Final Accounting Cheat Sheet
Final Accounting Cheat Sheet
Hult International Business School
Popular in Accounting
Popular in International Business
This 2 page Study Guide was uploaded by Mischa Rapt on Tuesday September 29, 2015. The Study Guide belongs to at Hult International Business School taught by Tiffany Ann Rasmussen in Winter 2014. Since its upload, it has received 20 views. For similar materials see Accounting in International Business at Hult International Business School.
Reviews for Final Accounting Cheat Sheet
Report this Material
What is Karma?
Karma is the currency of StudySoup.
You can buy or earn more Karma at anytime and redeem it for class notes, study guides, flashcards, and more!
Date Created: 09/29/15
aeiantemamim Answen a i Delphi nrpnm nn InnJmE Statement For the Year Ended December 31 2013 s millions Nonuperalin Sales 515453 Sales Interest revenues and expenses Cast of sales 13567 Coat er goods sold 39 39de revenues crass profit 2896 elilrin owe cumming exp enses hm De ense Investment writedowns Re and iievelnpmnnl expenses Gains and lusses on item relirenienl Operating Incomis 1684 I Restructuring expenses Net income lrorn clsconunued operations and Other WWI aims Expenses 61 Income tax expenses gains or losses on theirdlsposltlon Income before taxes and equity inmme 1525 Extraordinary gains and losses Gains and losses on derivative aCliViIiES Tax exPense 236 F I t f Gains and losses on sales of PPE in Equity imam nee of m 34 ereign currency iansn ian e el s t Operating asselwnleduw s Net Income s1 01 Net income or loss ircrn equity investments Other income or expenses only probable contingent J li iilillililll Company Evelina Recngliiiinil a American Eagle wnsi ins iisiinn laies ihe naiinaiiiise an in iigli 0i DlIiliim inc rein relied lias expired 0i iisls iiieliins can be reasonably aslinslai ltiaiigCuiWiaiiuii Revenue is maize iiiei lungelm annals iiiai the niianlaiaaitaniilelin nainai r siienaliini wnai the customer takes ihe neitiiantise an paineii is inivei i1 MTV Wriai lhe mnlenl is aliei by the Wsialiuns a Real estate davaiuper Whai ililEiDl39iE muses lsilails39er39eil to the buyers i BantaiAneiiiaCaip lileiesl is aaiiisi by lie passage 0iiliiie Earnienui Earlitoi Ama39lca accrues iIiCDiiie an an Dilis isms arid esiabilsil s an account reteivabieoll lis balance sneel g HaiisyrDal39idsnn liic wrisi tile to lie mniomyuies is liaiisieiieli 10 ms huyEi Halley iiill aisu sal lip a reserve or a39iilEipale wanaiily casts and lemgrilze its expected iiananli rust expense when it lewgnlzzsiiie sa es ravens ii linelillalnsrlnc wriai the magazines ZiE senl l0 subscineis Subsciaiians rennet iii advance as insist even a liability iiilil lie magazines are nai liabilities are estimated and recorded on the balance sheet or the income statement Anything less than probable reasonably possible liabilities are referenced in footnotesUnearned revenue a current operating liability arises when a company receives cash before any goods are delivered or services are rendered False as deferred revenues can also be long term liabilitiesAny gains or losses incurred due to purchase and sale of stock are re ected as increasesdecreases in paid in capital component of stockholders equity Dividends are re ected as decreases in retained earnings component of stockholders equity Module NOPM profit how much to control costs NOAT productivity of businesssales liquidityhow fast they pay their bills can I pay my int exp each yr Module 6 Average useful life Depreciable asset cost Depreciation expense Percent used up AccumdepreciationDepreciableasset cost asset is impaired ifzSum 0f undiscounted expected cash ows lt Net book value of asset written down as expense in Ls cost salvage value X lestimatedusefullife Inventory Costing Method FIFO biggest profitshow to investorsstockholders US GAAP IFRS LIFOless profitless tax present to IRS US GAAP IFRS X Accts payable turnover COGSAvg Accts Payable Accts Payable Days Outstanding Accts PayableAvg Daily COGS interest expense in the income statement is I the sum of two components Cllupollllliegtmaliieiliii 7 Bllnliselisuaplerilllliiailoieialleanlllii Cllupollliiemlllieilllill a Bondselisripinaiialleirmunii Cllupollliieltmlllieilllill a Blindsellsllialiiscouniileilillliaoellmlluni Module 7 Gain or Loss on Bond Repurchase Net Bonds Payable Repurchase Payment Uncertain accruals contingent liabilitydependant on future events The warranty liability should be equal at all times to the expected dollar cost of future repairs Record warranty liability on the balance sheet and recognize an expense in the income statement costs are probable and reasonably estimablegt Balance Sheet Caiin Noncash Contrib Transadicn A5 ASH 63PM capital 1700000 issue 7000 Share Prng ar100 par value preienen stock at 1 75 0 7 sbu mgh pe Ca 1030000 Adt tlonai Share Failiriri Capital erurrri 7 can 644 000 Tledsuly Sloclt R ase siiaies ul uar n value ccrnnia stock at 92 per Module as 044000 C351 Treasury stock Module 15 Functional manufacturing amp selling n admin vs Contribution IS variable man amp sna ampfixed man amp sna cm unit unit break even cm ratio dollar break evensales mix avg cm unitdollar multi be sales mix avg cm ratiototal cmtotal sales rev ie high ol highopp for profit incr high risk of loss cost structurehigh fixed costs Module 16 Sunk Costs cost of old machine book value of old machineDisposal value amount old asset can be sold for at time new asset is purchased relevant only if replacement alternative is acceptedSalvage value amount asset will bring at end of its useful life0ppcosts always relevantDifferential analysis use contribution margin when there s unit decreaseincrease Cost to Cost to Difference income Make Buy effect of buying Cost to buy 15000 15000 15000 units x 100 Cost to Make Direct Materials 15000 units x 200 x 040 12000 12000 Relevant Outlay Costs Irrelevant Outlay Costs Prlmary Reason for Outsourcmg Direct Labor 15000 units x 020x040 1200 1200 Conversion Costs Direct Materials Feduce and controfl Operal mg COS ES Factory Overhead15000 e e mprove company OCUS a units X 02 040 1500 1500 Inspection and Adilustmenit Costs Selling and Elstrllbuton Gain access to woriidwiass capabilmeg Opportunity Cost 1000 1000 Cost of New Machine Advertising Free resources for other Purposes V V H V V N V 7 Resources not available internally Ma39s I 17 154300 7 Machine Maintenance Common outlay Costs Take advantage of offshore capabilities AdVamage 0T BUYIHQ 700 3 Reduce time to market Module 21Sales Budget forecast of sales revenuePurchases budget merchandise to be purchased to meet sales needs and ending inventory requirements Production budget Selling expense budget variable and fixed selling costsGeneral and administrative expense budget usually fixed costs Cash budget cash receipts and disbursements expected to occur and financing section cash receipts cash disbursements FIVE L u L m LESALERS Pu chases B ud el for the M amiiris atJuly August and September July August September Inventery required current salesquot 49000 42000 56000 Desired ending inventory 21 000 28 000 35 000 Tuial inventury needs 70000 H000 51000 Less beginning inireritorym 24 500 21 000 23000 Purmasesm m m mm 7i 9 of saies revenue 50 ea utieiiuwln month s mstulseles 5096 current month39s 1105th sales quotquotquot Paid iri tailmvlng munri FIVE CORNERS WHOLESALERS Prod ucmion Budget J ACDIB S lliNiCORPO RATED sh Emil at iIFDr the Months Iii January and February 2014 Manufacturing C090 Bilid 99 IFDr he MDnthsm July iugust and September Y F m of Janna Juliy August September Jian uary February March or e 0 W Gas baiapntat bee 155 000 514500quot w Requirements for currremt sales 5000 10000 3000 Vaniaible casts 55 T302 5 r u I u 75 0105mm month s sales 52500 45000 00000 DESITBd ending IWBI39WOW 20 quot2i fD HOWIIWQ Direct materials ELDUB K 510 50000 20 otpreviaus n39ienth ssales 28000 4 0 12000 month s sales 2000 16011 Dimct lab l 5mm x 10 50 mg 5 of salesiwo months prior 5 500 3500 I 39 I Total reoeipts a 000 0 75500 T013quot requ39remems 10W 1150 Variable manufacturing cwerh ead IE000 x 5 Cash aueilialhle 242 000 211000 223000 Less beginning imeniiory 20 it current Total variable costs 150 rm Cash disbursements Purchases 70000 45500 40000 month 5 sales Tum 2001 Fixed manufacturing eurerh ead 30000 Operating 20515 10 000 10000 10000 n r r r r r Total disbursements 5 0001 535001 070001 Pmdu mom reqmre39mems m m Tma manquotum cm H 9 overhead
Are you sure you want to buy this material for
You're already Subscribed!
Looks like you've already subscribed to StudySoup, you won't need to purchase another subscription to get this material. To access this material simply click 'View Full Document'