This document contains a financial statement for a business. It lists the business's assets, liabilities, and financial details such as cash accounts, real estate owned, equipment, accounts receivable, and notes payable. It also includes information about the business owners/officers and their representation that the financial information provided is accurate. The financial statement is intended to obtain loans or other accommodations from lenders.
Accounting for Not for Profit OrganisationsPreksha Mehta
In this presentation, you will find notes , accounting treatment and practical questions on the unit Financial Statements of not for profit organisations.
How Will the New Tax Act Affect the Commercial Real Estate Industry?CohnReznick
implications of the recent tax changes for the commercial real estate industry. Our presentation highlights the key issues resulting from the reform, identifies the fast-approaching decisions facing your organization, and raises practical ideas and strategies to enhance tax efficiency and address matters of importance for entity structuring.
Accounting for Not for Profit OrganisationsPreksha Mehta
In this presentation, you will find notes , accounting treatment and practical questions on the unit Financial Statements of not for profit organisations.
How Will the New Tax Act Affect the Commercial Real Estate Industry?CohnReznick
implications of the recent tax changes for the commercial real estate industry. Our presentation highlights the key issues resulting from the reform, identifies the fast-approaching decisions facing your organization, and raises practical ideas and strategies to enhance tax efficiency and address matters of importance for entity structuring.
VAT is a tax on consumer expenditure and is collected on business transactions and imports. Basically, VAT is charged at each stage in the supply chain of goods and services. The broad effect is that businesses are not affected and VAT is actually borne by the final consumer.
Governments have been imposing taxes on their citizens for centuries and VAT is a system that has been implemented in more than 180 countries worldwide.
The state utilizes the taxes paid to establish, develop and improve infrastructure, facilities, road networks and other public services that are used for the benefit of and in the best interest of its citizens.
VAT is a tax on consumer expenditure and is collected on business transactions and imports. Basically, VAT is charged at each stage in the supply chain of goods and services. The broad effect is that businesses are not affected and VAT is actually borne by the final consumer.
Governments have been imposing taxes on their citizens for centuries and VAT is a system that has been implemented in more than 180 countries worldwide.
The state utilizes the taxes paid to establish, develop and improve infrastructure, facilities, road networks and other public services that are used for the benefit of and in the best interest of its citizens.
Collateral: Loans are secured by collateral, which is property in which a security interest is granted to secure repayment of the loan. The loan collateral may include business assets, stocks, bonds, certificates of deposits, or personal assets. Consider (1) the value of the loan collateral must be equal to or greater than the amount of the loan, (2) expected economic life of collateral will be considered by the Bank in evaluating the collateral offered for the loan, (3) formal collateral appraisals may be required, and (4) a pledge of personal assets may be required as additional collateral for the business loan requested.
Guarantors: For incorporated borrowers, guarantees of owner(s) is usually required, unless secured by Bank deposits or marketable collateral. If personal assets are in joint names, a sole proprietorship, and/or partnership, the Bank may require all parties to pledge collateral.
Financial Management Quiz 1Please follow all instructions .docxAKHIL969626
Financial Management Quiz 1
Please follow all instructions very carefully. You need to return your answers to me no later than 12:00 noon on
Friday, October 14. If you respond after that time, you cannot get a grade higher than a B regardless of how many you
get correct. I will try to remember to send out a reminder in advance.
You may submit your answers in any of the following ways:
Mark up the quiz itself, scan it, and email it to me (do not use RED ink).
Fill out the answer sheet that is attached as a Word document and email it to me.
Make your own Excel or Word answer sheet and email it to me (do not use RED font).
Put your answers in the body of an email message (do not use RED font).
When you send me your email, please send it to [email protected] All
attachments must be in Word, Excel, or pdf, and must include your name.
Note that a multiple-choice question can have only ONE answer.
For each of the following, select TRUE or FALSE
1. The Internal Revenue Service is the department of the United States Government
responsible for passing tax laws.
TRUE FALSE
2. Of all the people involved in the creation and analysis of financial reports, the one least
likely to be presenting financial statements to the board of directors is the bookkeeper.
TRUE FALSE
3. Two major forms of accounting are cash basis and accrual basis. If the terms "accounts
receivable" or "accounts payable" appear on your balance sheet, you are using
the accrual basis of accounting.
TRUE FALSE
EXTRA CREDIT: Briefly explain "deferred income," giving an example from the world of the
performing arts.
For each of the following, select the best answer from a-d.
4. Which of the following statements is FALSE?
a. Your organization borrows $2,500,000 at an annual rate of 6%. If you pay no principal during
life of the loan, the annual interest cost on the loan is $150,000.
b. "Fixed assets" is another term for cash, accounts receivable, and other similar items of
property.
c. According to the textbook, a "Benefit Corporation" is not a tax-exempt nonprofit entity,
but it does include a social goal as well as a profit motive.
d. The bylaws of an organization specify which officers must be part of the organization's
governance. Another item that should be part of the bylaws is how many members of
the board of directors make up a quorum.
Page 1 of 4
5. Which of the following is TRUE?
a. On a Form 990, an organization's assets are divided into current assets and
non-current assets.
b. If a nonprofit has $1,500,000 in pledges receivable, and $500,000 of that amount is due
in the next 12 months, then $1,000,000 of the pledges will be counted in the
calculation of the organization's current ratio.
c. The most common kind of investments that nonprofits own are intended to produce
positive investment return. The earnings on investments, like a profit that comes
from having more operating revenue than expenses, are not subject to Federal income tax ...
1. Name:
Address: Phone #:
Business or Occupation: Branches
financial condition of the undersigned on the day of 20
writing will be given you immediately of any materially unfavorable change in the financial condition of the business. In the absence of such notice or a new and
full written financial statement you may consider this statement as continuing and substatially correct and having the same force and effect as id delivered as an
Accounts Receivable of Customer - Good
Inventory How Valued
Time Deposit IRA
$0.00 $0.00
Value of Land
Value of
Buildings
Amount of
Mortgage
Repayment
Terms
Amount of
Insurance
$0.00 $0.00 $0.00
$0.00 $0.00 $0.00 * *
$0.00 $0.00 $0.00 $0.00
yrs
yrs
yrs
yrs
yrs
yrs
yrs
yrs
* yrs
Schedule C Total: $0.00
Schedule C - Fixtures & Equipment
Total * * $0.00$0.00*
See Ext of Equipment * * $0.00
Net Worth (If Individual or Partnership)
$0.00
Total Liabilities
$0.00
Implement Make Age
Total * *
Schedule B Total: $0.00
Condition Cost Present Value
$0.00
See Extension of Real Estate Owned * *
Schedule B - Real Estate Owned
Description of Location Title in Name of Payable to
Schedule A Total: $0.00
Total $0.00 $0.00 $0.00
Schedule A - Cash Accounts
Institution Checking Savings OtherMMD
$0.00
Total $0.00 Total $0.00
$0.00
Other Real Estate
Other Assets (Itemize):
Real Estate Used in Business (Schedule B) $0.00
Notes & Accounts Payable to Partners, Officers,
Stockholders
Mortgage on Real Estate (Schedule B)
Other Liabilities:Stocks, Bonds, & Investments (Attach Detailed List)
Notes Payable - Machinery or Equipment (Schedule D)
Notes Receivable of Partners, Officers or
Stockholders
Assets Liabilities
Cash (Schedule A) $0.00 Accounts Payable
Fixtures & Equipment (Schedule C) $0.00
$0.00
Financial Statement
Business
Notes Payable for Merchandise (Schedule D) $0.00
Notes Receivable of Customers - Good
For the purpose of borrowing money, or otherwise obtaing accomodations from time to time, the undersigned hereby makes the following statement of the
; and it is agreed that notice in
original statement of the financial condition of the business upon application for further borrowings or accomidations.
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00 $0.00
$0.00 $0.00 $0.00 $0.00 $0.00 $0.00
$0.00
$0.00 $0.00 $0.00 $0.00
$0.00
$0.00 $0.00
$0.00
2. Merchandise Machinery & Equipment
Contingent liabilities: Endorser, guarantor, or surety for others on notes, bonds, contracts, etc. (Give complete details)
Insurance- Amount
Amount
Cash Value $0.00
Beneficiary
Net Sales
Expenses
Note Payments
Date Signed: Signature:
Officers and Directors or Partners
The undersigned hereby represents and warrants that said financial satement and other information given is in all respects true and correct.
If the financial is submitted electronically, a printed name will be used in place of a signature. By printing your name(s) you are certifying the
accuracy of your financial condition. Please have all owners sign/print.
Schedule D Total: $0.00
Total $0.00 * *
For Machinery & Equipment: * * *
Name of Creditor Amount Payment Terms Description of Security
For Merchadise: * * *
Schedule D - Notes Payable Other Than Real estate
$0.00
$0.00 $0.00
Full Name Address Number of Shares Held Worth of Partners Outside
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
OnMerchadise
On Buildings
Amt of Loan, if anyLife (Face Amount)
Is "Merchandise Inventory" based on actual inventory? If so, give date of inventory
Name of predecessor, if anyLength of time you have been in business
Have you ever taken bankruptcy or made a compromise and settlement with your creditors? If so, give details (when , what court)
Are there any judgements unsatisfied or suits pending against you and for what amount?
Name a few concerns from which you purchase in large amounts
$0.00
$0.00
$0.00
$0.00
(Sign Coroporation, Firm or Individual Name Here)
Remaining Income
Income Tax Payments
Gross Profit
Other Fixed Payments
Net Profit
Cost of Sales
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00 $0.00$0.00
$0.00
$0.00
$0.00 $0.00 $0.00
$0.00 $0.00 $0.00
$0.00 $0.00 $0.00
$0.00 $0.00 $0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
PrintSubmit