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ACCT 140-45 ACCT140-45 ACCT/140-45 Week 1 notes.doc

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ACCT 140-45 ACCT140-45 ACCT/140-45 Week 1 notes.doc

I’m having trouble understanding the equity part of the whole accounting process. It seems that sometimes you add into it and sometimes you subtract from it, this is confusing to me.Also, I do not find a place to submit our connect exercises and problems, did I miss something?

You are correct that sometimes you add and sometimes you subtract. Your dividendsand expenses are subtractions because they are always money going out.

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ACCT 140-45 ACCT140-45 ACCT/140-45 Week 1 notes.doc

I’m having trouble understanding the equity part of the whole accounting process. It seems that sometimes you add into it and sometimes you subtract from it, this is confusing to me.Also, I do not find a place to submit our connect exercises and problems, did I miss something?

You are correct that sometimes you add and sometimes you subtract. Your dividendsand expenses are subtractions because they are always money going out.

Your revenue is an addition because it is money coming in. Common stock has been an addition in every example I’ve seen so far, but I suppose that could be a subtraction if you sold some. Accounts payable transactions will depend on whether you took ona new debt, or made a payment on an existing debt.

So, if you are purchasing something on credit, you are increasing your liabilities (accounts payable). But if you make a payment on that liability, then you would subtract from your accounts payable balance (decreasing your liabilities).

From what I can tell, the connect assignments need to be completed by selecting theAssignments option in the menu on the left…then click Week 1 Homework to begin. I’m sure Jenna will jump in if I’ve given you any poor information. Good luck πŸ™‚

Heidi got it! She gave a pretty good starting point of examples that would increase or decrease retained earnings. When your complete assignments/quizzes in Connect, the grade you receive there should automatically populate into your Canvas gradebook. You don’t need to “complete” the assignment in Canvas in any way.

I’m going to need more help on Retained Earnings. Maybe an example of a transaction? Not exactly sure what it is? Retained earnings is impacted by revenues and expenses.

Basically, retained earnings would be calculated as opening retained earnings for a period (maybe zeroif it’s a new company), plus any net income (which is revenues less expenses) for that period, less any dividends paid in that period.

Retained earnings is the net income that a company holds onto and keeps in the business (hasn’t been paid out to shareholders yet). Does that help to clarify? Basically, any transaction that bringsincome to a business (selling their product for example), or creates an expense (paying a utility bill) impacts the retained earnings balance for a company

ACCT 140-45 ACCT140-45 ACCT/140-45 Week 1 notes.doc

ACCT 140-45 FINANCIAL ACCOUNTING School: Champlain College * Documents (25) Q&A (4) Textbook Exercises (20+) FINANCIAL ACCOUNTING Documents All (25) Assessments Assignments Essays Homework Help (8) Lab

Reports Lecture Slides Lesson Plans Notes (15) Syllabi Test Prep (1) Showing 1 to 25 of 25 Sort by: Most Popular 2 pagesNotes # 6 [9-22-2016]Notes # 6 [9-22-2016] Champlain College FINANCIAL ACCOUNTING

ACCT 140-45 – Spring 2017 Register Now Notes # 6 [9-22-2016] 1 pagesproblem 6-26Aproblem 6-26A Champlain College FINANCIAL ACCOUNTING

ACCT 140-45 – Fall 2019 Register Now problem 6-26A 1 pagesProblem 5-21AProblem 5-21A Champlain College FINANCIAL ACCOUNTING

ACCT 140-45 – Fall 2019 Register Now Problem 5-21A 2 pagesProblem 3-21ABlankProblem 3-21ABlank Champlain College FINANCIAL ACCOUNTING

ACCT 140-45 – Fall 2019 Register Now Problem 3-21ABlank 2 pagesProblem 3-17AProblem 3-17A Champlain College FINANCIAL ACCOUNTING

ACCT 140-45 – Fall 2019 Register Now Problem 3-17A 1 pagesProblem 3-19AProblem 3-19A Champlain College FINANCIAL ACCOUNTING

ACCT 140-45 – Fall 2019 Register Now Problem 3-19A 1 pagesProblem 9-23 AProblem 9-23 A Champlain College FINANCIAL ACCOUNTING

ACCT 140-45 – Fall 2019 Register Now Problem 9-23 A 1 pagesProblem 2-17AProblem 2-17A Champlain College FINANCIAL ACCOUNTING

ACCT 140-45 ACCT140-45 ACCT/140-45 Week 1 notes.doc

ACCT 140-45 – Fall 2019 Register Now Problem 2-17A 2 pagesProblem 4-25AProblem 4-25A Champlain College FINANCIAL ACCOUNTING

ACCT 140-45 – Fall 2019 Register Now Problem 4-25A 7 pagesMinicase 2.xlsxMinicase 2.xlsx Champlain College FINANCIAL ACCOUNTING

ACCT 140-45 – Fall 2019 Register Now Minicase 2.xlsx 3 pagesWeek 1 notes.docWeek 1 notes.doc Champlain College FINANCIAL ACCOUNTING

ACCT 140-45 – Summer 2019 Register Now Week 1 notes.doc 1 pagescheat sheet 2.docxcheat sheet 2.docx Champlain College FINANCIAL ACCOUNTING

ACCT 140-45 – Spring 2017 Register Now cheat sheet 2.docx 3 pagesnotes.docxnotes.docx Champlain College FINANCIAL ACCOUNTING

ACCT 140-45 – Spring 2017 Register Now notes.docx 2 pagesNotes # 2 [9-8-16]Notes # 2 [9-8-16] Champlain College FINANCIAL ACCOUNTING

ACCT 140-45 – Spring 2017 Register Now Notes # 2 [9-8-16] 2 pagesNotes # 3 [9-12-16]Notes # 3 [9-12-16] Champlain College FINANCIAL ACCOUNTING

ACCT 140-45 – Spring 2017 Register Now Notes # 3 [9-12-16] 2 pagesNotes # 7 [9-26-16]Notes # 7 [9-26-16] Champlain College FINANCIAL ACCOUNTING

ACCT 140-45 – Spring 2017 Register Now Notes # 7 [9-26-16] 2 pagesNotes # 5 [9-19-16]Notes # 5 [9-19-16] Champlain College FINANCIAL ACCOUNTING

ACCT 140-45 ACCT140-45 ACCT/140-45 Week 1 notes.doc

ACCT 140-45 – Spring 2017 Register Now Notes # 5 [9-19-16] 2 pagesNotes #14 [10-27-16]Notes #14 [10-27-16] Champlain College FINANCIAL ACCOUNTING

ACCT 140-45 – Spring 2017 Register Now Notes #14 [10-27-16] 2 pagesNotes #18 [11-14-16]Notes #18 [11-14-16] Champlain College FINANCIAL ACCOUNTING

ACCT 140-45 – Spring 2017 Register Now Notes #18 [11-14-16] 1 pagesNotes #16 [11-7-16]Notes #16 [11-7-16] Champlain College FINANCIAL ACCOUNTING

ACCT 140-45 – Spring 2017 Register Now Notes #16 [11-7-16] 2 pagesNotes # 19 [11-17-16]Notes # 19 [11-17-16] Champlain College FINANCIAL ACCOUNTING

ACCT 140-45 – Spring 2017 Register Now Notes # 19 [11-17-16] 1 pagesNotes #12 [10-20-16]Notes #12 [10-20-16] Champlain College FINANCIAL ACCOUNTING

ACCT 140-45 – Spring 2017 Register Now Notes #12 [10-20-16] 1 pagesNotes # 1 [9-5-16]Notes # 1 [9-5-16] Champlain College FINANCIAL ACCOUNTING

ACCT 140-45 – Spring 2017 Register Now Notes # 1 [9-5-16] 17 pagesAlberto’s Financial Accounting NotesAlberto’s Financial Accounting Notes Champlain College FINANCIAL ACCOUNTING

ACCT 140-45 – Spring 2017 Register Now Alberto’s Financial Accounting Notes 10 pagesNotes B&E MNotes B&E M Champlain College FINANCIAL ACCOUNTING

ACCT 140-45 – Spring 2017 Register Now Notes B&E M Textbook Exercises Managerial Accounting image Managerial Accounting Ch 1, Section WRMAP What Role Do Management Accountants Play?, Exercise 01Managerial accounting focuses on the internal activities of an organization and starts from…

ACCT 140-45 ACCT140-45 ACCT/140-45 Week 1 notes.doc

Managerial Accounting Ch 2, Section HDCDC How Do Companies Define Cost?, Exercise 02Period costs are those costs which do not contribute directly to the production of goods.Managerial Accounting Ch 3, Section HDMDJ How

Do Manufacturers Determine a Job’s Cost?, Exercise 01Managerial accounting enables the managers to take reliable decisions by interpreting the…Managerial Accounting Ch 4, Section WHCRA Why and How Do Companies Refine Their Cost Allocation Systems?,

Exercise 01Compute the MOH as per plantwide overhead rate by multiplying the plant wide overhead rate by…Managerial Accounting Ch 5, Section EoC End of Chapter, Exercise 1Process costing is a method of dividing a process into small stages where value addition happens at…

Managerial Accounting Ch 6, Section EoC End of Chapter, Exercise 1Cost behavior refers to a change in the cost due to a change in the volume of production.Managerial Accounting Ch 7, Section WSCIR What Are Some Common Indicators of Risk?, Exercise 05

The operating cost will be lower under the offered situation when compared to the current cost. The…Managerial Accounting Ch 8, Section HDMPD How Do Managers Make Pricing and Special Order Decisions?, Exercise 01Calculate the total capacity by dividing the current level of production by the current capacity.

ACCT 140-45 ACCT140-45 ACCT/140-45 Week 1 notes.doc

Managerial Accounting Ch 9, Section EoC End of Chapter, Exercise 1A budget is a statement that shows estimated income and expenses for a future period.Managerial Accounting FINANCIAL ACCOUNTING Tests Questions & Answers Showing 1 to 4 of 4 View all please show work 1 2 3 4 5

Use the following information to determine the break-even point in sales dollars: Unit sales 47,600 units Dollar sales $476,000 Fixed costs $201,000 Variable 1 2 3 4 5 Locus Company has total fixed costs of $115,000. Its product sells for $43 per unit and variable costs amount to $23 per unit.

Next year Locus Company wishes 1 2 3 4 5 Please see an attachment for details 1 2 3 4 5 Back to Department Related Courses ACCT 230 – Intermediate Accounting (108 Documents)ACCT 311 – (37 Documents)ACCT 350 – (31 Documents)ACCT 310-81 – Federal Taxation (24 Documents)

ACCT 231 – 231 (14 Documents)ACCT -231 – (7 Documents)ACCT 420 – Audting (5 Documents)ACCT 240 – mGMNT 240 (5 Documents)ACCT 310 – 310 (4 Documents)ACCT -280-45A – Forensic Accounting (3 Documents)

ACCT 140-45 ACCT140-45 ACCT/140-45 Week 1 notes.doc

Managerial Accounting Ch 2, Section HDCDC How Do Companies Define Cost?, Exercise 02Period costs are those costs which do not contribute directly to the production of goods.Managerial Accounting Ch 3, Section HDMDJ How

Do Manufacturers Determine a Job’s Cost?, Exercise 01Managerial accounting enables the managers to take reliable decisions by interpreting the…Managerial Accounting Ch 4, Section WHCRA Why and How Do Companies Refine Their Cost Allocation Systems?,

Exercise 01Compute the MOH as per plantwide overhead rate by multiplying the plant wide overhead rate by…Managerial Accounting Ch 5, Section EoC End of Chapter, Exercise 1Process costing is a method of dividing a process into small stages where value addition happens at…

Managerial Accounting Ch 6, Section EoC End of Chapter, Exercise 1Cost behavior refers to a change in the cost due to a change in the volume of production.Managerial Accounting Ch 7, Section WSCIR What Are Some Common Indicators of Risk?, Exercise 05

The operating cost will be lower under the offered situation when compared to the current cost. The…Managerial Accounting Ch 8, Section HDMPD How Do Managers Make Pricing and Special Order Decisions?, Exercise 01Calculate the total capacity by dividing the current level of production by the current capacity.

ACCT 140-45 ACCT140-45 ACCT/140-45 Week 1 notes.doc

Managerial Accounting Ch 9, Section EoC End of Chapter, Exercise 1A budget is a statement that shows estimated income and expenses for a future period.Managerial Accounting FINANCIAL ACCOUNTING Tests Questions & Answers Showing 1 to 4 of 4 View all please show work 1 2 3 4 5

Use the following information to determine the break-even point in sales dollars: Unit sales 47,600 units Dollar sales $476,000 Fixed costs $201,000 Variable 1 2 3 4 5 Locus Company has total fixed costs of $115,000. Its product sells for $43 per unit and variable costs amount to $23 per unit.

Next year Locus Company wishes 1 2 3 4 5 Please see an attachment for details 1 2 3 4 5 Back to Department Related Courses ACCT 230 – Intermediate Accounting (108 Documents)ACCT 311 – (37 Documents)ACCT 350 – (31 Documents)ACCT 310-81 – Federal Taxation (24 Documents)

ACCT 231 – 231 (14 Documents)ACCT -231 – (7 Documents)ACCT 420 – Audting (5 Documents)ACCT 240 – mGMNT 240 (5 Documents)ACCT 310 – 310 (4 Documents)ACCT -280-45A – Forensic Accounting (3 Documents)

ACCT 140-45 ACCT140-45 ACCT/140-45 Week 1 notes.doc

Managerial Accounting Ch 9, Section EoC End of Chapter, Exercise 1A budget is a statement that shows estimated income and expenses for a future period.Managerial Accounting FINANCIAL ACCOUNTING Tests Questions & Answers Showing 1 to 4 of 4 View all please show work 1 2 3 4 5

Use the following information to determine the break-even point in sales dollars: Unit sales 47,600 units Dollar sales $476,000 Fixed costs $201,000 Variable 1 2 3 4 5 Locus Company has total fixed costs of $115,000. Its product sells for $43 per unit and variable costs amount to $23 per unit.

Next year Locus Company wishes 1 2 3 4 5 Please see an attachment for details 1 2 3 4 5 Back to Department Related Courses ACCT 230 – Intermediate Accounting (108 Documents)ACCT 311 – (37 Documents)ACCT 350 – (31 Documents)ACCT 310-81 – Federal Taxation (24 Documents)

ACCT 231 – 231 (14 Documents)ACCT -231 – (7 Documents)ACCT 420 – Audting (5 Documents)ACCT 240 – mGMNT 240 (5 Documents)ACCT 310 – 310 (4 Documents)ACCT -280-45A – Forensic Accounting (3 Documents)