biz first term cheat sheet

biz first term cheat sheet - Internet / supplies /...

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Role, Time, required Inventory Term, FOBs purchase/freight/duty/tax/discou nt/return/return duty/return tax/return discount COGS = COAFS – E/B Inventory. Extra ordinary repair 1. Amort up to point 2. Dr A/A, Cr Cash(orAP) 3. Calc NHC, HUL 4. Amort rest *don't go beyond salvage value Sales Discount (in time) DR sales returns DR cash, DR sales disccounts, CR account receivable Allowances CR A/R or Cash Deferred expenses example Closing entry if there's net loss skip 3, 4
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Part1 part 2 Net realizable value Net realizable value = EB AR – EB AFDA (allowance for Doubtful) LCNRV rule petty cash Income statement TIME Revenue Gross sales Less: sales discount Net sales Less: COGS exp Gross profit Operating Expenses Amortz / Repairs / Sales Salaries / Wages / Secretary salary / CEO /
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Unformatted text preview: Internet / supplies / promotion / service charges / Bad debt exp Other Revenue Interest Revenue Other Expenses Interest expenses Loss on trade-in Net income before tax Less:Income tax expenses Net income after tax Balance sheet TIME ASSETS current asset cash / AR/ less:allowance for d a / Inventory/ interest receivable / supplies / note receivable Total current asset Fixed asset building / Less: AA, vending machine / Less AA , equipment / less AA Total fixed assets Total assets Liabilities and shareholder's Equity Liablities A/P, Salaries payable, mortgage payable, unearned revenue, income tax payable, Total liabilities Share holder's equity Common stock /Retained earnings Total L and SH eq lib&owner's equity Revenue section Loss in trade-in...
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This note was uploaded on 11/09/2010 for the course BUSINESS 2257 taught by Professor Iandunn during the Fall '10 term at UWO.

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biz first term cheat sheet - Internet / supplies /...

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