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ACC BLOCK1

Steps to making a journal entry
1. identify all the accounts that are affected by the transaction
2. identify how the accounts would be classified
3. determine if the accounts are increasing or decreasing
4. ask yourself how the accounts in the transaction would be increased or decreased
working capital equation
current assets – current liabilities
current ratio
current assets
————————
current liabilities
debt to assets ratio
total liabilites
———————-
total assets
free cash flow
net cash provided by operating activities – capital expenditures – cash dividends
earnings per share
net income – preferred dividends
——————————————————
average common shares outstanding
cash
asset
debit
accounts recivable
asset
debit
allowance for doubtful accounts
asset
credit
interest receivable
asset
debit
inventory
asset
debit
supplies
asset
debit
prepaid insurance
asset
debit
prepaid rent
asset
debit
land
asset
debit
equipment
asset
debit
accumulated depreciation- equipmentn
asset
credit
buildings
asset
debit
accumulated depreciation- buildings
asset
credit
copyrights
asset
debit
goodwill
asset
debit
patents
asset
debit
Balance Sheet
Asset
Liabilities
Stockholder’s Equity
notes payable
liability
credit
accounts paybale
liability
credit
unearned service revenue
liability
credit
salaries and wages payable
liability
credit
interest paybale
liability
credit
diiviidends payable
liability
credit
income taxes payable
liability
credit
bonds payable
liability
credit
discount on bonds payable
liability
debit
premium on bonds payable
liability
credit
mortgage payable
liability
credit
common stock
SE
credit
paid in capital in excess of par value– preferred stock
SE
credit
paid in capital in excess of par value– common stock
SE
credit
treasury stock
SE
debit
preferred stock
SE
credit
retained earnings
SE
credit
income statement
revenues
expenses
service revenue
revenues
credit
sales discount
revenues
debit
sales returns and allowances
revenues
debit
interest revenue
revenues
credit
gain on disposal of plant assets
revenues
credit
administrative expenses
expenses
debit
amortization expense
expenses
debit
bad debt expense
expenses
debit
cost of goods sold
expenses
debit
depreciation expene
expense
debit
freight-out
expense
debit
income tax expense
expense
debit
insurance expense
expense
debit
interest expense
expense
debit
loss on disposal of plant assets
expenses
debit
maintenance and repairs expense
espense
debit
rent expense
expense
debit
salaries and wages expense
expense
debit
selling expense
expense
debit
supplies expense
espense
debit
utilities expense
expense
debit
borrowing money is an example of
financing activity
issuing shares of stock in exchange for cash is an example of
financing activity
which activity invollves collecting the necessary funds to support the business?
financing activity
buying assets needed to operate a business is an example of an
investing activity
which activity involve putting the resources of the business into action to generate a profit?
operating activity
the statement of cash flows would disclose the payment of a dividend
in the financing activities section
buying and selling products are examples of
operating activities
current ratio
6.33:1
for every $1 of liabilities you have $6.33 of assets
depreciation is not a valuation process
it is a cost allocation
10000
———-
5
straight line depreciation – record as expense
net working capital
current assets – current liiabilities
retained earnings def
accumu.ation of ALL the net income of a business minus the dividends over its lifetime
intangible assets have
no value to banks
prepaid insurance def
5yr fire policy: 1/5 written off as an expense
debit
left side of a t account
credit
right side of a t account
ASSETS
(dr and cr)
debit +
credit –
LIABILITIES
debit –
credit +
SE
debit –
credit +
ASSETS =
LIABILITIES + SE
Cash flow
Operating
Financing
Investing

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