ACCT101-Handout02

ACCT101-Handout02 - Equipment Short-term note receivable...

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Acct 101 L12, L13, L16 Handout #02 Investing and Financing Decisions and the Balance Sheet ± Objective of external financial reporting To provide useful economic information to external users for decision making. External users: ± Underlying assumptions Separate entity Unit-of-measure Continuity ± Elements of balance sheet and accounts A = L + E ± Transactions Events having an economic impact on the entity (external or internal) Historical cost principle Duality of Effects Maintaining balance (A=L+E) 1
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Acct 101 L12, L13, L16 Handout #02 ± E 2-4 Assets = Liabilities + Stockholders’ Equity a. Cash +2,168,000 Contributed capital +2,168,000 ± Journal entries and T-accounts ± E 2-11 (Additional requirement: post journal entries to T-accounts.) Dr. Cr. 2
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Acct 101 L12, L13, L16 Handout #02 Cash Contributed capital Long-term note payable 0 0 0 Short-term note payable
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Unformatted text preview: Equipment Short-term note receivable Store fixtures 3 Acct 101 L12, L13, L16 Handout #02 P 2-5 1. Dr. Cr. 4 Acct 101 L12, L13, L16 Handout #02 2. Cash Short-term Investments Receivables and Other Assets Inventories Other Current Assets Property, Plant and Equipment Long-term Investments Other Noncurrent Assets Accounts Payable Other Short-term Obligations Long-term Liabilities Contributed Capital Retained Earnings 5 Acct 101 L12, L13, L16 Handout #02 3. Dell, Inc. Balance Sheet At January 28, 2005 (in millions) Assets Current Assets 7,336 Noncurrent Assets Total assets $20,899 Liabilities and Stockholders’ Equity Current Liabilities 10,896 Long-term Liabilities Stockholders’ Equity Total liabilities and stockholders’ equity $20,899 4. Financial = Average Total Assets Leverage Average Stockholders’ Equity 6...
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This note was uploaded on 12/07/2009 for the course ACCT ACCT 101 taught by Professor H during the Fall '08 term at HKUST.

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ACCT101-Handout02 - Equipment Short-term note receivable...

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