Accounting Basics for Law Students - Part 1 скачать в хорошем качестве

Accounting Basics for Law Students - Part 1

THE INFORMATION IN THIS VIDEO DOES NOT CONSTITUTE LEGAL ADVICE. Professor Chris Gulinello, NKU-Chase College of Law You can contact me at ProfGu55@gmail.com. Please understand if I cannot respond to every e-mail. I created these lectures for my students. Although these lectures are designed for law students, I hope they are helpful for anyone with an interest in accounting. Here are the transactions: ______________________________________________________________________________________ 1) Bob and Mary set up BM LLC to sell widgets. Each invests $50,000. 2) BM purchases a delivery truck for $25,000 cash. 3) BM borrows $10,000 from bank. 4) BM enters into a 5-year lease for appropriate commercial space for $1,000 rental per month. 5) BM pays its entire liability insurance for the upcoming calendar year: $7,000 cash. ________________________________________________________________________________________________ 6) BM purchases 200 widgets from suppliers for $40,000 on 60 days credit ($200 per widget). 7) BM purchases 160 widgets from suppliers for $32,000 cash ($200 per widget). ________________________________________________________________________________________________ 8) BM sells 180 widgets to customers for a total price of $63,000 cash ($350 per widget). 9) BM sells 120 widgets to customers for a total price of $42,000 on 90 days credit ($350 per widget). 10) Several customers make deposits for 10 widgets that BM will deliver in several months: $3,500 ($350 per widget]. ________________________________________________________________________________________________ 11) BM pays suppliers $30,000 for widgets BM purchased on credit [see #6, above]. 12) BM receives payment from some customers who had purchased from BM on credit: $21,000 [see #9, above] 13) By the end of the year, BM had delivered 6 widgets to customers who had placed deposits [see #10, above]. ________________________________________________________________________________________________ 14) During the year, BM paid $2,000 cash in utilities. 15) During the year, BM paid $8,000 cash in wages. 16) During the year, BM paid $9,000 cash for rent through November, but still owes $1,000 in rent for December. ________________________________________________________________________________________________ 17) During the year, BM paid $1,200 to the bank [see #3, above] $1,000 in principal and $200 interest. 18) The delivery truck depreciated $4,000 during the year. 19) At the end of the year, you must account for the liability insurance [see #5, above]