for Bryan Corporation is given below. Sales for the year were $3‚040‚000 with 75 percent of sales sold on credit. BRYAN CORPORATION Balance Sheet as at Dec.31‚ 1999 |Assets |$ |Liabilities & Equity |$ | |Cash |60‚000 |Accounts payable |220‚000 | |Accounts receivable |240‚000
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appropriation account is also prepared. It explains as to how the profit earned during the period has been distributed. Balance sheet: There is no prescribed form of balance sheet for a sole proprietary or a partnership concern. However‚ the assets and liabilities may be shown in any of the following orders: I. Liquidity order II. Permanency Order In case the concern adopts liquidity order‚ the assets which are more readily convertible into cash are taken into account
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Tootsie Roll Industries‚ Inc. Loan Package ACC/561 Tootsie Roll Industries‚ Inc. Loan Package In week three‚ Learning Team E presents a loan package for public held company‚ Tootsie Roll Industries‚ Inc.‚ in business for over 100 years. Tootsie Roll is a manufacturer of confectionery products. In addition to sales in the United States‚ Tootsie Roll’s profits grew in Mexico‚ Canada‚ Europe‚ Asia‚ South and Central America. This loan package consists of three sections: Financial Ratios‚ Corporate
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Exercise Assignment Basic Accounting Equations 1. Recognition of normal balances The following items appeared in the accounting records of Triguero ’s‚ a retail music store that also sponsors concerts. Classify each of the items as an asset‚ liability‚ revenue‚ or expense from the company ’s viewpoint. Also indicate the normal account balance of each item. a. The albums‚ tapes‚ and CDs held for sale to customers. b. A long-term loan owed to Citizens Bank. c. Promotional costs to publicize
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Assignment 2: You are an Entrepreneur Roxanne Joseph-Jerry Strayer University ACC 557 Financial Accounting Professor Daniel Terfassa August 21‚ 2014 Table of Contents: Executive Summary Company Summary Start Up Summary Start Up Expenses Income Statement Balance Sheet Internal Control Compliance and Regulatory Bodies References Executive summary ABC Learning Academy aims to prepare its students to excel as young leaders of tomorrow by combining an exclusive collegiate-based
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AMALGAMATION‚ ABSORPTION & RECONSTRUCTION 1. Method to calculate Purchase Consideration: |Net Asset method |Intansic value method |Net payment method | |Agreed value of |MV of total assets xxx |Amalgamation in nature of: - | |assets taken over xxx |Less: MV of total Liab. xxx |Merger: Amount paid to Equity shareholders|
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CDR Transport‚ LLC Business Plan March 2008 Table of Contents Please click below and press F9 to automatically generate the Table of Contents. 1.0 Executive Summary .............................................................................................................................. 1 1.1 Objectives ......................................................................................................................................... 1 1.2 Mission..............................
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piece of machinery. Intangible Assets‚ which usually involve a legal right or claim such as a patent. Liabilities: these are the debts of a corporation. Nearly all businesses have liabilities; even the most successful and profitable of companies will make purchases on credit. Most companies also find it desirable to borrow money as a means of expanding operations more rapidly. Typical liabilities of the company include long-term debt‚ notes payable‚ and accounts payable. Equity: also referred
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account payable in cash. What would be the effects of this transaction on the accounting equation? a. Assets‚ $45‚000 increase; Liabilities‚ no effect; Equity‚ $45‚000 increase. b. Assets‚ $45‚000 decrease; Liabilities‚ $45‚000 decrease; Equity‚ no effect. c. Assets‚ $45‚000 increase; Liabilities‚ $45‚000 decrease; Equity‚ no effect. d. Assets‚ no effect; Liabilities‚ $45‚000 decrease; Equity‚ $45‚000 increase. 4. A company purchased a new machine for $15‚000 by trading in an old machine which
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1.0 Introduction Nowadays‚ high inflation is an inevitable problem in many countries. High inflation occurred owing to the demand level of goods and services are over the supply level of goods and services. It is lead to price changes taking place. Since year of 1980‚ several different accounting approaches were introduced to overcome these problems that reflected by inflation. However‚ the historical cost accounting still widely and continuously to be used by most companies in their accounting
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