Statement of partnership liquidation After the accounts are closed on July 3, 2008, prior to liquidating the partnership, the capital accounts of Ann Daniels, Harold Burton, and Carla Ramariz are $27,000, $4,500, and $32,000, respectively. Cash a
Capitol at the end of period = Capitol at first + (Net income for period Less withdrawals); Net income for period Less withdrawals
= Increase in OE.
Statement of Cash flows
Step 1. Analyzing and Recording Transactions in the Journal
Current assets: _
I V Total We _
Totai current assets 3 J: <
Property, plant. and eqmpnmt:
~.W s H ): 0""9 5mm
Tote. assets 3 i5 :13 (f Total liabilities and ownefs equity
m Kelly Consulting
1A FINAL EXAM STUDY GUIDE
2. What is the normal balance of an asset?
What is the normal balance of a liability?
What is the normal balance of a revenue account?
What is the normal balance of an expense account?
What is the normal balance of the
Chapter 4 Lecture Notes
The Accounting Cycle
Start with account balances from last period
Journal entries from transactions
Post J/Es to ledger (t-accounts)
Prepare Unadjusted Trial Balance (worksheet optional)
re: "Gross Profit" (aka, gross margin) line item vs. "Net Income/Loss (aka,
"bottom line") within a typical merchandising business Income Statement:
Can a business earn a gross profit but incur a net loss? Please explain. (stru
Topic: re: Ch.8 Internal Business Control
You are the CEO of West Coast Design Inc.
During last year, one of your employees, Brooke Miles, accounts payable clerk for West
Coast Design Inc., stole by paying fictitious invoices for goods that
How are revenues and expenses reported on the income statement (Statement of Operation)
(a) the cash basis of accounting vs. (b) the accrual basis of accounting? Which basis is the one
required and compatible with US GAAP and/or IFRS (Intern
COMPREHENSIVE PROBLEM 1
- The following ledger accounts appear below, in this order:
Fees Earned, Salary Expense, Rent Expense, Supplies Expense, Depreciation Expense, Insurance Expense,
- Beginning balances from the textbook have a
De Anza College Accounting 1A Midterm #2 Chapters 3 & 4 F 2013 Scott Osborne
First Name In .C! Class Hour
Please print first and last names as it shows on the attendance roster.
Question 1 2721 45 Points
Journalize the adjusting entries needed on Decem
De Anza College Accounting 1A Midterm #3 Chapters 5-7 Fall 2013 Scott Osborne
First Name t a. Last Name 3 .1"? Class Hour
Please print rst and last names as it shows on the attendance roster.
Question 1 41 Points
The inventory records of El Camin
Using the Percentage of Sales Method for Uncollectibles
Consider the following:
A company has credit sales of $50,000 for the period. The balance in the Allowance
for Doubtful Accounts is a debit of $65.
1. The company estimates that .5% of credit sales w
CH 8 - CASH
Bank Reconciliations - To verify the CASH account in the General Ledger with an outside independent source.
Prepare a bank reconciliation for Cartwright Company as of October 31, 20XX, using the following:
Bank statement.October 31, 20XX balan
Assigning Costs of Inventory to CGS and Ending Inventory
Periodic Cost System
FIFO, LIFO, Weighted Average
Purchase March 20
Purchase June 30
Purchase November 15
Available for Sale