Credit Reference Sheet Business

can anyone help me with this?

please help me Brown Chen & Co, a firm of public accountants, was employed by Fast Track Co to prepare and certify a balance sheet as of March 31, 2008. They had been employed by the company in the past five years to render a similar service and they had frequently detected errors in the information provided by the company. Fast Track Co was engaged in the importing and sale of sports cars. To finance its operations, it required extensive credit and borrowed large sums of money from banks and other lenders. This was known to Brown Chen & Co who knew also that in the usual course of business the certified balance sheet would be shown by the company to various people such as banks, creditors, stockholders, purchasers or sellers, according to the needs of the occasion, as the basis of financial dealings. Accordingly, when the March 31, 2008 balance sheet was made up, Brown Chen & Co supplied the company with thirty copies of the certified balance sheet. Auto Finance Ltd, a finance company, was approached by Fast Track Co in December 2008 for a loan to finance a shipment of imported cars. As a condition of the loan, Auto Finance Co insisted that it received a balance sheet certified by public accountants. In response to that demand, Fast Track Co gave Auto Finance Ltd a copy of the balance sheet certified by Brown Chen & Co. On the faith of that certificate the plaintiff made a loan which was followed by many others. Nearly a year later, in December, 2009, Fast Track Co went into receivership and Auto Finance Ltd suffered heavy losses on the loans made to the company. Auto Finance Ltd brought an action for negligence against Brown Chen & Co to recover the losses suffered. It was discovered that the March 31, 2008 balance sheet certified by Brown Chen & Co. contained some serious errors which a careful accountant would have detected. (i)YOU ARE REQUIRED to outline and discuss, with reference to any relevant cases, the factors which will be considered relevant by New Zealand Court in deciding whether Auto Finance Ltd can successfully establish that Brown Chen & Co owes them a duty of care, one of the elements of the tort of negligence.

stop cheating on your 152 assignment :)

Chimera Investment's CEO Discusses Q2 2011 Results - Earnings Call Transcript

Second, the vast majority of Chimera's mortgage credit investments were purchased at a meaningful discount to par. Owning bonds at a discount puts us in a significantly different position than a bank or a mortgage insurance company that underwrote.

Intermediate Accounting , adjusting entries?

Neosho River Resort opened for business on June 1 with eight air-conditioned units. Its trial balance before adjustment on August 31 is as follows. NEOSHO RIVER RESORT Trial Balance August 31, 2010 Account Number 101 Cash $ 19,600 Debit 126 Supplies 3,300 Debit 130 Prepaid Insurance 6,000 Debit 140 Land 25,000 Debit 143 Cottages 125,000 Debit 149 Furniture 26,000 Debit 201 Accounts Payable $ 6,500 Credit 209 Unearned Rent Revenue 7,400 Credit 275 Mortgage Payable 80,000 Credit 301 P. Harder, Capital 100,000 Credit 306 P. Harder, Drawing 5,000 Debit 429 Rent Revenue 80,000 Credit 622 Repair Expense 3,600 Debit 726 Salaries Expense 51,000 Debit 732 Utilities Expense 9,400 Debit $273,900 debit $273,900 credit In addition to those accounts listed on the trial balance, the chart of accounts for Neosho River Resort also contains the following accounts and account numbers: No. 112 Accounts Receivable, No. 144 Accumulated Depreciation—Cottages, No. 150 Accumulated Depreciation—Furniture, No. 212 Salaries Payable,No. 230 Interest Payable,No. 620 Depreciation Expense—Cottages,No. 621 Depreciation Expense—Furniture, No. 631 Supplies Expense, No. 718 Interest Expense, and No. 722 Insurance Expense. Other data: 1. Insurance expires at the rate of $400 per month. 2. A count on August 31 shows $600 of supplies on hand. 3. Annual depreciation is $6,000 on cottages and $2,400 on furniture. 4. Unearned rent revenue of $4,100 was earned prior to August 31. 5. Salaries of $400 were unpaid at August 31. 6. Rentals of $1,000 were due from tenants at August 31. (Use Accounts Receivable.) 7. The mortgage interest rate is 9% per year. (The mortgage was taken out on August 1.) Instructions (a) Journalize the adjusting entries on August 31 for the 3-month period June 1–August 31. (b) Prepare a ledger using the three-column form of account. Enter the trial balance amounts and post the adjusting entries. (Use J1 as the posting reference.) (c) Prepare an adjusted trial balance on August 31. (d) Prepare an income statement and an owner’s equity statement for the 3 months ending August 31 and a balance sheet as of August 31.

Nice...

Study an Accredited Bachelors Degree in Business Administration ...

A list of ideas to limit the costs of a BSc on Business Administration. With some smart thinking and a Study at Clovis Community College for $37 per credit-hour. Review the "BSBA curriculum sheet". Use Google to find this page. Reference and Education: College-University Ashley Bowkett

What employment position do I qualify for with this resume and experience? Must make at least 34K annually.?

OBJECTIVE My career objective is to obtain a position as Inventory Administrator that will further my career. The ideal position will provide significant opportunity for growth and increasing responsibility. QUALIFICATIONS •Have 10 years experience and accomplishments in small business management, sales and customer service. •Have supervised others, handled difficult customers and introduced special promotion and incentive programs. •Strong communication skills and high motivation with the ability to manage and train others. •Library experience, including experience with document delivery and some general reference experience. •Experience with industry standard bibliographic databases; books in print and other data basis. •Experience using online card catalog. •Ability to communicate effectively with a wide variety of people including senior management. •Strong interpersonal and relationship management skills. •Competent working on a geographically disperse team. •Customer Service Experience. COMPUTER SKILLS •Proficient computer skills in the Microsoft suite and Adobe applications. •Understanding of CeledyDraw2 and Art Explosion Publisher Pro. •Understanding and experience using the Internet/World Wide Web. •Typing at 70 WPM, 10-Key at 6,677 key strokes. •Intermediate-Advanced performance in a variety of computer applications. WORK HISTORY 2005-2007Desktop Publisher/ Graphic Designer, ENVOY Consulting •Designed business proposals and provided contracted graphic design services. •Formatted text documents using QuarkXpress, and inserted graphics. •Typesetting for articles, advertisements and flyers, fixed type font ligatures. 1991-2001 CEO/Manager/Administrator, Freedom Housekeeping Services •Fashioned innovative and effective advertising media using various publishing software. •Increased sales annually through effectively and efficiently marketing services. •Achieved goals that provided a service which catered to the customers needs. •Preformed Management and business administration in advertising, marketing, estimation, scheduling, bookkeeping, customer service, hiring and training employees. 2004-2004Exceptions Clerk I/CCS, East Coast Bank •Experience in a fast-paced, competitive banking environment, providing daily support to two managers on various levels. •Daily review and tracking of possible fraudulent account activity, comparison of customer signatures using check logs. Bank recording, distribution of deposit corrections and check receipts, and review of various banking documents for accuracy were done on a regular basis. •Administrative responsibilities consisted of data entry, formatting spread sheets, correlating documents, filing, mail service, facsimile and telephone services. EDUCATION Western Washington University, Mountainville, Washington Credits completed towards Bachelors degree in Humanities, 2006-2007 Climate Community College, City Center, California Pre-nursing certification program, 2007-Present

First - Any HR person reading your Objective will not read past it. The phrase "further my career" means it gets filed in the trash!!! All this objective says is what can you do for me. Companies do NOT want to know what they can do for you. They want to know what you can do for them. Second - I think you could do well in an advertising agency - you have advertising, management, computer & graphic design skills - all necessary in the advertising world. Third - making the resume better Be specific about what computer applications you know - do not just say "variety of computer applications". Separate out the different types of skills - database & computer skills, library skills, customer service skills, advertising skills. Makes it easier to see. And its not necessary to put ALL your skills into every resume. You have enough here to pick & choose what you put in. You must PERSONALISE each resume for each application. There is no such thing as a general resume - and this is a very general resume. That means you are not trying hard enough, and tells the company that if you cannot be bothered to do a good job with the resume, then you probably wont do a good job if they hired you. Let me see if I can rework this resume for you. Here you go. EDITED RESUME I changed this from chronological format - which is what you have - to a functional formet which I prefer. You'll need to redo your objective. Dont include the university education if you didnt actually graduate. It just tells the employer that you cant finish what you started. I removed the library skills because they are not really relevant unless you are looking for a library or a legal research job. (And for those you need either an MLS or a paralegal certificate). QUALIFICATIONS •10 years management experience running a small business, including sales, customer service, and marketing CUSTOMER SERVICE & ADMINISTRATION SKILLS •Handled difficult customers ~Introduced special promotion and incentive programs. •Strong communication skills used in training employees. •Ability to communicate effectively with a wide variety of people including senior management. •Strong interpersonal and relationship management skills. •Competent working with a geographically diverse team. •Administrative responsibilities included data entry, formatting spread sheets, correlating documents, filing, mail service, facsimile and telephone services. COMPUTER SKILLS •Proficient computer skills in the Microsoft suite and Adobe applications •Knowledge CeledyDraw2 and Art Explosion Publisher Pro •Experience using the Internet/World Wide Web •Typing 70 WPM, 10-Key at 6,677 ks/h •Intermediate-Advanced performance in a variety of computer applications (be specific) MARKETING SKILLS •Designed business proposals and provided contracted graphic design services. •Formatted text documents using QuarkXpress, and inserted graphics. •Typesetting for articles, advertisements and flyers, fixed type font ligatures. •Fashioned innovative and effective advertising media using various publishing software. •Increased sales annually through effectively and efficiently marketing services. MANAGEMENT SKILLS •Performed Management and business administration in advertising, marketing, estimation, scheduling, bookkeeping, customer service, hiring and training employees. •Experience in a fast-paced, competitive banking environment, providing daily support to two managers •Daily review and tracking of possible fraudulent account activity, comparison of customer signatures using check logs. Bank recording, distribution of deposit corrections and check receipts, and regular review of various banking documents for accuracy WORK HISTORY 2005-2007 Desktop Publisher/ Graphic Designer, ENVOY Consulting 2004 Exceptions Clerk I/CCS, East Coast Bank 1991-2001 CEO/Manager/Administrator, Freedom Housekeeping Services EDUCATION 2006-07 Western Washington University, Mountainville, Washington Credits completed towards Bachelors degree in Humanities, 2007 Climate Community College, City Center, California Pre-nursing certification program

Taking the Right Financial Precautions

If you're managing a business during a recession, you may be better to You can also revise your credit terms; the credit reference agency, This document should include profit and balance sheet forecasts that will

Need help with worksheet question...Roger Miller delivery service?

Hi All, I recently received the question listed below. I'll be fine with the income statement and balance sheet - but nowhere can I find any reference in my textbook to a worksheet! It looks like this is a pretty standard question - does anyone have an example of a worksheet answer for this question I can review??? Thanks in Advance :) --------------------------------------------------------------------------------------------- Roger Miller started his own delivery service, RM Ltd, on 1 January 2010. The following transactions occurred during the month of January. Jan 1Roger Miller invested $15,000 cash in the business in exchange for shares. 2Purchased a van from Kar Motors for deliveries for $10,000. RM Ltd paid $2,000 cash and the remaining balance was on credit. 3Paid office rent of $500 for the month 4Performed $1,000 of delivery service for Norman Harvey 5Purchased Office Desk for $150 from Furniture Mart. 6Received a cash payment of $750 from Norman Harvey. 7Purchased petrol $100 on credit from LG Service Station 8Received a cash payment of $1,500 for delivery services provided 9Made a cash payment of $500 to Kar Motors 10Paid Electricity $250 11Paid the amount owing to LG Service Station 12Paid Salaries to employees $500 Required 1.Design and complete a suitable accounting worksheet for the month of January for RM Ltd 2.Using the information contained in the worksheet, complete the a.Income Statement and b.Balance Sheet for RM Ltd

You need to journalise the above transactions first, post them to the GL, then extract a trial balance. Since you know how to prepare the income statement and balance sheet, I presume you know how to extract the trial balance. This should teach you how to arrange your figures in a worksheet: http://www.cliffsnotes.com/study_guide/The-Work-Sheet.topicArticleId-21081,articleId-21025.html

Are you Ready for start-up Financing The Business Plan - From a ...

Elements of a business plan (The cover sheet) Credit reports. 4. Letter of reference. 5. Legal documents.

Accoutning question?

Now with this information yo have to. prepare an Income Statement and Balance Sheet for Jone's Home Inspection as of December 31, 2007. Don will need these to prepare his 2007 tax return. Prepare an Income Statement, Owner’s Equity Statement and Balance Sheet. Sept. 1 Signed up for home inspection course at local community college. Cost is $1,000. Put this on the business credit card Dr Training expense $1,000 Cr Credit card payable $1,000 Sept. 20 Transferred $2,500 from personal savings account to business checking account Dr Cash $2,500 Cr Don Jones, capital $2,500 Sept. 25 Purchased reference materials from local book store. Paid $250 cash Dr Training expenses $250 Cr Cash $250 Sept. 25 Signed up for home inspection licensing exam. Placed the $400 fee on the business credit card Dr Training exp. $400 Cr Credit card payable $400 Oct. 15 Purchased a 1 year insurance policy for the business by putting the $2,400 premium on the business credit card Dr Prepaid insurance $2,400 Cr Credit card payable $2,400 Oct. 20 Paid $250 on the business credit card Dr Credit card payable $250 Cr Cash $250 Oct. 25 Purchased tools for the business by paying $500 cash Dr Tools $500 Cr Cash $500 Oct. 30 Paid $200 to get business cards printed. (Note: this an advertising expense) Dr Advertising exp. $200 Cr Cash $200 Nov. 1 Purchased candy baskets to leave at local realtors’ offices to advertise business. Paid $100 cash Dr Advertising exp. $100 Cr Cash $100 Nov. 10 Purchased office supplies needed to prepare inspection reports. Paid $60 cash Dr Office supplies $60 Cr Cash $60 Nov 20 Purchased truck costing $10,000 to use for business. Took out auto loan from local bank Dr Truck $10,000 Cr Truck loan payable $10,000

It would be best to delete this question and ask it on the homework board. You could also google what each of the three statements look like and what they have on it.

Pebblebrook Hotel Trust Reports Second Quarter Results

The transaction was funded with proceeds from Pebblebrook's previously completed equity offerings, as well as borrowing under the Company's unsecured credit facility. The acquisition also includes the assumption of the Company's 49% pro rata share of.

PLEASE HELP WITH MY ACCOUNTING HOMEWORK! ASAP!!?

A company had revenues of $187,000 and expenses of $109,000 for the accounting period. The owner withdrew $37,000 during the year which of the following entries could not be a closing entry? a) debit income summary $78,000; credit owner's, capital $78,000 b) debit capital $37,000; credit withdrawals $37,000 c) debit revenues $187,000; credit income summary $187,000 d) debit income summary $109,000; credit expenses $109,000 e) debit income summary $187,000; credit revenues $187,000 All of the following regarding current ratio are true except: a) current ratio does not affect a creditor's decision on when to allow a company to buy on credit. b) current ratio can affect a creditor's decision about whether to lend money to a company. c) current ratio can reveal problems in a company if it is less than 1. All of the following statements regarding income statement columns on the worksheet are true except: a) the balances in the income statement credit column are revenues b) the balances in the income statement credit column are unearned revenues c) the balances in the income statement debit column are expenses d) the difference between the totals of the income statement columns is net income or net loss e) the net income or net loss from the income statement columns is entered in the balance sheet & statement of owner's equity columns. All of the following statements regarding a work sheet are true except: a) a worksheet aids in the preparation of financial statements b) a worksheet reduces the possibility of errors when working with many accounts and adjustments c) a worksheet does not assist in planning and organizing an audit or financial statements d) a worksheet helps in preparing interim financial statements e) a worksheet shows the effects of proposed or "what-if" transactions All of the following regarding reversing entries are true except: a) reversing entries are dated the first day of the new accounting period b) reversing entries are not the exact opposite of adjusting entries A broad principle that requires identifying the activities of a business with specific time periods such as months, quarters, or years is the: a) operating cycle of a business b)time period assumption c) going-concern assumption d) matching principle e) accrual basis of accounting A column in journals and ledger accounts used to cross reference journal and ledger entries is the: a) account balance column b)debit column c) posting reference column d) credit column e) description column A company made no adjusting entry for accrued and unpaid employee salaries of $9,000 on December 31. The entry to record the adjusting entry should have been: a) debit salary expense, $9,000; credit cash $9,000 b)debit salary expense, $9,000; credit fees earned, $9,000 c) debit salary expense, $9,000; credit prepaid salary, $9,000 d) debit salary expense, $9,000; credit salaries payable, $9,000 e) debit salary payable, $9,000; credit salary expense A company pays each of its two office employees each Friday at the rat of $100 per day for a five-day week that begins Monday. If the monthly accounting period ends on Tuesday and the employees worked on both Monday and Tuesday, the month-end adjusting entry to record the salaries earned but unpaid is: a) debit unpaid salaries $600 and credit salaries payable $600 b) debit salaries expense $400 and credit salaries payable $400 c) debit salaries expense $600 and credit salaries payable $600 d) debit salaries payable $400 and credit salaries expense $400 e) debit salaries expense $400 and credit cash $400

A company had revenues of $187,000 and expenses of $109,000 for the accounting period. The owner withdrew $37,000 during the year which of the following entries could not be a closing entry? C and E contradict each other, so one of them is the correct answer. e) debit income summary $187,000; credit revenues $187,000 Since revenues carry a normal credit balance, a debit would be used to close it out. All of the following regarding current ratio are true except: a) current ratio does not affect a creditor's decision on when to allow a company to buy on credit. It most certainly does affect a creditor's decision to extend credit. All of the following statements regarding income statement columns on the worksheet are true except: b) the balances in the income statement credit column are unearned revenues Unearned revenues are liabilities and belong on the balance sheet. All of the following statements regarding a work sheet are true except: c) a worksheet does not assist in planning and organizing an audit or financial statements It does assist in planning and organizing an audit or financial statements. All of the following regarding reversing entries are true except: b) reversing entries are not the exact opposite of adjusting entries They are the exact opposite. A broad principle that requires identifying the activities of a business with specific time periods such as months, quarters, or years is the: b)time period assumption A column in journals and ledger accounts used to cross reference journal and ledger entries is the: c) posting reference column A company made no adjusting entry for accrued and unpaid employee salaries of $9,000 on December 31. The entry to record the adjusting entry should have been: d) debit salary expense, $9,000; credit salaries payable, $9,000 A company pays each of its two office employees each Friday at the rat of $100 per day for a five-day week that begins Monday. If the monthly accounting period ends on Tuesday and the employees worked on both Monday and Tuesday, the month-end adjusting entry to record the salaries earned but unpaid is: b) debit salaries expense $400 and credit salaries payable $400

Freelance Bookkeeping Rates - How to Charge For Your Bookkeeping ...

Starting a business - any business - can be scary. Even once can be the " Kiss of Death" to your rate sheet. For a basic bank and credit card reconciliation, data entry and set of monthly financials be afraid to ask several bookkeepers what they charge for a beginning point of reference.

The primary objective of financial accounting is to?

A customer purchased a $2,000 item at ApplianceWorld, paying with a credit card (VISA). The merchant is charged a 2% fee by the credit card company. When recording this sale, the merchant would: A) debit accounts receivable for $2,000. B) credit sales revenue for $2,000. C) credit sales revenue for $1,800. D) credit unearned sales revenue for $2,000. E) None of the above is correct. 2- The primary objective of financial accounting is to A) provide information about a business to internal parties. B) provide information about a business' future business strategies. C) provide useful economic information about a business to help external parties make sound financial decisions. D) provide predictions of future stock price. E) none of the above is the primary objective of financial accounting. When credit terms for a sale are 2/15, n/40, the customer saves by paying the bill early. Approximately what percent would this savings amount to on an annual basis? A) 18%. B) 20%. C) 30%. D) 37%. E) None of the above is correct. 18. A post closing trial balance would include account balances for only the A) assets and liabilities. B) revenues and expenses. C) assets, liabilities, and stockholders' equity. D) assets, liabilities, stockholders' equity, revenues, expenses, and dividends. E) None of the above is correct. 19. Which of the following activities violates the revenue recognition principle? A) Recording revenue in December 2006 for units manufactured but not yet sold to customers B) Recording cash received in advance from customers as revenue when the product is not yet shipped C) Not recording interest earned in 2006 until the cash is received in 2007 D) None of the above violates the revenue recognition principle E) All of the above violates the revenue recognition principle Marion Company had these transactions during the first month of the new accounting period. Sold merchandise for $9,000 on credit; its cost was $5,000 and it was purchased and paid for last year. Collected $3,000 from an account receivable. The account was established in the previous year. Used office supplies of $1,500 purchased and paid for in the prior year. Reference: 03_02 Marion's net income for the new period would be A) $2,500 B) $4,000 C) $8,000 D) $6,500 E) None of the above is correct 21. When the price earnings (P/E) ratio for a company decreases from 2006 to 2007, it means the company's investors A) believe the future earnings will exceed the current earnings level. B) believe the future earnings will be lower than the current earnings level. C) are confident about the company's future operating effectiveness. D) are not confident about the company's future operating effectiveness. E) both B and D are true. On January 1, 2007, Denmark Inc., started the year with a $200,000 credit balance in its retained earnings account. During 2007, the company earned net income of $70,000 and declared and paid dividends of $10,000. Also, the company received cash of $15,000 as an additional investment by its owners. Therefore, the balance in retained earnings on December 31, 2007, would be A) $200,000. B) $270,000. C) $245,000. D) $260,000. E) None of the above is correct. 23. Financial accounting A) provides information primarily for external decision makers. B) is required for corporations but probably would not be done by other business entities. C) provides information primarily for the use of managers of the company. D) has been practiced in this country for approximately the last 15 years. The purchase of supplies for cash would A) Not change total assets. B) Increase total assets. C) Increase liabilities. D) Decrease liabilities. E) None of the above is correct Bad debt expense should A) appear on the balance sheet as a contra-asset. B) appear on the income statement as part of selling expenses. C) appear on the income statement as a contra- revenue. D) not appear in the financial statements. E) None of the above is correct. 26. Which of the following is/are criteria for recording a sale? A) Title and risks of ownership have been exchanged. B) The company is reasonably assured of collecting the receivable. C) The sales price has been fixed. D) Both A and B are correct. E) All of the above are correct 27. Which of the following statements is true? A) Deckers Outdoor sells primarily to other businesses on a credit basis. B) Deckers Outdoor would record revenue when cash collection is made from their customers. C) Deckers Outdoor records sales upon shipment of product to their customers. D) Both A and C are true. E) All of the above are true 28. An income statement reports A) revenues, expenses, assets, and liabilities during an accounting period. B) resources, liabilities, and stockholders' equity of a business at a point in time. C) net income of a

I don't have time to do them all; but I'll get you started: 1. A) debit accounts receivable for $2,000 (the merchant's fee doesn't affect the cutomer's tranaction). 18. C) assets, liabilities, and stockholders' equity. 19. A) Recording revenue in December 2006 for units manufactured but not yet sold to customers. (Even if the items have been manufactured, you can't record them as revenue until thay are sold). 22. E) None are correct. Started the year with a $200,000 credit balance in its retained earnings account. During 2007, the company earned net income of $70,000 and declared and paid dividends of $10,000. Also, the company received cash of $15,000 as an additional investment by its owners. So the year-end retained earnings balance is ($200,000 + $70,000 - $10,000 + $15,000) = $275,000 23.A) Not change total assets.

Basic Accounting - General Ledger

Principal ledger containing a list of all Balance Sheet and Income Statement Debit and Credit sides to enter impact of business transactions. Reference number is given which is a number of the transaction.

ING's CEO Discusses Q2 2011 Results - Earnings Call Transcript

Whereas, held for sale is whether it's a part of the business within a segment. So ING Direct US is part of – does not constitute all of ING Direct of course. So that piece goes into held for sale on the balance sheet, but is not separated in the P&L,.

El Paso Corporation Reports 14 Percent Increase in Second Quarter Adjusted ...

While the company makes these statements and projections in good faith, neither the company nor its management can guarantee that anticipated future results will be achieved. Reference must be made to those filings for additional important factors that.