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FAR OVERALL > J/E and Formulas > Flashcards

J/E and Formulas Flashcards

1
Q

Impairment Loss

A

CV - FV

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2
Q

J/E to adjust to accrual basis sales revenue

A

DR: AR
CR: SALES

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3
Q

J/E to adj purchases made on a cash basis of accounting not recorded until invoice is paid

And COGS that haven’t been paid for

A

DR: Inventory
CR: AP
DR: Cost of Sales
CR: AP

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4
Q

J/E for equipment purchased in a cash basis to capitalized under accrual basis

A

DR: Factory Equipment
CR: Small Tools Expense
DR: Dep Exp
CR: Accum Depreciation

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5
Q

J/E for prepaid insurance policy that was included as an expense under cash basis - to accrual basis

A

DR: Prepaid Insurance
CR: Admin Expense

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6
Q

J/E for bad debt expense

A

DR: BDE
CR: Allowance for uncollectible accounts

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7
Q

J/E for Payroll from cash to accrual

A

DR: Payroll Exp
CR: Accrued Payroll

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8
Q

J/E for Income tax from Cash to accrual

A

DR: Income Tax Expense
CR: Income tax payable

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9
Q

GP Formula

A

Sales - Cost of Sales

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10
Q

GP Rate Formula

A

GP/Sales

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11
Q

Earned GP Formula

A

Cash Collections X GP%

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12
Q

Deferred GP =

A

Receivable X GP%

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13
Q

J/E for purchasing a patent

A

DR: Patents
CR: Cash

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14
Q

J/E for Capitalized R&D equipment

A

DR: Equipment
CR: Cash

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15
Q

J/E for legal fees for unsuccessful defense of trademark

A

DR: Legal Expense
CR: Cash

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16
Q

J/E Amortization of patent

A

DR: Amort Exp
CR: Accumulated amort- patent

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17
Q

J/E for Depreciation of Equipment used currently in R&D

A

DR: R&D expense
CR: Accum Depreciation

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18
Q

J/E for Trading Securities Unrealized Gain and Loss

A

Gain:
DR: Valuation acct
CR: Unrealized gain on trading securities

Loss:
DR: Unrealized loss on trading securities
CR: Valuation Account

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19
Q

J/E for AFS Unrealized gain and loss

A

Gain:
DR: Valuation Acct
CR: Unrealized Gain on AFS

Loss:
DR: Unrealized loss on AFS
CR: Valuation Account

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20
Q

J/E for sale of Security AFS

A 
DR: Cash 
DR: Valuation Account
DR: Realized loss on AFS
CR:          Unrealized loss on AFS sec
CR:          AFS sec
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21
Q

J/E for purchase of HTM sec

A

DR: HTM Sec
CR: Cash

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22
Q

J/E for impairment of HTM sec

A

DR: Impairment loss
CR: HTM sec

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23
Q

GAAP:

Full Goodwill Calculation

NCI

A

Full Goodwill Method = FV of sub - FV of subs net assets

NCI = FV of sub X NCI%

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24
Q

IFRS: Partial Goodwill Method:

Goodwill

NCI

A

Partial Goodwill Method = FV of the sub - FV of subs net assets X ownership %

NCI = FV of subs net assets X NCI%

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25
Q

J/E to eliminate entry in period of the sale estimates the intercompany g/l and adjusts the assets and accum dep to their original balance on date of sale:

A

DR: Gain on Sale
CR: Accum Dep
CR: Dep Expense
CR: Equipment

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26
Q

J/E intercompany inventory sale elimination

A

DR: Sales
CR: Inventory
CR: COGS

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27
Q

J/E for to Eliminate Investment in Sub

A 
DR: Common Stock
DR: APIC
DR: RE
CR:          Investment in Sub
CR:          NCI
DR: BS adjust to FV
DR: Identifiable assets recorded at FV
DR: Goodwill  or CR:  Gain
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28
Q

J/E to record incremental increase in dep

A

DR: Dep Exp
CR: Accum Dep

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29
Q

J/E to adjustment in goodwill with acquistion

A

D:R Impairment Expense
CR: Goodwill

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30
Q

J/E to eliminate intercompany transactions associated with IS

A

The only IS related to intercompany is the payment of dividends by the sub

DR: Dividend income from sub
CR: Dividends paid

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31
Q

J/E for intercompany transactions associated with BS

A

DR: Intercompany payable
CR: Intercompany receivable

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32
Q

J/E for Nonmonetary Exchanges

A

DR: New Asset (FV of consideration given)
DR: Accum Depreciation of Asset given up
DR: Cash received
DR: Loss (if any)
CR: Old asset at historical cost
CR: Cash Given
CR: Gain(if any)

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33
Q

SL Depreciation

A

= (Cost - SV) / N

34
Q

Double Declining

A

= 2 X (1/N) X (Cost - Accum Dep)

35
Q

SYD

A

= (Cost - SV) X (Remaining life of asset / SYD)

36
Q

Units of Production

A

Rate per unit = (Cost - SV) / Est units

Dep Expense = Rate per unit X # of units produced

37
Q

Formula for BDE and J/E

A 
Beg Allowance 
- Write offs
\+ Recoverables
= Allowance b4 adju
\+ BDE
= Ending Allowance

DR: BDE
CR: Allowance for doubtful accounts

38
Q

When Calculating Bonds—PV Factor to use

Interest

Principal

A

Interest = PV of $1

Principal = PV of annuity due or ordinary annuity

39
Q

Amortization Table:

Interest Payment =

Interest Expense =

Decrease in CV of Bond =

Unamortized Prem =

CV of Bonds =

A

Interest Payment = Face amount X Stated Rate (If Semi annual Stated Rate/2)

Interest Expense = Beg CV X Mkt Int Rate

Decrease in CV of Bonds (Amortization)= Interest payment - Interest Exp

Umamortized Prem = Previous unamoritzed prem + Decrease in carrying amount

CV of Bonds = Beg CV - Decrease in CV (Amort)

40
Q

Bond Payable

CV of Debt =

Payment due on call date

Amount of Gain or Loss

A

CV of debt = FACE + Unamortized prem

Payment due on Call date = Face X Percentage

G/L = CV - Payment due on Call date

41
Q

Bond issued at a discount

A

= Stated Rate < Effective Interest Rate

42
Q

Bond Issued at a premium

A

= Stated Rate > Effective Interest Rate

43
Q

J/E for Borrower when the bond is issued at a discount

A

DR: Cash
DR: Discount on BP
CR: BP

44
Q

J/E for Borrower when bond is issued at a prem

A

DR: Cash
CR: Prem
CR: BP

45
Q

J/E for Common stock when the convertible bonds submitted to conversion

A

DR: BP
DR: Prem
CR: CS
CR; APIC

46
Q

J/E Issued bonds with detachable warrants

A

DR: Cash
DR: Discount
CR: BP
CR: APIC (Stock Warrants)

47
Q

J/E for Stock Dividend

A

DR: RE
CR: CS
CR: APIC

48
Q

J/E for Convertible Bonds

A

DR: Cash
DR: Bond issue cost
CR: BP
CR: Prem on BP

49
Q

J/E for Interest Expense on Bonds

J/E for Amort of Bond issue costs

A

DR: Interest Expense
DR: Prem on BP
CR: Cash

DR: Bond issuance Expense
Cr: Bond Issue Cost

50
Q

J/E for Conversion of Bonds into CS

A 
DR: BP (Face)
DR: Prem on BP
CR:       CS (# of bonds X # of shares/bond X Par)
CR:       Bond Issue Cost 
CR:       APIC
51
Q

PP

Funded Status

A

FV of plan assets - projected benefit obligation

52
Q

Net Periodic Pension Cost

A

SIRAGE

Service Cost
Interest Cost (Beg PBO X Disc Rate)
- Return on Plan Assets ( Beg FV of Plan Assets X Epected rate)
+Amort of Prior Service Cost
- Gain or +Loss
+Amortization of Existing Net Obligation or Net Asset
=Pension Expense

53
Q

PP J/E

  1. Contribution to plan
  2. Service/Interest Cost
  3. Return on Plan Assets
  4. Amort of Prior Service cost
  5. Gain (in current period)
A
  1. DR: Pension Benefit Asset
    CR: Cash
  2. DR: Net Periodic pension cost
    CR: Pension benefit asset
    DR: Deferred Tax Asset
    CR: Deferred Tax Benefit - IS
  3. DR: Pension benefit asset
    CR: Net periodic pension cost
    DR: Deferred Tax Expense
    CR: Def Tax Liability
  4. DR: Net Periodic Pension Cost
    CR: OCI
    DR: Deferred Tax Benefit -OCI
    CR: Deferred tax benefit - IS
  5. DR: Pension Benefit Asset
    CR: OCI
    DR: Deferred Tax Expense – OCI
    CR: Def Tax Liability
54
Q

TAX:

What are Installment Sales, Contractors Accounting (% vs. completed) and Equity Method (undistributed dividends)?

A

FS Income First = Tax Return Income Later

Tax Income Later = Future Tax Liability

55
Q

TAX:

What are prepaid rent, prepaid interest, prepaid royalties?

A

Tax Return Income First = FS Income Later

Tax Income First = Prepaid Tax Benefit (asset)

56
Q

TAX: What are BDE (allowance vs. Direct write off), Est. Liability/Warranty Expense, Start-up expenses?

A

FS Expense First = Tax REturn Expense Later

Tax Deductible Later = Future Tax Benefit (asset)

57
Q

TAX: What are Depreciation Expense, Amort of Franchise, and prepaid expenses (cash basis for tax)?

A

Tax Return expense first = FS expense later

Tax deductible first = Tax liability

58
Q

DTL

A

Future tax accounting income > Future Fin accounting income

59
Q

DTL

A

Future tax accounting income < future Fin accounting income

60
Q

J/E to record the taxes (Tax Liability)

A

DR: Income tax Expense – Current
DR: Income Tax Expense – deferred
CR: Def Tax Liability
CR: Income tax payable

61
Q

J/E to record taxes (Asset)

A

DR: Deferred Tax Asset
DR: Income Tax Expense - Current
CR: Income Tax Payable
CR: Income Tax Benefit - Deferred

62
Q

J/E To record taxes (Asset and Valuation)

A

DR: Deferred Tax Asset
DR: Income Tax Expense - Current
CR: Deferred tax exp valuation allowance
CR: Income Tax Benefit - Deferred
CR: Income Tax Payable

63
Q

J/E for Issuance of shares for property

A

DR: Land
CR: CS
CR: APIC

64
Q

J/E to purchase TS

A

DR: TS
CR: Cash

65
Q

J/E for Property Dividends Distributed (ie inventory)

A

DR: RE (FV of property)
DR: Loss on Inventory
CR: Inventory

66
Q

J/E Stock Dividend Issued

A

DR: RE
CR: CS

67
Q

J/E for Cash Dividend

A

DR: RE
CR: Dividend Payable

68
Q

Unrealized G/L on Marketable Sec classified as AFS

A

DR: AFS
CR: OCI

69
Q

Cost Method J/E

  1. Issue
  2. Buy Back above issue price
  3. Reissue above cost
  4. Reissue below cost
A
  1. DR: Cash
    CR: CS (#Xpar)
    CR: APIC (plug)
  2. DR: TS
    CR: Cash
  3. DR: Cash (# X Cost)
    CR: TS
    CR: APIC
  4. DR: Cash
    DR: APIC - TS
    DR: RE
    CR: TS
70
Q

Operating
Investing
Financing

A

Operating = Cash effects of the line items that make up the calculation of NI

Investing = Cash effects of non-current assets transactions, such as purchases and sales of fixed assets and investments and lending activities

Financing = Cash effects of borrowing, or paying back debt, and buying and selling equity of the company

71
Q

J/E to recognize Compensation expense of stock options

A

DR: Compensation Expense - stock options
CR: APIC - Stock options

72
Q

J/E to recognize exercise of stock options

A

DR: Cash
DR: APIC - Stock options
CR: CS
CR: APIC

73
Q

J/E to record expiration of stock options

A

DR: APIC - Stock options
CR: APIC - Expired stock options

74
Q

J/E for Other Financing Sources (credit)

A

DR: Cash
CR: Other Financing Sources

75
Q

J/E to record PO

A

DR: Encumbrance Control
CR: Budgetary control

76
Q

J/E Supplies received for govt units

A

DR: Budgetary Control
CR: Encumbrance Control
DR: Expenditures
CR: Vouchers payable

77
Q

J/E to record general fund sal and wages

A

DR: Expenditure control
CR: Vouchers Payable

78
Q

J/E for Interfund Reves

A

DR: Due from other funds
CR: Interfund Revs

79
Q

J/E for inflows from a grant

A

DR: Deferred inflows
CR: Grant Revenues

80
Q

J/E for property taxes collected in advance of the fiscal period

A

DR: Cash
CR: Deferred Inflows of resources

FAR OVERALL (18 decks)

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