a.
An accounting equation is formed by three main elements, namely, asset account, liability account and equity account. The formation is done as: Assets = Liabilities + Equity.
Every business transaction can be identified and analyzed through this accounting equation for the purpose of further analyzing the effects of each such transaction on the asset, liability and equity.
To compute: Net income or net loss reported for the years ended 2018, 2017, and 2016.
b.
An accounting equation is formed by three main elements, namely, asset account, liability account and equity account. The formation is done as: Assets = Liabilities + Equity.
Every business transaction can be identified and analyzed through this accounting equation for the purpose of further analyzing the effects of each such transaction on the asset, liability and equity.
To state: Whether for the company’s operating activities provide cash or use of cash for 2016, 2017, and 2018.
c.
Accounting Equation:
An accounting equation is formed by three main elements, namely, asset account, liability account and equity account. The formation is done as: Assets = Liabilities + Equity.
Every business transaction can be identified and analyzed through this accounting equation for the purpose of further analyzing the effects of each such transaction on the asset, liability and equity.
To compute: The reconciliation amount.
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FINANCIAL+MANAG.ACCT.
- Tesla, Inc. Annual Report on Form 10-K for the Year Ended December 31, 2020. 8 Feb. 2021 sec.gov. Accessed 16 Feb. 2021. Prepare journal entries, applying current US GAAP, to account for the following. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) a. On January 24, 2021, a company paid $31,000 cash to purchase Bitcoins. b. On January 26, 2021, Bitcoin's price increased to $32,000 per coin. c. On January 27, 2021, Bitcoin's price dropped to $29,500 per coin. d. On January 31, 2021, Bitcoin's price recovered to $33,650 per coin. View transaction list Journal entry worksheet 1 2 On January 24, 2021, a company paid $31,000 cash to purchase Bitcoins. 3 4 Note: Enter debits before credits. Date January 24, 2021 Record entry General Journal Clear entry Debit Credit View general journalarrow_forwardhttps://www.republictt.com/pdfs/annual-reports/RFHL-Annual-Report-2022.pdf Financial Reporting Analysis: Use Republic Bank Limited Annual Report 2022 to answer the Questions. a) Evaluate the company’s latest annual financial statements (balance sheet, income statement, and cash flow statement) and comment on the company's financial performance and position. In your response, use the requirements of IAS 1 as a guide. b) Identify and discuss key accounting principles and standards applied in the company’s financial reporting process indicating their reasons for choosing these and how they were applied. Comment briefly on the appropriateness of the choices made given the company’s industry, location and type (e.g. MNC, regional conglomerate, etc.) c) Critically analyze any significant accounting policies and estimates disclosed in the notes to the financial statements. In your answer, indicate whether the company complied with the accounting standards and conventions.arrow_forwardCurrent Assets Listed here are certain accounts of Jenkins Company at the end of 2019; Debit (Credit) $12,000 1,530 1,200 4,300 5,400 (1,100) 3,380 (8,700) 15,500 970 27,200 19,000 Account Land Prepaid Insurance Cash on Hand Notes Receivable (due 2021) Cash in Bank Allowance for Doubtful Accounts Marketable Securities (Short-Term) Accumulated Depreciation Accounts Receivable Office Supplies Buildings Inventoryarrow_forward
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