Download Accounting Workbook For Dummies by John A. Tracy PDF

By John A. Tracy

Stability the books -- with no all of the headaches!

Trying to get qualified and develop into an accountant? personal a small company yet desire a little aid balancing your books? Don't fear! This hands-on consultant presents the educational and important perform you must grasp very important accounting ideas and fundamentals. ideal as a spouse workbook for Accounting For Dummies -- or the other accounting textbook -- Accounting Workbook For Dummies grants a wealth of real-world examples, demonstration difficulties, and convenient workouts. With this useful source as your consultant, you'll grasp stability sheets, source of revenue statements, and budgets in no time!

100s of Problems!
* list transactions, music bills, and deal with accounts
* Open and shut bookkeeping cycles
* study company functionality and profit
* select the best accounting method
* grasp funding accounting fundamentals
* comprehend production expense accounting

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Example text

When it was started the owners invested $500,000 in the business. Unfortunately, the business has suffered a cumulative loss of $200,000 up to the present time. What is the amount of its total assets at the present time? Total assets = $550,000, which is the total of $250,000 liabilities plus $300,000 owners’ equity. Notice that the original $500,000 that the owners invested in the business is reduced by the $200,000 cumulative loss of the business, and owners’ equity is now only $300,000. d A business has $175,000 total liabilities.

Generally speaking, receivables increase when sales increase year-to-year. • Advance payment sales cause operating liabilities to increase $50,000 during the year, so the year-end balance of the liability for advance payments from customers is $50,000 higher than the start-of-year balance. Generally speaking, this liability increases when sales increase year-toyear. The $3,200,000 sales revenue for the year increases owners’ retained earnings. But don’t forget that the business has expenses for the year.

Solve It Condensed Balance Sheet Cash Operating liabilities Receivables Interest-bearing liabilities Inventory Owners’ invested capital PP&E, net Owners’ retained earnings Assets 11. = Liabilities and Owners’ Equity During the year, a business made $3,650,000 cash sales. The business has a very liberal product return policy and therefore accepted product returns from customers and refunded $450,000 cash. What are the effects of these returns on the business’s financial condition? Solve It Condensed Balance Sheet Cash Operating liabilities Receivables Interest-bearing liabilities Inventory Owners’ invested capital PP&E, net Owners’ retained earnings Assets 12.

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