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- https://biz.libretexts.org/Courses/Cosumnes_River_College/BUS_215%3A_Introduction_to_Business_(Brown)/07%3A_Finance_and_Accounting_for_Entrepreneurs/7.05%3A_Developing_Startup_Financial_Statements_and_ProjectionsBut the vertical format still presents the two sides of the equation—except that liabilities and equity are on the bottom half of the statement. For example, if it takes six months to renovate the piz...But the vertical format still presents the two sides of the equation—except that liabilities and equity are on the bottom half of the statement. For example, if it takes six months to renovate the pizzeria and the monthly rent is $2,000, then the burn rate is $2,000 per month and forecasts that the business will need an additional $12,000 ($2,000 × six months) available in financing on top of the cost of renovations.
- https://biz.libretexts.org/Bookshelves/Accounting/Accounting_in_the_Finance_World/05%3A_Why_Must_Financial_Information_Be_Adjusted_Prior_to_the_Production_of_Financial_Statements/5.02%3A_Preparing_Various_Adjusting_EntriesThis page discusses the learning objectives for accounting adjustments, focusing on prepaid expenses and accrued revenue. It explains how prepaid expenses shift from assets to expenses over time, requ...This page discusses the learning objectives for accounting adjustments, focusing on prepaid expenses and accrued revenue. It explains how prepaid expenses shift from assets to expenses over time, requiring adjustments in financial statements. Additionally, it highlights the complexity in recognizing accrued revenues and the necessity of professional judgment to align these practices with U.S. GAAP principles.
- https://biz.libretexts.org/Bookshelves/Accounting/Accounting_in_the_Finance_World/04%3A_How_Does_an_Organization_Accumulate_and_Organize_the_Information_Necessary_to_Prepare_Financial_Statements/4.03%3A_An_Introduction_to_Double-Entry_BookkeepingThis page explains double-entry bookkeeping, a critical financial accounting method with over 500 years of history. It covers the four-step accounting process (analyze, record, adjust, report), T-acco...This page explains double-entry bookkeeping, a critical financial accounting method with over 500 years of history. It covers the four-step accounting process (analyze, record, adjust, report), T-accounts, and the rules of debits and credits. It emphasizes that transactions must always balance (debits equal credits) to ensure accurate financial statements reflecting a company's operations over time, thereby maintaining clarity and organization in reporting.
- https://biz.libretexts.org/Bookshelves/Accounting/Accounting_in_the_Finance_World/09%3A_Why_Does_a_Company_Need_a_Cost_Flow_Assumption_in_Reporting_Inventory/9.03%3A_Problems_with_Applying_LIFOThis page discusses the prohibition of LIFO (Last In, First Out) under IFRS, primarily due to outdated inventory values that misrepresent profitability. While LIFO benefits U.S. tax deferral, it is ba...This page discusses the prohibition of LIFO (Last In, First Out) under IFRS, primarily due to outdated inventory values that misrepresent profitability. While LIFO benefits U.S. tax deferral, it is banned in many countries for failing to reflect current market conditions. The complications from LIFO liquidations further inflate reported earnings by using older costs. As a result, companies outside the U.S. must adopt FIFO or average costing methods, leading to potential cash implications for U.S
- https://biz.libretexts.org/Bookshelves/Accounting/Accounting_in_the_Finance_World/09%3A_Why_Does_a_Company_Need_a_Cost_Flow_Assumption_in_Reporting_Inventory/9.05%3A_Applying_LIFO_and_Averaging_to_Determine_Reported_Inventory_BalancesThis page describes learning objectives regarding inventory costing methods, focusing on LIFO and averaging systems. It contrasts periodic and perpetual LIFO systems using Mayberry Home Improvement St...This page describes learning objectives regarding inventory costing methods, focusing on LIFO and averaging systems. It contrasts periodic and perpetual LIFO systems using Mayberry Home Improvement Store as a case study, demonstrating their effects on financial figures such as gross profit. It also covers weighted average and moving average systems, detailing the calculation of average costs and their application in financial reporting.
- https://biz.libretexts.org/Bookshelves/Accounting/Accounting_in_the_Finance_World/14%3A_In_a_Set_of_Financial_Statements_What_Information_Is_Conveyed_about_Noncurrent_Liabilities_Such_as_Bonds/14.07%3A_End-of-Chapter_ExercisesThis page includes questions and problems about debt financing, bonds, and accounting practices, covering risks, definitions, bankruptcy considerations, and covenants. It also presents practical scena...This page includes questions and problems about debt financing, bonds, and accounting practices, covering risks, definitions, bankruptcy considerations, and covenants. It also presents practical scenarios related to loan repayments and journal entries. Additionally, it describes Webworks' financial activities, including equipment purchases, sales, accounts management, and necessary accounting adjustments.
- https://biz.libretexts.org/Bookshelves/Accounting/Accounting_in_the_Finance_World/15%3A_In_Financial_Statements_What_Information_Is_Conveyed_about_Other_Noncurrent_Liabilities/15.04%3A_Reporting_Postretirement_BenefitsThis page discusses postretirement benefits accounting under U.S. GAAP, emphasizing the complexities and the role of actuaries in estimating future liabilities. It highlights the need for transparency...This page discusses postretirement benefits accounting under U.S. GAAP, emphasizing the complexities and the role of actuaries in estimating future liabilities. It highlights the need for transparency in financial reporting, particularly regarding off-balance sheet financing, and introduces key metrics such as the debt-to-equity ratio and times interest earned (TIE) ratio for evaluating company debts. Kevin G.
- https://biz.libretexts.org/Bookshelves/Accounting/Accounting_in_the_Finance_World/17%3A_In_a_Set_of_Financial_Statements_What_Information_Is_Conveyed_by_the_Statement_of_Cash_Flows/17.01%3A_The_Structure_of_a_Statement_of_Cash_FlowsThis page outlines learning objectives for understanding cash flows in financial accounting, emphasizing their importance under U.S. GAAP. It categorizes cash flows into operating, investing, and fina...This page outlines learning objectives for understanding cash flows in financial accounting, emphasizing their importance under U.S. GAAP. It categorizes cash flows into operating, investing, and financing activities, highlighting the distinct nature of financing activities that involve liabilities and equity.
- https://biz.libretexts.org/Bookshelves/Accounting/Accounting_in_the_Finance_World/13%3A_In_a_Set_of_Financial_Statements_What_Information_Is_Conveyed_about_Current_and_Contingent_Liabilities/13.05%3A_End-of-Chapter_ExercisesThis page covers accounting principles related to liabilities, including warranties and contingent liabilities, with a focus on current and noncurrent liabilities, accrued liabilities, and financial r...This page covers accounting principles related to liabilities, including warranties and contingent liabilities, with a focus on current and noncurrent liabilities, accrued liabilities, and financial ratios. It includes practical problems requiring transaction recording and financial ratio assessment.
- https://biz.libretexts.org/Bookshelves/Accounting/Accounting_in_the_Finance_World/07%3A_In_a_Set_of_Financial_Statements_What_Information_Is_Conveyed_about_Receivables/7.02%3A_Accounting_for_Uncollectible_AccountsThis page highlights key learning objectives about bad debt expenses and accounts receivable reporting under U.S. GAAP. It discusses the creation of an allowance for doubtful accounts to represent ant...This page highlights key learning objectives about bad debt expenses and accounts receivable reporting under U.S. GAAP. It discusses the creation of an allowance for doubtful accounts to represent anticipated uncollectibles, ensuring receivables are shown at net realizable value. Bad debt expenses must align with sales timing per the matching principle, leading to necessary adjusting entries for accurate financial statements and clearer receivable presentations.
- https://biz.libretexts.org/Bookshelves/Accounting/Accounting_in_the_Finance_World/05%3A_Why_Must_Financial_Information_Be_Adjusted_Prior_to_the_Production_of_Financial_Statements/5.04%3A_Chapter_AppendixFinal Trial Balance and Financial Statements Figure 5.7 Appendix A Figure 5.8 Appendix B 1 1 In a subsequent chapter, the reporting of noncurrent assets with finite lives will be covered in detail. Th...Final Trial Balance and Financial Statements Figure 5.7 Appendix A Figure 5.8 Appendix B 1 1 In a subsequent chapter, the reporting of noncurrent assets with finite lives will be covered in detail. The cost of such assets is subject to depreciation over their estimated useful lives so that a net book value is reported that falls each period. Therefore, the $40,000 is used here simply to illustrate the placement of the balances.
