Accounting Journal

What is the ending balance using FIFO and LIFO?

Tue, 30 Nov 2010 14:03:24 EST

Purchase 10000 units at 42 cents and 5965 units at 45 cents and 7580 at 49 cents the quantity on hand 2390 how do i calculate the FIFO and LIFO

Asked By : noamnoam ( Total points : 100 )

Do I put bad debt as an expense on the income statement or do i put in on the balance sheet?

Tue, 30 Nov 2010 14:03:08 EST

Asked By : MDcpa05 ( Total points : 58 )

Could you help me with understanding the fifo and lifo methods?

Tue, 30 Nov 2010 14:02:12 EST

i need to know how you got the units for the second addition of the problem, i know where the first set of numbers is, but how do you count down to the amount of units left when the amount of units ar ...

Asked By : vinwubulldogs ( Total points : 88 )

Why is it important to use FIFO inventory system when handling beer product?

Tue, 30 Nov 2010 14:02:06 EST

As far as the bar owner is concerned.

Asked By : alohachris ( Total points : 99 )

LIFO HELP! What tax implications does this have? Is liquidating good or bad for a company?

Tue, 30 Nov 2010 14:01:54 EST

LIFO liquidation is when a company using LIFO method of inventory costing liquidates their older LIFO inventory. A LIFO liquidation would occur if current sales are higher then current purchases, as a ...

Asked By : ujonesla ( Total points : 68 )

How do I figure out the Fifo and Lifo and weighted average of this problem?

Tue, 30 Nov 2010 14:01:23 EST

Beginning Inventory January 1 64 $9 $ 576 Purchase January 15 243 10 2,430 Purchase January 24 103 11 1 ...

Asked By : tranglu ( Total points : 69 )

In QuickBooks,how do I correct a bad debt expense that was eventually partially paid?

Tue, 30 Nov 2010 14:00:55 EST

In 2008 we had a large debt that was uncollectable for several months. At the end of the year I changed it to Bad Debt Expense. In February we received a payment for about 5 of the $7k that was orig ...

Asked By : DorthyP ( Total points : 129 )

How much more cash will be available for management under LIFO than under FIFO? Why? ?

Tue, 30 Nov 2010 13:59:31 EST

How much more cash will be available for management under LIFO than under FIFO? Why? I dont understand what that means. Which cash ? and for what management ?

Asked By : MDcpa05 ( Total points : 58 )

What is the formula for Excel to calculate FIFO and LIFO?

Tue, 30 Nov 2010 13:59:25 EST

Asked By : brucechangcpa ( Total points : 90 )

Which is better (and why)- no bad debt expense or lower revenues?

Tue, 30 Nov 2010 13:58:53 EST

Asked By : DorthyP ( Total points : 129 )

Periodic method and LIFO method, and a purchase on last day of the year?

Tue, 30 Nov 2010 13:56:05 EST

A company uses both the periodic method and LIFO. They make a purchase on the last day of the year with beginning inventory equaling ending inventory. Would the purchase be included on the balance ...

Asked By : BruinCPA ( Total points : 45 )

How would a company account for retrospective employee bonuses earned because of changing from LIFO to FIFO?

Tue, 30 Nov 2010 13:55:38 EST

This would be a change in 2006, but the change must be made retrospectively to the previous two years. What happens if an employee had a bonus tied to the value of the inventory in 2005 and now becaus ...

Asked By : LoveDukeDog ( Total points : 38 )

In applying the LIFO assumption in a perpetual inventory system?

Tue, 30 Nov 2010 13:55:31 EST

The cost of the units most recently purchased prior to sale is allocated first to the units sold. That sound wrong

Asked By : CPAinLA ( Total points : 60 )

What type of inventory system would a pharmaceutical manufacturer have? FIFO, LIFO, or a random one?

Tue, 30 Nov 2010 13:54:31 EST

Could you also please explain to me why, I'm kind of slow with accounting.

Asked By : brucechangcpa ( Total points : 90 )

I have to uncheck my computer's FIFO buffers for com port 1?

Tue, 30 Nov 2010 13:53:32 EST

To uncheck the FIFO Buffers. I follow the directions listed for Microsoft XP. However, when I select port settings, it will not let me access the advanced tab. When I click on advanced, it shows, "You ...

Asked By : MelonsO ( Total points : 121 )

Income statement?

Tue, 30 Nov 2010 13:53:10 EST

Hi? Can somebody tell me about the history of income statement in brief? Please help me.

Asked By : CPAinLA ( Total points : 60 )

On the income statement which line represents the amount the companys supplier's recieve?

Tue, 30 Nov 2010 13:52:58 EST

On the income statement, which of the following line-items represents the amount the company’s suppliers receive ? A.Selling, general, and administrative expenses B.Revenue C.Interest expense ...

Asked By : kimkimcpa ( Total points : 113 )

what is the bad debts expense and the allowance for doubtful accounts? ?

Tue, 30 Nov 2010 13:52:44 EST

Darius Company’s year-end unadjusted trial balance shows accounts receivable of $95,000, allowance for doubtful accounts of $550 (credit), and sales of $350,000. Uncollectibles are estimated to be 0 ...

Asked By : NessaCPA ( Total points : 70 )

How to Determine Between LIFO or FIFO costing methods?

Tue, 30 Nov 2010 13:52:43 EST

For my accounting project, we are to determine what costing method Best Buy corporation uses for its inventory. My question is, how are you able to determine which costing method such a company as Bes ...

Asked By : janetmok ( Total points : 76 )

how do we handle write downs under LIFO when market prices get too far ahead or away from the values on the bo

Tue, 30 Nov 2010 13:52:33 EST

how do we handle write downs under LIFO when market prices get too far ahead or away from the values on the books?

Asked By : ujonesla ( Total points : 68 )

How to decide the company situation by looking the balance sheet ?

Tue, 30 Nov 2010 13:51:43 EST

I want to learn how to decide the company situation by looking the balance sheet , like if I invest $ 100,000 @ $ 100 per share, 1000 shares by looking the balance sheet I want to know how much the sh ...

Asked By : EchoMan ( Total points : 47 )

Why do stocks income statement, balance sheet, cash flow read differently on different sites?

Tue, 30 Nov 2010 13:51:43 EST

I looked at the Balance sheet, Income Statement, and Cash flow for Intel Corp on Yahoo Finance and Google Finance. The results are hugely different for the Cash Flow, fairly similar for the balanc ...

Asked By : MelonsO ( Total points : 121 )

Bad debts expense with allowance method with a/r and credit sales?

Tue, 30 Nov 2010 13:50:44 EST

At December 31 of the current year, a company reported the following: Total sales for current year: $780,000 includes $160,000 in cash sales. Accounts receivable balance at Dec. 31, current year: $1 ...

Asked By : MelonsO ( Total points : 121 )

Accounting Question calculating bad debt expense?

Tue, 30 Nov 2010 13:50:17 EST

Help me out with the following then explain how you got to that answer. My book isnt too clear. On December 31st of the current year, a company's unadjusted trial balance included the following: ...

Asked By : alohachris ( Total points : 99 )

A company using the LIFO method assumes the sale of a product is from the newest, highest-cost inventory?

Tue, 30 Nov 2010 13:50:05 EST

during periods of inflation. True or False?

Asked By : brucechangcpa ( Total points : 90 )

Is it possible to change accounting method from FIFO to LIFO on equity sales after the fact?

Tue, 30 Nov 2010 13:49:53 EST

I had long-term XYZ equity in my account, but wanted to leave it there long term and trade same security short-term. But under FIFO, as soon as I sold shares of XYZ, thinking I would see short-term ga ...

Asked By : ujonesla ( Total points : 68 )

What type of business would use LIFO?

Tue, 30 Nov 2010 13:49:44 EST

I know what the inventroy methods are but i'm trying to figure out what type of business would use LIFO. Supermarkests use FIFO, car dealerships use Specific Cost, and businesses that sell similar it ...

Asked By : kimkimcpa ( Total points : 113 )

How do i find the equivalent units for materials using the FIFO method.?

Tue, 30 Nov 2010 13:48:40 EST

Beg:work in process inventory=12,000 units, 50%complete Units started into production=44,000 units Units completed and transferred out=48,000 units Ending work in process inventory= 8,000 units, 10 ...

Asked By : brandonm ( Total points : 106 )

How do i figure out the bad debt expense and net value of accounts receivable using the adjusted trial balance

Tue, 30 Nov 2010 13:48:33 EST

the question says, three fourths of the company's revenue is on credit. estimate the bad debt expense and prepare the appropriate journal entry for the company using the net sales method. Also compute ...

Asked By : MelonsO ( Total points : 121 )

Cash Flow Statement Question not sure if i got right on my test?

Tue, 30 Nov 2010 13:48:19 EST

Which of the following statements regarding the cash flow statement is true? A. A typical company has a positive cash flow from investing activities. B.The disposal of plant assets is classified a ...

Asked By : SteinS ( Total points : 24 )

Accounting - Bad Debt Expense vs Allowance for Doubtful Accounts?

Tue, 30 Nov 2010 13:48:18 EST

I am unclear as to what the true definition and meaning of Bad Debt Expense and Allowance for Doubtful Accounts. For example, an adjustment of $15 is recorded for Bad Debt This would debit Bad ...

Asked By : noamnoam ( Total points : 100 )

Cash flow!?

Tue, 30 Nov 2010 13:47:40 EST

I need to know the actual norms that regulate the use of CASH FLOW in US(FASB)!! Well.. I found about US GAAP, FASB (with differnt numbers) Please help! I'm confused!

Asked By : crussmba ( Total points : 78 )

Using FIFO, how would I find the amount allocated to the cost of goods sold?

Tue, 30 Nov 2010 13:46:57 EST

I understand how to find the amount allocated to ending inventory but not to the cost of goods sold...Thank you!!!!

Asked By : brandonm ( Total points : 106 )

accounting question: which method of accounting for bad debts expense?

Tue, 30 Nov 2010 13:46:53 EST

is this: accounts receivable allowance for doubtful accounts sales is it the direct write off method or the allowance method. and can you tell?

Asked By : brucechangcpa ( Total points : 90 )

Financial Accounting: Bad Debt expense?

Tue, 30 Nov 2010 13:46:48 EST

On December 31st, of the current year, a company's unadjusted trial balance revealed the following: Accounts Receivable $185,000; Sales Revenue of $1,280,000; (75% were on credit), and Allowance for D ...

Asked By : MDcpa05 ( Total points : 58 )

I have a question about an Income Statement?

Tue, 30 Nov 2010 13:46:10 EST

I am taking my first accounting class and am doing a comprehensive project. I have a few questions about the Multistep Income Statement. We are using a periodic inventory system. Is Rent Expense ...

Asked By : noamnoam ( Total points : 100 )

What do companies report in a balance sheet?

Tue, 30 Nov 2010 13:46:08 EST

Do companies prepare a stockholders' equity statement instead of presenting a detailed stockholders' equity section in the balance sheet?

Asked By : alohachris ( Total points : 99 )

Why should cash flow be a problem if an entity is making a reasonable accounting profit and how can cash flow?

Tue, 30 Nov 2010 13:45:21 EST

How can cash flow be made more favourable?

Asked By : EchoMan ( Total points : 47 )

How to increase my cash flow in Mafia Wars?

Tue, 30 Nov 2010 13:45:14 EST

My cash flow in Mafia Wars is in the negatives (-$3000ish).. How can i bring it up? Do i have to buy property to bring it up?

Asked By : TaxesandScotch ( Total points : 32 )

Explain why depreciation expense should be added back when compiling the statement of cash flow?

Tue, 30 Nov 2010 13:44:50 EST

If there is an amortization expense account, how would you treat it?

Asked By : MDcpa05 ( Total points : 58 )

Accounting question bad debt expense #3?

Tue, 30 Nov 2010 13:44:13 EST

A company started the year with Accounts Receivable of $15,000 and an Allowance for Uncollectible Accounts of $3,500 (credit). During the year, sales (all on account) were $110,000 and cash collection ...

Asked By : janetmok ( Total points : 76 )

How do you see what a company is investing in from it's cash flow?

Tue, 30 Nov 2010 13:43:46 EST

So like when you look at a company say MasterCard Inc. If you look at their cash flow statement on msnmoney there is a sections that shows cash being used to purchase investmets listed as "purchase o ...

Asked By : CPAinLA ( Total points : 60 )

What is the importance of cash flow recording?Why is it important?What are the advantages and advatages of cas

Tue, 30 Nov 2010 13:43:32 EST

What is the importance of cash flow recording?Why is it important to business practitioners especially to micro-entrepreneurs who are starting from scratch?What are the advantages and disadvantages of ...

Asked By : crussmba ( Total points : 78 )

What is bad debt expense?

Tue, 30 Nov 2010 13:43:11 EST

If sales are $950,000 Sales Returns & Allowances $21,000 Acct. Rec $114,000 Allowance for Doubtful Acc $1000 If bad debts are est. at 2% of net credit sales what is reported as bad debt expense? ...

Asked By : LoveDukeDog ( Total points : 38 )

Why aren't capital and drawings accounts used in the income statement?

Tue, 30 Nov 2010 13:43:05 EST

I am in gr 12, and have to explain the income staement as a review. I cant remember why capital and drawings isnt used in the income statement.

Asked By : mikebadj ( Total points : 121 )

How to find out that if a comany is managing its cash flow adequately?

Tue, 30 Nov 2010 13:42:48 EST

How to find out that if a comany is managing its cash flow adequately? Plus, how to support it with the informationm from the statement of cash flows? Thanx in advance

Asked By : vinwubulldogs ( Total points : 88 )

The net income reported on the income statement for the current year?

Tue, 30 Nov 2010 13:42:39 EST

The net income reported on the income statement for the current year was 275,000. Depreciation recorded on fixed assets and amortization of patents for the year were 40,000 and 9,000, respectively. ...

Asked By : janetmok ( Total points : 76 )

Can you help me in FIFO buer in microprocessor?

Tue, 30 Nov 2010 13:41:58 EST

An interface is connected to a CPU through an 8-byte FIFO buer. The interface empties the buer by taking 2 bytes at a time. Then it appends 2 start bits and 2 stop bits to the resulting chunk and tr ...

Asked By : NessaCPA ( Total points : 70 )

How to Balance a deficit on a balance sheet?

Tue, 30 Nov 2010 13:41:09 EST

I have a prebalanced balance sheet already. But now i have a loss in the business. If under Net assets that I put "deficit" and the negative amount, how would i go about balancing the assets = liabili ...

Asked By : DougCPA ( Total points : 52 )

a firm utilizing FIFO inventory accouting would, in calcullating gross profit?

Tue, 30 Nov 2010 13:40:43 EST

1 all sales were from begining inventory. 2 all sales were from inventory before it was depleted, and then use sales from current production. 3 all sales were from current production 4 all sales we ...

Asked By : EchoMan ( Total points : 47 )

How do you find cost of goods sold on a balance sheet?

Tue, 30 Nov 2010 13:39:42 EST

How do you find cost of goods sold on a balance sheet? My Accounting professor told us to determine the Inventory turnovers from the balance sheet, but I can't find how to figure out the cost of goods ...

Asked By : TaxesandScotch ( Total points : 32 )

About the statement of cash flow in accounting, please help me to understand.?

Tue, 30 Nov 2010 13:39:09 EST

I can not understand the following reasons: Depreciation expense, Loss on sale of equipment should be added to income statement and gain on sale of asset should be deducted in cash flow from operati ...

Asked By : noamnoam ( Total points : 100 )

balance sheet?

Tue, 30 Nov 2010 13:39:08 EST

Where does a Sinking Fund for bond retirement go in a balance sheet?

Asked By : tranglu ( Total points : 69 )

cash flow and and profit and loss statement problems?

Tue, 30 Nov 2010 13:38:30 EST

Hi guys, Can someone help me about this... i already answered part (a), but i dont know if i am correct...and also please help me about (b)...thnx... New World Hotel Limited has just started in bu ...

Asked By : CPAinLA ( Total points : 60 )

How can I remember LIFO and FIFO method?

Tue, 30 Nov 2010 13:38:17 EST

What is a creative way to rember LIFO and FIFO method, there meanings and and how they are used in accounting?

Asked By : BruinCPA ( Total points : 45 )

What are some items that appear on an organization's balance sheet?

Tue, 30 Nov 2010 13:38:05 EST

What are some items that appear on an organization's balance sheet? How does an organization calculate net income? What statements are useful in explaining how much cash an organization uses or genera ...

Asked By : NessaCPA ( Total points : 70 )

Homework help Need help with statement of cash flow indirect method.?

Tue, 30 Nov 2010 13:38:04 EST

So Im doing my statement of cash flow the indirect method. My AR at beginning was $263840 and my Allowance for Doubtful was $880. At year end my AR was $268280 and my Allowance for Doubtfull was ...

Asked By : MelonsO ( Total points : 121 )

What is the cost of goods sold under LIFO?

Tue, 30 Nov 2010 13:37:43 EST

Use the following information to answer the question below. Beggining Inventory 100 Units@ $8.00 Purchase-May 200 Units@ $6.00 Purchase-July 100 Units@ $12.00 A periodic ...

Asked By : DougCPA ( Total points : 52 )

How is "sales" calculated on a bank income statement?

Tue, 30 Nov 2010 13:37:07 EST

For banks - on there "Income Statement" how is the "Sales" is calculated when the bank is not selling anything and just doing deposit and lending. I suppose the deposited money is not sales amount and ...

Asked By : SteinS ( Total points : 24 )

Where would unpaid utilities go on an end month income statement?

Tue, 30 Nov 2010 13:37:04 EST

I have an accounting homework problem I'm not quite sure about. I'm doing an income statement for the end of January to find out the amount of net income. The part I'm stuck at says during the mont ...

Asked By : SteinS ( Total points : 24 )

What is the purpose of Vertical Analysis of an income statement?

Tue, 30 Nov 2010 13:36:49 EST

I know that vertical analysis of an income statement shows each account as a percentage of net sales. However, how is that analysis interpreted? How do I use this inforation? What is it suppose to tel ...

Asked By : DougCPA ( Total points : 52 )

Is a net difference in accounts receivable included in fees earned on an income statement?

Tue, 30 Nov 2010 13:36:32 EST

I have fees earnd on the transaction statement for the month of $2000 at month end. I also have a difference of $100 from receipts and sales for the month. On the income statement do I include both t ...

Asked By : brandonm ( Total points : 106 )

I am starting my own business. What is an acceptable percentage to allow for bad debt?

Tue, 30 Nov 2010 13:36:00 EST

I am starting my own business. What is an acceptable percentage to allow for uncollected customer accounts? In other words, bad debt expense?

Asked By : NessaCPA ( Total points : 70 )

How do you calculate Business Tax on a cash flow forecast?

Tue, 30 Nov 2010 13:35:59 EST

I was told it's 21% but is that 21% of the net cash flow, opening bank balance or the closing bank balance? Please help!!

Asked By : mike11 ( Total points : 87 )

How do i calculate this problem bad debt is 2% net credit sales what is bad debt expenses, the % of net credit?

Tue, 30 Nov 2010 13:35:43 EST

sales method is used to estimate bad debts what is the balance of the allowance for Doubtful accounts after the adjustments for bad debts? Sales (100% on credit) 950,000 Sales Return & Allowances 21 ...

Asked By : MDcpa05 ( Total points : 58 )

Where does Amortization Expense go on the income statement?

Tue, 30 Nov 2010 13:35:26 EST

I have a normal (debit) balance in my Amortization Expense account but do not know where to put it on my multi-step income statement. Please help! I think it goes under Selling Expenses, Administrativ ...

Asked By : TaxesandScotch ( Total points : 32 )

Where can I get insurance for my unsecured cash flow notes?

Tue, 30 Nov 2010 13:35:25 EST

I have unsecured cash flow notes and wondering where I can get insurance in case they were defaulted on. I heard some cash flow note insurance companies charge a one time premium of 15% of the princip ...

Asked By : DorthyP ( Total points : 129 )

Does the indirect method of accounting deal with not only cash even though it is a cash flow statement?

Tue, 30 Nov 2010 13:34:51 EST

Why do things like accounts payable and change in prepaid rent, inventory, and receivables show up in the statement of cash flows under the indirect method? Aren't only quantities involving a direct ...

Asked By : MelonsO ( Total points : 121 )

Can somebody explains the difference of cash flow and accounting profit?

Tue, 30 Nov 2010 13:34:31 EST

Can somebody tells me the Difference of cash flow and accounting profit ? Thank you.

Asked By : EchoMan ( Total points : 47 )

Can projections be realistically be based off one statement of cash flow?

Tue, 30 Nov 2010 13:33:49 EST

Asked By : kimkimcpa ( Total points : 113 )

Are there any trade associations FOR the repeal of the LIFO method?

Tue, 30 Nov 2010 13:33:13 EST

I need to write a paper on the current LIFO repeal issue, and I need to give both sides of the story....those for it and those against it. It is easy to find information for those against it, but the ...

Asked By : DougCPA ( Total points : 52 )

Does the classified balance sheet represent the current mkt value of the assets?

Tue, 30 Nov 2010 13:32:59 EST

Does the classified balance sheet represent the current mkt value of the assets, liabilities, and stockholders' equity? Why? if not, how could i find out the mkt value?

Asked By : MariaT ( Total points : 94 )

How many statements in the following sentence are correct regarding the balance sheet?

Tue, 30 Nov 2010 13:31:43 EST

- One cannot determine the true fair market value of a company by reviewing its balance sheet. - Certain internally generated assets, such as trademark, are not reported on a company's balance sheet. ...

Asked By : brucechangcpa ( Total points : 90 )

How do you Prepare a perpetual inventory record using the FIFO method?

Tue, 30 Nov 2010 13:31:09 EST

Asked By : NessaCPA ( Total points : 70 )

How do I set up an Income Statement Sheet?

Tue, 30 Nov 2010 13:31:03 EST

I'm in High School, in a Century 21 Accounting Class and I'm doing this stupid Foreign Exchange Translation Service packet thing and one of the things I have to do is make an Income Statement Sheet an ...

Asked By : DorthyP ( Total points : 129 )

Where is Impairment loss reported on the Income Statement or th Balance Sheet?

Tue, 30 Nov 2010 13:30:42 EST

Impairment loss and Gain on Early retirement of debt, where is it reported on the Income Statement or the balance Sheet??

Asked By : janetmok ( Total points : 76 )

compare the queuing policies FIFO, PQ, and WFQ. As a network administrator, which one of these queuing policie?

Tue, 30 Nov 2010 13:30:24 EST

compare the queuing policies FIFO, PQ, and WFQ. As a network administrator, which one of these queuing policies would you implement for this network and explain why you would choose that particular on ...

Asked By : TaxesandScotch ( Total points : 32 )

How much net cash flow did Company A generate over the past year?

Tue, 30 Nov 2010 13:29:29 EST

Company A had net sales of $90,000 over the past year. It's operating costs (excluding depreciation) were $65,000, and its depreciation expense was $7,000. The company has no amortization charges, but ...

Asked By : MDcpa05 ( Total points : 58 )

In a services-only company, how would you classify labor on an income statement?

Tue, 30 Nov 2010 13:29:07 EST

I am the founder of a company that is about to go live into public markets, and we are a services-only company. In constructing either a financial forecasting sheet or an income statement, would I cla ...

Asked By : noamnoam ( Total points : 100 )

the LIFO inventory method assumes that the cost of the latest units purchased are:?

Tue, 30 Nov 2010 13:29:06 EST

a. LIFO will have the highest ending inventory. b. FIFO will have the highest ending inventory. c. Weighted Average will have the highest ending inventory. d. Periodic will have the highest ending ...

Asked By : mike11 ( Total points : 87 )

How to write a balance sheet and an annual income statement?

Tue, 30 Nov 2010 13:28:52 EST

Ok I've never made a balance sheet or an income statement, and I have to write an annual income statement and a balance sheet for a typical University student. I know I'm supposed to include tuition, ...

Asked By : LoveDukeDog ( Total points : 38 )

how to calculate bad debt expense?

Tue, 30 Nov 2010 13:28:26 EST

Asked By : CPAinLA ( Total points : 60 )

One of the principal reasons for selecting the LIFO cost flow assumption instead of the FIFO cost flow assumpt?

Tue, 30 Nov 2010 13:26:52 EST

A.net income will be higher. B.income taxes will be lower. C.balance sheet inventory values will be higher. D.a higher selling price can be established.

Asked By : brandonm ( Total points : 106 )

I have a balance sheet and I need to draw up the CASH FLOW STATEMENT in accordance with IAS 7. How do I do it?

Tue, 30 Nov 2010 13:26:29 EST

How do you draw up a CASH FLOW STATEMENT from a balance sheet according to IAS 7. Maybe you know any sites where there are examples of cash flow statements and how they are drawn? thanks for you ...

Asked By : EchoMan ( Total points : 47 )

what is the difference from sales Revenue and Cash Flow?

Tue, 30 Nov 2010 13:26:18 EST

Im looking at businesses that are for sale and it says that the Sales Revenue is $4 Mil while the Cash flow is $500k. How much will i make yearly?

Asked By : CPAinLA ( Total points : 60 )

Would a large inventory purchase at FYE effect the income statement?

Tue, 30 Nov 2010 13:25:54 EST

If a company is using the LIFO method of costing inventory; Would a large purchase at the end of their fiscal year effect the income statement or would the purchase just be cancelled out by the fact t ...

Asked By : noamnoam ( Total points : 100 )

What is the difference between preferred and ordinary balance sheet?

Tue, 30 Nov 2010 13:25:48 EST

Can anyone tell me what the difference between preferred and ordinary balance sheet is? What accounts do they include??

Asked By : TaxesandScotch ( Total points : 32 )

How to prepare consolidated cash flow statement (principles)?

Tue, 30 Nov 2010 13:25:46 EST

what are the principles for preparation of consolidated cash flow statements?

Asked By : BruinCPA ( Total points : 45 )

How do I read the income statement? GM has cost of sales, but I want to know how it is broken up?

Tue, 30 Nov 2010 13:25:32 EST

I am looking at their public income statement and I am trying to determine how much of their cost of sales is wages. How do I figure this out? Is there another chart I am missing?

Asked By : vinwubulldogs ( Total points : 88 )

What effect would the below inventory scenario have on an income statement?

Tue, 30 Nov 2010 13:25:30 EST

Inventory on original balance sheet was $500,000. When company sold, inventory was found to be only $400,000. What happens to income statement? increase income $100,000? decrease income $100,000? ...

Asked By : ujonesla ( Total points : 68 )

What method of stock valuation is better to use in periods of inflation? FIFO or LIFO?

Tue, 30 Nov 2010 13:25:17 EST

I have in my notes... FIFO is the best method for firms to use in periods of inflation because it gives a higher stock valuation, lower cost of sales and higher profits. Then... LIFO is the w ...

Asked By : vinwubulldogs ( Total points : 88 )

How do I find a free listing of current cash flow note holders?

Tue, 30 Nov 2010 13:25:01 EST

I need a comprehensive list of cash flow note buyers and cash flow note holders. I would like to know if there is any mechanism that can enable me to do this free of charge. Government listings, com ...

Asked By : crussmba ( Total points : 78 )

Is a profit and loss statement the same as an income statement in Quickbooks?

Tue, 30 Nov 2010 13:24:48 EST

My banker needs an 'income statement' from me, but Quickbooks doesn't have the option of generating an 'Income Statement'. Quickbooks does however, have the option of generating a Profit and Loss sta ...

Asked By : MariaT ( Total points : 94 )

When the cost of raw materials is increasing, FIFO accounting?

Tue, 30 Nov 2010 13:24:04 EST

When the cost of raw materials is increasing, FIFO accounting Question 45 answers yields higher ending inventory values than LIFO. produces higher unit sales than using LIFO. yields higher cost of ...

Asked By : ujonesla ( Total points : 68 )

Under the direct write-off method of accounting for uncollectible accounts, Bad Debts Expense is debited?

Tue, 30 Nov 2010 13:24:00 EST

a.at the end of each accounting period. b.when a credit sale is past due. c.whenever a pre-determined amount of credit sales have been made. d.when an account is determined to be worthless.

Asked By : tranglu ( Total points : 69 )

should income statement include start up cost?

Tue, 30 Nov 2010 13:23:54 EST

When projecting p&l with income statement, including start up cost may show negative before payback . and no tax is needed. is that appropiate to do so? thx

Asked By : noamnoam ( Total points : 100 )

help with accounting/bad debt expense?

Tue, 30 Nov 2010 13:23:15 EST

THe Allowance for Bad Debts is contra to which of the following accounts? A. accounts receivable b. bad debt expense c. cash d. Sales Which one is correct?

Asked By : crussmba ( Total points : 78 )

What are the differences in fifo and lifo in relation to accounting and inventory control?

Tue, 30 Nov 2010 13:22:11 EST

Asked By : MDcpa05 ( Total points : 58 )

income statement?

Tue, 30 Nov 2010 13:21:21 EST

what is the format for a single step income statement?

Asked By : vinwubulldogs ( Total points : 88 )

How do asset impairments effect the cash flow statement?

Tue, 30 Nov 2010 13:21:00 EST

If land or houses built and in inventory are impaired and "written down" to mkt value which reduces profit on the P&L as an expense or charge, why does this figure end up as an increase on the cash ...

Asked By : alohachris ( Total points : 99 )

Where Can I Locate an Excel Template that Calculates a Balance Sheet?

Tue, 30 Nov 2010 13:20:15 EST

I need to make a Balance Sheet for a Business Plan and all I have are the Start Up Costs, Income Projections and Cash Flow Projections. Is there an Excel template that will calculate this using the da ...

Asked By : ujonesla ( Total points : 68 )

Why do cash is the first account title in the balance sheet?

Tue, 30 Nov 2010 13:19:36 EST

Why do cash is the first account title in the balance sheet? Why not Account receivable or other account. Thanks for those who answers.

Asked By : DougCPA ( Total points : 52 )

When you are doing statement of cash flow.. What do u do with deprecation.?

Tue, 30 Nov 2010 13:19:29 EST

When you are doing statement of cash flow.. What do u do with deprecation. Add Subtract? Decrease increase?

Asked By : CPAinLA ( Total points : 60 )

Bad debts expense with a/r and credit sales?

Tue, 30 Nov 2010 13:19:23 EST

Asked By : kimkimcpa ( Total points : 113 )

What is the need for closing temporary accounts on a balance sheet?

Tue, 30 Nov 2010 13:19:09 EST

What would happen if the temporary accounts were kept open? Also what is different about a Balance Sheet for a strong, thriving business and the Balance Sheet for one in danger of bankruptcy?

Asked By : EchoMan ( Total points : 47 )

Under what type of account on a balance sheet should cash surrender value be recorded?

Tue, 30 Nov 2010 13:18:18 EST

Please advise, where should I record cash surrender value of life insurance on a balance sheet: under current or intangible assets? Thank you everyone.

Asked By : LoveDukeDog ( Total points : 38 )

Is there an easy way to describe LIFO & FIFO methods?

Tue, 30 Nov 2010 13:18:08 EST

The more I read it out of the textbook, the more confused I become. Can someone explain the process of LIFO & FIFO so that it makes sense?

Asked By : alohachris ( Total points : 99 )

How do u calculate cost of ending inventory as well as COGS by the FIFO?

Tue, 30 Nov 2010 13:17:21 EST

Asked By : CPAinLA ( Total points : 60 )

How does a proprietorship balance differ from a corporations balance sheet?

Tue, 30 Nov 2010 13:17:06 EST

How does a proprietorship balance differ from a corporations balance sheet? and how are both of them also similar? I don't understand accounting.

Asked By : MariaT ( Total points : 94 )

Why there is no retained earnings shown in the balance sheet of a public listed company's financial statement?

Tue, 30 Nov 2010 13:16:47 EST

Also, what if a public listed company's balance sheet (from the financial statement) show it has the lowest retained earnings? and what if it has the highest retained earnings? Please tell me the reas ...

Asked By : LoveDukeDog ( Total points : 38 )

What type of activity would this be considered on Cash Flow Statement?

Tue, 30 Nov 2010 13:16:02 EST

Buying land and a building with a cash down-payment and financing the rest through a note payable. Not sure if it would be an investing or financing activity.

Asked By : MDcpa05 ( Total points : 58 )

what is the value of the ending inventory using LIFO?

Tue, 30 Nov 2010 13:15:55 EST

A firm has beginning inventory of 300 units at a cost of $11 each. Production during the period was 650 units at $12 each. If sales were 700 units, what is the value of the ending inventory using LIFO ...

Asked By : BruinCPA ( Total points : 45 )

how do i find financial statements of different record labels? income statement, cash flow and balance?

Tue, 30 Nov 2010 13:15:30 EST

i need it for a project in my small buisness management class

Asked By : NessaCPA ( Total points : 70 )

Can anyone tell me why FIFO would result in a higher net income when prices are rising?

Tue, 30 Nov 2010 13:15:17 EST

Asked By : tranglu ( Total points : 69 )

How do you compare the balance sheet of a basic finance company with an investment banks balance sheet?

Tue, 30 Nov 2010 13:14:09 EST

How fixed are the sides of the balance sheet of an investment bank to a finance company's balance sheet? Why are they different?

Asked By : crussmba ( Total points : 78 )

Where can I find a copy of a single bowling alley's cash flow statement and balance sheet?

Tue, 30 Nov 2010 13:13:45 EST

I need this for a class. just building a small, 10 lane bowling facility and I need a copy of another companies cash flow and balance sheet to get an approximation of numbers.

Asked By : kimkimcpa ( Total points : 113 )

2) What is the disadvantage of the FIFO method of stock valuation? Give ONLY 2 disadvantages.?

Tue, 30 Nov 2010 13:13:38 EST

2) What is the disadvantage of the FIFO method of stock valuation? Give ONLY 2 disadvantages.?

Asked By : BruinCPA ( Total points : 45 )

What to include in initial investment in cash flow?

Tue, 30 Nov 2010 13:13:34 EST

In a typical cash flow statement for year 0, do you include the total investment or just the equity investment that one injected into the project? Also, when calculating the NPV/IRR, does one use t ...

Asked By : CPAinLA ( Total points : 60 )

What section does the amortization and purchase of a patent go on a cash flow statement?

Tue, 30 Nov 2010 13:13:30 EST

Asked By : MelonsO ( Total points : 121 )

Which of the three major statements (balance sheet, income statement, cash flow statement) would you consider?

Tue, 30 Nov 2010 13:12:40 EST

to be most important if you were considering making a loan or investment?

Asked By : MelonsO ( Total points : 121 )

Is cash dividends payable and Salaries Payable part of operating activities section in statement of cash flow?

Tue, 30 Nov 2010 13:12:28 EST

I have accounting homework and this part is really confusing me. i just want a yes or no answer. My work isn't that detailed. Yes or no answer will be fine.

Asked By : SteinS ( Total points : 24 )

What is the best definition of the balance sheet?

Tue, 30 Nov 2010 13:12:04 EST

What is the best definition of balance sheet? 1. An account providint the book balance 2. A record of closing entries 3. A Listing of balance 4. A Statement fo Assets

Asked By : noamnoam ( Total points : 100 )

When inventory prices are increasing, the FIFO costing method will generally yield a cost of goods sold that i?

Tue, 30 Nov 2010 13:11:43 EST

When inventory prices are increasing, the FIFO costing method will generally yield a cost of goods sold that is a. less than the cost of goods sold under LIFO. b. equal to the gross margi ...

Asked By : MDcpa05 ( Total points : 58 )

How bad is a negative Retained Earnings on a balance sheet?

Tue, 30 Nov 2010 13:11:42 EST

We are getting re-bonded for our business this year and they wanted a balance sheet. After preparing it I noticed that our Retained Earnings are negative for the year. This is our first year in busine ...

Asked By : CPAinLA ( Total points : 60 )

How do figure out cash flow in commercial property?

Tue, 30 Nov 2010 13:11:40 EST

what is the right mathematical equation to figuring out the end cash flow(profit) in the property?

Asked By : EchoMan ( Total points : 47 )

Can someone help me find the Bad Debt Expense and the Allowance For Uncollectible Accounts. Thanks?

Tue, 30 Nov 2010 13:11:19 EST

The following events occur for The Underwood Corporation during 2010 and 2011, its first two years of operations. June 12, 2010 Provide services to customers on account for $35,500. September 1 ...

Asked By : vinwubulldogs ( Total points : 88 )

Why is audit work usually organized around balance sheet accounts rather than income statement accounts?

Tue, 30 Nov 2010 13:10:31 EST

balance sheet includes the income statement and more general than the income statement. But, I need to go further than that.

Asked By : TaxesandScotch ( Total points : 32 )

Where I can find the models for the cash flow?

Tue, 30 Nov 2010 13:10:17 EST

I want to do some cash-flow for products and for entire bussines and I seek some models to inspire with. I want to know some web site how have some models of cash flow

Asked By : NessaCPA ( Total points : 70 )

How can i read a balance sheet?

Tue, 30 Nov 2010 13:09:49 EST

How can i really read a balance sheet. Does anyone have a website that explains the things on it.

Asked By : alohachris ( Total points : 99 )

How to get the balance sheet from the association?

Tue, 30 Nov 2010 13:09:43 EST

I am member of the registered association. The association is not properly maintaining the accounts. I want to get the balance sheet of the association. But if I write the request in Blank white paper ...

Asked By : janetmok ( Total points : 76 )

MacroEconomics: comparing your personal or household balance sheet with the balance sheet of your bank?

Tue, 30 Nov 2010 13:09:14 EST

Suppose you were comparing your personal or household balance sheet with the balance sheet of your bank. Where on both balance sheets would your checking account be listed? A. Th ...

Asked By : vinwubulldogs ( Total points : 88 )

Why can the dividends on the Statement of Retained Earnings be different than on the Cash Flow Statement?

Tue, 30 Nov 2010 13:09:13 EST

Asked By : EchoMan ( Total points : 47 )

The cash flow statement is designed to fulfill all of the following purposed except:?

Tue, 30 Nov 2010 13:08:44 EST

a) to show the relationship of net income to changes in the company's cash b) to assess the collectibility of accounts receivable c) to predict future cash flows d) to determine the company's abili ...

Asked By : noamnoam ( Total points : 100 )

Can you figure out this accounting FIFO Inventory Question?

Tue, 30 Nov 2010 13:08:37 EST

A company buys the following inventory for resale one month apart: one apple ($1) two apples ($2 each) three apples ($3 each) four apples ($4 each) During the course of business, this company s ...

Asked By : mike11 ( Total points : 87 )

How do I calculate market value of total asset and book value of total asset based on balance sheet?

Tue, 30 Nov 2010 13:07:55 EST

What are the formulas for those of calculations? How I do find those of that on balance sheet / financial statement? Please give me an example. Thanks..

Asked By : DougCPA ( Total points : 52 )

In the cash flow statement where would I reflect property tax?

Tue, 30 Nov 2010 13:07:29 EST

If i am in construction business and i purchase a land - i will treat that land as my raw material right ? Now if i want to prepare a project report, wherein i need to make a business plan on a proper ...

Asked By : DougCPA ( Total points : 52 )

How do I find the amount of bad debts expense for this question?

Tue, 30 Nov 2010 13:07:24 EST

The question asks: Using the allowance method, compute the amount of bad debts expense for 2007. The amounts given are: Accts Rec. balance, Jan 1, 2007 $125,400 Allowance for doubtful account ...

Asked By : alohachris ( Total points : 99 )

How Balance sheet, Income statement, Cash flow, etc. related? Any reference table or formulas would help.?

Tue, 30 Nov 2010 13:07:12 EST

I am studying Accouninting subject. Looking for how balance sheet, income statement etc. are related. A kind of list of formula (Example: Asset = liability + Owners Equity) Thanks

Asked By : mike11 ( Total points : 87 )

When writing off an uncollectible account using the direct write-off method, Bad Debts Expense is debited?

Tue, 30 Nov 2010 13:06:54 EST

True or False.

Asked By : DorthyP ( Total points : 129 )

How to analyse a balance sheet for reporting to the management?

Tue, 30 Nov 2010 13:06:51 EST

I would like someone to guid me in anaysing balance sheet & Income satement so that i can find out how healthy the business is finacially? and how to create a report to the management?

Asked By : MDcpa05 ( Total points : 58 )

how do you calculate the total shares you have acquired using fifo method when a stock split is involved?

Tue, 30 Nov 2010 13:06:24 EST

have payroll deduction to purchase stock and trying to figure out when purchased. adding up the transacion shares line do i need to included stock split.

Asked By : janetmok ( Total points : 76 )

Can property lease payments be added back to cash flow in a commercial mortgage?

Tue, 30 Nov 2010 13:06:23 EST

If an established business exists on a leased property (and will be moving into the new property after closing), can the lease payments be added back to the cash flow when determining the approval amo ...

Asked By : LoveDukeDog ( Total points : 38 )

Bad debt expense and Allowance for doubtful accounts?

Tue, 30 Nov 2010 13:06:00 EST

From the four choices provided, select the one correct statement. Can't find the answer in my financial accounting book, please advise? Bad Debts Expense is a real account and remains open at ...

Asked By : ujonesla ( Total points : 68 )

Bad debt expense QUESTION MARK?

Tue, 30 Nov 2010 13:05:30 EST

I need help with understanding this problem: A company had sales revenue of 141,000, of which 70,550 was on credit. A/R showed a 8,300 debit balance, and Allowance for doubtful accounts showed a 66 ...

Asked By : kimkimcpa ( Total points : 113 )

Does a contra revenue account appear on an income statement?

Tue, 30 Nov 2010 13:05:05 EST

I have a homework question that asks: With respect to the income statement a) contra revenue accounts do not appear on the income statement. b) sales discounts increase the amount of sales. c) c ...

Asked By : TaxesandScotch ( Total points : 32 )

On the balance sheet, should an asset be reported at full value even if it is not fully paid for?

Tue, 30 Nov 2010 13:05:01 EST

Let's say you have an asset, like a car, that is currently still under loan. On the balance sheet, would you report the full value of the car, or only the amount that has been paid off so far?

Asked By : MDcpa05 ( Total points : 58 )

If a company uses the FIFO cost assumption?

Tue, 30 Nov 2010 13:04:46 EST

, the cost of goods sold for the period will be the same under a perpetual or periodic inventory system?

Asked By : brucechangcpa ( Total points : 90 )

Can somebody please help me, I am sick and need help Preparing a statement cash flow for Crosby Corporation.?

Tue, 30 Nov 2010 13:04:27 EST

Here is what I have: CROSBY CORPORATION Income Statement For the Year Ended December 31, 2008 Sales . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $2,200,000 ...

Asked By : crussmba ( Total points : 78 )

How do you draw up a monthly cash flow budget?

Tue, 30 Nov 2010 13:03:47 EST

I have to create a monthly cash flow budget for a kennel business that has just started out. At the end of the first month i need to have £18,000 to invest in. The system must also produce an overdra ...

Asked By : TaxesandScotch ( Total points : 32 )

relation between bad debt expense and outstanding accounts receivable?

Tue, 30 Nov 2010 13:03:34 EST

The advantage of relating a company's bad debt expense to its outstanding accounts receivable is that this approach: a. gives a reasonably correct statement of receivables in the balance sheet b. ...

Asked By : kimkimcpa ( Total points : 113 )

what are key components of cash flow statement?Why cash is consisdered as king?

Tue, 30 Nov 2010 13:02:46 EST

Why cash is not equal to profit? Business fails due to unavailability of cash while still showing profits, Explain the phenomenon?

Asked By : BruinCPA ( Total points : 45 )

What accounts for bad debt expense in a Medical practice?

Tue, 30 Nov 2010 13:01:54 EST

A doctor is using the insurances 1099's to figure out his income. He adds the practice's operating expenses to offset this income. However he says he does not get any figures from his billing serv ...

Asked By : TaxesandScotch ( Total points : 32 )

Which method ( FIFO or LIFO) would be preferred for income tax purposes in periods of?

Tue, 30 Nov 2010 13:01:43 EST

(a) rising prices and (b) declining prices?

Asked By : MDcpa05 ( Total points : 58 )

What exactly are income statement items?

Tue, 30 Nov 2010 13:01:16 EST

If income statement items don't belong on the balance sheet then how are they shown in a balance sheet. I mean how is the balance accounted for for these sums. Thanks for any help you can offer. Ter ...

Asked By : NessaCPA ( Total points : 70 )

How do you calculate discretionary cash flow/savings?

Tue, 30 Nov 2010 13:01:11 EST

I am working on a problem. I have a couple's Statement of Financial Position and Annual Cash Flow Statement. From this info, how do I calculate discrectionary cash flow?

Asked By : BruinCPA ( Total points : 45 )

On an income statement do i include revenue earned but not collected?

Tue, 30 Nov 2010 13:00:13 EST

as well as expenses that i have but haven't paid for? The income statement is for the month of december (1) $200 of revenue was earned and billed but not collected at december 31, and (2) $100 of ...

Asked By : brandonm ( Total points : 106 )

Is it true that the percentage of sales basis always results in more Bad Debts Expense?

Tue, 30 Nov 2010 12:59:55 EST

The percentage of sales basis for estimating uncollectible accounts always results in more Bad Debts Expense being recognized than the percentage of receivables basis. Is this true?

Asked By : LoveDukeDog ( Total points : 38 )

Does anyone know where i can learn how to do a profit and loss acount and a balance sheet?

Tue, 30 Nov 2010 12:59:51 EST

Anyone know where i can learn how to do a profit and loss account, and a balance sheet?An Internet tutorial explaining all the stages which you have to go through, to do these things would be great. O ...

Asked By : MDcpa05 ( Total points : 58 )

What are some different ways to estimate cash flow?

Tue, 30 Nov 2010 12:59:43 EST

I work in the accounting department at a large law firm. I have some ideas on how to estimate cash flow in the coming year, but would like more suggestions. One way I am already doing is an excel sp ...

Asked By : noamnoam ( Total points : 100 )

Why is a cash flow statement prepared for forecasted results and not on actuals like sources and applications?

Tue, 30 Nov 2010 12:59:02 EST

What is the difference between sources and application of funds statements and cash flows statements. Why can't a cash flow statement be prepared for the actuals and not on the forecasted results

Asked By : mike11 ( Total points : 87 )

How do you calculate Lifo and Fifo of the following equation?

Tue, 30 Nov 2010 12:59:01 EST

In its first month of operations, Cerretti Company made three purchases of merchandise in the following sequence: (1) 300 units at $31, (2) 400 units at $40, and (3) 500 units at $47. Assuming there a ...

Asked By : kimkimcpa ( Total points : 113 )

Income Statement versus Statement of Cash Flow. What's the difference?

Tue, 30 Nov 2010 12:58:44 EST

If I am correct, a Statement of Cash Flow shows Revenue and Expenses; while an Income statement shows the same thing? Am I correct? Don't see the difference between the two and when one would be more ...

Asked By : vinwubulldogs ( Total points : 88 )

Why would a company switch to the LIFO method of inventory valuation in an inflationary period?

Tue, 30 Nov 2010 12:58:25 EST

This question is related to accounting anf financial statements.

Asked By : ujonesla ( Total points : 68 )

How to make a change in a balance sheet due to natural disaster?

Tue, 30 Nov 2010 12:58:18 EST

This is for accounting homework.. The farm has barns and sheds worth $19,100 A tornado struck and completely destroyed one of the barns, worth $45,00. It was not insured against this type of disaste ...

Asked By : LoveDukeDog ( Total points : 38 )

Why are LIFO and average cost more complicated with a perpetual system than with a periodic system?

Tue, 30 Nov 2010 12:57:58 EST

Asked By : crussmba ( Total points : 78 )

How can I figure out how much of an investment property to buy in order to produce a positive cash flow?

Tue, 30 Nov 2010 12:57:34 EST

Is there a software program or an equation to figure out how much down payment to put on a property, given the amount of rent income anticipated, minus all the expenses (taxes, upgrade, etc.) to produ ...

Asked By : kimkimcpa ( Total points : 113 )

I am preparing a cash flow statement. What exactly does the "cash flow from financing" entails?

Tue, 30 Nov 2010 12:57:25 EST

The interest I am paying for this loan is included in my net income (which is under cash flow from operations). So I am not sure what to put in the financing section. Am I supposed to put in exactly ...

Asked By : brandonm ( Total points : 106 )

Balance Sheet?

Tue, 30 Nov 2010 12:57:22 EST

I had to do a project for my accounting class. It is normal for the debits and credits totals on a worksheet for the balance sheet part and the assets and liabilities totals on the balance sheet to b ...

Asked By : BruinCPA ( Total points : 45 )

If a company is switching from LIFO to average cost inventory method?

Tue, 30 Nov 2010 12:56:28 EST

What accounting treatment is required for the switch. In order to value the old inventory under the new method?

Asked By : mikebadj ( Total points : 121 )

Balance sheet???????

Tue, 30 Nov 2010 12:55:53 EST

On a blance sheet what does "Accounts Receivable" and "Accounts Payable" represent and why would the previous bookkeeper not have them on her 2006 balance sheet but I have them on my 2007 balance shee ...

Asked By : vinwubulldogs ( Total points : 88 )

bad debt expense- accounting hw please help?

Tue, 30 Nov 2010 12:55:51 EST

how do i calculate bad debt expense? Allowance for Doubtful Accounts July 5th 6,300 Jan. 1st Balance 12,55... Oct. 19th 6,275 Setp. 19th 4,875 Dec. 31st 13,000 Nov. 6th 4,750 Dec. 31st Unadjust ...

Asked By : SteinS ( Total points : 24 )

what is the importance of cash flow recording?Why is it important?What are the advantages and advatages of cas

Tue, 30 Nov 2010 12:55:28 EST

What is the importance of cash flow recording?Why is it important?What are the advantages and disadvantages of cash flow recording?

Asked By : DorthyP ( Total points : 129 )

What are the main reason for negative cash flow in a construction company?

Tue, 30 Nov 2010 12:55:07 EST

I am working in the company of my dad - a small construction company for bathrooms. I noticed a problem with the financials. The company posts a positive profit but has negative (almost zero) cash flo ...

Asked By : mike11 ( Total points : 87 )

When would you use FIFO and when would you use Average Cost as an inventory method. Why?

Tue, 30 Nov 2010 12:54:45 EST

This is an accounting question.

Asked By : LoveDukeDog ( Total points : 38 )

Can someone help me with the difference between LIFO and FIFO?

Tue, 30 Nov 2010 12:54:17 EST

10/1 Beginning Inventory 60units @ $25 10/9 Purchase 120 units @ $26 10/11 Sale 100 units @ $ 35 10/17 Purchase 70 units @ $27 10/22 Sale 60 units @ $40 I must now, 1. Caculate the ending in ...

Asked By : MDcpa05 ( Total points : 58 )

Program to calculate FIFO losses/gains on stock transactions?

Tue, 30 Nov 2010 12:53:40 EST

Is there a program that I could use to easily calculate gains/losses on stock transactions. I have multiple buys/sells for a specific stock and was looking for an easy way to calculate losses using t ...

Asked By : noamnoam ( Total points : 100 )

What connection/relation does lifo reserve have with net worth (book value)?

Tue, 30 Nov 2010 12:53:04 EST

Please provide a simple example? Thank you

Asked By : vinwubulldogs ( Total points : 88 )

How the income statement should be modified to clearly present cash earnings?

Tue, 30 Nov 2010 12:52:45 EST

earnings vs cash flows, income statement vs cash flow statement

Asked By : DorthyP ( Total points : 129 )

Bad Debts Expense is reported on the income statement as?

Tue, 30 Nov 2010 12:52:45 EST

Bad Debts Expense is reported on the income statement as a. part of cost of goods sold. b. an expense subtracted from net sales to determine gross profit. c. a contra revenue account. ...

Asked By : BruinCPA ( Total points : 45 )

If depreciation one year was $100 and the following year it was $90, how is the cash flow statement affected?

Tue, 30 Nov 2010 12:52:25 EST

Also, for general purposes, how do a decrease in depreciation costs, a decrease in accounts payable, an increase in inventory, and a decrease in notes payable effect the statement of cash flows for th ...

Asked By : mike11 ( Total points : 87 )

What to do in a balance sheet if you have negative cash?

Tue, 30 Nov 2010 12:51:20 EST

Hello I'm doing a balance sheet, the company did not profit, so for the cash portion of the asset, do i put that negative number in the cash section? If it is negative, the total asset decreases, ...

Asked By : alohachris ( Total points : 99 )

If a bad debts are estimated at 2% of net credit sales, what amount will be reported as bad debts expense?

Tue, 30 Nov 2010 12:51:09 EST

Sales (100% on Credit) $950,000 Sales Return and Allowances $21,000 Accounts Receivable (December 31) $114,000 Allowance for doubtful accounts (before adjustment at December 31; credit balance) $1, ...

Asked By : MelonsO ( Total points : 121 )

Bad Debt Expense...Accounting Help!!!?

Tue, 30 Nov 2010 12:51:07 EST

Does anyone know what the bad debt expense would be for this problem? I cannot figure it out for anything!!! I took a screen shot of the problem since I cant type it out. I dont even know what the ...

Asked By : MariaT ( Total points : 94 )

The income statement reports changes in fair value for which type of securities?

Tue, 30 Nov 2010 12:51:01 EST

The income statement reports changes in fair value for which type of securities? A. Securities reported under the equity method. B. Trading securities C. Held-to-maturity securities. D. Securitie ...

Asked By : crussmba ( Total points : 78 )

How did the Egyptians LIFO the rocks to build the pyrimidines?

Tue, 30 Nov 2010 12:50:38 EST

Asked By : EchoMan ( Total points : 47 )

When the allowance method of recognizing bad debt expenses is used, the entry to record the write-off a?

Tue, 30 Nov 2010 12:50:18 EST

specific uncollectible account would decrease A. allowance for doubtful accounts. B. net income. C. net realizable value of account receivable. D. working capital.

Asked By : MelonsO ( Total points : 121 )

The cost of using a building in your business is recorded to the income statement as?

Tue, 30 Nov 2010 12:50:15 EST

The cost of using a building you own in your business is recorded to the income statement as: the mortgage is paid, as depreciation expense, amortization expense, or when the building is replaced?

Asked By : crussmba ( Total points : 78 )

How do I calculate the Present Value Ratio (PVR) from the IRR and a cash flow?

Tue, 30 Nov 2010 12:49:18 EST

How do I calculate the Present Value Ratio (PVR) from the IRR and a cash flow? In the cash flow, I have made an investment in a business and am earning income from the investment. How can I do this? ...

Asked By : SteinS ( Total points : 24 )

How is a business presented on a balance sheet.?

Tue, 30 Nov 2010 12:48:37 EST

I am preparing two balance sheets for my boss. One for the business that he owns, and one for all of his personal assets and liabilities, that will include the business. Where do I put the business on ...

Asked By : SteinS ( Total points : 24 )

I am preparing a multiple step income statement from items such as COGS, and Expenses. Need help?

Tue, 30 Nov 2010 12:47:39 EST

I have a list of items and I need to take these and apply them to a income statement, if applicable. COGS- Interest Expense- Selling and Admin Expenses Cash Sales Extraordinary Gains Dividends ...

Asked By : NessaCPA ( Total points : 70 )

Would a pharamaceutical company use a FIFO, LIFO, or random inventory system?

Tue, 30 Nov 2010 12:46:45 EST

There's this homework question that I am struggling with. Can someone please answer and give me a detailed reason why a pharmaceutical company would use FIFO, LIFO, or a random inventory system.

Asked By : TaxesandScotch ( Total points : 32 )

What is the biggest disadvantage of LIFO inventory accounting?

Tue, 30 Nov 2010 12:45:45 EST

Asked By : CPAinLA ( Total points : 60 )

What is the difference between a company being cash flow positive and profitable?

Tue, 30 Nov 2010 12:45:34 EST

I assume that being profitable is a stronger statement tha being cash flow positive - correct? Can you be profitable and not cash flow positive? Vice Versa?

Asked By : DougCPA ( Total points : 52 )

How does the cash flow statement complement the income statement and balance sheet?

Tue, 30 Nov 2010 12:45:06 EST

I am an Accounting II student and I am having trouble understanding some of the principles of accounting.

Asked By : crussmba ( Total points : 78 )

How do I make a balance sheet for a business that is not up and running yet?

Tue, 30 Nov 2010 12:44:26 EST

I need to make a Balance sheet for my Business Plan and I'm not sure how to get some of the figures... Specifically the Cash but would like help with other figures too. Do I just guess what they may b ...

Asked By : crussmba ( Total points : 78 )

What is the cash flow per 3 months mean in moneybooker?

Tue, 30 Nov 2010 12:44:26 EST

Moneybooker says, an unactivated moneybooker account has a 1500 Euro cash flow per 3 months and an activated account has a 15000 Euro cash flow per 3 months. I want to know clearly, what is the cash f ...

Asked By : noamnoam ( Total points : 100 )

Cash on Balance sheet and net cash in Statement of cash flow?

Tue, 30 Nov 2010 12:44:23 EST

What is the difference between the cash( current asset ) on balance sheet and the net cash in the statement of cash flow. from one of the example financial statement in my book these 2 are the same, b ...

Asked By : mike11 ( Total points : 87 )

Cash flow statement: Investing or financing or operating activities?

Tue, 30 Nov 2010 12:42:48 EST

A company receives 100000$ repayment of a long-term loan from its client. In the statement of cash flow, how shoult this 100000$ be recoreded:under cashflow from investing activities or cashflow from ...

Asked By : TaxesandScotch ( Total points : 32 )

Where can I find income statement for Adidas for their last fiscal year?

Tue, 30 Nov 2010 12:42:13 EST

I have tried looking on thier website, but all I could find was their quarterly income statement. I need their last fiscal year income statement. Plus it does not indicate thier revenue. Where can I f ...

Asked By : tranglu ( Total points : 69 )

What additional information does the Cash Flow Statement give about the financial position of a business?

Tue, 30 Nov 2010 12:41:00 EST

What additional information does the Cash Flow Statement give about the financial position of a business after profit/loss accounts and balance sheets?

Asked By : TaxesandScotch ( Total points : 32 )

Where does this go in a periodic inventory system income statement?

Tue, 30 Nov 2010 12:40:11 EST

I can't believe my textbook does not even show an example of how an income statement under a periodic inventory system looks like, isn't that useful? Anyway... For purchases and frieght in and out, ...

Asked By : CPAinLA ( Total points : 60 )

How does the balance sheet equation work out with regards to amortization?

Tue, 30 Nov 2010 12:40:09 EST

Let's say a company has at the beginning of a year $100 in Cash $100 in Inventories ------------------------------ $200 in Total Current Assets $100 in Amortized Equipment ------------------ ...

Asked By : CPAinLA ( Total points : 60 )

Bad Debt Expense?

Tue, 30 Nov 2010 12:39:59 EST

I dissolved my LLC last year. I personally loaned the company about 3,000 and was curious if I could write off the expense on my personal taxes or make the note payable into an expense somehow on the ...

Asked By : BruinCPA ( Total points : 45 )

what is the adjusting entry if a bad debt expense has an increase of $3000?

Tue, 30 Nov 2010 12:39:57 EST

Asked By : vinwubulldogs ( Total points : 88 )

How to find Gross margin using FIFO and LIFO method?

Tue, 30 Nov 2010 12:39:34 EST

Hagel Company had beginning inventory of 100 units that cost $5 each. These items were purchased with cash in the previous accounting period. During the current accounting period, Hagel paid cash to p ...

Asked By : vinwubulldogs ( Total points : 88 )

Is the BP dividend safe? What do I look for to make sure? The cash flow statement?

Tue, 30 Nov 2010 12:38:52 EST

As long as the price of oil stays above 40 a barrel? Do I look in the statement of cash flows? I want to buy some stock while the price is low, hopefully it will get close to 36 a share before reb ...

Asked By : tranglu ( Total points : 69 )

Cash in Balance sheet does not reconcile ending balance of Cash Flow Statement-implication and reason?

Tue, 30 Nov 2010 12:37:30 EST

If Cash and Cash equivalents value is a positive figure in Balance sheet for year ending period and Cash flow statement ending balance(sum operations-investing-financing activities) which is negative ...

Asked By : mike11 ( Total points : 87 )

What is the capitalized cash flow method?

Tue, 30 Nov 2010 12:36:43 EST

I came upon a term I did not fully understand. What is the capitalized cash flow method for assessing a rental properties value? Ten points for who ever answers first and provides a reference.

Asked By : EchoMan ( Total points : 47 )

What is the importance of a balance sheet?

Tue, 30 Nov 2010 12:36:38 EST

What is the importance of a balance sheet? Thanks in advance. God bless.

Asked By : janetmok ( Total points : 76 )

Where can I find cash flow positive properties?

Tue, 30 Nov 2010 12:34:38 EST

I am looking for a market that will provide an investment property at a price in which the cash flow will be positive after 100% financing, and renting. Where can I find housing prices and rental pric ...

Asked By : vinwubulldogs ( Total points : 88 )

What is unlevered cash flow and what they are used to value?

Tue, 30 Nov 2010 12:34:19 EST

What is unlevered cash flow and what they are used to value?

Asked By : MDcpa05 ( Total points : 58 )

Look at the three main financial statements—balance sheet, income statement, and cash-flow statement.?

Tue, 30 Nov 2010 12:33:42 EST

Which of these do you think is most important in measuring the health of a business, and why?

Asked By : noamnoam ( Total points : 100 )

How would the exchange of stock for land be handled on a cash flow statement?

Tue, 30 Nov 2010 12:33:32 EST

I think it's investing method but the stock makes me thing it would be operating method. which is it?

Asked By : DougCPA ( Total points : 52 )

How do companies book sales of assets on their income statement?

Tue, 30 Nov 2010 12:32:46 EST

I have holdings in a company called PMI. They recently sold two units. I would like to know how the proceeds factor into the income statement.

Asked By : SteinS ( Total points : 24 )

Finding an Income Statement with an extraordinary gain or loss?

Tue, 30 Nov 2010 12:32:42 EST

I need to find an Income Statement from a real company that has either and extraordinary gain or loss. I've tried looking for one but no luck for me. Any help would really be appreciated :)

Asked By : TaxesandScotch ( Total points : 32 )

Do I account for loans on an income statement?

Tue, 30 Nov 2010 12:32:38 EST

I was trying to create an income statement and I part of the information was the company took out a loan for $80,000 on January 1st, 2008, paying 10% interest. On December 31st, 2008 the company paid ...

Asked By : mikebadj ( Total points : 121 )

Where can i find an income statement of the State and Nation?

Tue, 30 Nov 2010 12:32:31 EST

I am looking for an income statement for Michigan as well as the Nation. I would like to know where my money is going. Where on site for the first answer is the actual statement. Summary is fine for n ...

Asked By : MDcpa05 ( Total points : 58 )

Need help with Accounting Homework Bad Debt Expenses?

Tue, 30 Nov 2010 12:32:23 EST

Allowance for Bad Debts was $1200 at the beginning of the year. $1500 of accounts receivable were written off. End of year adjusted balance in allowance for Bad Debts was $1700. What is the amount ...

Asked By : ujonesla ( Total points : 68 )

How is Bad debt accounted in the Balance Sheet?

Tue, 30 Nov 2010 12:32:15 EST

My understanding is that bad debt is charged as an expense in the income statement and also remove the amount of bad debt from the asset side of the balance sheet. if net assets = equity, then if ...

Asked By : ujonesla ( Total points : 68 )

Does a balance in dividends payable account appear on the cash flow statement?

Tue, 30 Nov 2010 12:31:59 EST

If there were a balance in a company's dividends payable account at the end of the year, would this appear in the operating activities category of the cash flow statement? Why, or why not? Thanks

Asked By : ujonesla ( Total points : 68 )

Would a income statement correspond to a cash flow forecast or actual cash account?

Tue, 30 Nov 2010 12:31:53 EST

Would a business expect their income statement after one year of trading to correspond to either their cash flow forecast or actual cash account? Thanks

Asked By : NessaCPA ( Total points : 70 )

bad debt expense????

Tue, 30 Nov 2010 12:31:34 EST

Which of the following methods of determining bad debt expense does not properly match expense and revenue? a. Charging bad debts with a percentage of sales under the allowance method. b. Ch ...

Asked By : NessaCPA ( Total points : 70 )

What is the Bad debts expense for 2009 if...?

Tue, 30 Nov 2010 12:31:34 EST

Lawrence sales had a net credit sales in 2009 of 120,000. Accounts receivable are $40,000 and Allowance for Doubtful Accounts has a $200 debit balance on Dec. 31,2009. If Lawrence estimates bad debt ...

Asked By : alohachris ( Total points : 99 )

What is the difference between lifo and fifo?

Tue, 30 Nov 2010 12:30:49 EST

Asked By : SteinS ( Total points : 24 )

Accounting: Bad Debt Expense & Realizable Value. Are my answers right?

Tue, 30 Nov 2010 12:30:43 EST

12/31/06 Accounts receivable $525,000 Allowance (45,000) Cash realizable value 480,000 During 2007 sales on account were $145,000 and collections on account were $86,000. Also, during 2007 t ...

Asked By : DougCPA ( Total points : 52 )

Since we think cash flow is very important?

Tue, 30 Nov 2010 12:30:40 EST

Since we think cash flow is very important, do you think it would be useful to understand the factors that may impact cash flow? If so, what would some of those factors be?

Asked By : janetmok ( Total points : 76 )

How do you do FIFO and LIFO Inventory? PLz thanks?

Tue, 30 Nov 2010 12:30:25 EST

I need to know how to do FIFO inventory and LIFO inventory in laymans terms please

Asked By : TaxesandScotch ( Total points : 32 )

What is the differences between cash flow and profit?

Tue, 30 Nov 2010 12:30:17 EST

I am an A level student and the past paper want me to distinguish between cash flow and profit. Help needed. Ty very much

Asked By : EchoMan ( Total points : 47 )

How do you download a balance sheet into excel?

Tue, 30 Nov 2010 12:30:16 EST

I'm looking either for a website that I can download a balance sheet (excel) or a way to do it easily from a main site like yahoo finance... It doesn't matter who the balance sheet is from, as long ...

Asked By : BruinCPA ( Total points : 45 )

I sold some (not all of it) stock making a capital gain.Do I use lifo, fifo, or average cost to calc the gain?

Tue, 30 Nov 2010 12:30:06 EST

When I bought the stock, I bought it in several batches. When I sold the stock, the shares I sold were technically purchased at different prices so I'm not sure which method to use to calculate my cap ...

Asked By : MelonsO ( Total points : 121 )

What sort of things are fixed and variable in cash flow statement?

Tue, 30 Nov 2010 12:29:04 EST

which things are fixed costs and which are variable in a cash flow statement ?

Asked By : LoveDukeDog ( Total points : 38 )

How much higher is the manager's bonus if FIFO is adopted instead of LIFO?

Tue, 30 Nov 2010 12:29:01 EST

The manager of Worley is given a bonus based on net income before taxes. The net income after taxes is $5,600 for FIFO and $4,900 for LIFO. The tax rate is 30%. The bonus rate is 20%. How much higher ...

Asked By : crussmba ( Total points : 78 )

How is purchase of a equipment classified on the Statement of Cash Flow?

Tue, 30 Nov 2010 12:28:55 EST

Say you incurred $1,000 from buying an equipment, but you weren't going to pay for it until next year (next financial year). Does this affect Statement of Cash Flow at all? If so, is it investing, ...

Asked By : EchoMan ( Total points : 47 )

how to find the Phantom profit in FIFO, useing the periodic method?

Tue, 30 Nov 2010 12:28:25 EST

In its first month of operation, Maze Company: purchased 100 units of inventory for $25, then 200 units for $29, and finally 150 units for $33. At the end of the month, 180 units remained. C ...

Asked By : tranglu ( Total points : 69 )

with inflation, what are the inplications of using LIFO and FIFO inventory methods?

Tue, 30 Nov 2010 12:27:58 EST

also, how do they affect the cost of goods sold?

Asked By : vinwubulldogs ( Total points : 88 )

What kinds of businesses use the LIFO method?

Tue, 30 Nov 2010 12:27:58 EST

Can you give an example of how it would be used in one of these businesses?

Asked By : ujonesla ( Total points : 68 )

What is the basic idea behind the Statement of Cash Flow?

Tue, 30 Nov 2010 12:27:33 EST

What is The basic idea behind the Statement of Cash Flow? A. to examine cash only transactions of the firm B. to reconcile all of the transactions during a firm’s operating cycle back to cash r ...

Asked By : SteinS ( Total points : 24 )

Intermediate Accounting - Bad Debt Expense Question?

Tue, 30 Nov 2010 12:27:33 EST

Q: The following information is available for Reagan Company: Allowance for doubtful accounts at December 31, 2006: $ 8,000 Credit sales during 2007: $400,000 Accounts receivable d ...

Asked By : BruinCPA ( Total points : 45 )

When estimating bad debt expense, what exactly is net sales?

Tue, 30 Nov 2010 12:27:18 EST

I have reviewed both my introductory and intermediate accounting books, and they don't show what exactly net sales are when estimating bad debts. They give you a number called net sales, but don't tel ...

Asked By : LoveDukeDog ( Total points : 38 )

How do I record sales in income statement?

Tue, 30 Nov 2010 12:26:57 EST

Given the following problem: Cash received from customers totaled $400,000 in 2005. Of this total, $40,000 represented payments on work that had been completed and billed in 2004. At the end of 200 ...

Asked By : LoveDukeDog ( Total points : 38 )

The present value of a cash flow allows an investor to assess?

Tue, 30 Nov 2010 12:26:48 EST

A) the present value of a future cash flow. B) the value of a stream of cash flows in terms of the best and most certain alternative. C) what equivalent present payment would be equally acceptabl ...

Asked By : EchoMan ( Total points : 47 )

How do you do a classified income statement?

Tue, 30 Nov 2010 12:26:13 EST

I'll give you the income statement information in the problem: Sales Revenue: Credit: 99,000 Cost of goods sold: Debit 33,000 Operating expenses: Debit: 19,000 Depreciation expense (on autos and ...

Asked By : EchoMan ( Total points : 47 )

Why does the US favor LIFO cash flow method for accounting?

Tue, 30 Nov 2010 12:25:43 EST

Why does the US prefer to use LIFO (Last in First Out)? It is the least popular in Canada (where I live) and is banned in Europe unless you are a foreign company (or something like that). So I would ...

Asked By : kimkimcpa ( Total points : 113 )

How to calculate cash with the numbers of sales,bad debt expense and net receivables?

Tue, 30 Nov 2010 12:25:37 EST

How to calculate the cash collected (in $ millions) from customers? Sales: $140 Bad debt expense: 7 Net receivables: 40 Acutally,the chart looks like this: 1997 ...

Asked By : mikebadj ( Total points : 121 )

Find out the differences of the treatment of Income Statement and balance Sheet in the company account?

Tue, 30 Nov 2010 12:25:26 EST

Find out the differences of the treatment of income statement and balance sheet in the company account compare to the partnership account.

Asked By : TaxesandScotch ( Total points : 32 )

Is the biggest danger in starting a business cash flow? If it is how can I prevent it?

Tue, 30 Nov 2010 12:24:23 EST

I often read that the biggest danger in starting a business is 'cash flow'. What is exactly is exactly cash flow problem and how do you prevent it?

Asked By : janetmok ( Total points : 76 )

How does an increased amount of sales returns affect the owner's equity on the balance sheet?

Tue, 30 Nov 2010 12:23:09 EST

How does an increased amount of sales returns affect the owner's equity on the balance sheet?

Asked By : brucechangcpa ( Total points : 90 )

What kind of expense is bad debt expense?

Tue, 30 Nov 2010 12:23:06 EST

Administrative or Other expenses? Thanks

Asked By : ujonesla ( Total points : 68 )

What is gross revenue and cash flow? How can you determine if a buisness is worth buying with those numbers?

Tue, 30 Nov 2010 12:22:17 EST

I would also like to know how a buisness owner determines how much his or hers income is based on gross revenue, cash flow, etc.?

Asked By : NessaCPA ( Total points : 70 )

How long does it take to fill a fifo buffer(k capacity) when insertion rate m> deletion rate n and vice versa?

Tue, 30 Nov 2010 12:21:45 EST

Information is inserted into a fifo buffer at a rate of m bytes per second. The information s deleted at a rate of n bytes per second. The maximum capacity of the buffer is k bytes. How long does it t ...

Asked By : CPAinLA ( Total points : 60 )

What's the entry to record bad debt expense?

Tue, 30 Nov 2010 12:21:35 EST

Asked By : brucechangcpa ( Total points : 90 )

My friend has $ 400, 000 cash savings. What is the best way for him to make a good cash flow?

Tue, 30 Nov 2010 12:20:51 EST

He is 38 years old male and keeps his money in ING direct bank and makes about 4.6% interest. Can he make better rates or any other investment plan that he can use to make a good positive cash flow e ...

Asked By : NessaCPA ( Total points : 70 )

How is a variable costing income statement different from a 'traditional' one?

Tue, 30 Nov 2010 12:20:45 EST

I know that when using GAAP you subtract COGS from Revenue to get Gross Profit. Then you subtract non-manufacturing costs, such as selling and administration, in order to get NET PROFIT (before taxes) ...

Asked By : CPAinLA ( Total points : 60 )

Where can i find a sample income statement, balance sheets, cash flow statement etc for a small business?

Tue, 30 Nov 2010 12:20:08 EST

I am writing a mock business plan for class and I need to figure out some financials as to calculating operating costs, expenses, assets, liabilities etc. I would like to know where to find the above ...

Asked By : alohachris ( Total points : 99 )

A company used the percent of sales method to determine its bad debts expense?

Tue, 30 Nov 2010 12:19:59 EST

A company used the percent of sales method to determine its bad debts expense. At the end of the current year, the company's unadjusted trial balance reported the following selected amounts: Accounts ...

Asked By : brandonm ( Total points : 106 )

I need to find out what exactly goes into calculating capital expenditures from a cash flow statement?

Tue, 30 Nov 2010 12:19:41 EST

Do "acquisition costs" and " patent costs" count as capital expenditures? Also, would the purchase and sale of marketable securities (listed in the investing section of the cash flow statement) be fix ...

Asked By : BruinCPA ( Total points : 45 )

Why is LIFO not used in foreign countries?

Tue, 30 Nov 2010 12:19:33 EST

I am taking an accounting course and have read in my textbook that LIFO (Last In First Out) is not permitted in Australia and the UK. I would like to know why.

Asked By : ujonesla ( Total points : 68 )

How to prepare an annual cash flow statement?

Tue, 30 Nov 2010 12:19:02 EST

I have a project which to make the annual cash flow statement for XYZ company from their quarterly reports. Should I just add up amount of cash receipts and cash expenditures for all three sections be ...

Asked By : ujonesla ( Total points : 68 )

the LIFO inventory method assumes that the cost of the latest units purchases are?

Tue, 30 Nov 2010 12:18:44 EST

a. the first to be allocated to cost of goods sold b. not allocated to cost of goods sold or ending inventory c. weighted average will have the highest ending inventory d. periodic will have the hi ...

Asked By : ujonesla ( Total points : 68 )

What is the procedure to follow FIFO & LIFO in case of earnings?

Tue, 30 Nov 2010 12:18:42 EST

Asked By : SteinS ( Total points : 24 )

Bad debts expense is considered?

Tue, 30 Nov 2010 12:17:52 EST

Bad debts expense is considered a. an avoidable cost in doing business on a credit basis. b. a weakness in management policies. c. a necessary risk of doing business on a credit basis. d. avoida ...

Asked By : noamnoam ( Total points : 100 )

Where to put allowance for bad debt?

Tue, 30 Nov 2010 12:17:06 EST

I was given a problem to reorganize items on a balance sheet in their correct order, I have everything in order, but am unsure as to where I would put Allowance for Bad Debt expense?

Asked By : vinwubulldogs ( Total points : 88 )

How I can watch live the 2006 FIFO World Cup Germany over the internet?

Tue, 30 Nov 2010 12:17:04 EST

Let me know of any web site, you might know, thank you

Asked By : crussmba ( Total points : 78 )

Financial Accounting Bad Debt Expense and allowance for doubtful accounts.?

Tue, 30 Nov 2010 12:16:46 EST

I have one question i cant find the answer too. Ming Company began operations on January 1, 2008. During its first two years, the company completed a number of transactions involving sales on credit ...

Asked By : mikebadj ( Total points : 121 )

What is the reasoning to choose either LIFO or FIFO as an inventory costing method for tax purposes?

Tue, 30 Nov 2010 12:16:42 EST

Asked By : tranglu ( Total points : 69 )

What does an analysis of a cash flow statement reveal?

Tue, 30 Nov 2010 12:16:16 EST

What does an analysis of a Cash Flow Statement reveal that the analysis of the Income Statement and Balance Sheet does not?

Asked By : noamnoam ( Total points : 100 )

Income Statement?

Tue, 30 Nov 2010 12:15:27 EST

Ok I have this income statement here. But I am not too sure if its right. Can someone look over it and temme if I have the right entries under "other revenues and gains" Other Revenues and Gains I ...

Asked By : SteinS ( Total points : 24 )

In a cash flow statement where is the sale of land listed?

Tue, 30 Nov 2010 12:15:22 EST

Is it listed as operating, investing or, financing?

Asked By : CPAinLA ( Total points : 60 )

Accounting question: which method of accounting for bad debts expense?

Tue, 30 Nov 2010 12:14:50 EST

is this: accounts receivable allowance for doubtful accounts sales is it the direct write off method or the allowance method. and can you tell?

Asked By : CPAinLA ( Total points : 60 )

I am confused when do you use bad debts expense and uncollectible accounts expense in journal entry?

Tue, 30 Nov 2010 12:14:44 EST

Plz explain me differences clearly, what are there classfication of accounts, and in what kind of journal entry do you use these?

Asked By : tranglu ( Total points : 69 )

Why is the Income Statement (P&L) made first when drafting the financial statements?

Tue, 30 Nov 2010 12:14:43 EST

I don't understand why the income statement (P&L) is made first from all the financial statements?

Asked By : ujonesla ( Total points : 68 )

how to show interest compounded continuously with a constant cash flow per year?

Tue, 30 Nov 2010 12:14:20 EST

I have a 10% interest rate compounded continuously with a constant cash flow per year of $200 how would I write that equation?

Asked By : TaxesandScotch ( Total points : 32 )

Why do companies use LIFO and average cost methods over FIFO?

Tue, 30 Nov 2010 12:13:52 EST

This american company that I looked up uses LIFO method for some of their inventories and average cost for the rest. I know that if you use LIFO, you would have to pay less tax but why don't they use ...

Asked By : brandonm ( Total points : 106 )

Identify three questions that can be answered by reviewing a firm's income statement?

Tue, 30 Nov 2010 12:13:11 EST

Identiry three questions that can be answered by reviewing a firm's income statement but that cannot be answered by reviewing the firm's balance sheet or statement of stockholders' equity. be specific ...

Asked By : alohachris ( Total points : 99 )

why is LIFO so prevalent today with conservatism being the principle rule in accounting?

Tue, 30 Nov 2010 12:12:23 EST

Asked By : BruinCPA ( Total points : 45 )

Where can I get a copy of a balance sheet of a former employer? Is there a website?

Tue, 30 Nov 2010 12:11:01 EST

I'm not trying to get the goods on anybody; I just want a balance sheet of which I am familiar to use in a course. Thank you. I thought balance sheets were public?

Asked By : NessaCPA ( Total points : 70 )

compute the cost of the ending inventory under the LIFO method?

Tue, 30 Nov 2010 12:10:56 EST

In its first month of operations, Cerretti Company made three purchases of merchandise in the following sequence: (1) 300 units at $29, (2) 400 units at $38, and (3) 500 units at $44. Assuming there a ...

Asked By : tranglu ( Total points : 69 )

Why would someone sell a positive cash flow real estate?

Tue, 30 Nov 2010 12:10:52 EST

I don't understand why someone would sell a positive cash flow real estate. I found a whole bunch of properties. Some of them have tenants already inside. What should I be weary about? What should ...

Asked By : mike11 ( Total points : 87 )

write list of asset, income statement,cash flow , balance sheet,complete formate with examples?

Tue, 30 Nov 2010 12:10:52 EST

write liabilitise, asset,, income statement,cash flow , balance sheet,complete formate and list with examples .

Asked By : SteinS ( Total points : 24 )

How can I start investing in realestate so I can create a cash flow?

Tue, 30 Nov 2010 12:10:44 EST

I don't have any money for down payments, my income is low, (about 3,500 per month), my credit score is low, and I'm in the process of selling my home in a short sale. I want to create this cash flo ...

Asked By : mike11 ( Total points : 87 )

accounting question? Bad debt expense?

Tue, 30 Nov 2010 12:10:32 EST

What is the purpose of an aging schedule for bad debt expense?

Asked By : SteinS ( Total points : 24 )

Which of the following statements about a bank's balance sheet is accurate?

Tue, 30 Nov 2010 12:10:22 EST

Which of the following statements about a bank's balance sheet is accurate? A. Assets plus net worth should equal liabilities. B. The balance sheet compa ...

Asked By : CPAinLA ( Total points : 60 )

On a Cash Flow Statement why is depreciation a positive number sometimes?

Tue, 30 Nov 2010 12:10:22 EST

On a Cash Flow Statement why is depreciation a positive number sometimes? HELP PLEASE multiple cash questions?

Asked By : tranglu ( Total points : 69 )

How should unearned income be shown on a balance sheet and income statement?

Tue, 30 Nov 2010 12:10:21 EST

Suppose that during a given year, I receive payments of $50,000. During this year, $30,000 of these payments have not yet been earned. Should the $50k go as revenue on my income statement? Should the ...

Asked By : alohachris ( Total points : 99 )

On a firm's BALANCE sheet which items listed are the most important when determining to buy or sell your stock?

Tue, 30 Nov 2010 12:09:07 EST

I just need to know what items on the balance sheet are important to a stockholder in determining whether to buy or share stocks.

Asked By : TaxesandScotch ( Total points : 32 )

When switching from LIFO method to FIFO method, where would you obtain the difference from?

Tue, 30 Nov 2010 12:09:03 EST

If a company you are analyzing is on the LIFO method of inventory, and you wish to change to the FIFO method for analytical purposes, you would most likely obtain the amount of the difference (LIFO re ...

Asked By : MariaT ( Total points : 94 )

How to analyze a balance sheet if you were working in the credit department of a bank?

Tue, 30 Nov 2010 12:08:56 EST

How to analyze the balance sheet of a company that needs credit from the bank? -What are the items to look for? -What ratios to consider? -What questions should be asked to the company regarding ...

Asked By : SteinS ( Total points : 24 )

Can you elect to switch from LIFO to FIFO as of 1/1/06 if you asked to change your LIFO method on 6/1/01?

Tue, 30 Nov 2010 12:08:32 EST

I know there is a 5-year time issue. I don't know if a change in method of calculating LIFO applies. I'm also not sure if I have already met the 5-year time requirement since the last 3115 was filed ...

Asked By : DorthyP ( Total points : 129 )

Can you summarize how to do a statement of cash flow?

Tue, 30 Nov 2010 12:07:26 EST

I'm taking an accounting class, and sitll can't figure out a good way to memorize all the details of making a statement of cash flow. Anyone have any hint how to do it the most easily?

Asked By : DougCPA ( Total points : 52 )

How will the statement of cash flows reflect net income error?

Tue, 30 Nov 2010 12:07:16 EST

Net income was incorrectly understated by $6,000 on the year-end income statement. How will the statement of cash flows reflect correction of this error?

Asked By : mike11 ( Total points : 87 )

How do I slot a warranty on my balance sheet?

Tue, 30 Nov 2010 12:07:10 EST

I'm preparing a balance sheet for my company, and I just purchased a computer with a 3-year warranty. How do I slot the warranty on my balance sheet? Is it an asset that would depreciate over three ...

Asked By : NessaCPA ( Total points : 70 )

Accounting: Bad debt Expense Question?

Tue, 30 Nov 2010 12:06:14 EST

Lets say at the end of 2007 you have 10,000 in Accounts Receivable and 1,000 in Allowance for Uncollectable Accounts. During 2008 you write off 100 dollars in Accounts Receivable...and determined ...

Asked By : mikebadj ( Total points : 121 )

Where do you put advertising expense in a pro forma balance sheet?

Tue, 30 Nov 2010 12:05:59 EST

In a pro forma balance sheet, where do you put the advertising expense.

Asked By : crussmba ( Total points : 78 )

how do you change a consolidated balance sheet to a common size balance sheet?

Tue, 30 Nov 2010 12:05:04 EST

I am having some trouble with my ACC 230 class. I don't understand how to change a consolidated balance sheet into a common size balance sheet.

Asked By : CPAinLA ( Total points : 60 )

What is the difference between Cash Flow and Retained Earnings?

Tue, 30 Nov 2010 12:04:29 EST

Cash Flow and Retained Earnings are to me the same thing however, I know they are not so please help me distinguish between the two.

Asked By : tranglu ( Total points : 69 )

Can an employer withhold paychecks due to cash flow issues?

Tue, 30 Nov 2010 12:04:26 EST

I work for a small business that due to poor managment is suffering cash flow issues. For the past several months paychecks to all employees have gotten increasing inconsistent. None of the employee ...

Asked By : DougCPA ( Total points : 52 )

What would be the interest reported on this income statement?

Tue, 30 Nov 2010 12:04:24 EST

The portion of the income statement reads: interest income: 829 millions Interest expense, net of portion capitalized: 63 millions Other (income) expense, net: (671) The capitalized interest ...

Asked By : crussmba ( Total points : 78 )

Please explain the logic of a large purchase of inventory at end of year to reduce income. Lifo is used.?

Tue, 30 Nov 2010 12:04:20 EST

Jim’s Music Company uses LIFO for inventory, and the company’s profits are quite high this year. The cost of inventory has been steadily rising all year, and Jim is worried about his taxes. You ar ...

Asked By : NessaCPA ( Total points : 70 )

What is the difference between a cash flow statement and a statement of financial performance?

Tue, 30 Nov 2010 12:04:15 EST

Australian Accounting

Asked By : ujonesla ( Total points : 68 )

What does statement of cash flow report?

Tue, 30 Nov 2010 12:04:10 EST

The statement of cash flows reports: a. Assets, liabilities, and equity. b. Revenues, gains, expenses, and losses. c. Cash inflows and cash outflows for an accounting period. d. Equity, net i ...

Asked By : DougCPA ( Total points : 52 )

Is there a difference between an income statement, and an income and expense statement?

Tue, 30 Nov 2010 12:03:51 EST

Also, Is the only difference between an income statement and a profit and loss, the title?

Asked By : DougCPA ( Total points : 52 )

How to prepare cash flow statement of a non for profit organisation? What should contain Financing activities?

Tue, 30 Nov 2010 12:03:44 EST

Asked By : alohachris ( Total points : 99 )

How do i prepare a balance sheet?

Tue, 30 Nov 2010 12:02:34 EST

I need to know how to prepare a classified balance sheet and to prepare the financial statments? I am no understand ing it and really need Help...

Asked By : mikebadj ( Total points : 121 )

What is the difference between operating cash flow and levered cash flow?

Tue, 30 Nov 2010 12:02:07 EST

What is the difference between operating cash flow and levered cash flow? Like at the bottom of this profile: http://finance.yahoo.com/q/ks?s=ARA One is positive but the other is negative. What do ...

Asked By : tranglu ( Total points : 69 )

How to get a ZERO INCOME STATEMENT?

Tue, 30 Nov 2010 11:59:59 EST

my family is applying a home energy assistance, we need to provide the zero income statement for the family member who's over 18. i recently graduated from college and still not get a job yet, so I ...

Asked By : ujonesla ( Total points : 68 )

Accounting Help Needed. This is income statement preparation where I need to find out what the income taxes ar

Tue, 30 Nov 2010 11:57:16 EST

I need to prepare an income statement for this company and determine what the income taxes are. The income tax is said to be 30% of the income before taxes, however I have not been able to figure out ...

Asked By : EchoMan ( Total points : 47 )

How do you compare the balance sheet of an investment bank to one of a finance company?

Tue, 30 Nov 2010 11:57:14 EST

How fixed are the items on the balance sheet of an investment bank as opposed to a finance comapny? Why are they so different?

Asked By : brucechangcpa ( Total points : 90 )

How do you know if your income statement is correct?

Tue, 30 Nov 2010 11:55:54 EST

hmmm how do you know if your income statement is correct?

Asked By : DougCPA ( Total points : 52 )

I am doing a classified balance sheet and need help with the classifications?

Tue, 30 Nov 2010 11:54:49 EST

In a classified balance sheet what category are Depreciation expense, Office supplies expense, Repairs expense and Fees Earned in? I had the first 3 expenses in the current liability section but I am ...

Asked By : janetmok ( Total points : 76 )

What could be the reasons for not recognizing the human resource as an asset on the balance sheet?

Tue, 30 Nov 2010 11:53:51 EST

“Human Resource” is not shown as asset in balance sheet, though managers claim that it is the most important asset of the business. What could be the reasons for not recognizing the human resource ...

Asked By : vinwubulldogs ( Total points : 88 )