Balance sheet

salvage value is $50,000 and its expected life is eight years. Instructions Calculate the depreciation expense (to the nearest dollar) by each of the following methods, showing the figures used. (a) Straight-line for 2010 (b) Double-declining balance for 2011 (c) Sum-of-the-years'-digits for 2011 |…

the lower risk 4. What could be the use of the Balance Sheet for Project Manager? The balance sheet is a document that provides a quick snapshot of the company’s standing at a given time. Balance sheet consists of assets, liabilities and owners’ equity (Assets =Liabilities +Owners Equity) which highlights the current financial position. It keeps the project manager informed about company’s financial standing. Though the use of the balance sheet, it can be viewed what the company own or what it…

he Income Summary account is used to Close the revenue and expense accounts. The income summary account is a transitional account into which all income statement revenue and expense accounts are transferred at the end of an accounting period. The net amount transferred into the income summary account equals the net profit or loss that the business incurred during the period. Thus, shifting revenue out of the income statement means debiting the revenue account for the total amount of revenue…

percentage-of-completion method. 2. Compute the amount of gross profit or loss to be recognized in 2006 and 2007 using the completed contract method. 3. Prepare a partial balance sheet to show how the information related to this contract would be presented at the end of 2006 using the percentage-of completion method. 4. Prepare a partial balance sheet to show how the information related to this contract would be presented at the end of 2006 using the completed contract method. Exercise 5-3…

Question 2 Elements and cash flow classifications of the financial statements 1. Cash paid into the business by Jay to begin operations In the balance sheet, this transaction will be shown as the first investment put into the business by the business owner. The elements affected in this transaction will include: Assets: Increase in Cash Equity: Increase in Capital The statement of cash flow will record this transaction under financing activities and shown as cash inflows for the business 2…

A Firm 's Financial Statements By understanding a firm 's income statement, balance sheet, and statement of cash flow, one could easily determine a firm 's performance. Each financial statement is used to illustrate a specific area within a firm 's performance. To best understand the purpose of each financial statement, each will be looked at in greater detail followed by the five types of financial ratios to put the financial statements into perspective. Income Statement An income statement…

Appendix C offers a vertical analysis of the balance sheet and the statement of income for Adeptus. As Appendix C illustrates, the organization’s net property and equipment doubled between 2012 and 2013 while intangibles decreased by 30%. Long-term debt almost tripled within the same time period, but further…

managing the balance sheet” (Mensah, n.d.). A repo agreement involves temporary transfers of securities with an exchange in cash, which would be settled when the borrower repays the money with an agreed interest rate and repossesses the securities. In the legal perspective, the legal title of the securities shifts from Lehman Brothers to its buyer until the occurrence of repurchase. According to the repurchase agreement, it is accepted as a secured loan liability on the balance sheet when the…

1. The role of ethics in the accounting profession governs how an accountant performs in any given situation. Ethical behavior for accountants is following approved guidelines, representing themselves truthfully, representing their clients honestly, and not doing anything to cause mistrust between the two. Social responsibility is the ethical framework of an organization or individual to work on behalf of the society. Accountants must compile and prepare financial data that is truthful and…

Learning Team A Global Business Financial Environment ACC/300 Brandy Havens Alesia Batiste GM Motors uses SEC filings (US Securities and Exchange Commissions). Available-for-sale securities are one type of investment a company can make. Available-for-sale securities are any security not classified as a trading security or held to maturity security. These can either be debt or equity securities, however, the accounting is the same for each. An accountant must properly account and report…