Use the following information to complete the balance sheet
(1) The company was organized on January 1, 2005, and has operated for the full year 2005.
(2) Earnings have amounted to $275,000, and dividends of $70,000 have been paid to stockholders.
(3) Cash and accounts receivable together amount to one and one-half times as much as notes payable.
Balance Sheet
Assets
Cash $
Accounts receivable 85,000
Land 184,000
Building 250,000
Equipment 96,000
Total assets $
Liabilities & Owners’ Equity
Liabilities:
Notes payable $
Accounts payable $
Income taxes payable …………..$40,000
Total liabilities ………………..$215,000
Owners’ equity:
Capital stock ……………………$
Retained earnings ………………$
Total liabilities and
owners’ equity…………………… $620,000
My husband owns a small business and he has trouble communicating to his clients in the area of acountancy. He has an MBA but is not able to explain it in simple terms. Can you suggest resources I can buy tto help him to learn how to communicate to clients who ahve no knowledge about accounting about the ongoings of their accounts.He has to talk to treasurers who are unaware of all the monthly transactions and accounting transactions. please help.
i wanted to know the best way to learn financial accounting paper (uk).are there any books which i could refer to while
studying?should i focus on bookkeeping first to get a knack
of financial accounting?pls help….
If a gain of 10,000 is incurred in selling (for cash) office equipment having a book value of 100,000, the total amount reported in the cash flows from investing activities section of the statement of cash flows is
a. 110,000.
b.10,000.
c.100,000.
d.90,000.
thanks to any one who responds, if u could tell me how u get the answer u get i would appreciate it
I’m not really sure about this question on my accounting homework. please help!
What reporting is necessary when a business pledges receivables as security for a loan and the loan is still outstanding at the end of the period?
Why is this required?
What accounting principle is being satisfied?
I need information on setting prices for a company. I need to know what to consider when setting prices internaly and externaly (issues). I cant seem to find the answer to these in my accounting book. Any help would be appreciated. Maybe a website that explains this?
1)Which list below best describes the major services performed by public accountants?
A)Employee training, auditing, bookkeeping
B)Auditing, taxation, management consulting
C)Cost accounting, production scheduling, recruiting
D)Bookkeeping, mergers, budgets
2) Preparing tax returns and engaging in tax planning is performed by
A)both public and private accountants.
B)IRS accountants only.
C)public accountants only.
D)private accountants only.
3)The private sector organization involved in developing accounting principles is the
A)Financial Auditors’ Standards Body.
B)Financial Accounting Studies Board.
C)Financial Accounting Standards Board.
D)Feasible Accounting Standards Body.
4)When an owner makes a withdrawal
A)the drawing account will be increased with a credit.
B)the drawing account will be decreased with a debit.
C)it doesn’t have to be cash, it could be another asset.
D)the capital account will be directly increased with a debit.
I am taking accounting 1 as a freshman in college and we are using the book Principles of Financial Accounting McGraw-Hill 18th edition. My teacher isn’t a very good teacher at that, and I am getting really confused. She reads right from the book and doesn’t really show how to do things, she just assigns the homework. Are there any books that would help me understand what I am doing better and/or teach me?
I know this sounds like an obvious answer, im applying for another college and really want to get accepted and want to appear my best.
Thanks for any help,
I am currently working on a bachelors degree (accounting). I am also working for a temp agency that specializes in placing employees in the finance/accounting industry. Would it be best for me to stay a temp to get a variety of experience, or take a permanent job if it were to come along?
