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Statement of Retained Earnings
For the Year Ended December 31, 2009
Retained Earnings, January 1, 2009 $Â Â Â Â Â Â Â Â Â Â Â 0
Add: Net Income 21,950
Subtract: Dividends (200)
Retained Earnings, December 31, 2009 $ 21,750Â
At December 31, 2009
Cash $Â Â 12,000
Accounts Receivable 59,500
Total Assets $115,500
Accounts Payable $ 30,297
Notes Payable 1,470
Total Liabilities Â Â 31,767
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revs.&exp. for a specific period of time. Net income/loss. Past net income provides info for predicting future net income. Net income is needed to determine the ending balance in retained earnings. RE: stmt. shows amts and causes of changes in RE during the period. Time period is the same as that covered by the income stmt. Users can evaluate dividend payment practices. Ending balance in RE is needed in preparing the balance sheet. BS: Reports assets and claims to assets at a specific point in time. Assets=Liab+SE. Lists assets first, followed by Liab and SE. U.S. companies that are publicly traded must provide shareholders w annual report. Annual Report always includes: Financial stmts
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Assets that are not included in the Balance Sheet
In general assets are resources owned by the business. Weetman, P. (2006) defined asset as ‘a resource controlled by the entity as result of past events and from which future economic benefits are expected to flow to the entity’. There are two main sorts of assets which are tangible and intangible assets. Tangible assets have physical presence and have monetary value, it can be found as fixed or current asset in the balance sheet. Whereas, intangible assets are the ones that have non-monetary value and have no physical presence. Businesses create intangible assets by their hard effort over time and less often it appears in the balance
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Adjusting a trial balance into a classified balance sheet involves dividing out the balance sheet to show both the current and long-term debt and assets held by the company. A balance sheet will give information about a company’s assets, liabilities and shareholders’ equity. Together these three documents will the view a basic understanding of the profitability of a company. In this assignment I have put together a balance sheet and income statement, with the provided trial balance sheet, while making two adjustments to the original balance sheet.
The effects of the errors on the income statement, and balance sheet.
On the original balance sheet the inventory showed $80,500, when
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Gapenski (2008), “Cash flow can be thought of as net income plus noncash expenses” (p.84). Cash inflow usually arises from one of three activities—financing, operations or investing. The rough estimation of cash flow for Brandywine Homecare is actually the net income plus the non-cash expenses, in this case, depreciation expense. It is as follows:
$1,500,000 + $1,500,000 = $3,000,000
4.5 Consider the following balance sheet
a. How does this balance sheet differ from the one presented in Table 4.1 for Sunnyvale?
The balance sheet, which is a snapshot of the financial position of an organization at a given point in time—reports the assets of an organization and how these assets are
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= credit side total does not guarantee that the trial balance is error free
When the correct amount of cash sales is $2,000, if this amount was recorded as $3,000 by error, trial balance may still balance with incorrect amounts
(Debit) Cash 3,000
(Credit) Sales 3,000 |
Balance sheet | Amounts on the trial balance are transferred to appropriate financial statements for reporting
Asset accounts are transferred to balance sheet
Liability accounts are transferred to balance sheet
Equity accounts are transferred to balance sheet |
Income statement | Revenue accounts are transferred to income statement
Expense accounts are transferred to income statement |
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Introduction to Financial Ratios
When computing financial ratios and when doing other financial statement analysis always keep in mind that the financial statements reflect the accounting principles. This means assets are generally not reported at their current value. It is also likely that many brand names and unique product lines will not be included among the assets reported on the balance sheet, even though they may be the most valuable of all the items owned by a company.
These examples are signals that financial ratios and financial statement analysis have limitations. It is also important to realize that an impressive financial ratio in one industry might be viewed as less than
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records in accordance with Generally Accepted Accounting Principles (GAAP) and or Financial Accounting Standards Board (FASB). Financial accounting provides economics and financial information for investors, creditors, and other external users.1
Select either the balance sheet or income statement and explain how the use of it may be applied to your everyday life.
Businesses record their performance in standard formats called financial statements. The most common is the Balance Sheet, the Income Statement, and the Cash Flow Statement. The balance sheet contains information at a moment in time about resources (assets) that are owned or controlled by the firm. Assets have probable
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This paper is about the importance of financial statements and their application in everyday life. Financial statements help determine the financial status of any individual or business. For example, a business manager uses financial statements to make important decisions regarding their business. Individuals on the other hand use financial statements as a way to budget their finances and allowing them to make major decisions such as buying a house or purchasing a new car. The main purpose of this paper is to show how a balance sheet is important for an individual and a business.
* Select either the balance sheet or income statement and explain how the use of it may be
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I. Brief Exercise 7-1 Accounting for Bad Debts, p. 349
Badger recorded $500,000 of net sales for the year of which 2% is estimated to be uncollectible.
Identify and analyze the adjustment required at the end of the year to record bad debts.
Net Sales of $500,000 x 2% uncollectible = $10,000 in Allowance for Doubtful Accounts. Assets & SE will decrease on the Balance Sheet, while Expenses will increase on the Income Statement and lower Net Income.
Balance Sheet Income Statement
Assets = Liabilities + Stockholder equity Revenues_ Expenses=Net income
Allowance for Doubtful Accounts:
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is left after the taxes are paid is the gross profit. A company’s operating income is the outcome of the day-to-day business functions. This is before interest and income tax come into play and is otherwise known as “earnings before interest and taxes (EBIT)” (Norton, 2014). The net income or the company’s net loss is clearly identified on the income statement when a difference is shown between what was spent and the revenues earned for direct delivery.
A company’s balance sheet shows a behind-the-scenes look of the company’s financial health at any time. It is usually examined by the end of the month or even after a year. The balance sheet will show the
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Running head: COMPARISON OF FINANCIAL
Comparison of Financial Statement Types
University of Phoenix
Comparison of Financial Statement Types
Financial statements summarize accounting transactions used to communicate economic information on an entity to decision makers, investors, and other stakeholders. This team will explain the concepts and purpose of each of four basic financial statements and how the elements of the four statements are interrelated.
“The balance sheet (also called a statement of financial position) is a snapshot of the financial status of an organization at an instant of time (Horngren, Sundem, Stratton, Burgstahler, &
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I. Brief Exercise 7-1 Accounting for Bad Debts, p. 363
Badger recorded $500,000 of net sales for the year of which 2% is estimated to be uncollectible. Identify and analyze the adjustments at the end of the year to record bad debts.
$500,000x2%= $10,000 in uncollectible debt.
The accounts that will be affected include the Allowance for doubtful Accounts and the Bad Debts Expense. Both will increase by $10,000.
The statements that will be affected include the Balance sheet and the Income sheet.
Assets | + | Liabilities | = | S.H. Equity |
A.D.A($10,000) | | | | ($10,000) |
Revenues | - | Expenses | = | Net Income |
| | B.D.$10,000
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Financial Statement Differentiation
Financial Statement Differentiation
There are four different kinds of financial statements. These include the income statement, the statement of cash flow, the balance sheet, and the retained earnings statement. Each statement has a different focus and are used by investors, managers, and creditors to help make decisions about a business. Knowing which statements need to be used and when will help make any business more aware of where their funds are going.
The Income Statement
“An income statement is a financial statement that measures a company’s financial performance” (Investopia, 2015). The income statement will usually cover a
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four primary financial statements the accounting process creates. They are the income, retained earnings, balance sheet, and cash flow statement (Kimmel, Weygandt, & Kieso, 2009). According to Albrecht, Stice, Stice, and Swain, (2008), each statement has a unique purpose and interrelates with the others. To decipher a company’s complete financial picture, stakeholders should understand how each statement influences the next (Financial Accounting, 2011).
The Four Types of Financial Statements
Generally accepted accounting principles (GAAP) require publicly held organizations show their earnings, owner investments - distributions to owners, financial position, and cash flow for a given
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STEPHENSON REAL ESTATE RECAPITALIZATION
1. If Stephenson wishes to maximize the overall value of the firm, it should use debt to finance the $45 million purchase. Since interest payments are tax deductible, debt in the firm’s capital structure will decrease the firm’s taxable income, creating a tax shield that will increase the overall value of the firm.
2. Since Stephenson is an all-equity firm with 12 million shares of common stock outstanding, worth $48.50 per share, the market value of the firm is:
Market value of equity = $48.50(12,000,000)
Market value of equity = $582,000,000
So, the market value balance sheet before the land purchase is
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Running Head: FINANCIAL STATEMENTS
A Students Name
Accounting is the process that financial information about a business is recorded, classified, summarized, interpreted, and communicated to owners, managers, and other interested parties (Price, Haddock, & Brock, 2007). The information from the accounting information is communicated through the four basic financial statements: the Income Statement, Statement of Retained Earnings, Balance Sheet, and Statement of Cash Flows.
The purpose of accounting is to identify, record, and provide all activities that affect the organization financially, and communicate the financial
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Accounting Capstone Project
March 15, 2013
Week 2 Application
The four main financial statements are the balance sheet, the income statement, the cash flow statements, and the statements of shareholder’s equity. Each statement can be used to give an insight to a company’s financial activities, and can provide valuable information on said company.
The balance sheet provides detailed information on a company’s assets, liabilities, and their shareholder’s equity. A company’s balance sheet has to equal out, so the assets have to equal the sum of the liabilities and the shareholder’s equity. Assets are the things that a company owns that have value, and assets are usually
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Case 5: Financing PPL Corp.’s Growth Strategy
1. Evaluate PPL’s growth strategy and financing policies. Why is it important for PPL to seek out alternative financing strategies instead of using its own corporate balance sheet?
In the early 1990’s, the anticipation of deregulation in the electricity marketplace led PPL to change its business strategy. It was essential for them to enter the market as soon as possible or they may have faced barriers to entry. In 1994, PPL established a new subsidiary now known as PPL Global. PPL Global pursued opportunities in the deregulated electricity market and was employed its growth strategy for the future. They specifically
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statements and other reports.
9. The error should be corrected with a separate (subsequent) correcting entry. The entry’s explanation should describe why the correction is necessary.
10. The four financial statements are: income statement, balance sheet, statement of retained earnings, and statement of cash flows.
11. The income statement lists the types and amounts of revenues and expenses, and reports whether the business earned a net income (also called profit or earnings) or a net loss.
12. An income statement user must know what time period is covered to judge whether the company’s performance is satisfactory. For example, a statement user would not be able to assess whether
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, facilities will have an increase in healthcare needs. Strategic plans will need to be revamped for recruitment, retention, and training, along with a host of other issues. The finance or management will be affected by all of these changes and challenges, so yes again, the role of finance in the health services industry has increased in importance.
One of the important things in finance is the balance sheet. The information on the balance gives insight about an organization’s assets and the financing used to acquire those assets ( Nowicki 2007). This is very important when you are trying to figure out what money is coming into the company or facility or what money is going out. Two articles that
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WEEK 1 ASSIGNMENT
A) 10, 13, 15, 16, 17, 19, 23
B) 1. Long-term investments in the balance sheet.
2. Property, plant, and equipment in the balance sheet.
3. Research and development expense in the income
4. Current asset (prepaid rent) in the balance sheet.
5. Property, plant, and equipment in the balance sheet.
6. Research and development expense in the income
7. Charge as expense in the income statement.
8. Operating losses in the income statement.
9. Charge as expense in the income statement.
11. Not recorded; any costs related to creating goodwill
incurred internally must be expensed.
12. Research and development expense in the income
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4-Colour Digest Ad Report
Gra204- Section 04
March 5st, 2013
Written part- 1044
Gra204- Printing Processes II
4- Colour Digest Ad Report
1. Below are some terms that relate to the digest ad job, which we ran on press:
a) Three point registration: Is the alignment accuracy of the print images on the front and reverse side of a sheet that has to be within a specific tolerance when a sheet runs through the press. The press sheet is usually aligned with 2 front guides and 1 side guide to ensure correct alignment. For our press sheet, front side is
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(Point 2 on the Formatting sheet)
Charts are useful for presenting data in presentations or reports so the trend of data is visible to the audience/reader.
* Highlight the cells you wish to chart (months and cumulative balance) - left click on mouse and drag mouse over month cells, press Ctrl on keyboard and left click on mouse and drag mouse over cumulative balance cells
* Choose the ‘Insert’ tab
* Step 1 – choose a sensible graph type from the Charts section * Step 2 – choose ‘select data’ from the Data section and ensure that your x-axis labels are months taken from row 5 of the spreadsheet * Step 3 – Edit Titles (label x and y axis
672 words - 3 pages
Shayla’s Restaurant Balance Sheet
The Balance Sheet
The financial well-being of Corner Café can be analyzed from the Balance Sheet at any given time. It enables the management team to forecast short and long-term cash flow. This also helps to determine the accuracy of the Income Statement.
Assets = Liabilities + Equity
Corner Café was financed with $84,000 of assets in 2011. In 2012 the assets grew substantially to $355,500. The total Principle Interest payments for 2011 were $8000 and the total Principle Interest payments for 2012 were $137,500.
Current Ratio = current assets / Current Liabilities. The Current ratio should be 1:1 or higher
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The four basic financial statements are very beneficial when it comes to doing research on any company. Whether the research is for purchasing stocks or just wondering how well a company has been performing. Knowing how to read and maneuver around the financial statements is a useful tool for internal users, such as managers or external users such as investors or creditors. These four financial statements include the balance sheet, income statement, statement of owner’s equity, and statement of cash flows.
The balance sheet is based on the fundamental accounting model of assets = liabilities + equity. This report will show the financial position of the company at any
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track about fund and settling on economic choices. Financial statements covered organization two important reports, which are Balance Sheet and Income Statements. Balance sheet and income statement are important for accounting field to put yearly or month to month financial statements. Financial statements utilizes language of fundamental accounting, currency, and numbers.
Financial statements of a business are used to give data about the status of the business. In accounting field financial statements give the information of organizations to mangers or other companies. To settle on all around informed choices, invested individuals must have the capacity to accept that an organization's
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Is Fast Eddie required to accrue a liability as of March 31, 2011, financial statements related to the ongoing government investigation? If so, how much?
Yes. Fast Eddie is required to accrue a liability of $3.7 million.
Subsequent Events are
Events or transactions that occur after the balance sheet date but before financial statements are issued or are available to be issued. There are two types of subsequent events:
a. The first type consists of events or transactions that provide additional evidence about conditions that existed at the date of the balance sheet, including the estimates inherent in the process of preparing financial statements (that is, recognized
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RUNNING HEAD: FINANCIAL STATEMENTS PAPER
Financial Statements Paper
Financial Statements Paper
In this paper the four basic financial statements will be defined. Each of the four financial statements has its purpose for use. As part of the paper the description of the purpose of the four basic financial statements is acquired. The discussion of the financial statements would be useful to internal and external users is performed as well in this paper.
The four basic financial statements are the balance sheet, income statement, retained earnings statement, and statement of cash flow (Kimmel, Weygandt, Kieso, 2011). The balance sheet is used to present a picture of
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stating any further information that may be needed to further evaluate Omega.
Principle of Finance
Perhaps understanding the fundamental principles of finance is a key component to this process. As your consultant, the combined financial statements for Omega Health Foundation and its other entities have been analyzed to review the company’s financial position. It is critical to understand fundamentals of finance to include but not limited to: balance sheet, cash flow statements, income statement; as well as revenue, assets and liabilities. Understanding the basics of these sheets can allow managers to make important decisions
The balance sheet as defined by Investopedia as
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– Title: Sunspace thermal balance
- Direct solar gain through windows between sunspace and indoor space
- Solar gain due to storage massive walls
- Solar gain due to buffer effect
- Solar gain due to pre-heating of external airflow rate
- Total solar gains
- Thermal losses through the buffer space
- Net total thermal gain
Sheet 10 ( dg) – Title: Direct solar gain through external windows in the room adjacent to the sunspace
Input parameters: Name of element
Orientation (S, SE-SW, E, W)
m = transparency coefficient (ratio of glazed area to total window’s area, value between 0 and 1); default value = 0.80
= solar transmission coefficient (ratio of
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dependent on the length and thickness of the glacier and the ablation at the snout. In general, small, high gradient, high-velocity, thin, temperate glaciers have a quick response time, reacting within a few years. For example, cirque glaciers may take as little as one to two years to respond, valley glaciers from 5 to 100 years. On the other hand, large, low-gradient, low velocity, thick, cold glaciers, ice sheet may take thousands of years to respond, such as the Antarctic ice sheet which takes up to 5,000 years.
Many different techniques are used to measure mass balance. Methods within the accumulation zone include snow pits, a fairly simple method involving digging through the previous
568 words - 3 pages
Financial Statement Differentiation
University of Phoenix
June 22, 2012
There are four financial statements that users view to determine the health of companies, which are the balance sheet, income statement, retained earnings statement, and the statement of cash flows. These statements typically represent the backbone of a company and are viewed for various purposes from investment decisions to projected future earnings to credit risks. Each statement serves a purpose and are analyzed differently depending upon the user.
An income statement reports a business’s revenues and expenses and represents how successful a business
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One of the financial statements is balance sheet is used to present a point in time of what the business assets are and what its liabilities are and if there is any equity. This statement is asked from banks when you may ask for a credit line with them; they would like to see whether you can afford to pay them back. The balance sheet show the company financial condition.
The income statement measures a company's financial performance over a specific accounting period. Financial performance is assessed by giving a summary of how the business incurs its revenues and expenses through both operating and non-operating activities. It also shows the net profit or loss incurred over
577 words - 3 pages
Case Three CHEF’S TOOLKIT INC.
Cash Budgeting 企业现金需求分析和预算
Case Explanation: cash budgeting
History: Jefferys, invention of Pasta server Production: data Marketing: data Financial Implication: data Data: Composition of Canadian Households; Balance sheet(July 15, 1994) Jefferys Personal balance sheet (July 15, 1994) Production Schedule in Unit
Q1：What is the Case? (1)event?(2)Companies?(3)Persons?(4)Time? What is the problem?(5)Why is the problem?(6)Possible Solutions? Q2：Analyses (1) Background of Chef’s Toolkit Inc. ? (2) CV of managers? (3)What is the invention? (4)Company Size-up: production, marketing, and financial status? Q3：Budgeting
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I and the Major Passenger Airline, the International Hotel Chain and the Temporary Staffing Agency. The remaining companies are the Warehouse Club for Food and General Merchandise, the Supermarket Grocery Retailer and the Manufacturer and Marketer of Consumer Products and these industries are characterized by high receivables, high inventories and high inventory turnover so, we can conclude that the corresponding balance sheets are B, E and H.
We will now perform more in-depth analysis in order to match each company to each balance sheet.
In order to specify what balance sheet corresponds to the On-line Retailer we must first define some of the
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understand the benefits of a merger between these two giants.Inter-relationshipsThe first step in preparing the financial statement is the preparation of the income statement. This statement shows how much revenue a company earned and the sales and expenses, which results in either profit or loss, the net income for the period. The net income then flows to the balance sheet as a component of retained earnings. The balance sheet shows the company assets, liabilities and stockholders equity. Each company has assets that can either be sold or used to provide services. These include trucks, equipment, planes, inventory, intangible objects, and cash. Liabilities are the monies owed to others such as
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The University of Chicago Booth School of Business | Financial Accounting 30000 |
Financial Statement Analysis Case
Groupon: Constructing Projected Financial Statements
Designed by: Valeri Nikolaev
Objective: Understanding the relation between financial statements and constructing a
pro forma balance Sheet.
Role of the presenting team. You are taking the role of Groupon’s management team whose task is to construct a projected balance sheet requested by a prospective lender (bank) as a part of loan application (using projections provided below). Explain and illustrate the process of constructing the projected balance sheet and what assumptions you needed to make (if
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Introduction, Review of Accounting Process and Financial Statements
ACC 403 Principles of Accounting
Accounts use general accepted accounting principles (GAAP) to guide them in recording and reporting financial information. GAAP covers a broad set of principles that have been developed by accounting professionals and the Security and Exchange Commission (SEC). GAAP are guidelines on companies so that investors have a minimum level of consistency in the financial statements they use when analyzing companies for investment purposes. GAAP cover such things as revenue, balance sheet and outstanding shares for measurements. Companies are expected to follow GAAP rules when reporting
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sheet for General Aviation, Inc. based on the following financial data. Balance Sheet General Aviation, Inc. December 31, 2013
Key Financial Data (2013) 1. Sales totaled $720,000. 2. The gross profit margin was 38.7 percent. 3. Inventory turned 6 times. 4. There are 360 days in a year. 5. The average collection period was 31 days. 6. The current ratio was 2.35. 7. The total asset turnover was 2.81. 8. The debt ratio was 49.4 percent. 9. Total current assets equal $159,565.
5. The income statement and balance sheet for the ZZZ Mattress Co. for the year ended December 31, 2010 follow.
Balance Sheet ZZZ Mattress Company December 31, 2010
The ZZZ Mattress Co. has been requested by
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Financial Statement Paper
January 29, 2013
Dr. Norris Dorsey
Financial Statement Paper
This week’s individual assignment is to identify the four basic financial statement reports used in basic accounting principles and concepts. It also is to describe the purpose of these four reports and how they would be of use to both managers and employees as an internal component. It is also to describe the external use to investors and creditors.
The four monetary financial statements are the balance sheet, income statement, capital statement as well as the statement of cash flows. A balance sheet shows what a business has. A balance sheet is a statement of business or
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1. For each farm, prepare balance sheets as of the beginning and end of the growing season and an income statement for the season.
Balance Sheet at Beginning of Growing Season
BALANCE SHEET: IVAN (Beginning of Season) | | | | | |
| | | | | | | |
ASSETS | Beg. of Season | | | LIABILITIES & EQUITY | Beg. of Season |
Current Assets | | | | Current Liabilities | |
| Seed | 20 | | | | | |
| Fertilizer (20 lbs.=2 bushes) | 2 | | | | | |
Total Current Assets | 22 | | | Total Current Liabilities | 0 |
| | | | | | | |
Fixed Assets | | | | Shareholders Equity | |
| Land (5 bushels
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ACC 290 Final Exam
1) Which financial statement is used to determine cash generated from operations?
A. Income statement
B. Statement of operations
C. Statement of cash flows
D. Retained earnings statement
2) In terms of sequence, in what order must the four basic financial statements be prepared?
A. Balance sheet, income statement, statement of cash flows, and capital statement
B. Income statement, capital statement, statement of cash flows, and balance sheet
C. Balance sheet, capital statement, statement of cash flows, and income statement
D. Income statement, capital statement, balance sheet, and statement of cash flows
3) In classifying transactions, which of the following is
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Team 2: Defend the asset/liability approach of accounting for inter-period income tax allocation.
The asset/liability method of income tax allocation is balance sheet oriented. The intent is to accrue and report the total tax benefit or taxes payable that will actually be realized or assessed on temporary differences when their respective future taxable or deductible amounts are expected to occur.
The book states 5 arguments:
1. The balance sheet is becoming more important financial statement. Reporting deferred taxes based on the expected tax rates when the temporary differences reverse increases the predictive value of future cash flows, liquidity, and financial flexibility.
665 words - 3 pages
Financial Statements Paper
Accounting information consists several areas of interest for users looking to interact with a business. These areas include assets, liabilities, expenses and revenues. The information reflecting these areas of interest is used to populate financial statements. The backbone of financial accounting is made up of four basic financial statements. These four financial statements are a balance sheet, an income statement, a retained earnings statement, and a statement of cash flows. Users utilize these basic forms to keep track of financial areas of interest in a business such and to make decisions.
The balance sheet is used to paint a current picture of what
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Question 1. 1. (TCO B) As a result of differences between depreciation for financial reporting purposes and tax purposes, the financial reporting basis of Noor Co.'s sole depreciable asset, acquired in Year 1, exceeded its tax basis by $250,000 at December 31, Year 1. This difference will reverse in future years. The enacted tax rate is 30% for Year 1, and 40% for future years. Noor has no other temporary differences. In its December 31, Year 1, balance sheet, how should Noor report the deferred tax effect of this difference? (Points : 8) |
As an asset of $75,000.
As an asset of $100,000.
As a liability of $75,000.
-----> As a liability of $100,000. Answer