Quiz Chapter 9, Fall 2015
Tinsley Limited purchased a new van on January 7, 2012. The van cost $40,000. It has an
estimated life of three years and the estimated residual value is $4,000. Tinsley uses doubledeclining-balance depreciatio
ACTG 121 Financial Accounting!
Prof. Guillermo Ortiz
Difference between assets, expenses and liabilities.
Assets economic resources that have value and will provide a future benefit.
Liabilities debts or obligations of a business
Expenses the cost of doin
The Closing Process Explained
Closing is the process of zeroing out temporary accounts and, in the process,
transferring the results of operations (Net Income or Net Loss) to Retained Earnings.
Your book does closing in two transactions, which makes it ve
The Trial Balance
Take the account balances from the
ledger to prepare a Trial Balance.
At any time we can take the information found in
the ledger accounts and show it in an internal
report called the Trial Balance. This is not a
The Journal And The Ledger
The journal is like a diary. It records all the
nancial transactions of the business in
In the journal you can check what happened on
a given day, but it doesnt tell us the balance
Prof. Guillermo Ortiz!
The Complete Bond Problem
A company issues $10,000, 10%, 5-year bonds with semiannual payments.
These amounts are xed and are stipulated in the bond contract.
Calculate the semiannual p
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