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1 review
by: Deshaun McCann

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Marketplace > Temple University > > Practice Upload
Deshaun McCann
Temple
GPA 3.0

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Just for practice
COURSE
PROF.
TYPE
Class Notes
PAGES
3
WORDS
CONCEPTS
Accounting
KARMA
25 ?

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1 review
"Loved these! I'm a horrible notetaker so I'll be your #1 fan in this class"
Mrs. Minnie Dibbert

## Popular in Department

This 3 page Class Notes was uploaded by Deshaun McCann on Monday February 8, 2016. The Class Notes belongs to at Temple University taught by in Summer 2015. Since its upload, it has received 11 views.

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Loved these! I'm a horrible notetaker so I'll be your #1 fan in this class

-Mrs. Minnie Dibbert

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Date Created: 02/08/16
15 October 2015 Accounting Notes Change in cash = change in liabilities + change in equity – change in noncash assets Ex 1.  Yr 2 – 75, yr 1 – 90, change = 15 (downward change is a negative­balance is reduced) ?? = 0 + 0 – (­15) +15 = 0 + 0 + 15 Ex 2.  Yr 2 – 95, Yr 1 – 80, change = 15 (increased 15) ?? = 0 + 0 – (15) ­15 = 0 + 0 ­ 15 Noncash assets ­accounts receivable        ­prepaids ­notes (owed to us) ­inventory Conceptual concept: what was the net cash flow of operations Ex. 3 Cash flow from operations – indirect method Net income – 80,000 Increase in inventory – 30,000 Increase in prepaid rent – 10,000 Increase in accounts payable – 10,000 Loss on sale of land – 7,000 Depreciation expense – 20,000 Increase in accounts receivable – 60, 000 Net income: 80,000 Depreciation Expense: 20,000 Loss: 7,000 Increase Inventory: ­30,000 (increase of assets is a decrease in cash) Increase Prepaid Rent: ­10,000 Increase Accounts Payable: 10,000 +Increase Accounts Receivable: ­60,000 +17,000 Loss on Land Ex. Land­30,000 ­Sold for 23,000 Loss­7,000 Journal entry: DR CR Cash 23,000 Loss on sale 7,000 Land 30,000

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