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Accounting 1
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eBook - ePub
Accounting 1
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About This Book
We've taken our popular Accounting 1 guide and made it even better! Updated content and an additional panel of information not only make this an essential companion for students in introductory accounting courses, but also a refresher for those in higher level courses. In this edition you will find more coverage of the subject including expanded sections on financial statements and accounting in business, making this a study tool you won't want to be without!
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Information
Topic
BusinessSubtopic
Business GeneralFinancial Statements: Formal Reports of an Entity
Balance Sheet (Statement of Financial Position) Company Balance Sheet for Year Ended Dec. 31, 20XX ASSETS
LIABILITIES
STOCKHOLDERSâ EQUITY
- Assets are balanced with the sum of liabilities and ownersâ equity as of a specific date
- Prepared after the income statement and the statement of retained earnings
- Current assets
- Cash and other resources expected to be cash, sold, or used up during the normal operating cycle of the business (usually 1 year)
- Typical current assets: Cash, receivables, inventories, investments, supplies, and prepaid expenses
- Noncurrent assets
- Assets that are not current assets
- Typical noncurrent assets: Buildings, equipment, furniture, fixtures, land, natural resources, and intangible assets (patents and goodwill)
- Current liabilities
- Obligations that will be paid within the operating cycle (usually 1 year)
- Typical current liabilities: Accounts payable, wages and salaries payable, taxes payÂable, unearned revenues, and short-term notes payable
- Noncurrent liabilities
- Liabilities that are not current liabilities
- Typical noncurrent liabilities: The noncurrent portion of any payable liabilities, capiÂtal leases, pension benefit obligations, and long-term obligations under product or service warranties
- Equity
- The difference between assets and liabilities
- Typical equity: Capital contributed by owners and retained earnings
CURRENT ASSETS: | ||||
Cash | $58,280 | |||
Accounts receivable | 50,300 | |||
Allowance for doubtful accounts | 3,100 | 47,200 | ||
Notes receivable | 8,000 | |||
Merchandise inventory | 58,000 | |||
Prepaid insurance | 6,000 | |||
Total current assets | $177,480 |
LONG-TERM ASSETS (PLANT AND EQUIPMENT): | ||||
Land | $60,000 | |||
Building | 110,000 | |||
Accum. depr. | 65,000 | 45,000 | ||
Delivery truck #1 | 13,000 | |||
Accum. depr. | 4,200 | 8,800 | ||
Total long-term assets | 113,800 | |||
Total assets | $291,280 |
CURRENT LIABILITIES: | ||
Accounts payable | $30,000 | |
Notes payable | 4,000 | |
Salaries payable | 2,000 | |
Unearned rent | 900 | |
Total current liabilities | 36,900 | |
LONG-TERM LIABILITIES: | ||
Notes payable | 30,000 | |
Total liabilities | $66,900 |
PAID-IN CAPITAL: | ||||
Common stock, $10 par (10,000 authorized and issued) | $10... |