Presented below is information related to Required: How much did Flores Company have in expenses for the year? Assets, January 11 Liabilities, January 1 Assets, December 31 Liabilities, December 31 Issuance of stock Revenues Expenses Dividends X $49,000 32,000 100,000 56,000 21,100 35,300 0 11,200 5

Q: ow to do a P&L statement

A: A profit & loss statement shows the organization's revenue, expenses, and its profit for a…

Q: Define special purpose entity (SPE)

A: A special purpose entity is a legally separate enterprise that bears liability to an organization.…

Q: Define carried interest

A: Carried interest: It could be a portion of any profit that private equity and hedge reserves common…

Q: What is full form of GAAP? Describe about it.

A: Generally Accepted Accounting Principles, are commonly known as GAAP

Q: What are the scopes of the IPSASs?

A: Financial Accounting- It is the branch of accounting that records events of financial nature that…

Q: Use of CAATs?

A: Computer Assisted Audit Techniques or CAATs can be characterized as an auditing strategy that…

Q: Explain pooling of interests

A: Amalgamation is accounted for using any of the two methods based on the criteria met viz, pooling of…

Q: Define Pooling of interests method

A: The pooling of interest is a technique used for the M&A between two companies. In this method,…

Q: Define the term Net method.

A: As per the net method, the company records the amount of purchase by deducting any potential…

Q: Define classified boards

A: In classified board structure, certain board of directors are classified depending on time length of…

Q: Define charter

A: Introduction: Charters are legalized documents that lawfully set up corporate companies. Only…

Q: Discus the elements of GAAS, how does it relate to GAAP?

A: GAAS(Generally Accepted Auditing Standards) :- provides standards by which the prepared financial…

Q: Define direct quote

A: A direct quote can be computed using the following formula: Direct quote=1Indirect quote

Q: describe the roles of fi nancial reporting and fi nancial statement analysis;

A: Financial reporting means representing records maintained by an organization in the form of…

Q: Define Classifi ed balance sheet

A: Financial statements are statements which report the profitability and financial position of…

Q: academe

A: The word academe derives from the word "academy" which represents the financial institutions but the…

Financial Transaction Analysis

The transaction analysis is done with the help of the accounting equation. The basic accounting equation is alternatively known as the balance sheet equation is based on the double-entry system which says that for each transaction happening in a business, at least two accounts should be affected I.e. both the debit side and the credit side should be equal. The Accounting Equation is