Assets Liabilities Cash 55,000 Demand deposits 207,000 Fed Funds 192,500 Savings Accounts 362,200 Treasury Bills Treasury Bonds 269,500 NOW Accounts 303,000 CD (retail < 250,000) Short-term 90,200 Short-term 451,000 Long term Municipal Bonds 137,500 Long term CD (wholesale > 250,000) 447,000 587,000 Short-term 27,500 REPO's 55,000 Long term 99,000 other liabilities 22,000 Loans Total Liabilities 2,434,200 - Variable Rate 227,630 - Fixed Rate Equity Short-term 335,500 Common Stock 63,000 Long term 1,174,870 Surplus Retained Earnings 50,000 78,000 other assets 18,000 Total Equity 193,000 Total Assets 2,627,200 Total Liabilities & equity 2,627,200 CALCULATE SENSITIVITY RATIO PRESENT YOUR ANSWER IN PERCENT ROUNDED TO ZERO DECIMAL PLACES. DON'T USE THE PERCENTAG SYMBOL
The Effect Of Prepaid Taxes On Assets And Liabilities
Many businesses estimate tax liability and make payments throughout the year (often quarterly). When a company overestimates its tax liability, this results in the business paying a prepaid tax. Prepaid taxes will be reversed within one year but can result in prepaid assets and liabilities.
Final Accounts
Financial accounting is one of the branches of accounting in which the transactions arising in the business over a particular period are recorded.
Ledger Posting
A ledger is an account that provides information on all the transactions that have taken place during a particular period. It is also known as General Ledger. For example, your bank account statement is a general ledger that gives information about the amount paid/debited or received/ credited from your bank account over some time.
Trial Balance and Final Accounts
In accounting we start with recording transaction with journal entries then we make separate ledger account for each type of transaction. It is very necessary to check and verify that the transaction transferred to ledgers from the journal are accurately recorded or not. Trial balance helps in this. Trial balance helps to check the accuracy of posting the ledger accounts. It helps the accountant to assist in preparing final accounts. It also helps the accountant to check whether all the debits and credits of items are recorded and posted accurately. Like in a balance sheet debit and credit side should be equal, similarly in trial balance debit balance and credit balance should tally.
Adjustment Entries
At the end of every accounting period Adjustment Entries are made in order to adjust the accounts precisely replicate the expenses and revenue of the current period. It is also known as end of period adjustment. It can also be referred as financial reporting that corrects the errors made previously in the accounting period. The basic characteristics of every adjustment entry is that it affects at least one real account and one nominal account.
Trending now
This is a popular solution!
Step by step
Solved in 3 steps with 3 images
