Beruflich Dokumente
Kultur Dokumente
a)
b)
c)
d)
e)
E2-3
a)
b)
c)
d)
e)
f)
g)
h)
i)
j)
E2-4
a)
b)
c)
d)
e)
f)
g)
h)
i)
j)
k)
Confirmatory value
Cost constraint
NEUTRALITY
Comparability
Neutrality
Faithful representation and relevance
Timeliness
Relevance
Comparability
VERIFIABILITY ARRIVING AT DIFF AMOUNTS OF A VALUE
Comparability
Confirmatory value
Comparability (consistency)
NEUTRALITYIGNORES THE ECONOMIC CONSEQUENCES OF A STANDARD OR
RULE
verifiability
relevance
timeliness, verifiability, understandability, comparability
materiality
faithful representation
relevance and faithful representation
TIMELINESS ISSUANCE OF INTERIM REPORTS
E2-5
a) GAINS AND LOSSES- ARISES FROM PERIPHERAL OR INCIDENTAL TRANSACTIONS
b) liability
c) Investment by owners & COMPREHENSIVE INCOME INCREASES OWNERSHIP
INTEREST
d) Distribution to owners
e) Comprehensive income
f) Assets
g) Comprehensive income
h) Expenses, revenues
i) Equity
j) Revenues
k) DISTRIBUTION TO OWNERS DECREASES ASSETS DURING THE PERIOD BY
PURCHASING THE COMPANYS OWN STOCK
l) comprehensive income
E2-6
a)
b)
c)
d)
E2-7
a) Historical cost
b) Full disclosure
c) EXPENSE RECOGNITION PRINCIPLE- INTANGIBLE ASSETS ARE AMORTIZES OVER
PERIODS BENEFITED
d) Fair value
e) Economic entity
f) Full disclosure
g) Revenue recognition
h) Full disclosure
i) Revenue & expense
j) THE USE OF CONSOLIDATED STATEMENTS IS JUSTIFIED-ECONOMIC ENTITY
ASSUMPTION
k) Periodicity
l) Expense recognition FAIR VALUE-AN ALLOWANCE FOR DOUBTFUL ACCOUNTS IS
ESTABLISHED
m) Expense GOODWILL IS RECORDED ONLY AT TIME OF PURCHASE-HISTORICAL
n) Expense
E3-1
Equip 14,000
Cash 32000
Owners capital 46000
NO ENTRY NOT A TRANSACTION
Supplies
700
A/P 700
Rent expense
600
Cash 600
A/R 1100
Revenue
1100
Cash 2300
Unearned revenue 2300
Cash 2300
Revenue 2300
Insurance expense 110
Cash 110
Administrative salaries expense 1160
Cash 1160
Supplies expense 120
Supplies 120
Equipment 6100
1000
E3-7
a) beg + 850 -950 = 700; beg = 800
b) 400*12=4800 insurance premium total; 6 months ago august 1st
c) salary expense 1800
salaries payable 700
cash 2500
end wage payable 800= beg+1800-2500
d) end unearned service rev 750= beg+1600-2000
E3-16
Close Revenue
Revenue 410,000
I.S. 410,000
Close expenses
I.S. 336700
Sales Returns and Allowances12000
Sales Discounts
15000
COGS
225700
Selling exp
Admin exp
Income tax esp
Close income summary
I.S. 73300
R/E 73300
Close dividends
R/E 18000
Dividends 18000
16000
38000
30000
Sales
Less: Sales Return & A
Net Sales:
COGS:
Gross Profit:
Operating Expenses
Selling Expenses
Salaries and Wages Exp
Advertising exp
Rent Exp
Delivery exp
Utilities exp
Depreciation Exp
Supplies Exp
Total Selling Exp:
Administrative Expenses
Salaries and Wages Exp
Maintenance & R Exp
Rent Exp
Ulities exp
Total Admin Exp:
Total Op. Exp:
Income from Operations:
Other expenses and losses
Interest Exp
NET LOSS:
757,200
-4200
75300
-495400
257600
98000
26400
19200
16700
11200
15000
4000
-190500
42000
12100
4800
2800
-61700
R/E Statement
Beg R/E
+/- Net Income
End R/E
8000
-5600
2400
Balance Sheet
-252200
5400
-11000
(5600)
Close I.S.
R/E 5600
I.S. 5600
e) Prepare post-closing trial balance
P3-10