Tài liệu Khối Ngành Kinh Tế

Will be offset or corrected over two periods. If company has not closed the books: If error already counterbalanced, make entry to correct the error in the current period and to adjust the beginning balance of Retained Earnings. If error not yet counterbalanced, make entry to adjust the beginning balance of Retained Earnings.

69 trang | Chia sẻ: huyhoang44 | Ngày: 24/03/2020 | Lượt xem: 618 | Lượt tải: 0

Company reporting the change Adjusts its financial statements for each prior period presented to the same basis as the new accounting policy. Adjusts the carrying amounts of assets and liabilities as of the beginning of the first year presented. Also makes an offsetting adjustment to the opening balance of retained earnings or other appropriate c...

70 trang | Chia sẻ: huyhoang44 | Ngày: 24/03/2020 | Lượt xem: 576 | Lượt tải: 0

The total of the Credit column in the Balance Sheet section is subtracted from the total of the Debit column. The difference is the same as the net income. This amount is entered below the total of the Credit column. The columns of the Income Statement section and the Balance Sheet section are totaled again. In each section, the debits and credit...

25 trang | Chia sẻ: huyhoang44 | Ngày: 24/03/2020 | Lượt xem: 615 | Lượt tải: 0

Economic Life Test Lease term is generally considered to be the fixed, non-cancelable term of the lease. Bargain-renewal option can extend this period. At the inception of the lease, the difference between the renewal rental and the expected fair rental must be great enough to make exercise of the option to renew reasonably assured.

108 trang | Chia sẻ: huyhoang44 | Ngày: 24/03/2020 | Lượt xem: 545 | Lượt tải: 0

Adjustments Beginning inventory Book value Contra account Depreciation Disposal value Uncollectible accounts Ending inventory Inventory Sheet Long-term assets Matching principle Physical inventory Prepaid Insurance Property, plant, and equipment Straight-line method Useful life Worksheet

28 trang | Chia sẻ: huyhoang44 | Ngày: 24/03/2020 | Lượt xem: 474 | Lượt tải: 0

E21-1: On January 1, 2012, Adams Corporation signed a 5-year noncancelable lease for a machine. The terms of the lease called for Adams to make annual payments of $9,968 at the beginning of each year, starting January 1, 2012. The machine has an estimated useful life of 6 years and a $5,000 unguaranteed residual value. Adams uses the straight-line ...

93 trang | Chia sẻ: huyhoang44 | Ngày: 24/03/2020 | Lượt xem: 683 | Lượt tải: 0

Current service cost - increase in the present value of the defined benefit obligation from employee service in the current period. Past service cost - change in the present value of the defined benefit obligation for employee service for prior periods—generally resulting from a plan amendment. Reported in the statement of comprehensive income ...

27 trang | Chia sẻ: huyhoang44 | Ngày: 24/03/2020 | Lượt xem: 566 | Lượt tải: 0

Distinguish between accounting for the employer’s pension plan and accounting for the pension fund. Identify types of pension plans and their characteristics. Explain measures for valuing the pension obligation. Identify amounts reported in financial statements. Use a worksheet for employer’s pension plan entries. Explain the accounting for p...

56 trang | Chia sẻ: huyhoang44 | Ngày: 24/03/2020 | Lượt xem: 451 | Lượt tải: 0

Projected benefit obligation, 1/1/12 (before amendment) $560,000 Plan assets, 1/1/12 546,200 Pension liability 13,800 On January 1, 2012, Rydell Corp., through plan amendment, grants prior service benefits having a present value of 120,000 Settlement rate 9% Service cost 58,000 Contributions (funding) 65,000 Actual (expected) return on pla...

60 trang | Chia sẻ: huyhoang44 | Ngày: 24/03/2020 | Lượt xem: 479 | Lượt tải: 0

Deferred Tax Asset Illustration: Hunt makes the following entry at the end of 2013 to record income taxes. Income Tax Expense 160,000 Deferred Tax Asset 20,000 Income Tax Payable

77 trang | Chia sẻ: huyhoang44 | Ngày: 24/03/2020 | Lượt xem: 560 | Lượt tải: 0