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Extra resources for Financial Accounting, Reporting and Analysis
Exhibit 2-2, shown later, contains a summary of all the transactions to be reviewed in this section. For simplicity, assume that all transactions occur on January 1, 2000. Bank Loan Harry realizes that his new business needs more cash than the $50,000 he invested. The firm applies for and is granted a $20,000 bank loan. The loan carries an interest rate of 8%, and both principal and interest are due on January 1, 2001. This transaction increases cash and liabilities by $20,000. Liabilities increase because JG&T is obligated to repay the loan in the future; this constitutes a virtually certain sacrifice of future economic benefits.
Employees were paid $24,000 in wages. 8. The corporation paid utilities and telephone expenses of $5,000. 53 Basic Concepts of Financial Accounting BASIC CONCEPTS OF FINANCIAL ACCOUNTING Required a. Analyze and record these transactions using the basic accounting equation. b. Record the following adjustments for the six months ended December 31, 1999: rent expense and depreciation expense. Assume a 10-year life and zero residual value. c. What is the net income (loss) for the six months ended December 31, 1999?
Customers were given golf lessons and charged $600. The customers paid $200 in January and promised to pay the remainder in February. ) There is little argument that at least $200 of revenue should be recorded in January. But when should the other $400 be recorded? In January when the services were provided, or in February when the cash is ultimately collected? The accrual basis of accounting records revenues when goods or services have been delivered or provided, regardless of when cash is received.