ACC 3010 Essay

EBITDA - Earnings before interest, taxes, depreciation and amortization is an indicator of a company's financial performance which is calculated in the following manner: ("EBITDA - Earnings Before Interest, Taxes, Depreciation and Amortization Definition | Investopedia," n.d.)

1. A company’s ending accounts receivable balance and the period’s advertising expense would be found on which financial statements, respectively

1. For the year-end December 31, 2007, financial statements, what amount should M record as a liability?

a. Arrange the following asset, liability, and owner’s equity elements of the accounting equation: Cash, Accounts Receivable, Office Furniture, Van, Accounts Payable, Common Stock/Dividends, and Revenues/Expenses. (See Exhibit 1.5)

What correcting entry should you prepare? 54 A. Office Expense Accounts Payable 54 54 B. Accounts Payable Office Expense 54 28 C. Accounts Payable Office Expense 28 D. No entry is needed

3) Prepare in proper and good form the multi-step Income Statement, Statement of Retained Earnings, and the classified Balance sheet for 20x3 and 20x4.

Answer each of the following questions on the peril of conflict and the promise of conflict resolution. Your answer to each item should be an essay of 350 to 800 words in length. (With a typical font and spacing, this comes to between 1½ and 3 pages.) It is recommended that you refer to outside sources as you consider these issues. Be sure to document your sources correctly.

At December 31, the amount of unused supplies on hand was determined by physical count to amount to $1,460. The proper adjusting entry would be: a. Debit Office Supplies Expense $1,460 and credit Office Supplies $1,460 b. Debit Accounts Payable $3,310 and credit Office Supplies $3,310 c. Debit Office Supplies $1,460 and credit Office Supplies Expense $1,460 d. Debit Office Supplies Expense $1,850 and credit Office Supplies $1,850 14. Which of the following statements about the closing process is correct: a. Balances in Income Statement accounts are reduced to zero b.

2. What are some characteristics that make capital budgeting different from other types of budgets (like a sales budget or cash budget)?

of cash flows. Since the income statement is based on the accrual method, net income

Required: a. Write journal entries for each accounting transaction in the space provided below (explanations for the journals are not necessary and you do not need to worry about any adjusting entries to be made at the end of October related to the transactions). 4 points each, 28 points. b. For each transaction, explain how the income statement could be affected. Specifically, what amount and under what category will be reported on the income statement. 2 points each, 14 points.

Consider the requirement for accurate, up to date financial records and comment on your group’s accounting practices.

Personal Financial Statement ............................................................................. 22 IX. Startup Expenses and Capitalization ................................................................ 23 X. Financial Plan ....................................................................................................... 24 XI. Appendices ........................................................................................................... 27

The four financial statements are: the balance sheet, the income statement, the statement of cash flows, and the statement of changes in shareholders’ equity. Financial are required to be audited by a neutral third party, who checks and ensures that the financial statements are prepared according to GAAP or accounting standards and that the information contained is reliable.

The formats of the Summary Statement of Income and departmental statements can of coursebe designed to provide only ODeamount column to record figures für the time period covered by the statement. While the primary purpose of any of these statements is to present the revenue and expenses für the most recent accounting period, the true significance of such amounts can only be fully understood when compared with budgets and/or the corresponding amounts für preceding periods. Accordingly, individual properties should modify the format of these statements to meet their needs ~nd requirements. For example, properties may find it useful to expand this ~asic