Quiz_1 Briefing

Quiz_1 Briefing - Quiz#1Prep...

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Quiz #1 Prep The answer sheets contain: ¾ A starting balance sheet w/ ¾ Three (current) asset accounts: ¾ Two (current) liability accounts: Advances/Unearned Revenues and Payables ¾ One equity account: Retained earnings ¾ All “starting” account values = 0 ¾ Space for five consecutive Income Statements Revenue (COGS) = Net Income. ¾ liabilities and retained earnings. If I list 2 3 events per period for five periods, you should be able to correctly recognize the related Revenue and Expense numbers, determine Net Income, and complete the closing balance sheets. For practice, you could make up some events – random transactions wherein you purchase inventory for cash or on account and also sell it for cash or on account. You could also take the Thai me Up four quarters’ of events which I have reduced to just the purchase and sale of inventory
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This note was uploaded on 04/22/2011 for the course ECON 4 taught by Professor Willoughby during the Spring '08 term at UCSD.

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Quiz_1 Briefing - Quiz#1Prep...

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