QuickBooks Online 2021 adjust opening balance equity accounts. Let’s get into it with Intuit QuickBooks Online 2021. Here we are in our get great guitars a practice problem, we’re going to continue on entering our beginning balances into our QuickBooks system. In prior presentations, we’ve been taking this trial balance, we’ve been entering all the beginning balances in these accounts, our objective and goal being to enter the beginning balance account by account, and then having the other side be placed by QuickBooks in the equity section in one way or another, either by putting it into the default account of opening balance equity, or into an income statement account as of the prior year to the one that we’re going to start our business in.
QuickBooks Online 2021, accounts payable, beginning balances and new vendors. Let’s get into it with Intuit QuickBooks Online 2021. Here we are in our get great guitars practice file, we’re going to be continuing on entering our beginning balances as well as entering vendors so that we can use them for our data input into the future. So two things that we are looking into here, one, we want to enter our beginning balances, we’re imagining these beginning balances coming from our prior accounting system, we want to start at this point, so that we can then do the data input from that point into the future.
QuickBooks Online 2021 that balance sheet report overview. Let’s get into it with Intuit QuickBooks Online 2021. Here we are in our free QuickBooks Online test drive file, which you can find by searching in your favorite browser for QuickBooks Online at test drive are in Craig’s design and landscaping services practice file, we’re going to go down to the balance sheet by going to the reports down below, the balance sheet should be one of your favorite reports one of two favorite reports, not a matter of opinion, if it’s not one of your favorite reports, then your favorite thing is wrong, because it should be one of them. So we’re going to be opening up the balance sheet.
Corporate Finance PowerPoint presentation. In this presentation we will discuss a pro forma balance sheet or budgeted balance sheet. Get ready, it’s time to take your chance with corporate finance pro forma balance sheet. As we think about the pro forma or budgeted balance sheet, let’s take a step back and see where it fits in with our projections with our pro forma statements, you’ll recall that the place we need to start then is going to be the sales projections, we need the sales projection, we’re first going to think about how far we’re going basically the activity type of statement. And then we’ll take that change that activity statement how far we went, like miles driven in and our income statement, and then we’ll tack on the beginning balance where the odometer was at at the beginning to get to the ending point, which is going to be the ending balance sheet.
Corporate Finance PowerPoint presentation. In this presentation, we will discuss Statement of Cash Flows Get ready, it’s time to take your chance with corporate finance statement of cash flows. So remember when we’re thinking about the financial statements, we can think about them as answering two major questions to users of the financial statements. For examples, if we’re thinking about investing to the company in some type of way, and are using the financial statements to help us make a decision with regards to that, we want to know where does the company stand at this point in time, what’s basically their worth at this point in time. For that we get help from the balance sheet, which is going to give us the assets liabilities, equity, assets, minus liabilities equals equity, which is basically the book value as of a point in time.
Corporate Finance PowerPoint presentation. In this presentation, we will discuss the statement of retained earnings Get ready, it’s time to take your chance with corporate finance statement of retained earnings. So remember that as we think about the financial statements in total, the financial statements are basically answering questions that users of the financial statements would have. So for example, if we were thinking about investing into a company, the financial statements would help us answer the question as to how does the company stand at this point in time? How does the company look from a financial standpoint at this point, that is the balance sheet, the balance sheet gives you the assets, liabilities, equity, assets minus liabilities, being basically the book value being basically where the company stands at a point in time.
Corporate Finance PowerPoint presentation. In this presentation, we will go into more detail about the balance sheet. Get ready, it’s time to take your chance with corporate finance, balance sheet continued. Remember when we’re thinking about the financial statements, we can break them out to two separate objectives. If we’re considering this from an investor standpoint, that is, where does the company stand at a point in time, and what’s the likelihood or their earnings potential in the future, which we will typically based on past performance, therefore, you’re going to have the timing statement and the point in time type of statement. So when we think about the balance sheet, that’s going to be the point in time type of statements. So if you’re looking at the financial statements for the year ended December 31, the balance sheet will be as of the end of the period, in this case, December 31, as opposed to the timing statements, which are going to be the income statement being the primary statement that should come to mind measuring performance, which will be as of January through December 31 measure and how well we did for that range of time. So our focus over here is going to be on the balance sheet.
Corporate Finance PowerPoint presentation. In this presentation, we will give an overview of financial statements Get ready, it’s time to take your chance with corporate finance, financial statement overview, the financial statements will be the primary tool that will be used to value the company, the financial statements are going to be generated from the company.
Advanced financial accounting PowerPoint presentation. In this presentation we will discuss the consolidation process and a situation where the subsidiary issues stock dividends we have stock default dividends issued by the subsidiary what will be the effect on the consolidation process get ready to account with advanced financial accounting. We’re talking about a consolidation process where the subsidiary then issued stock dividends. So we have stock dividends are issued to all common stockholders proportionally, therefore, the relative interest of the controlling and non controlling stockholders is not changed. So that relative interest isn’t changed, so we don’t have to worry about that which is nice. The carrying amount on the parents books is also not changed. So we’re not going to have to change anything on the books of the parent with basically an adjustment to the investment account using you know, typically the equity method, which is nice stockholders equity accounts for the subsidiary do change. So we do have a change to the stock There’s equity on the subsidiary, but total stockholders equity does not. So in other words, if we take stockholders equity as a whole, there’s no change there, even though there’s changes within the stockholders equity of the subsidiary. So we’re here we’re going to say this stock dividends represent a permanent capitalization of retained earnings. That’s basically what is happening, permanent capitalization of the retained earnings.
Advanced financial accounting PowerPoint presentation. In this presentation we will discuss the remeasurement process for financial statements of a foreign subsidiary. Get ready to account with advanced financial accounting remeasurement financial statement of foreign subsidiary remeasurement overview so we’re going to go through the process of the remeasurement. As you think of the measurement process, you want to be comparing and contrasting it to the translation process. So you’re envisioning basically you got a parent company. The parent company has a subsidiary the subsidiary is a foreign subsidiary. The subsidiary then conducts their books. Typically we’re thinking in a foreign currency right, that subsidiary is conducting their books in a foreign currency. If we need to consolidate the subsidiary into the parents financial statements, the parent uses dollars to measure their books subsidiary uses a foreign currency on the bookkeeping side, how do we get them over $2 so we can do the consolidation process. two methods generally we can use a translation method or a remeasurement method, and we have to determine which method we’re going to use by determining what the functional currency is. And once we know what the functional currency is, then we can determine whether we need to use the translation method or the remeasurement method. And they’re going to be slightly different. Now note, there’s also a third kind of option where we might have to use translation and remeasurement if there was a situation where the foreign currency has the financial statements, and something other than the US dollars and then the functional currency was not the currency that their bookkeeping was in, and it’s not the US dollar.