Reference no: EM131216690
The Accounting Equation is Assets = Liabilities + Owners' Equity. Is the accounting equation true in all instances? Provide sample transactions from your own experiences to demonstrate the validity of the Accounting Equation.
What does the term account mean? What are the different classifications of accounts? How do the rules for debits and credits impact accounts? Please provide an example of how debits and credits impact accounts.
Financial statements are a product of the accounting cycle. Think about two different companies: a manufacturing company, and a retail company. Why would different companies have different accounting cycles? Would you expect the steps of the accounting cycle to be the same for each company? Why, or why not?
What is the purpose of a bank reconciliation? What are the reasons for differences between the cash reported in the accounting records, and the cash balance in the bank statements?
The controller of Sagehen Enterprises believes that the company should switch from the LIFO method to the FIFO method. The controller's bonus is based on the next income. It is the controller's belief that the switch in inventory methods would increase the net income of the company. What are the differences between the LIFO and FIFO methods?
A variety of depreciation methods are used to allocate the cost of an asset to all of the accounting periods benefited by the use of the asset. Your client has just purchased a piece of equipment for $100,000. Explain the concept of depreciation. Which of the following depreciation methods would you recommend: straight-line depreciation, double declining balance method, or an alternative method?
What is a current liability? From the perspective of a user of financial statements, why do you believe current liabilities are separated from long-term liabilities? Based on your current experience as well as any additional research you may have done, provide two examples of situations where businesses collect monies from customers and employees and report these amounts as a current liability.
A client comes to you thinking about starting a consulting business. Your client is specifically interested in what type of entity should be created for this new business. Based on your readings, or any additional research you may have done, discuss the advantages and disadvantages of the following: sole proprietorship, partnership, and corporation. Based on these advantages and disadvantages, provide a clear recommendation to your client.
Ratios provide the users of financial statements with a great deal of information about the entity. Do ratios tell the whole story? How could liquidity ratios be used by investors to determine whether or not to invest in a company?
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Year Ending December 2012
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Year Ending December 2011
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Year Ending December 2010
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Revenues
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40,000
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35,000
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33,000
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Operating Expenses
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Salaries
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15,000
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10,000
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9,000
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Maintenance and Repairs
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6,000
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9,000
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10,000
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Rental Expense
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2,500
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2,500
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2,500
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Depreciation
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2,000
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2,000
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2,000
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Fuel
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4,000
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3,500
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2,500
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Total Operating Expenses
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29,500
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27,000
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26,000
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Operating Income
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10,500
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8,000
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7,000
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Sales and Administrative Expenses
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6,000
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4,000
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3,000
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Interest Expense
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2,500
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2,000
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1,000
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Net Income
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2,000
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2,000
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3,000
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Above is a comparative income statement for Cecil, Inc. for the years 2010, 2011, and 2012. Calculate the net-profit margin for each of these years. Comment on the profit margin trend.
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Were there any casualties or injuries
: What tools, equipment, or technology could have significantly improved relief efforts? How? Were any special technologies or scientific developments used to restore the situation back to normal? If so, explain. Who should be responsible for funding ..
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Create an er model for the perfect pets
: Create an ER model for the Perfect Pets case study described in Appendix B. (If appropriate, use the enhanced ER concepts.)
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Determine the midband voltage gain
: Calculate the lower corner frequency. - Determine the midband voltage gain. - Sketch the Bode plot of the voltage gain magnitude.
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Was probable cause a factor in this case
: How should probable cause be implemented, in general? As a law enforcement official, what are some of the questions that you might ask yourself in this case before you engage in a stop, search, or seizure or seek a warrant from the court?
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What is the purpose of a bank reconciliation
: What is the purpose of a bank reconciliation? What are the reasons for differences between the cash reported in the accounting records, and the cash balance in the bank statements?
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What way may views of biological causes of crime be related
: Why do you think some people are troubled by the idea that crime has a biological cause? Support your response using an article from the popular media presenting the biological argument for criminal behavior.
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What is the phase angle in given frequency range
: What is the phase angle at this frequency? - What is the slope of the magnitude plot for f » fT? - What is the phase angle in this frequency range?
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Explains delinquency at the individual or the social level
: Describe how the theory may be used to support or explain various types of policies or practices aimed at controlling or preventing juvenile delinquency.
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How do we address the underlying factors
: If the Gun Free Schools Act of 1994 was enacted to address mass school shootings, why is it that most of the discipline results in higher numbers from inner city schools as opposed to suburban schools where mass shootings historically occur?
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