By Duane R. Milano
REA's necessities supply fast and simple entry to severe info in a number of various fields, starting from the main uncomplicated to the main complex. As its identify implies, those concise, entire learn publications summarize the necessities of the sector lined. necessities are precious while getting ready for checks, doing homework and should stay an enduring reference resource for college students, academics, and pros. Accounting II contains present liabilities, long term liabilities, bonds, partnerships, organizations, profits and dividends, consolidations, assertion of money flows, and fiscal assertion research.
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Extra resources for Accounting II Essentials
Business transactions such as the purchase of real estate or equipment, as well as a temporary need for additional working capital, may necessitate such borrowings. As an example, assume that on March 15, 1999, Smith Corporation borrows $100,000 from its bank for 90 days. Interest is payable at maturity and accrues as a rate of 12%. 1. 1 The Sample Company General Journal On June 15, 1999, Smith Corporation repaid the loan plus $3,000 interest ($100,000 × 12% × 90/360). In this instance, a 360-day year is used for interest calculation.
3 FUNDED AND UNFUNDED A funded plan is one in which the employer makes pension payments to an independent funding agency. This agency is then responsible for accounting for all contributions to and disbursements from the fund. The most common independent funding agencies are insurance companies. An unfunded plan is managed completely by the employer rather than an independent agency. 4 NET PERIODIC PENSION COST For any given year, the employer’s cost of an employee’s pension plan is called the net periodic pension cost.
2 LIMITED LIFE The life of a partnership is limited. This is because a partnership is dissolved if any of the partners leave the firm. Possible reasons include death of a partner, withdrawal of a partner and bankruptcy. A new partnership must also be started if a new partner is admitted. 3 UNLIMITED LIABILITY The usual form of a partnership is a general partnership where all partners have unlimited liability. That is, when a partnership is found to be insolvent, for whatever reason, the partners must contribute enough of their own personal assets to resolve the insolvency.
Accounting II Essentials by Duane R. Milano