User Account

All Pages

Companies prepare balance sheets in order

Assignment Help Accounting Basics
Reference no: EM131146446

Companies prepare balance sheets in order to know their financial position at a specific point in time. This enables them to make a comparison to their position at previous points in time and gives them a basis for planning for the future. In order to evaluate your financial position, you can prepare a personal balance sheet. Assume that you have compiled the following information regarding your finances. 

Amount owed on student loan balance (long-term) ........$5,000
Balance in checking account ..................1,200
Certificate of deposit (6-month) ................3,000
Annual earnings from part-time job ..............11,300
Automobile ........................7,000
Balance on automobile loan (current portion) ............1,500
Balance on automobile loan (long-term portion) ..........4,000
Home computer ........................800
Amount owed to you by younger brother ..............300
Balance in money market account .................1,800
Annual tuition .......................6,400
Video and stereo equipment .................1,250
Balance owed on credit card (current portion) ............150
Balance owed on credit card (long-term portion) .........1,650

Instructions

Prepare a personal balance sheet using the format you have learned for a classified balance sheet for a company. For the equity account, use M. Y. Own, Capital.

Reference no: EM131146446

Questions Cloud

What is the definition of compensation : If your school has a subscription to the FASB Codification, go to http://aaahq.org/ ascLogin.cfm to log in and prepare responses to the following.
Whether to purchase the new machine or to keepold machine : indicate whether each of the costs described would be relevant or not to Swenson's Meats' decision about whether to purchase the new machine or to keep the old machine.
Describe the conflict : Describe what you see as being the major contributor to the conflict. Is it misunderstanding? Is it emotion? Is it ethics? Is it power? Etc. Also describe who was most at fault.
How do we represent the link costs : We have discussed Dijkstra's algorithm in class for computing the shortest paths from any source node to all other nodes in a network. The first step is to codify the network information, i.e., how do we represent the link costs?
Companies prepare balance sheets in order : Prepare a personal balance sheet using the format you have learned for a classified balance sheet for a company. For the equity account, use M. Y. Own, Capital.
Provide a definition for each of the four categories : Provide a definition for each of the four categories and 10 essential services of public health listed on the worksheet. (The definition should be approximately three to four sentences each, written in your own words.)
Determine the maximum strain energy acquired by the drill : Knowing that the top of the drill pipe rotates through two complete revolutions before the drill bit at B starts to operate and using G = 11.2 X 106 psi, determine the maximum strain energy acquired by the drill pipe.
Prism company is a pesticide manufacturer : Prism Company is a pesticide manufacturer. Its sales declined greatly this year due to the passage of legislation outlawing the sale of several of Prism's chemical pesticides.
What is its new target variable cost per skier snowboarder : If SnowCastles can't reduce its costs, what profit will it earn? State your answer in dollars and as a percent of assets. Will investors be happy with the profit level? Show your analysis. Assume that SnowCastles has found ways to cut its fixed costs..

Reviews

Write a Review

Accounting Basics Questions & Answers

  How much control does fed have over this longer real rate

Hubbard argues that the Fed can control the Fed funds rate, but the interest rate that is important for the economy is a longer-term real rate of interest.   How much control does the Fed have over this longer real rate?

  Coures:- fundamental accounting principles

Coures:- Fundamental Accounting Principles: - Explain the goals and uses of special journals.

  Accounting problems

Accounting problems,  Draw a detailed timeline incorporating the dividends, calculate    the exact Payback Period  b)   the discounted Payback Period. the IRR,  the NPV, the Profitability Index.

  Theory of interest - term structure of interest rates

Term Structure of Interest Rates

  Write a report on internal controls

Write a report on Internal Controls

  Prepare the bank reconciliation for company

Prepare the bank reconciliation for company.

  Cost-benefit analysis

Create a cost-benefit analysis to evaluate the project

  Theory of interest

Theory of Interest: NPV, IRR, Nominal and Real, Amortization, Sinking Fund, TWRR, DWRR

  Liquidity and profitability

Distinguish between liquidity and profitability.

  What is the expected risk premium on the portfolio

Your Corp, Inc. has a corporate tax rate of 35%. Please calculate their after tax cost of debt expressed as a percentage. Your Corp, Inc. has several outstanding bond issues all of which require semiannual interest payments.

  Simple interest and compound interest

Simple Interest, Compound interest, discount rate, force of interest, AV, PV

  Capm and venture capital

CAPM and Venture Capital

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +1-415-670-9521

Phone: +1-415-670-9521

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd