Legal liability

CHAPTER 6: ACCOUNTING FOR GENERAL LONG-TERM LIABILITIES AND DEBT SERVICE OUTLINE Number Topic Type/Task Status (re: 12/e) Questions: 6-1 Reasons for general long-term liabilities Explain 6-2 6-2 Disclosures of types and changes in liabilities Explain 6-6 6-3 General obligation bonds Describe 6-3 6-4 GO Bonds and enterprise funds Explain 6-5 6-5 Debt margin Explain 6-7 6-6 Purpose of debt service funds Explain 6-8 6-7 Number of debt service funds Explain 6-11 6-8 Year end balance

COMM 217 FINANCIAL ACCOUNTING FALL 2012 Section (lecture): B Group Project Part 2 (of 2) Dorel Inc. Presented to: Prof. George Kanaan Date: November 22nd 2012 John Molson School of Business – Concordia University $ = thousands of U.S. dollars Chapter 8 8.1 Cost of Sales Equation = Beginning Inventory + Purchases - Ending Inventory 1 846 470 000 = 510 068 000 + 177 811 000 - 442 409 000 Purchases for the year 2011 total $65 812 530. 8.2 Dorel calculates costs of

Assignment 2: You are an Entrepreneur Roxanne Joseph-Jerry Strayer University ACC 557 Financial Accounting ­­­Professor Daniel Terfassa August 21, 2014 Table of Contents: Executive Summary Company Summary Start Up Summary Start Up Expenses Income Statement Balance Sheet Internal Control Compliance and Regulatory Bodies References Executive summary ABC Learning Academy aims to prepare its students to excel as young leaders of tomorrow by combining an exclusive collegiate-based

Apollo Shoes, Inc. Potential Problem Areas December 31, 2011 The following refers to the Comparative Trial Balances, GA-7.1 through GA-7.5: Accounts Receivable, Other Receivables, Allowance for Doubtful Accounts, Bad Debt ExpenseInventories and Reserve for Inventory Obsolescence Prepaid Insurance and Insurance Expense Machinery, Equipment, and Office Furniture Accounts Payable Taxes Payable Line of Credit Sales, Sales Returns, Net Sales – Relationship to Inventory Research & Development

Management Summary 15 5.1 Organization Structure 15 5.2 Management Team 15 5.3 Personnel Plan 16 5.4 Professional and advisory support 17 6. Operational Plan 18 6.1 Production 18 6.2 Location 18 6.3 Legal Environment 18 6.4 Personnel 18 6.5 Inventory 19 6.6 Suppliers 19 6.7 Credit Policies 19 7. Financial Plan 20 7.1 Important Assumptions 20 7.2 Key Financial Indicators 20 7.3 Projected Profit & Loss 21 7.4 Projected Cash flow 23

company to pay off short term obligated debts and fulfill the requirements of cash for unexpected events [1]. The comparison of the liquidity ratios of several individual companies is meaningful, only if those companies are in a same industry and legal system. In the rest of this part, we are going to discuss more details about working capital and current ratio which are 2 key indicators for displaying the liquidity of companies Working capital is mostly used to measure the efficiency of the company

This transaction: a. increased assets and increased equity b. increased assets and increased liabilities c. increased assets and increased revenues d. increased assets and increased expenses 2. A company purchased office supplies on account. This transaction: a. increased assets and increased equity b. increased assets and increased liabilities c. increased assets and increased revenues d. increased assets and increased expenses

d 1. Financial reports are used by a.|management| b.|creditors| c.|investors| d.|all are correct| C 2. Which of the following is not a characteristic of a corporation? a.|Corporations are organized as a separate legal taxable entity.| b.|Ownership is divided into shares of stock.| c.|Corporations experience an ease in obtaining large amounts of resources by issuing stock.| d.|A corporation’s resources are limited to their individual stockholders’ resources.| D 3. Which of the following are guidelines

_________ 1. Some liabilities are not contractual obligations and may not be payable in cash. True False 2. Amounts withheld from employees in connection with payroll often represent liabilities to third parties. True False 3. A customer advance produces a liability that is satisfied when the product or service is provided. True False 4. Long-term debt that is callable by the creditor in the upcoming year should be classified as a current liability only if the debt is expected

records of Triguero's, a retail music store that also sponsors concerts. Classify each of the items as an asset, liability, revenue, or expense from the company's viewpoint. Also indicate the normal account balance of each item. a. The albums, tapes, and CDs held for sale to customers. * Asset; Normal account balance is debit b. A long-term loan owed to Citizens Bank. * Liability; Normal account balance is credit c. Promotional costs to publicize a concert. * Expense; Normal account