC 405 Final Project One Scenario
Posey Company
Overview
You are a financial accountant for Posey Company tasked with preparing consolidation documentation
at year end. You have the following information:
December 31, 20X5
Posey Company acquired 90% of Stargell Corporations outstanding common stock for $1,116,900. On
that date:
The fair value of the noncontrolling interest was $124,100;
Stargell reported common stock outstanding of $487,000, premium on common stock of
$267,000, and retained earnings of $407,000; the book values and fair values of Stargells assets
and liabilities were equal except for land, which was worth $30,000 more than its book value.
On April 1, 20X6
Posey issued at par $200,000 of 10% bonds directly to Stargell; interest on the bonds is payable
March 31 and September 30.
On January 2, 20X7
Posey purchased all of Stargells outstanding 10-year, 12% bonds from an unrelated institutional
investor at 98. The bonds originally had been issued on January 2, 20X1, for 101. Interest on the
bonds is payable December 31 and June 30.
Since the date it was acquired by Posey
Stargell has sold inventory to Posey on a regular basis. The amount of such intercompany sales
totaled $67,000 in 20X6 and $83,000 in 20X7, including a 30% gross profit.
All inventory transferred in 20X6 had been resold by December 31, 20X6, except inventory for
which Posey had paid $18,000 and did not resell until January 20X7.
All inventory transferred in 20X7 had been resold at December 31, 20X7, except merchandise
for which Posey had paid $16,667.
As of December 31, 20X7
Stargell had declared but not yet paid its fourth-quarter dividend of $12,750.
Both Posey and Stargell use straight-line depreciation and amortization, including the
amortization of bond discount and premium.
On December 31, 20X7, Poseys management reviewed the amount attributed to goodwill as a
result of its purchase of Stargell common stock and concluded that an impairment loss in the
amount of $25,000 had occurred during 20X7 and should be shared proportionately between
the controlling and noncontrolling interests.
Posey uses the fully adjusted equity method to account for its investment in Stargell.
On December 31, 20X7, trial balances for Posey and Stargell appeared as follows:
Posey Company Stargell Corporation
Item Debit Credit Debit Credit
Cash $ 49,500 $ 39,000
Current Receivables 121,500 90,100
Inventory 317,000 364,900
Investment in Stargell Stock 1,243,800
Investment in Stargell Bonds 985,000
Investment in Posey Bonds 200,000
Land 1,241,000 518,000
Buildings and Equipment 2,940,000 1,915,000
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Midterm grade actbaskennethcrisostomo
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This document appears to contain student exam and quiz scores along with their calculated grades. It lists each student's ID number followed by their scores on 3 quizzes, an incentive amount, their quiz average which counts for 40% of their midterm grade, their midterm exam score which counts for another 40%, and their final calculated midterm grade. There are over 100 students listed with their various exam and quiz results.Midterm grades
Midterm gradeskennethcrisostomo
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This document contains student grades for various assessments including quizzes, exams, classwork, and overall midterm grades. It lists each student's ID number followed by their scores on Quiz 1, Quiz 2, an incentive, the quiz average weighted at 40%, their midterm exam score weighted at 40%, classwork weighted at 20%, and their overall midterm grade. There are over 100 students listed with their detailed assessment scores.General ledger template
General ledger templatekennethcrisostomo
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The document contains a list of items with purchase, purchase date, debit date, and credit columns. The same row is repeated multiple times with no distinguishing data provided in the columns. Therefore, the essential information and high level summary is not able to be determined from the given document.Accounting for payroll 07042013
Accounting for payroll 07042013kennethcrisostomo
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This document discusses accounting for payroll and payroll expenses. It explains that salaries must be properly computed and paid on a weekly, bi-monthly, or monthly basis. It also outlines the requirements for employee contributions and employer matching contributions to the Social Security System, PhilHealth, Pag-IBIG Fund, and income tax withholding. Employers are responsible for deducting employee contributions and recording their own matching contributions as operating expenses.Evaluating cash flows 07032013
Evaluating cash flows 07032013kennethcrisostomo
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The document discusses the statement of cash flows, which reports cash receipts, payments, and changes in cash from operating, investing, and financing activities. It helps assess a company's ability to generate cash flows, pay dividends, and meet obligations. Operating activities include cash effects from transactions that create income and expenses. Investing activities present cash flows from transactions involving assets and investments. Financing activities include cash flows from debt and equity transactions like borrowing and payments to owners. The direct method identifies specific cash activities by category, while the indirect method starts with net income and reconciles to operating cash flows.The accounting cycle 06272013
The accounting cycle 06272013kennethcrisostomo
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The document outlines the steps in the accounting cycle which include analyzing transactions, journalizing transactions, posting to ledgers, preparing a trial balance, adjusting entries, preparing financial statements, and closing entries. It also provides details on journalizing, including columns for date, account titles, debit/credit amounts, and posting references. The recording process involves analyzing source documents, writing details in the journal columns, and providing explanations.Journal entry activity 3 17
Journal entry activity 3 17kennethcrisostomo
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The document records transactions in the general journal of an air conditioning repair business. It shows transactions for initial investment and purchase of equipment and supplies. It also records revenues from services provided and payments made to suppliers and for expenses like rent, insurance, salaries and supplies.Journal entry activity 3 16
Journal entry activity 3 16kennethcrisostomo
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This document contains journal entries for a dry cleaning business from June 1 to June 30, 2013. It records initial investments by the owner, purchases of equipment and supplies, borrowing of cash, additional investments, income from services rendered, expenses for rent, salaries and utilities, and withdrawals by the owner.Measuring and reporting financial performance 06182013
Measuring and reporting financial performance 06182013kennethcrisostomo
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The income statement reports revenue and expenses for a specific period of time, with revenue listed first followed by expenses. It can take the natural form, with expenses classified by nature, or the functional form, with expenses classified by function. The document also discusses accounting concepts like the revenue recognition principle, matching principle, accrual basis of accounting, consistency, conservatism, and disclosure principle which govern how transactions and financial performance are measured and reported.Accounting equation and account classification 06052013
Accounting equation and account classification 06052013kennethcrisostomo
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The document discusses the basic accounting equation of Assets = Liabilities + Owner's Equity. It defines key accounting concepts such as assets, liabilities, owner's equity, and how transactions affect accounts. Assets are resources owned, liabilities are amounts owed, and owner's equity is the residual claim. The accounting equation is expanded to track increases and decreases in owner's equity from revenues, expenses, investments, and withdrawals. Transactions are analyzed to show their dual effects on at least two accounts.Introduction to financial statements 06052013
Introduction to financial statements 06052013kennethcrisostomo
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The document provides information on key financial statements: the income statement, statement of changes in equity, balance sheet, and statement of cash flows. It describes the purpose and basic components of each statement. The income statement reports revenues and expenses over a period of time. The balance sheet presents assets, liabilities, and equity at a point in time. The statement of changes in equity shows changes in owner's equity from investments, profits/losses, and withdrawals. The statement of cash flows provides details on cash inflows and outflows.Introduction to accounting acctba1 part 2 06032013
Introduction to accounting acctba1 part 2 06032013kennethcrisostomo
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This document outlines key assumptions and principles of accounting. It discusses concepts like the economic entity assumption, monetary unit assumption, and historical cost principle. It also covers principles such as objectivity, going concern assumption, materiality, disclosure, consistency, and conservatism. The assumptions and principles establish guidelines for properly recording and reporting financial information.Exercise 2 11 06062013
Exercise 2 11 06062013kennethcrisostomo
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This document presents the statement of financial position for Mary de Jesus Tailoring Shop as of September 30, 2011. It lists the shop's current assets of $115,000 including cash, investments, receivables, and prepaid expenses. Non-current assets include property, plant and equipment of $157,500. Current liabilities are $24,650 and non-current liabilities are $64,000. Total assets are $272,500, which equals total liabilities of $88,650 and owner's equity of $183,850. Notes provide details on receivables, prepaid expenses, property and equipment, and payables.Measuring and reporting financial position 06042013
Measuring and reporting financial position 06042013kennethcrisostomo
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The document contains a statement of financial position for Rye Co. as of December 31, 2012. It lists the company's current assets of $327,274 including cash, receivables, inventory, and prepaid expenses. Non-current assets include property and equipment of $151,920, totaling assets of $479,194. Current liabilities are $177,206 in payables and non-current liabilities are $120,000 in a mortgage, totaling liabilities of $297,206. Owner's equity is $181,988 in capital. Total liabilities and owner's equity equal total assets of $479,194.Introduction to accounting 05302013
Introduction to accounting 05302013kennethcrisostomo
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The document discusses key accounting concepts and financial statements. It defines accounting as the process of identifying, recording, and communicating a business's economic events. It then describes the four main financial statements - the income statement, statement of equity, balance sheet, and statement of cash flows - and explains their purpose is to report on revenues, expenses, equity changes, assets/liabilities, and cash flows. The document also outlines different types of business entities and operating cycles.T1 ay13 14 acctba1 individual business case
- 1. ACCTBA1 INDIVIDUAL BUSINESS CASE 1 ST Term, Academic Year 2013-2014 Williams, J., Haka, S., Bettner, M., & Carcello, J. (2012) Financial Accounting, 15 th edition, McGraw-Hill Irwin (with modifications) Galaxy Corporation and Universal Corporation are in the same line of business and both were recently organized, so it may be assumed that the recorded costs for assets are close to current market values. The statement of financial position of two companies are as follows as of July 31, 2012. Galaxy Corporation Statement of Financial Position July 31, 2012 Assets Liabilities & Owners Equity Cash P 900,000 Liabilities: Accounts Receivable 1,300,000 Notes Payable (due in 60 days) P 620,000 Land 1,860,000 Accounts Payable 480,000 Building 1,900,000 Total Liabilities P1,100,000 Office Equipment 60,000 Owners Equity: Galaxy, Capital P4,920,000 Total Assets P6,020,000 Total Liabilities & Owners Equity P6,020,000 Universal Corporation Statement of Financial Position July 31, 2012 Assets Liabilities & Owners Equity Cash P240,000 Liabilities: Accounts Receivable 480,000 Notes Payable (due in 60 days) P1,120,000 Land 4,800,000 Accounts Payable 2,160,000 Building 3,000,000 Total Liabilities P3,280,000 Office Equipment 600,000 Owners Equity: Universal, Capital 5,840,000 Total Assets P9,120,000 Total Liabilities & Owners Equity P9,120,000 Instructions: a. Assume you are a banker and that each company has applied for a 90day loan of P600,000. Which would you consider to be the more favorable prospect? Explain your answer fully. b. Assuming that you are considering purchasing one of the companies. For which business would you be willing to pay the higher price? Do you see any indication of financial crisis that you might face shortly after buying either company? Explain you answer fully. (For either decision, additional information would be useful, but you are to reach your decision on the basis of the information available).
- 2. Format: Short bond paper Double spaced One inch margin in all sides Minimum of two pages (not including the cover page) Font: Arial 12 Cover page: Deadline: July 1, 2013 BUSINESS CASE Presented to the Accountancy Department De La Salle University In partial fulfillment Of the course requirements In ACCTBA1 (sec) Surname, First Name, M.I. Date