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Journal Entries for Inventory

Journal Entries for Inventory
Written by Steve Dowling on 2017-03-11


Inventory Purchase

This is the initial inventory purchase, which is routed through the accounts payable system. The debit will be to either the raw materials inventory or the merchandise account, depending on the nature of the goods purchased. The entry is:

Debit Credit
Raw materials inventory xxx
Merchandise inventory xxx
Accounts payable xxx

Record Indirect Production Costs...(Read More)

What is Book Value

What is Book Value
Written by Steve Dowling on 2017-03-10


WHAT IT IS:

Book value refers to the total amount a company would be worth if it liquidated its assets and paid back all its liabilities. Book value can also represent the value of a particular asset on the company's balance sheet after taking accumulated depreciation into account.

HOW IT WORKS (EXAMPLE):

Book value is calculated by taking a company's physical assets (including land, buildings,...(Read More)

Net Working Capital

Net Working Capital
Written by Steve Dowling on 2017-03-10


Net working capital, also known as net current assets, is the difference left after subtracting current liabilities from current assets. If you are an investor as opposed to a speculator, you should always insist that any company to meet its obligations with ease, expand its volume and business expands and take advantage of opportunities as the present themselves, determined by working capital.

There...(Read More)

Fundamentals of a Balance Sheet - Intangibles

Fundamentals of a Balance Sheet - Intangibles
Written by Steve Dowling on 2017-03-10


Intangibles are made up of Patents and Goodwill. A young company will initially setup its balance sheet to show a substantial figure under this item. Company practice varies. Procter and Gamble, despite the tremendous goodwill that has been built up for Ivory Soap, has reduced all of its intangibles to $1. Companies that spend a high amount in research and development are more apt to put a good deal...(Read More)

Fundamentals of a Balance Sheet - Depreciation

Fundamentals of a Balance Sheet - Depreciation
Written by Steve Dowling on 2017-02-25


Naturally, all of the fixed property of a company will wear out over time, except for non-agricultural land. Because of this, companies will setup a Reserve for Depreciation account. For example, if a truck costs $4,000 and is expected to last 4 years, it will depreciate at the cost of $1,000 per year.

Another term is depletion, which is mostly used by mining and oil companies. This is for when...(Read More)

Fundamentals of a Balance Sheet - Fixed Assets

Fundamentals of a Balance Sheet - Fixed Assets
Written by Steve Dowling on 2017-02-25


Property, Plant and Equipment is fairly interchangable with fixed assets. It gives the value of land, buildings and machinery, including things such as trucks, furniture and tools.

The most common practice is to list fixed assets at cost. Often, there is no ready market for most of the things that fall under this heading, so it is not possible to give market value. If something has been written...(Read More)

Fundamentals of a Balance Sheet - Current Assets

Fundamentals of a Balance Sheet - Current Assets
Written by Steve Dowling on 2017-02-25


Look at the above balance sheet. It is broken into two parts, Assets on the left and Liabilities on the right. Assets are items that a company owns, while Liabilities are things that the company owes to others, plus reserves, surplus, and the stated value of the stockholders interest in the company.

There are Current Assets. These are things that can be turned into cash in the near future (usually...(Read More)

Other Supplementary Information

Other Supplementary Information
Written by Steve Dowling on 2017-01-27


Governments also have the flexibility to include other supplementary information that may not be specifically required, but is helpful for their users. Selection of these schedules will vary, depending on the type of government, the organizational structure and operations, and of course, the needs of your users. This information should parallel GASB guidance (or GASB-cleared guidance) for similar...(Read More)

Governmental Required Supplementary Information

Governmental Required Supplementary Information
Written by Steve Dowling on 2017-01-27


The concept of RSI is not unique to government, so we should highlight the GASB standards that specifically require a schedule or narrative classified as RSI. We will also include a reference to the appropriate standards so you can find the specific guidance for schedules and narratives.
1. Management's Discussion and Analysis (MD&A)
MD&A is required supplementary information (RSI) in the general...(Read More)





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