Preparing Financial Statement

Prepare a Set of Financial Statements Samson Company adjusted account balances as of December 31, 2005 are as follows (some noted balances are Jan. 1, 2005): Sales . . . . . . . . . . . . . . . . . . . . . . . .1,200,000 Purchases . . . . . . . . . . . . . . . . . . . . . . 810,000 Marketable securities . . . . . . . . . . . . . . . . 15,000 Purchase discounts . . . . . . . . . . . . . . . . . 20,000 Purchase returns and allowances . . . . . . . . . . . 2,000 Extraordinary loss due to earthquake, net of applicable taxes of $15,000. . . . . . . . . . . . 35,000 Selling expenses . . . . . . . . . . . . . . . . . 114,000 Cash . . . . . . . . . . . . . . . . . . . . . . . . 90,000 Accounts receivable . . . . . . . . . . . . . . . . . 60,000 Common stock . . . . . . . . . . . . . . . . . . . . 150,000 Accumulated depreciation . . . . . . . . . . . . . . 42,000 Paid-in-capital in excess of par . . . . . . . . . . 30,000 Inventory, January 1, 2005 . . . . . . . . . . . . . 149,000 Inventory , December 31, 2005 . . . . . . . . . . . . 120,000 Accounts payable . . . . . . . . . . . . . . . . . . 71,000 Salaries payable . . . . . . . . . . . . . . . . . . 5,000 Cash surrender value of life insurance . . . . . . 22,000 Patents . . . . . . . . . . . . . . . . . . . . . . . 18,000 Retained earnings, January 1, 2005 . . . . . . . . . 60,600 Interest expense . . . . . . . . . . . . . . . . . . 13,000 General and administrative expenses . . . . . . . . . 160,000 Dividend revenue. . . . . . . . . . . . . . . . . . . 6,000 Allowance for doubtful accounts . . . . . . . . . . . 3,000 Notes payable (maturity 7/1/07) . . . . . . . . . . . 105,000 Machinery and equipment . . . . . . . . . . . . . . . 150,000 Income tax expense . . . . . . . . . . . . . . . . . 30,600 Treasury stock . . . . . . . . . . . . . . . . . . 10,000 Dividends declared and paid . . . . . . . . . . . . . 18,000 Prepare multi-step income statement: Samson Company Income Statement For the Year Ended December 31, 2 005 Sales $1,200,000 Cost of Goods Sold: Beginning inventory $149,000 Purchases $810,000 Purchase discounts ( 20,000) Purchase returns and allowances ( 2,000) ——- Net purchases 788,000 ——- Goods available for sale 937,000 Ending inventory 120,000 ——-Cost of goods sold 817,000 ——— Gross profit 383,000 Operating expenses: Selling expenses 114,000 General and administrative expenses 160,000 ——- Total operating expenses 274,000 ——— Operating income 109,000 Other income (expense): Dividend revenue 6,000 Interest expense ( 13,000) ——- Total other income (expense) ( 7,000) ——— Income before income taxes 102,000Income taxes 30,600 ——— Income before extraordinary item 71,400 Extraordinary loss due to earthquake, net of applicable taxes of $15,000 ( 35,000) ——– Net income $36,400 ======== Prepare a Statement of Retained Earnings: Samson Company Statement of Retained Earnings For the Year Ended December 31, 2005 Retained earnings, January 1, 2005 $60,600 Plus net income 36,400 Less dividends ( 8,000) ——- Retained earnings, December 31, 2005 79,000 ======= Prepare a classified Balance Sheet: Samson Company Balance Sheet December 31, 2005 Assets Current Assets: Cash $ 90,000 Marketable securities 15,000 Accounts receivable $ 60,000 Less allowance for doubtful accounts ( 3,000) ——- 57,000 Inventories 120,000 ——– Total Current Assets 282,000 Property, Plant, and EquipmentMachinery and Equipment $150,000 Less accumulated depreciation ( 42,000) ——– Total Property, Plant, and Equipment 108,000 Other Assets: Cash surrender value of life insurance $ 22,000 Patents 18,000 ——- Total Other Assets 40,000 ——- Total Assets $430,000 ======== Liabilities and Stockholders' Equity Liabilities: Current Liabilities: Accoun ts payable $ 71,000 Salaries payable 5,000 —— Total Current Liabilities 76,000 Long-term Liabilities Notes payable 105,000 ——- Total Liabilities 181,000 Stockholders' Equity: Common stock $150,000 Paid-in-capital in excess of par 30,000 Retained earnings 79,000 Treasury stock ( 10,000) ——- Total Stockholders' Equity 249,000 ——- Total Liabilities and Stockholders' Equity $430,000 ========

Can Electronic Documents Be Used As Evidence International Law Essay

Can Electronic Documents Be Used As Evidence International Law Essay Disclaimer: This work has been submitted by a student. This is not an example of the work produced by our Law Essay Writing Service . You can view samples of our professional work here . Can Electronic Documents Be Used As Evidence International Law Essay I have noted that, there was a problem of accepting electronic document as primary evidence. But in the Written Laws (Miscellaneous Amendments) Act, 2007, Part IX accepted partly in criminal matters and in banking transactions, where now the major problem lays on its practicability, specifically on authentication of the electronic document to be applied as good as primary evidence in determining matters in issues. ABSTRACT Text books, electronic sources, legislations of different jurisdictions are very important in finding ways of solving challenges facing the admissibility of electronic evidence in Tanzania. They play a big role in finding accurate and proper ways and solutions faced in legal system. Evidence is information that tends to prove or disprove a fact or matter in issue , from which an inference may logically be drawn as to the existence of a fact. It consists of proof by testimony of witnesses on oath or by writing or records. Evidence is a crucial element in judiciary as it is used to determine matters of controversy in cases. .In determining controversy/ matter(s), judge(s) prefer direct evidence such as an official document or a witness’s assertion of his/her immediate knowledge of the question at issue. Cyber Law is the law which regulates cyberspace or internet transactions. It encompassing cases, statutes, regulations and disputes that affect people and business interaction through computers, and it addresses issues of online speech and business; also due to the nature of the medium it including intellectual property rights, free speech, privacy, e-commerce and safety, as well as questions of jurisdiction. The quick innovation of science and technology; resulted to lots of changes in the world, regional state, individual states and even directly to the individual person. People’s interactions mostly influenced by trading (commerce) education, political or gove rnments’ communication, socially and economically. The most current and fast way of such interaction is through Internet, computers, and wireless telephones. Most state laws have not been amended to accommodate such new relationship, on the point of evidence and jurisdiction. In Tanzania, regardless recognizing and using Internet and computers online in economic and business, like electronic banking for example ATM (Automatic Teller Machines) Tembo card cash point, our laws took long time to recognize Electronic Evidence as the best evidence or as primary evidence. This problem did not end only in the statutes but also in the case law where in most cases the court rejected secondary evidence. For example in the case of Shirin Rajabali Jessa v. Alipio Zorilla, where court, only accepted under a lot of restriction. Currently the Tanzania Law of Evidence Act was amended to accommodate Electronic Evidence. Primary evidence is the best evidence and mostly courts rely on it in givi ng out the decision. Being the best evidence it is also used in electronic cases (disputes) in one way or another but in many cases Electronic Evidence is found to be grouped in secondary evidence which has a lot of challenges toward its admissibility.

Culture and religions Essay Example | Topics and Well Written Essays - 250 words

Culture and religions - Essay Example Pesently, there are at least 5000 indigenous groups in the world. Their indigenous religion and culture has faded away with the spread of the non-indigenous religions and cultures. The modern civilization has also made it difficult for them to practice the indigenous religion because their rights to practice it are subjugated by the dominant modern people (Scheiner, 1992). The importance of interrelatedness of everything in the cosmos developed from the similarity of experiences of the indigenous people dwelling in different parts of the world. Such experiences included but were not limited to feelings of pain and pleasure, instances of birth and death, and indigenous people’s wonderment regarding the cosmos as well as the place they had in it. In addition to that, the indigenous people also interacted with one another through trade and traveling. These factors allowed the exchange of beliefs and cultures and played the role of catalyst in the interrelatedness of everything in the cosmos. The spiritual purpose that they serve for the indigenous people is that they inculcate unity and harmony among them and enable them to interact with one another in spite of the indigenous religious and cultural differences because these factors make them feel that they are not alone and that they can help others and attain help from them in

Contract Renewal and Non-Renewal Case Study Example | Topics and Well Written Essays - 250 words

Contract Renewal and Non-Renewal - Case Study Example In this case, the principal is equally responsible for doing his job that includes making a review on the success of the three contacts in place and come up with necessary recommendations. In reviewing domain 1, there is active and successful student participation and thus no reason for nonrenewal. However, the lack of evidence of improvement challenges the expectation for better performance. Since ethical violations and incompetence comes before the poor performance in deciding whether to renew a contract under TEA, I will recommend the board to vote on this contract to decide whether to renew it or not for the next school year. In reviewing domain 2, there is the adequate delivery of instruction as recommended by the TEA and subsequent level of improvement is present. I will, therefore, recommend for the renewal of this contract for the next school year with a hope that more improvement will follow. In reviewing domain 3, I find that adequate competence is in place as shown in prof essional development that results in moderate improvement. As a result, I would recommend for the renewal of the contract for the next school year as their no reason for nonrenewal. Indeed, domain 3 satisfies the terms and expectations of the TEA.

Gender Study on Working and Stay-at-home Mothers Research Paper

Gender Study on Working and Stay-at-home Mothers - Research Paper Example In addition, it portrays the effects of gender in the society. Further, it denotes the perception of children towards the differences existing between their parents. Working mothers This refers to mothers who associate themselves with various income generating activities. They have lesser dependence on either their spouses or their parents. They involve both the married working mothers and single working mothers. They dedicate much of their time to work living only few hours to be with their families. Some ambiguous questions emerge from some individuals as to why, when, and what their intention is behind them (mothers) working (Lippa 2005). One of the main reasons behind mothers working for pay is to be independent. Another reason may be their (working mothers’) desire to live a live where they have total control of their finances. In addition, the work of mothers does not end up at work. More than half of the total number of working moms are those with families. Therefore, it is their (moms) obligation to hurry from work to home to provide for their families. Further, they have some customary duties to perform at their homes. For instance, they must get home earlier before their husbands so that they make several preparations concerning their meals. They also have to know the progress of their children. On the side of single working mothers, they find themselves having a full responsibility at home. They must strive to make ends meet, as they also have to avail the commodities the children require. Some children demand their mothers to provide for their necessities, which may be costly. Therefore, there is a need for single mothers to work harder to earn enough for their expenditure. They should ensure there is a surplus in their accounts. This means that they should make better calculations concerning their income and total expenses. Further, they need to make several adjustments on the total expenses. Through this, they will be able to manage their family requirements, as they eliminate the tertiary demands. In addition, single-working mothers have an extra task of time management. They search for ways of creating more time to deal with personal issues. Bearing in mind that they are the families’ sole breadwinner, they ensure they work towards the success of their business operations. They also make a good choice when it comes to friendship. They choose friends who are hard working and those who motivate other people not to despair in their work. The success of single mothers is a great joy to their families. They also bring to light less efforts for handling a family. This is a great encouragement to the single mothers not at work. Thereafter, they have an appraising hand from the entire society. Stay-at-home mothers A Housewife is another name referring to a stay-at-home mother. Most of their work is within the homestead. They do not get any remuneration for the tasks they undertake. Their main work is to ensure that they raise their kids and control their families. Stay-at-home mothers perform many tasks each day. They act as their children’s instructors, first aiders, doctors, and nannies. Some mothers are also the chefs of their homes and their children’s playmate. Further, they have a total control on the finances they use everyday . If they would require any pay, they may earn more than those working outside the homestead may earn. This is in respect to the different tasks they perform. They decide to be housewives because of their husbands’ potential to provide for the families. Difference between working mothers and stay-at-home mothe

Sustaining engagement in adolescents before disengagements Essay

Sustaining engagement in adolescents before disengagements - Essay Example Plans that best interest them. Identify their areas if interest- what are their hobbies, talents, dreams, aspirations, as well as ideas of how best to help them. Establish effective communication by incorporating modern technology. The communication channel should not only he seen as formal and vertical but also open and horizontal. Be honest, interactive as much as possible and open to new ideas. Invite feedback, suggestions as well as input into programs. . Use of modern technology not only helps in bridging the age gap but also creates an intimate bond. Incorporate their ideas in implementing changes. Lastly establish a friendly environment based on trust and mutual respect. Involve the adolescent by identifying the progress also the failures if any. Use of incentives. Build in incentives that require self-motivation, skill, and leadership. However since not all adolescents have the same capacity the reward scheme should be tailored according to the different abilities. Discuss in an honest manner, offer advice when needed and offer opportunity and space for growth. Adolescents when encouraged and given a good channel of interaction show much progress and development both mentally and

Human Resource Management methods. Examples Essay

Human Resource Management methods. Examples - Essay Example Similarly, rather than investing money on training money firms are coming up with innovative methods to boost the productivity of their employees. These methods are by giving your employees good working condition, giving them better machinery to work with, increase supervision through the use of modern technology like CCTV, giving them chance of recreational activities and by creating better information flow networks. This is to evaluate the proposed training session on the directive of managing director according to the letter which HR department received on 12 April 2007. The reference number for this letter was "xHRMD". We will evaluate this training session under following techniques: As I told you in our meeting that training and development represent a planned effort by an organization to facilitate its employees learning new job related behaviors. Training usually involves involve two things, a) it involves teaching how to do their job efficiently that is taking less times in the tasks they do, and b) it involves teaching the employees skills necessary not only for present job but also to prepare them for future jobs. However, as managing director has said that the training session is going to improve the morale of the company, this may be wrong as training session might not improve the morale of the employees as many business managers believe that it is nothing but rewards that improve the motivation level of the employees.1 Motivation basically is the when employees are feeling happy and are satisfied with their jobs. The MD of the company might argue that when employees know how to do their work well they may be happy and satisfied. But the argument given b y the managing director might not always be right. Suppose, the employees are working in their present job from decades and know each every thing about the job and know how to do their job well, so one might say that teaching them might not motivate them. However, what will motivate them in the current scenario is good pay or financial security, job security and other needs as suggested by one of the management guru Maslow. Maslow argued that there are levels of motivation and after each level is fulfilled there is a need to fulfill another one to motivate the workers. Suppose, when a person joins the work, at that time he will not have that much money and might need more money to build property and life. At that point, he believes, that money will be the best motivator. You pay your workers well and they will be motivated. Once he has achieved the level of financial security he'll move on to the other level. Now he might want job security i-e he will not want promotion in job and k nowing that he will not be fired. Now these factors will become his motivating