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Balance Sheet Classi?cations and Relationships:
Shelley and Co. has the following balance sheet elements as of December 31, 2012.Land. . . . . . . . . . . . . . . . . . . . . . . $247,000 Mortgage payable. . . . . . . . . . $365,000Cash . . . . . . . . . . . . . . . . . . . . . . ? Capital stock. . . . . . . . . . . . . . 300,000Building . . . . . . . . . . . . . . . . . . . . 330,000 Retained earnings . . . . . . . . . . 218,000Accounts payable . . . . . . . . . . . . . 159,000 Inventory . . . . . . . . . . . . . . . . 81,000Notes payable (short-term). . . . . . . 86,000 Accounts receivable . . . . . . . . 154,000Equipment . . . . . . . . . . . . . . . . . . 282,000
Required:Compute the total amount of: 1. Current assets. 2. Long-term assets. 3. Current liabilities. 4. Long-term liabilities. 5. Stockholders' equity.
Time Keeping - Cost Accumulation A labour cost control routine should ensure that payments are paid only to employees who have spent time at the work place and that payments a
The use of standard costs can present a number of potential problems or disadvantages. Most of these problems result from improper use of standard costs and the management by excep
We have noticed that working capital is needed to finance that portion of current assets that is not financed through current liabilities. We also noticed that the investments repr
Materials Transaction i. Purchase of Materials on Credit ii. Return of Materials to Suppliers iii. Purchase of Materials in Cash. The above transactions affect both t
LEV;LRV
Example of Flexible and Fixed Budget A company has budgeted to produce and sell 100,000 units of cakes throughout the next period. The selling price per cake is Sh. 20 and var
Relationship between Cost Accounting and Business Enterprise Cost accounting, like will be mentioned later to adopts a cost center approach to accounting for costs. A cost cen
Overhead Variances This explains how the variable overhead total variance and the fixed overhead total variances calculated. You can recall the overheads refer to production c
Limitations of Budgeting 1. Too mush reliance may reason resistance or inflexibility to change. 2. Difficult to set levels of attainment. It may result into too tight budg
You are provided with the subsequent information relating to Cello Ltd. The accountant is currently preparing the budget for the next three months ending 30 June 2010.
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