![]() The van must be recorded on the books at $11,000 per the cost.Include the value of her employees on the balance sheet as an Who believe they need to deliver exactly what the customer wants inĪ reasonable amount of time. The service the company providesĭepends on having intelligent, hardworking, dependable employees The owner of the company believes the most valuable asset for.The revenue earned and need to decide how much should be Sure she will receive $2,500 for the job done. The customerĪgreed to a minimum price of $2,350 for the work, but if theĬustomer has absolutely no issues with the programming for theįirst month, the customer will pay you $2,500 (which includes aīonus for work well done). Your company has performed a task for a customer.Value on the books to reflect this estimated current market $250,000, you are contemplating whether you should increase its Last five years, and a realtor told you the company could easily Values of real estate have been rising quickly over the Your company purchased its office building five years ago for.You believe theĬompany got a really good deal because the van has a $13,000 Blue The sellers told you they believe it is worth $12,500īut agreed to sell it to your company for $11,000. The company purchased a secondhand van to be used to travel toĬustomers.You must record the following transactions. ![]() You are the accountant for a small computer programming company. Payment in a meaningful way to keep its financial statements up to ![]() For example, if a company receives a cash payment fromĪ customer, the company needs to know how to record the cash If the answer is yes, the company will then analyze the information Meaning, will the informationĬontained on this original source affect the financial statements? Each original source must beĮvaluated for financial implications. Review how each transaction would affect the basic accountingĮquation and the corresponding financial statements.ĭefine and Examine the Initial Steps in the AccountingĬycle, the first step in the accounting cycle is to Now, we canĬonsider some of the transactions a business may encounter. You gained a basic understanding of both the basic and expandedĪccounting equations, and looked at examples of assets,ĭefine and Examine the Expanded Accounting Equation and Its
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