Deferred And Prepaid Expenses

Accounting - Bryon Gaskin Space
Also called prepaid expenses Deferred revenues Items that are initially recorded as a liabilitiy but are expected to become revenues over tiem or through the normal operations of the business. Sometimes called unearned revenue. ... Visit Document

Accrual Accounting - UNM - New Mexico's Flagship University ...
Prepaid Expenses. Prepaid Expense • Reclass Journal Entry: – If an expense account code was charged when • Deferred Revenue. Questions?? • Frances Starnes – Starnes@unm.edu – 277-3389 • Julie Breitenstein – Jbreitenstein@salud.unm.edu ... Get Doc

Part I Financial Information
Prepaid expenses and other current assets consist of the following: As of March 31, 2003 June 30, 2003 Rent deposits $ 2,856,226 $ 2,997,264 All deferred tax expenses / (benefits) are allocated to the continuing operations of the company. ... Retrieve Document

Balance Sheet Accruals & Deferrals - YouTube
This creates a deferred revenue LIABILITY. In the case of a paid but deferred expense (e.g., employee wages), this creates a prepaid expense ASSET. Category: Education. License: Standard YouTube 12:02 Adjusting Entries for Accrued Expenses (Financial Accounting Series) by ... View Video

16-20 - McGraw-Hill PageOut®
A. Deferred tax asset. B. Deferred tax liability. C. Interperiod tax allocation. D. Intraperiod tax allocation. Prepaid expenses. C) An unrealized gain from recording investments at fair value. D) Accelerated deprecation on the tax return. 58. ... Visit Document

ACC101 - Chapter 3 - Harper College Departmental Websites
Deferred Expenses (also referred to as prepaid expenses) are initially recorded as assets and adjusted at the end of the period for the portion that has been used Prepaid Insurance Deferred Revenues – (also referred to as unearned revenue) are initially ... Read Content

Balance Sheet Reconciliation Guide
Payable, deferred revenue, etc). Many campus entities record transactions to balance sheet Prepaid Expenses and Other Assets, 14xx—Explain the balance by providing list of transactions, assure continued proper classification ... Fetch Full Source

Chapter 4 Solutions Version 1 - College Of Business | College ...
Debit Credit Cash $ 163,000 Accounts receivable 225,400 Supplies 12,200 Prepaid expenses 10,200 Investments 145,000 Building and equipment 323,040 Accumulated depreciation $ 18,100 Land 60,000 Accounts payable The following deferred revenues and deferred expenses may need to be adjusted at ... Fetch Document

Risk Management Financial Management: Cash Vs. Accrual Accounting
Of deferred tax liability (see Note 2) Accrual adjusted income taxes and S.S. taxes Cash net income (after-tax) Accrual adjusted Decrease in prepaid expenses (1,000) Liabilities Decrease in accrued interest 2,000 Increase in accrued interest ( ) * ... Retrieve Doc

Chapter 4
Revenues and expenses are recorded only when cash is received or paid Cash basis statement Revenue Recognition Principle Expense Recognition Matching Principle Types of Adjusting Entries Deferred Expense Cash paid before expense is incurred Examples: Prepaid rent Prepaid ... View Full Source

11,684 11,001 Deferred tax assets 3,302 3,302 Prepaid expenses and other current assets 534 Accounts payable $4,645 $4,405 Accrued expenses 2,170 Deferred tax liabilities ... Read Article

CHAPTER 7 ADVANCES, PREPAID EXPENSES, AND OTHER ASSETS
DOE Financial Management Accounting Handbook 02-06-12 7-1 CHAPTER 7 ADVANCES, PREPAID EXPENSES, AND OTHER ASSETS 1. INTRODUCTION. a. Purpose. ... Access Document

Internal Revenue Code Section 1031 - Wikipedia, The Free ...
A non-simultaneous exchange is sometimes called a Starker Tax Deferred Exchange (named for an investor who challenged and won a case against the IRS). See Starker v. For example, service costs at closing which are not closing expenses. ... Read Article

CHAPTER 3 PREPARING FINANCIAL STATEMENTS - Harper College ...
Deferred Expenses (also referred to as prepaid expenses) are initially recorded as assets Prepaid expenses involve payment of cash (or an obligation to pay cash) for the purchase of an asset before the expense is incurred. True False ... Retrieve Here

Cash Flow Statement - Wikipedia, The Free Encyclopedia
Deferred tax; Amortization (loss of intangible asset value over time) Such expenses may be represented on the balance sheet as decreases in long term asset accounts. Thus decreases in fixed assets increase NI. To Find Cash Flows from Operating Activities ... Read Article

Expense Section No. 700 - Home | NCUA.gov
Other Prepaid Expenses and Deferred Charges $50.00 should then agree with the cash o. Detailed Transactions . Debit: a) With the payment of the operating fee (cash or modified cash basis of accounting). b) With amortization of monthly expense (accru- ... Document Retrieval

Annuity (US Financial Products) - Wikipedia, The Free ...
In the United States an annuity contract is created when an insured party, usually an individual, pays a life insurance company a single premium that will later be distributed back to the insured party over time. Annuity contracts traditionally provide a guaranteed distribution of income over ... Read Article

FIN 324 FINAL EXAM - YouTube
A.Prepaid liabilities b.Prepaid expenses c.Deferred expenses d.Unrecorded liabilities 5.A purchase of $900 of supplies on account was journalized and posted as $900 debit to Supplies on Hand and a $900 credit to Accounts Receivable. ... View Video

Alidla Earnings Up On Improved Golf Shaft Sales
9,964 12,326 Deferred tax assets 4,010 4,010 Prepaid expenses and other current assets 632 44,770 DEFERRED FINANCING FEES 159 256 LICENSE 3,258 Accrued expenses ... Read Article

NET INCOME (LOSS) FOR INCOME TAX PURPOSES T5013 SCHEDULE 1
Deferred and prepaid expenses Non-deductible club dues and fees Non-deductible life insurance premiums Non-deductible company pension plans Capitalized interest and property taxes on vacant land Reserves from financial statements – balance at the end of the year ... Access Doc

Chapter 5: Business Expenses
Than $5 million cannot use the cash method for tax reporting All personal service corporations can use the cash method Prepaid Expenses Prepaid expenses must be capitalized as then Multiply adjusted book income by the tax rate Deferred Taxes Temporary differences create A ... Read Document

Accounting For Income Taxes (added IFRS Slides)
Deferred taxes was the plug figure (difference between taxes payable and tax expense). Subscription revenue Prepaid rent Expenses and losses, recognized in financial income, are later deducted for income tax purposes. ... Access Doc

Stewart Enterprises Reports Earnings Per Share From Continuing Operations Of $.11 For The Fourth Quarter And $.43 For ...
NEW ORLEANS, LA -- Stewart Enterprises, Inc. (NasdaqGS:STEI) reported today its results for the fourth quarter and fiscal year ended October 31, 2012. Earnings from continuing operations for the fourth ... Read News

The Matching Concept And The Adjusting Process
• Deferred expenses, or prepaid expenses, are items that have been initially recorded as assets but are expected to become expenses over time or through the normal operations of the business. Supplies and prepaid insurance are two exam- ... Read Full Source

Preparing For The End Of The Fiscal - University Of San ...
Expenses over $5000. Deferred revenue will be recognized for all revenues over $1000 in aggregate (i.e.: by total revenue for the program not individual Another common deferral is Prepaid Expenses. These occur when a payment is made to the vendor ... Read Content

Sanderson Farms, Inc. Reports Results For Fourth Quarter And Fiscal 2012
Sanderson Farms, Inc. today reported results for the fourth quarter and fiscal year ended October 31, 2012. ... Read News