Information for TAB M2-9, M2-10 and M2-11 is below:
a. Borrowed $3,940 from a local bank on a note due in six months.
b. Received $4,630 cash from investors and issued stock to them.
c. Purchased $1000 in equipment, paying $200 cash and promising the rest on a note due in one year.
d. Paid $300 cash for supplies.
e. Bought and received $700 of supplies on account.
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The problem set deals with questions under accounting: transaction analysis through assets = liabilities + equity.
accounting review help
- The essentials of record-keeping.
- Preparation of simple financial statements.
- Balance sheet: Asset and Liability measurement and recognition.
- Income Statement: Revenue and expense recognition and measurement
- Account receivable; advances form customers; revenue recognition.
- Measuring and reporting working capital accounts: cash; prepayments; inventory; accounts payable; warranties; restructuring charges.
- Cost Behavior, decision making and simple budgeting: fixed and variable costs; relevant costs for decision making; cost-volume-profit analysis.
- Noncurrent assets: recognition and measurement of noncurrent assets; tangible and intangible assets; depreciation; impairment testing.
- Introduction to investments: introduction to investment in debt and equity securities; marketable securities and equity method investment.
- Statement of cash flows: preparing and understanding a statement of cash flows.
- Bonds: liabilities-bonds.
- Performance measurement: introduction to financial statement analysis; assessing firm level performance and an introduction to FSA.View Full Posting Details