two major sources of current liabilities. The two major source of liabilities‚ for both current and noncurrent liabilities‚ are operating and financing activities. Current liabilities of an operating nature—such as accounts payable and operating expense accruals—represent claims on resources from operating activities. Current liabilities such as notes payable‚ bonds‚ and the current maturities of long-term debt reflect claims on resources from financing activities. 2) Identify the major disclosure
Premium Lease Finance lease Renting
Maria Hernandez & Associates Prepared by Ramon D. Gonzalez For Professor C.E. Reese In partial fulfillment of the requirement for ACC 770-Managerial Accounting School of Business/ Graduate Studies St. Thomas University Miami Gardens‚ Fla. Term A3/ Summer 2008 May 22‚ 2008 Table of Contents Issues----------------------------------------------------------------------------------3 Facts-----------------------------------------------------------------------------------3
Premium Balance sheet Depreciation Asset
year ended December 31‚ 2009 Sales Revenue $160‚000 Assets Less: Cost of goods sold 106‚000 Cash $ 500 Gross profits $ 54‚000 Marketable Securities 1‚000 Less: Operating Expenses Accounts Receivable
Premium Generally Accepted Accounting Principles Balance sheet Revenue
operations after taking out operating expenses such as COGS‚ wages and depreciation. As total revenue has in fact been steadily increasing over the years‚ it is clear that the drop in operating income is due to an increased amount of expenses acquired by Panera. In order to accurately see the changes‚ it is important to take a look at the company’s horizontal analysis‚ which paints a less stable picture of its revenues and expenses. All of Panera’s expenses increased substantially from their 2011
Premium Balance sheet Asset Revenue
the fiscal year is $3‚900. c. Annual depreciation on equipment is $8‚500. d. The June utilities expense of $550 is not included in the unadjusted trial balance because the bill arrived after the trial balance was prepared. The $550 amount owed needs to be recorded. e. The company’s employees have earned $1‚600 of accrued wages at fiscal year-end. f. The rent expense incurred and not yet paid or recorded at fiscal year-end is $200. g. Additional property taxes of $900
Premium Generally Accepted Accounting Principles Expense Depreciation
by shifting income from good years to bad years. Future income may be shifted to the present year or vice versa. In a similar vein‚ income variability can be modified by shifting expenses or losses from period to period.An example is reducing a discretionary cost (e.g.‚ advertising expense‚ research and development expense) in the current year to improve current period earnings. In the next year‚ the discretionary cost will be increased. For analytical purposes‚ the analyst should restate net income
Premium Revenue Income statement Generally Accepted Accounting Principles
future income and expenditures that one can use as a guideline for spending and saving. Although many use a budget to plan their spending‚ the majority also routinely spend more than they can afford. The key to spending within means is to know the expenses and to spend less than make. A good monthly budget can help to ensure of paying bills on time‚ have funds to cover unexpected emergencies‚ and reach financial goals. History of Budgeting Practices Money management has been around as long as money
Premium Cost Expense Budget
concept that has been violated and give your explanation: i. Andy Company accrued interest expense on the personal bank loan of the owner at year end. ii. Perfect Repairs adopts a policy of charging hand tools with small unit costs to expense when purchased‚ even though the tools have a useful life of several years. During the year‚ Perfect Repairs recorded revenue of $600000 and a hand tools expense of $150000 in its profit and loss account. (5 marks) 2. The cash book of Ronald Limited
Premium Balance sheet Generally Accepted Accounting Principles Depreciation
costing is a process of tracing the variable costs of production and the fixed costs of production to the product. Variable Costing traces only the variable costs of production to the product and the fixed costs of production are treated as period expenses. Absorption Costing There are three different types of Absorption Costing Systems: -Job Order Costing -Process Costing -ABC Costing In Job Order Costing costs are assigned to the product in Batches or lots. – For example‚ -Printing
Premium Manufacturing Management accounting Variable cost
accounting changes Harnischfeger made in 1984 as stated in Note 2 of its financial statements. They included products purchased from Kobe Steel in their net sales causing them to increase by $5.4 million. They changed the way they compute depreciation expense by using the straight-line method‚ resulting in an increase in net income by $11 million or $.93 per common share. The depreciation policy and residual values were changed as well of machinery‚ plants‚ and equipment‚ which caused and increase in
Premium Income statement Depreciation Expense