Explore BrainMass
Share

Explore BrainMass

    Accounting for Liabilities

    Accounting

    Can you help me get started with this assignment? 1. Explain the difference in owner's liability for the general business debts of a limited liability company (LLC) and a limited liability partnership (LLP). 2. What is the difference between an interpretive regulation and a legislative regulation? 3. What is the tax b

    Auditing problems (Accounts Payable and other liabilities)

    In the course of your initial audit of the financial statements of Sylvan Company, you determine that of the substantial amount of accounts payable outstanding at the close of the period, approximately 75% is owed to six creditors. You have requested that you be permitted to confirm the balances owing to these six creditors by c

    Journal Entries for Borrowed Money

    The Houston Company borrows $200,000 on August 7 with a year note at 5% interest. Prepare the journal entry to record the proceeds from the note, the accrued interest at 12/31 assuming all the interest is made at year end. The Houston Company also has a 10 year long term note at an initial value of $1,000,000, 5% interest/ye

    Deferred Tax Assets and Deferred Tax Liabilities

    How are deferred tax assets and deferred tax liabilities derived? How do they relate to the difference between tax expense and taxes payable? How could an organization have a tax receivable? Why is the tax expense reported on the income statement comprised of current and deferred tax?

    Increase, decrease or no effect of assets, liabilities, and stockholders' equity

    Presented below are three business transactions. list the letters (a), (b), (c) with columns for assets, liabilities, and stockholders' equity. For each column, indicate whether the transactions increased (+), decreased (−), or had no effect (NE) on assets, liabilities, and stockholders' equity. (a) Purchased supplies o

    Analysis of Balance Sheets

    Your help is needed. Listed below are annual balance sheets for ExxonMobil and Wal-Mart. ExxonMobil Annual Balance Sheet Assets $Mil Liabilities and Equity $Mil Cash 37,734.00 Current Liabilities 54,804.00 Other Current Assets 49.01

    Identify Whether Obligations are Current Liabilities

    Please help with the following problem. Provide step by step calculations. Cardinal Co. has the following obligations at Dec. 31st: (a) a note payable for $100,000 due in 2 yrs., (b) a 10 yr mortgage payable of $300,000 payable in ten $30,000 annual payments, (c) interest payable of $15,000 on the mortgage, and (d) accounts

    Current liabilities and contingencies - Journal Entries

    Please show work and follow GAAP unless otherwise stated The following selected transactions relate to contingencies of Eastern Products Inc. which began operations in July, 2006. Eastern's fiscal year ends on December 31. Financial statements are published in April 2007. (a) No customer accounts have been shown to be unco

    Description about liabilities and GAAP

    What are the criteria for classifying an item as a current liability? What are some examples of current liabilities? Why is it important to classify a portion of long-term debt on a yearly basis as a current liability? What is the implication of misclassifying a liability as current or long-term? Generally accepte

    Accounting for Long-Term Liabilities for Rubotics Corporation

    Rubotics Corporation issued $1,000,000 of 6.5%, 8-year bonds dated June 30, 20X5, with semiannual interest payments on December 31 and June 30. The bonds were issued on June 30, 20X5, for $1,033,750, Rubotics Corporation's year-end is December 31. a) Were the bonds issued at a premium, a discount: or at par? b) Was the mar

    A Discussion on End of Year Liabilities

    At the beginning of the fiscal year, the balance sheet showed assets of $1,364 and owners' equity of $836. During the year, assets increased $74 and liabilities decreased $38. Liabilities at the end of the year totaled?

    Competing with a former employer

    Write out a strategy for leaving your job and starting a business that will compet with your old employer. What simple steps can you take to avoid a lawsuit? What potential liabilities do you face?

    Other Accrued Liabilities - Payroll

    Other accrued liabilities - payroll. The following summary data for the payroll period ended on December 31, 2004, are available for Visquel and Associates.

    Accounting elements: assets, liabilities, owners' equity

    The text describes the following accounting elements: assets, liabilities, owners' equity, capital stock, retained earnings, revenues, expenses, and dividends. Which of these elements are increased by a debit entry, and which are increased by a credit entry? Give a transaction for each item that would result in a net inc

    Liabilities

    If the liabilities of a company is 1/3 of the total assets- what is the amount of the liabilities (the owner's equity is $300,000)

    Accounting, taxes, question, not sure which one is right

    The following trial balance of Rosen Corp. at December 31, 2004 has been properly adjusted except for the income tax expense adjustment. Rosen Corp. Trial Balance December 31, 2004 Dr. Cr. Cash $ 875,000 Accounts receivable (net) 2,695

    Effect on accounting equation

    For each of the following items, give an example of a business transaction that has the described effect on the accounting equation: Increase an asset and increase a liability. Increase one asset and decrease another asset. Decrease an asset and decrease owner's equity. Decrease an asset and decrease a liability. Incr

    Contingencies: Estimating the Liability to Report for Contingencies.

    13. (Contingencies) Presented below are three independent situations. Answer the question at the end of each situation. 1. During 2004, Salt-n-Pepa Inc. became involved in a tax dispute with the IRS. Salt-n-Pepa's attorneys have indicated that they believe it is probable that Salt-n-Pepa will lose this dispute. They also bel

    Payroll

    1. Chris Rock believes a current liability is a debt that can be expected to be paid in one year. Is Chris correct? Explain. 11. Describe the two major obligations incurred by a company when bonds are issued. 25. You are a newly hired accountant with Schindlebeck Company. On your first day, the controller asks you to iden

    A. Determine the total liabilities as of Feb 2nd 2003 and Feb 3,2002 b. Determine the ratio of liablilities to stockholders equity for 2003 and 2002. Round in two decimal places. c What conclusions regardomg the margin of protection to the creditors can you draw from (b)

    The home depot is the the Worlds largest home improvement retaier and one of the largest retailes inthe US based on net sales volume. The home depot operates over 1,100 home depot stores that sell a wide assortment of building materials and home improvement and lawn and garden products.The home depot also operates over 25 EXpo D

    Classification of items into Assets, Liabilities and Owner's Equity

    Listed below are a number of financial statement captions. Indicate in the spaces to the right of each caption (1) the category of each item, and (2) the financial statement(s) on which the item can usually be found. Category -------- Assets: A Liabilities: L Owner's Equity: OE Revenue: R Expense: E Gain: G Loss: LS

    Financial analysis -assets and liabilities

    The amounts of the assets and liabilities of Inkjet Supply Co. as of December 31, 19X4, and the revenues and expenses of the company for the year ended on that date follow. The items are listed in alphabetical order. Accounts payable........................................................................$12, 000 Accounts r

    Indicate effect of transactions on assets, liabilities, and net income

    Prepare one sheet with the column headings as below. For each of the following transactions or adjustments, indicate the effect of the transaction or adjustment on assets, liabilities, and net income by entering for each account affected the account name and amount, and indicating whether it is an addition, (+) or a subtraction