What is the first thing you should you do before making a budget?

Review your financial history

Decide where your income will go.

Open a bank account.

Achieve a long-term financial goal.

On December 31st, end of current year, ABC Company needs to record 4 months of accrued interest on a loan for $10,000 at 5%. The note payable is not due for another 3 months.

1. Baltimore Company experienced a total increase in stockholders' equity of $27,000 during the current year. Stockholders' equity was increased by additional issuances of $56,000 capital stock during the year. No dividends were paid.

Describe two examples of debt investments

You have always thought that learning to play the guitar would be fun. However, this activity would cost money and require time away from other activities. This is an example of ___.

In what accounts should the following items be classified? (a) Coins and currency. (b) U. S. Treasury (government) bonds. (c) Certificate of deposit (matures in 5 months). (d) Cash in a bank that is in receivership.

At the beginning of the year, Sigma Company's balance sheet reported Total Assets of $195,000 and Total Liabilities of $75,000. During the year, the company reported total revenues of $226,000 and expenses of $175,000.

Company X failed to record (accrue) $5,000,000 of vendor invoices and warranty liability at year-end. With this omission, the company's summary financial statements were stated as follows:Summarized Income StatementSales $50,000,000All Cost (incl.

Levine Company uses the perpetual inventory system. Apr. 8 Sold merchandise for $8,600 (that had cost $6,355) and accepted the customer's Suntrust Bank Card. Suntrust charges a 4% fee.

G. R. Edwin Inc. had sales of $6.02 million during the past year. The cost of goods sold amounted to $3.06 million. Operating expenses totaled $2.65 million, and interest expense was $27 comma 000.

During the year, Calabash Clinic made a $50,000 cash payment toward its bank loan, which it had previously recorded; $40,000 was for principal, and $10,000 was to pay the full amount of interest due.