293 ASSIGNMENT #3
Question 1 Problem P7-8
Free Form Builders Inc., a construction company, recognizes revenue from its long-term
contracts using the percentage-of-completion method. On March 29, 2013, the company
signed a contract to construct
ASSIGNMENT 3 IS OUT OF 49 MARKS.
The beginning balance of trade receivables will increase by the amount of credit sales, and will
decrease when cash is collected from customers or when accounts are written off as
uncollectible. Accordingly, the
Comm 293 Notes
Reporting and Interpreting Owners Equity
We have now completed our review of the asset and liability sections
of the Statement of Financial Position. Now we will turn our attention to
the Shareholders Equity or the net assets
Chapter 11: Bankruptcy term in America
Bankruptcy: debt that you are unable to pay.
Companies get bankrupt because they no longer have money
Example- Blockbuster: They had big fixed cost (always located in expensive neighborhood as a
PRINCIPLES OF FINANCIAL ACCOUNTING
Accounting: A set of concepts and techniques that are used to measure and report financial information
about an economic unit.
1. The information recorded from accounting is useful for business managers, owners, creditor
Statement of earnings:
-gross profit/margin = net sales - cost of sales
Free on board (FOB):
-FOB shipping point: title/ownership changes at shipment, buyer pays for shipping
-revenue recognized at shipment
-FOB destination point: changes at delivery, sel
Inventory: tangible property held for sale or used in producing for sale
-merchandise inventory: goods held for resale
-raw materials inventory: items acquired for the purpose of processing into finished goods
CHAPTER SEVEN: SALES
Focus on sales that are on credit
F.O.B shipping point: once it is shipped, it is sold
F.O.B destination: once it has arrived, it is sold
-net 30 days: wants payment within 30 days or may add interest
-2/10, net 30: 2/10 means
Trial balance: shows all accounts and their debits and credits
-helps us know that debits = credits so that we can move onto the balance sheet
How Revenue can go wrong:
-could be over/under stated
-when understated: need to identify work comp
Objective of external financial reporting: to provide financial info to help external parties make
-Relevance: influences decisions; predictive/confirmatory value
-material amounts: large enough to influe
For public companies, income statement includes a section called comprehensive income
-private companies don't have this
-in this class, we will not be tested on comprehensive income
Good will only occurs when someone pays for it
-can't create your own go
Operating (cash-to-cash) cycle: time it takes for company to pay cash to suppliers, sell
goods/services to customers, collect cash
-shortening of cycle means higher net earnings and faster growth
Periodicity assumption: long life of a compan
-seldom will comparison to last year profit enough data to establish trends
-if financial statement analysis was easy and always right, how come so much money is lost on the
-compare overtime within company or wi
Business Decisions and Financial Accounting
Sole proprietorship: Individual owner.
Doesnt require any special legal maneuver.
The owner is personally liable for the profits, losses
LAB 2: FACTORS AFFECTING REACTION RATES
Objective: To determine how concentration, temperature and addition of a catalyst
affects the speed of a chemical reaction
Part A: To determine the effect of concentratio
Protected B when completed
2017 British Columbia
Personal Tax Credits Return
Read page 2 before filling out this form. Your employer or payer will use this form to determine the amount of provincial tax deductions.
Fill out this form
New Kitchen Case Study EV Exercise
The new Colorado Springs Store is scheduled for 120 days at a total budget of $2 million.
Day 34 has arrived with the sun shining and Dirk standing at your desk. He has the latest
project financials in his hand. Thank go
Terms of Reference
THE TERMS OF REFERENCE
GENERAL PROJECT STATEMENT
The goal of this project is to provide a recommendation for the coordination, prioritization and
status communication of light requests within Inventure Solutions
NAME & ADDRESS OF CLIENT
Lab 2 Homework Level 2 Word, Excel
Complete the following homework assignment before the next lab period. It will NOT be handed in and is not
worth marks, however you will have a quiz based on the skills practiced in the homework.
If you require help to d
Week 4- Lab 3 Practice
Excel 2016 Numerical Averages and Conditional Formatting
1. Open a new Excel 2016 spreadsheet.
2. Generate a column of numbers from 0 to 25 in steps of 1. Start at cell A5. Your column of
numbers should end in cell A30.
3. Title thi
TERMS OF REFERENCE OF BMS WEBLET
GENERAL PROJECT STATEMENT
Create a new weblet for the program of
British Columbia Institute of Technology to attract more applicants.
NAME & ADDRESS OF CLIENT ORGANIZATION
OPMT 1170: Project Management
Critique the examples including on D2L, starting with TOR1, for
Is it clear what will be delivered?
What would you change?
Imagine yourself as the client or advisor, would you
Hull Construction completed several transactions during the year. In each case, decide if a liability should
be recorded and, if so, determine the amount. Assume the current date is December 31, 2017. Review
Appendix 9B before determini
We take our final look at the accounting activities of Terrific Lawn Maintenance Corporation by
illustrating the activities at the end of the accounting cycle: adjustment process, financial statement
preparation, and closing process. Ch
DEMONSTRATION CASE A
Wholesale Warehouse Stores sold $950,000 in merchandise during 2017: $400,000 was on credit with
terms 2/10, n/30 (75 percent of these amounts were paid within the discount period); $500,000 was paid
with credit cards (there
This case is a continuation of the Terrific Lawn Maintenance Corporation case introduced in Chapter 2.
The company was established with supplies, property, and equipment purchased ready for business. The
statement of financial
On April 1, 2014, three ambitious college students started Terrific Lawn Maintenance Corporation.
Completed transactions (summarized) through April 7, 2017, for Terrific Lawn Maintenance Corporation
1. Issued 1,500 shares in exc