SDC Accounting 202 - Assignment 2

Personal Financial Statement Project For the Personal Financial Statement Project: 1. Record the events on the next page in the accompanying formula worksheet 2. Write out the journal entries for the events on the next page 3. Create the financial statements with the ending information from the worksheet 4. Once you have your Financial Statements completed, please make a comment or two in the online text input box about what the information is telling you Event List 1. Opened a bank account with previously earned (retained earnings) money for $100,000 2. Bought a house by paying $75,000 down in cash and taking a loan of $225,000 3. Bought a vehicle by paying $1,000 down in cash and taking a loan of $44,000 4. Worked (performed services) to clients for $80,000 cash 5. Paid for materials used (expense) in the services performed with cash for $50,000 6. Paid for repairs and utilities of the house and vehicle (just regular expenses) with cash for $8,500 7. During the year, you paid $5,000…

Short Answer Essay Question: DAS • Understanding Fundamentals of Personal Finance • Career Planning • Financial Statements, Tools, and Budgets • Managing Income Taxes • Managing Checking & Savings Accounts • Building & Maintaining Good Credit • Credit Cards & Consumer Loans • Vehicles & Other Major Purchases What are three key things you have learned from any of the areas above, that you have adopted in your own personal financial management practices?

XYZ is considering the option to invest excess cash in short-term financial instruments. XYZ wishes to have access to the investments as quickly as possible in order to pay bills and meet employee payroll and have a return on their investment. Briefly discuss which factors you would be focusing on under each of the six (6) steps. Briefly describe the research tools available including the CCH Answer Connect and CCH Accounting Research.

Financial Statements and Financial Planning Explain the difference between financial statements and pro forma (forward-looking) financial statements. Describe how these statements are developed and used in financial management and planning. Be sure to respond to at least one of your classmates' posts. Read a post by one of your peers and provide a substantive response, making sure to extend the conversation by asking questions, offering rich ideas, or sharing personal connections.

Financial accounting

Prepare an explanatory memorandum about financial performance and record keeping requirements. The operations manager of Metharom Construction has asked you to prepare an explanatory memorandum for the accounting staff. They have requested that you include the following information: A) a description of a minimum of 5 financial records that the company must maintain B) any three factors while selecting software that could assist with finance management for small business C) list any 5 regulatory requirement for lodgement and payment of statutory obligations D) a set of policies to for Debt recovery procedures (minimum 3) E) explain how financial performance will be monitored (include a minimum of 2 key performance indicators) F) set of minimum 6 written financial procedures for Metharom which will help in financial health check for stakeholders G)This document must then be sent electronically to the Operations Manager (your assessor) as well as submitted in hard copy.

Activity 1.1.2. Classify Me For you to advance your learning and understanding of the Statement of Financial Position, you have to gradually learn each of its elements and components. Classify the following accounts whether they are assets, liability, or equity accounts. For asset and liability accounts, classify whether they are current or non-current. ACCOUNTS ELEMENT CLASSIFICATION Ex. Accounts Payable Accounts Receivable Cash Interest Payable Acain, Capital Notes Payable Notes Receivable Prepaid Rent Property and Equipment Raw Materials Salaries Payable Supplies Utilities Payable Cash in Bank Finished Goods Accrued Interest Bonds Payable Prepaid Insurance Unearned Income Land Goods in Process Acain, Personal Furniture and Fixtures Accrued Salaries Income Tax Payable Intangible Assets Delivery Truck Liability Current Interest Receivable

1. Describe the importance of a credit score for financial planning. 2. List the credit bureaus and list information that is contained in a person's credit report. 3. Review at least two sources of free credit reports, such as Credit Karma or any other site that you are familiar with. As described on one of these sites, name the factors that affect credit scores. 4. Propose a strategy that is expected to increase a person's credit score.

Courses =HCS380 Week 1 Terminology Matching Accounts Receivable Terminology Matching Note Payable Bonds Payable Common Stock Income Statement Balance Sheet Retained Earnings Statement Statement of Cash Flow Basic Accounting Equation multimedia.phoenix.edu Annual Report View Assessment HCS/380: Week 1 - Terminology Matching - Academic Resources Owed to a bank for the money borrowed Bill customer/patient for services HCS Debt securities sold to investors that must be repaid at a particular date in the future A AOL PASSV REQUIRED Enter your password for "kaylakı Accounts. Prepared by corporate management to present financial information, management discussion, notes, and auditor's report Used by creditors to determine if they will be paid Assets Liabilities+Stockholder's Equity Used by creditors and investors to analyze the organization's cash position Used by investors to evaluate the organization's history of paying high dividends The total amount paid in by stockholders for the share…

Please help me. Thanks

Omar Morena has recently completed his first year of ­studying accounting. His instructor for next semester has indicated that the primary focus will be the area of financial accounting. Instructions a.    Differentiate between financial accounting and managerial accounting. b.    One part of financial accounting involves the preparation of financial statements. What are the financial statements most frequently provided? c.    What is the difference between financial statements and financial reporting?

Mastery Problem: Financial Statement Analysis Liquidity and Solvency Measures Your friend, another accountant, has bet you that with your knowledge of accounting and just the computations for common analytical measures, you can figure out many aspects of a company's financial statements. You take the bet! Match each computation to one of the liquidity and solvency measures in the table. (Hint: Begin by looking for simple computations and identifying the amounts in those computations. Look for other measures that use those amounts.) Liquidity and Solvency Measures   Computations Working capital   $3,095,000 – $900,000  Current ratio   $3,095,000 ÷ $900,000  Quick ratio   $1,866,000 ÷ $900,000  Accounts receivable turnover   $8,280,000 ÷ [($714,000 + $740,000) ÷ 2]  Number  of days' sales in receivables   [($714,000 + $740,000) ÷ 2] ÷ ($8,280,000 ÷ 365)  Inventory turnover   $4,100,000 ÷ [($1,072,000 + $1,100,000) ÷ 2]  Number of days' sales in inventory…

Mastery Problem: Financial Statement Analysis Liquidity and Solvency Measures Your friend, another accountant, has bet you that with your knowledge of accounting and just the computations for common analytical measures, you can figure out many aspects of a company's financial statements. You take the bet! Match each computation to one of the liquidity and solvency measures in the table. (Hint: Begin by looking for simple computations and identifying the amounts in those computations. Look for other measures that use those amounts.) Liquidity and Solvency Measures   Computations Working capital   $3,095,000 – $860,000  Current ratio   $3,095,000 ÷ $860,000  Quick ratio   $1,866,000 ÷ $860,000  Accounts receivable turnover   $8,250,000 ÷ [($714,000 + $740,000) ÷ 2]  Number  of days' sales in receivables   [($714,000 + $740,000) ÷ 2] ÷ ($8,250,000 ÷ 365)  Inventory turnover   $4,100,000 ÷ [($1,072,000 + $1,100,000) ÷ 2]  Number of days' sales in inventory…

External users of financial accounting information include all of the following except ________.A. lenders such as bankersB. governmental agencies such as the IRSC. employees of a businessD. potential investors