By John A. Tracy
Stability the books -- with out the entire headaches!Trying to get qualified and turn into an accountant? personal a small enterprise yet desire a little aid balancing your books? don't fret! This hands-on advisor offers the training and very important perform you want to grasp very important accounting options and fundamentals. excellent as a significant other workbook for Accounting For Dummies -- or the other accounting textbook -- Accounting Workbook For Dummies supplies a wealth of real-world examples, demonstration difficulties, and convenient routines. With this beneficial source as your consultant, you are going to grasp stability sheets, source of revenue statements, and budgets in no time!100s of Problems!* list transactions, song charges, and deal with bills* Open and shut bookkeeping cycles* research enterprise functionality and revenue* select the suitable accounting strategy* grasp funding accounting basics* comprehend production expense accounting
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In a nutshell, profit-making transactions consist of making sales and incurring expenses. Well, if you want to be picky, a business may have other income in addition to sales revenue, and it may record losses in addition to expenses. But the bread and butter profit-making activities of a business are making sales and keeping expenses under control. The profit-making transactions of a business over a period of time are reported in its income statement (which I cover in more detail in Chapter 1).
Why? Because in the long run everything comes down to cash flows. Profit recorded on the accrual basis of accounting has to be turned into cash — and the sooner the better. Otherwise, profit doesn’t provide money for growing the business and paying distributions to owners. By themselves, the income statement and balance sheet don’t provide information about the cash flow generated by the business’s profit-making, or operating, activities. But people who use financial reports (business managers, lenders, and investors) want to see cash flow information.
B Profit-making activity. Wages and salaries is a basic type of expense of all businesses. c Profit-making activity. The cost of utilities is a basic expense of all businesses. d Set-up and follow-up transactions for sales and expenses. This payment is the follow-up transaction that completes the previous purchase on credit. e Condensed Balance Sheet Cash Interest-bearing liabilities Inventory Owners’ invested capital PP&E, net Owners’ retained earnings +$950,000 Liabilities and Owners’ Equity +$950,000 +$950,000 = Condensed Balance Sheet Cash g Operating liabilities Receivables Assets f +$950,000 +$100,000 Operating liabilities Receivables Interest-bearing liabilities Inventory Owners’ invested capital PP&E, net +$750,000 Assets +$850,000 Owners’ retained earnings = Liabilities and Owners’ Equity +$850,000 Condensed Balance Sheet Cash Operating liabilities Receivables Interest-bearing liabilities Inventory –$175,000 Owners’ invested capital PP&E, net Assets h +$850,000 –$175,000 = Owners’ retained earnings –$175,000 Liabilities and Owners’ Equity –$175,000 Condensed Balance Sheet Cash –$500,000 Operating liabilities Receivables Interest-bearing liabilities Inventory Owners’ invested capital PP&E, net Owners’ retained earnings Assets –$500,000 = Liabilities and Owners’ Equity –$500,000 –$500,000 Chapter 2: Financial Effects of Transactions i Condensed Balance Sheet Cash Receivables +$34,750,000 Operating liabilities +$250,000 Interest-bearing liabilities Inventory Owners’ invested capital PP&E, net Owners’ retained earnings +$35,000,000 Liabilities and Owners’ Equity +$35,000,000 Assets +$35,000,000 = The business added $35,000,000 to receivables from its credit sales during the year.