Business Administration 2257 Final: cheatsheet 2nd Test

• School: Western University
• Department: Business Administration
• Course: Business Administration 2257
• Professor: Vicki Sweeney

Document Summary

Closing entry steps (if loss, skip step 3 & 4) 1. close revenues to income summary: close expense to income summary, subtotal income summary, calculate and record taxes, close income tax expenses to income summary, close income summary to retained earnings. Fob shipping point: buyer claims ownership of goods in transit. Fob destination: seller claims ownership of goods in transit. E/b of rm: include any in-transit if already paid it even. Same formula used for raw materials (cid:1846)/(cid:1828) (cid:1867)(cid:1858) (cid:1858)(cid:1866)(cid:1871) (cid:1857)(cid:1856) (cid:1859)(cid:1867)(cid:1867)(cid:1856)(cid:1871) (cid:1873)(cid:1866)(cid:1872)(cid:1871) (cid:1871)(cid:1867)(cid:1864)(cid:1856)+(cid:1870)(cid:1857)(cid:1865)(cid:1866)(cid:1866)(cid:1859) (cid:1873)(cid:1866)(cid:1872)(cid:1871) (cid:1857)(cid:1865)(cid:1866)(cid:1866)(cid:1859) (cid:1873)(cid:1866)(cid:1872)(cid:1871) (cid:1831)/(cid:1828) (cid:1847)(cid:1866)(cid:1872)(cid:1871) (cid:3021)/ (cid:3042)(cid:3033) (cid:3033)(cid:3041)(cid:3046) (cid:3032)(cid:3031) (cid:3034)(cid:3042)(cid:3042)(cid:3031)(cid:3046) (cid:3020)(cid:3042)(cid:3039)(cid:3031)+(cid:3006)/ (cid:3022)(cid:3041)(cid:3047)(cid:3046) (cid:4666)(cid:1829) (cid:1848)(cid:4667) (cid:2869) (cid:3041)(cid:2869)(cid:2870) (cid:1829) (cid:1848) (cid:1846)(cid:1867)(cid:1872)(cid:1864) (cid:1847)(cid:1866)(cid:1872)(cid:1871) (cid:1847)(cid:1866)(cid:1872)(cid:1871) (cid:1847)(cid:1871)(cid:1857)(cid:1856) Hc = historical cost: rv = residual value; a = useful life. To find lease obligation this yr: find disbursement value (lease int/pay + whatever int. remaining in the difference btw int/pay and the int. rate given times the carrying value of lease obligation)