), and replacing it with $3,000 of cash. If the cash that the company received was greater than the asset’s book value, the company would record the difference as a credit to Gain on Sale of Fixed of Assets. Join PRO...
), and replacing it with $3,000 of cash. If the cash that the company received was greater than the asset’s book value, the company would record the difference as a credit to Gain on Sale of Fixed of Assets. Join PRO...
of stockholders’ equity (statement of shareholders’ equity, statement of equity) notes to the financial statements Join PRO to Track Progress Mark the Question as Read Must-Watch Video Learn How to Advance Your...
-to-read report that highlights the customers with past due sales invoices. An aging can also be prepared for the company’s accounts payable. The aging of accounts payable is based on the dates that the vendors’...
revenues with a limited amount of expenses. In short, the financial statements provide only some of the information needed when attempting to determine the value of a business. Join PRO to Track Progress Mark the...
$232,000. The result was a favorable SG&A expense budget variance of $8,000. Manufacturing overhead costs were budgeted to be $400,000 but were actually $393,000. The result was a favorable manufacturing overhead...
liability of $10,000 that appeared on the December 31 balance sheet. Join PRO to Track Progress Mark the Question as Read Must-Watch Video Learn How to Advance Your Accounting and Bookkeeping Career Perform better at...
be rented. When the volume exceeds 500,000 units per year, the company will need to add fixed costs because of the additional space and the additional managers. Perhaps the total fixed costs will be $2,000,000 for...
the required amount of college credits, many students enroll in a CPA Review course just prior to sitting for the CPA Exam. Within AccountingCoach.com’s Accounting Career Center we provide othe assistance and links...
account Inventory. When goods are sold, the retailer moves the cost of those goods from Inventory to the income statement as the Cost of Goods Sold, which is an expense that is being matched with the related sales...
will record an account receivable when it delivers a truckload of goods to a customer on June 1 and the customer is allowed to pay in 30 days. From June 1 until the company receives the money, the company will have an...
, it doesn’t matter for the decision to eliminate product line E whether the company’s other expenses are $500,000 or $5,000,000. Join PRO to Track Progress Mark the Question as Read Must-Watch Video Learn How to...
capital (using current assets or increasing its current liabilities) the bonds payable can continue to be reported as a long-term liability until the maturity date. Join PRO to Track Progress Mark the Question as Read...
as a current liability such as Accrued Expenses Payable. On the corporation’s income statements, the interest that occurred (whether paid or not paid) during the period of the income statement will be reported as...
that spends time in three main functions of a nonprofit organization. Join PRO to Track Progress Mark the Question as Read Must-Watch Video Learn How to Advance Your Accounting and Bookkeeping Career Perform better at...
(or other legal claim) on the company’s assets is an unsecured creditor. Join PRO to Track Progress Mark the Question as Read Must-Watch Video Learn How to Advance Your Accounting and Bookkeeping Career Perform better...
with the payees of your outstanding checks before the checks have been outstanding for a second month. This may eliminate the accounting entries and the need to report and remit the outstanding check amounts to your...
and a corporation. Join PRO to Track Progress Mark the Question as Read Must-Watch Video Learn How to Advance Your Accounting and Bookkeeping Career Perform better at your current job Refresh your skills to re-enter the...
sold. Accountants can find the level of correlation between variables by using statistical software. For example, simple linear regression analysis (and multiple regression analysis) software can be used to determine...
to be reported on the balance sheet at the lower NRV of $12,000, and 2) the income statement to report the write-down loss of $3,000 (even though the goods have not yet been sold). Join PRO to Track Progress Mark the...
is 4,000 machine hours will be $21,000. Join PRO to Track Progress Mark the Question as Read Must-Watch Video Learn How to Advance Your Accounting and Bookkeeping Career Perform better at your current job Refresh your...
in the corporation’s statement of stockholders’ equity. Join PRO to Track Progress Mark the Question as Read Must-Watch Video Learn How to Advance Your Accounting and Bookkeeping Career Perform better at your...
the manager is the head of an investment center. Join PRO to Track Progress Mark the Question as Read Must-Watch Video Learn How to Advance Your Accounting and Bookkeeping Career Perform better at your current job...
will be the student’s work experience, outside activities, and more. Join PRO to Track Progress Mark the Question as Read Must-Watch Video Learn How to Advance Your Accounting and Bookkeeping Career Perform better at...
such as equipment are recorded in the general journal.) Join PRO to Track Progress Mark the Question as Read Must-Watch Video Learn How to Advance Your Accounting and Bookkeeping Career Perform better at your current...
as a reduction to the total amount of Stockholders’ Equity.) Join PRO to Track Progress Mark the Question as Read Must-Watch Video Learn How to Advance Your Accounting and Bookkeeping Career Perform better at your...
of $2,600 will result in the entry having debits of $47,600 and credits of $47,600. Join PRO to Track Progress Mark the Question as Read Must-Watch Video Learn How to Advance Your Accounting and Bookkeeping Career...
that will be cashed to get the cash in the petty cash fund back to the imprest general ledger amount of $100.) The debits will be the accounts and amounts shown on the petty cash receipts, which total $93. To get the...
would realistically receive. It allowed us to “match” the discount to the week of the sale and not mismatch the discount to a later week when the customer remitted the reduced amount. Join PRO to Track Progress Mark...
and Over for $1 (the amount that is not accounted for). It is important to realize that the $80 check will be credited to Cash (the company’s checking account). There is no entry to the Petty Cash account when merely...
the Internet for the corporation’s name plus the words investor relations. Select Annual Reports (or select SEC filings and annual reports or 10-K). Join PRO to Track Progress Mark the Question as Read Must-Watch...
. If there are 125 units on hand at the end of the year, the ending inventory will report the cost of 125 units. The cost of goods sold for the year will be the cost of the 1,475 units that are no longer available. Join...
fees, dues, fundraising events, grants, and investment income. Expenses are presented as program activities or supporting activities (management and general, and fundraising). Join PRO to Track Progress Mark the...
can be used differently by different people. Join PRO to Track Progress Mark the Question as Read Must-Watch Video Learn How to Advance Your Accounting and Bookkeeping Career Perform better at your current job Refresh...
costs could increase. Join PRO to Track Progress Mark the Question as Read Must-Watch Video Learn How to Advance Your Accounting and Bookkeeping Career Perform better at your current job Refresh your skills to re-enter...
to verify the amount of principal and interest owed at a specific date and then compare the amounts to the balances in your general ledger accounts. Join PRO to Track Progress Mark the Question as Read Must-Watch Video...
+ interest expense of $200,000 + income tax expense of $300,000). Since the interest expense was $200,000, the corporation’s times interest earned ratio was 5 ($1,000,000 divided by $200,000). Join PRO to Track...
outstanding. If a stockholder owns 1,000 shares of the common stock, the stockholder owns 1% of the corporation. If the corporation declares a divided of $0.10 per share, this stockholder will receive a dividend of $100...
improvements to land, buildings, machinery, equipment, furniture, fixtures, vehicles, computer information systems, leasehold improvements, etc. Join PRO to Track Progress Mark the Question as Read Must-Watch Video...
: Retail/Whsle – Corporation, Multiple-Step Income Statement: Retail/Whsle – Sole Proprietor, Multiple-Step Join PRO to Track Progress Mark the Question as Read Must-Watch Video Learn How to Advance Your...
the insurance premiums expire. (However, the insurance premiums for the manufacturing operations will become part of the product costs as the insurance premiums expire.) Join PRO to Track Progress Mark the Question as...
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