lecture-3---accruals---student-wenkub.com

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【正文】 Power ? Electricity bills of $11,000 have been paid in cash throughout the year ? After the year end, another bill arrives for $1,500 for electricity consumed during the financial year This year Next year $11,000 + $1,500 = $12,500 $1,500 Bill arrives 22 Mechanics ? Add $1,500 to this year’s Electricity Expense account. This makes $12,500 in total for electricity consumed (although not paid for) in this year. ? Create a liability account (Accrued expenses) to carry forward to next year. ? Next year, we will pay $1,500 to pay off this liability, rather than paying for an expense. 23 Exercise: Referring back to extended example 2, now record the following transactions in the 2022 accounts … Note: Use the templates on the next slides to record your transactions. It is still 2022. 24 Event 6: At the end of 2022, Cato recorded accrued salary expense of $6,000 (the salary expense is for courses the instructor taught in 2022 that Cato will pay cash for in 2022). Event 7: Cato signed contracts for $42,000 of consulting services to be performed in 2022. 25 Equity $ $ Trade Receivables $ $ Revenue $ $ DR CR Cash $ $ DR CR DR CR DR CR Bal b/f 5,000 Bal b/f 84,000 Bal b/f 53,000 Bal b/f 24,000 26 Salaries $ $ DR CR Advertising $ $ Bal b/f 2,000 Bal b/f 10,000 Accruals $ $ Template for use in extended example (2) E v e n t C a s h + T r a d e R e c e i v a b l e s = L i a b s + O r d s h a r e s + R e t a i n e d E a r n i n g s B a l b / f 5 3 , 0 0 0 2 4 , 0 0 0 = 5 , 0 0 0 7 2 , 0 0 0E v e n t 6E v e n t 7C l o s i n g27 2 Financial statements for extended Example (2) Totals included despite not all cash collected / paid (ACCRUAL) Incurred and paid in year (no accruals/prepayments needed) From retained earnings column Ordinary shares + retained earnings 28 2 From T accounts From T accounts Accrued salary From T accounts Left Hand side Right Hand side 29 2 Comparing Cash Flow from Operating Activities with Net Ine 30 So what happens to these 2022 accruals in the 2022 accounts…? (extended example 2 continued) Cato paid $6,00

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