Reporting and Interpreting
Owners Equity
Chapter 11
1
Learning objectives
1. Advantages and disadvantages of a corporation
2. Accounting for issuing and repurchasing stock.
3. Accounting for dividends payment
4. Differences between stock split and stock
d
Reporting and Interpreting
Property, Plant and Equipment
Chapter 8
1
Learning objectives:
Be able to measure the cost of a plant asset;
Account for depreciation;
Record the disposal of an asset by sale or
trade;
Account for impairment of long-term assets
Clarificationsongroupproject
questions
Current year in the questions refers to the year of the statement given, which
is FY 2008 ended on January 1, 2009.
CP-W08:
Inventory turnover ratio = COGS / avg Inventory
COGS is directly from financial statement, t
Adapted from past-year midterm.
Use the following to answer questions 1-4:
August is the first month of operations for Appala Wineries and the following transactions took
place during August:
The owner invested $240,000 cash in the business.
The busines
Introduction / Overview of
Financial Statements
Lecture 1
1-1
Learning Objectives
1. Recognize the information conveyed in each of the four basic
financial statements and the way that it is used by different decision
makers (investors, creditors, and mana
E34.
Activity
Amount of Expense Incurred in
January
Expense Account Affected
a.
Utilities expense
$2,754
b.
Advertising expense
$282(= $846 x 1 month/3 months) incurred
in January. The remainder is a prepaid
expense (A) that is not incurred until
February
P13.
Req. 1
Transaction Income
(a)
+$66,000
Req. 2Explanation
Cash
+$55,000
(b)
0
+45,000
(c)
0
9,500
All services performed increase income;
cash received during the period was,
$66,000 11,000 = $55,000.
Cash borrowed is not income.
Purchase of the truck
E44.
Req. 1
Prepaid Insurance is a deferred expense that needs to be adjusted each period for the
amount used during the period.
The amount of expense is computed as follows: $14,400 x 3/24 = $1,800 used
Adjusting entry:
Insurance expense (+E, SE).
Prepai
E67.
Req. 1
BAVARIA CORPORATION
Income Statement
For the Year Ended December 31, 2015
Amount
Gross sales ($233,000 + $40,000).
Less sales returns and allowances.
Net sales revenue.
Cost of goods sold.
Gross profit .
Operating expenses:
Administrative expe
AP83.
Req. 1
Cost of each machine:
A
Purchase price.
Installation costs.
Renovation costs.
Total cost.
$24,400
1,600
1,200
$27,200
Machine
B
$65,000
2,200
2,800
$70,000
C
$43,400
2,200
3,200
$48,800
Total
$132,800
6,000
7,200
$146,000
Req. 2
Computation o
P76.
Req. 1
JUCO CORPORATION
Income Statement (LCM basis)
For the Year Ended December 31, 2014
Sales revenue
Cost of goods sold:
Beginning inventory
Purchases
Goods available for sale
Ending inventory
Cost of goods sold
Gross profit
Operating expenses
Pre
E915.
Req. 1
$50,000 x 0.7513
=
Req. 2
$10,000 x 2.4869
=
$37,565
$24,869
It is better to pay in three installments because the economic cost is less.
Req. 3
$40,000 x 0.5132
=
$20,528
Req. 4
$15,000 x 6.1446
=
$92,169
AP97.
Option 1:
$750,000
=
$750,000
P113.
(a) Cash (66,000 shares x $9)(+A).
Common stock (66,000 shares x $5) (+SE) .
Contributed capital in excess of par, common (66,000 x
$4) (+SE).
.
594,000
(b) Cash (9,000 shares x $20) (+A).
Preferred stock (9,000 shares x $10) (+SE).
Contributed capi
Introduction / Overview of
Financial Statements
Lecture 1
1-1
Learning Objectives
1. Recognize the information conveyed in each of the four basic
financial statements and the way that it is used by different decision
makers (investors, creditors, and mana
ABERCROMBIE & FITCH CO /DE/
(ANF)
10-K
Annual report pursuant to section 13 and 15(d)
Filed on 03/27/2009
Filed Period 01/31/2009
Table of Contents
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D. C. 20549
Form 10-K
(Mark One)
ANNUAL REPORT
Accrual Accounting
Lecture 4
3-1
Learning Objectives
1. Explain the purpose of adjustments and analyze the
adjustments necessary at the end of the period to update
balance sheet and income statement accounts.
2. Explain the purpose of a trial balance.
3.
The Balance Sheet
Lecture 2
2-1
Learning Objectives
1. Define the objective of financial reporting, the elements of the balance sheet
and the related key accounting assumptions and principles.
2. Identify what constitutes a business transaction and recogn
Accrual Accounting
Lecture 4
3-1
Learning Objectives
1. Explain the purpose of adjustments and analyze the
adjustments necessary at the end of the period to update
balance sheet and income statement accounts.
2. Explain the purpose of a trial balance.
3.
Sales Revenue &
Accounts Receivables
Lecture 5
6-1
Learning Objectives
1. Analyze the impact of credit card sales, sales discounts,
and sales returns on the amounts reported as net sales.
2. Analyze and interpret the gross profit percentage.
3. Estimate,
Income Statement
Lecture 3
3-1
Learning Objectives
1. Describe a typical business operating cycle and explain the necessity
for the time period assumption.
2. Explain how business activities affect the elements of the income
statement.
3. Explain the accr
Communicating and
Interpreting
Accounting Information
Chapter 5
Ensuring the Integrity of Financial
Information Communication Process
Regulators
Standard Setting and
Enforcement Securities
Market Regulation
Auditing
Standards Setters
Corporate
Governance
Reporting and Interpreting
Owners Equity
Chapter 11
1
Learning objectives
1. Advantages and disadvantages of a corporation
2. Accounting for issuing and repurchasing stock.
3. Accounting for dividends payment
4. Differences between stock split and stock
d
Reporting and Interpreting Liabilities
Chapter 9
Learning objectives
Account for current liabilities of known
amount
Contingent liabilities report or disclose?
Operating lease or capital lease.
Calculate payroll and payroll tax amounts
Journalize basic pa
Reporting and Interpreting Liabilities
Chapter 9
1
Learning objectives
Account for current liabilities of known
amount
Contingent liabilities report or disclose?
Operating lease or capital lease.
Calculate payroll and payroll tax amounts
Journalize basic
Department of Accounting
NUS Business School
National University of Singapore
Course Syllabus for ACC1002X
Course:
Financial Accounting, ACC1002X
Semester:
Semester 2, 2012/2013
Required Material:
Financial Accounting, 7E Global Edition, Short, Libby and
Adapted from past-year midterm test
1. If a parcel of land that was originally purchased for $85,000 is offered for sale at
$150,000, is perceived by its purchasers as easily being worth $140,000, and is
finally sold for $137,000, the land should be recor
1. The seller of a piece of land originally asked for $2 million. The company
representative was a good negotiator and bought the land for the company at $1.8
million. Which accounting concept/principle requires the land to be recorded at $1.8
million in
