AccountingQs - Assets 270 cc120 liabilities 105 RE 45k What...

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RE 45k What shortens operating cycle? Cash to cash cycle, anything that expedites April 1 2007- premium paid 3K at end 2007, financial statement would Exp 2750 prepaid 750 External exchange Cash paid for wages, purchase of inventory, received from credit 120K income—30% income tax 84K Operating activities indicates company’s abilities to generate cash from sale to meet current cash payments Post closing trial balance includes account balances for A, L, SE July 100K 1 yr note 6% interest payable principle and interest in December? End interest is 3K Purchase of supplies in cash doesn’t change total assets Sale of service to a customer causes R/I to increase R-E=net credit to R/I Balance sheet A,L, CC, R/e What causes investors to overpay? Understated accounts payable and overstate inventory R/e increased by 3.2mil from the beginning of the year. 1.3 mil dividends. What is net income? REbeg=0
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This note was uploaded on 04/07/2008 for the course ACG 2021C taught by Professor Mcdonald during the Spring '08 term at University of Florida.

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AccountingQs - Assets 270 cc120 liabilities 105 RE 45k What...

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