Download Accounting II Essentials by Duane R. Milano PDF

By Duane R. Milano

REA's necessities supply quickly and simple entry to serious info in quite a few assorted fields, starting from the main easy to the main complicated. As its identify implies, those concise, entire learn courses summarize the necessities of the sphere lined. necessities are valuable whilst getting ready for tests, doing homework and should stay a long-lasting reference resource for college kids, lecturers, and pros. Accounting II comprises present liabilities, long term liabilities, bonds, partnerships, enterprises, gains and dividends, consolidations, assertion of money flows, and fiscal assertion research.

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1. 1 The Sample Company General Journal On June 15, 1999, Smith Corporation repaid the loan plus $3,000 interest ($100,000 × 12% × 90/360). In this instance, a 360-day year is used for interest calculation. 2. 4 LIABILITY FOR SALARIES AND WAGES Employees are rarely paid on a daily basis. Instead, a business accrues liability for payroll between pay dates (usually bi-weekly). The gross amount of wages is relatively easy to calculate, consisting of hours worked multiplied by the hourly wage. Salaries are paid bi-weekly or monthly based on some present annual amount.

The statement of cash flows should aid users to: (1) Assess the probability of positive future cash flows; (2) Assess the ability to meet financial obligations; (3) Assess reasons for difference between income and cash flow; (4) Assess cash and non-cash aspects of financing transactions. The statement of cash flows is composed of three major sections. Cash flows from operating activities consist of the cash effects of transactions that determine income. Cash flows from Investing activities include lending activities, securities transactions, and acquisition and sale of productive assets.

Title Page Copyright Page What REA’s Essentials® Will Do for You CHAPTER 13 - CURRENT LIABILITIES CHAPTER 14 - LONG-TERM LIABILITIES CHAPTER 15 - BONDS CHAPTER 16 - PARTNERSHIPS CHAPTER 17 - CORPORATIONS CHAPTER 18 - CORPORATIONS: EARNINGS AND DIVIDENDS CHAPTER 19 - CONSOLIDATIONS CHAPTER 20 - STATEMENT OF CASH FLOWS CHAPTER 21 - FINANCIAL STATEMENT ANALYSIS CHAPTER 22 - A COST SYSTEM FOR A JOBBING PLANT These “Little Books” have rescued lots of grades and more! 1 CURRENT LIABILITIES DEFINED Current liabilities are those obligations which must be paid within one year.

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