Ag Business Management Spring 1999

Slides:

Advertisements

Similar presentations

Petty Cash Balance Sheet Debit Current Asset. Loss on Plant Asset Income Statement Debit Other Expense.

Advertisements

1 Republic of Macedonia-ESM EVN Income statement For the year ended 31 December _____ Note Current year Previous year Revenues Electricity revenues Other.

INCOME STATEMENT KEY CONCEPTS NET INCOME IS THE BEST MEASURE OF BUSINESS PERFORMANCE ACCRUAL NET INCOME IS A MORE ACCURATE MEASURE OF PROFITABILITY THAN.

BALANCE SHEET STATEMENT OF FINANCIAL POSITION KEY CONCEPTS ASSETS = LIABILITIES + OWNER EQUITY ASSETS AND LIABILITIES ARE CLASSIFIED AS EITHER CURRENT.

2006 Cash Flow Statement Sources of cash: Beginning cash balance Cash receipts from product sales Other sources of cash Total sources of cash Uses of cash:

The Balance Sheet. Assets = Liabilities + Equity.

Managerial Accounting Structure of Financial Statements.

Chapter 10 Incremental Cash Flow  Three Financial Statements  Fundamental Accounting Relationship  Cash Flow Identity to Sources and Uses  Estimating.

AGEC 489/689 Spring 2009 Detailed View of Financial Statement Linkages Slide Show #3.

DEPRECIATION Chapter Seventeen Copyright © 2014 by The McGraw-Hill Companies, Inc. All rights reserved. McGraw-Hill/Irwin.

Principles of Business, Marketing, and Finance Financial Planning Copyright © Texas Education, All rights reserved.

Principles of Business, Marketing, and Finance Lesson Four

FARM FINANCIAL STATEMENTS. FARM FINANCIAL STATEMENTS Key Questions §What are the major financial statements used by farm businesses? §What does each one.

Essential Standard 4.00 Understanding the role of finance in business. 1.

Record Keeping. Why keep records? ▸ Determine profit or loss ▸ Provide information for analysis  ways to improve  weak and strong points  determine.

How do you measure performance? b Your school work b Basketball team b Restaurant b Greenhouse.

Income Statements Uses ▸ Summarize revenues and expenses ▸ Determining profit or loss ▸ Explaining changes in owner equity ▸ Supporting Loan Application.

Stock Market Analysis and Personal Finance Mr. Bernstein The Three Primary Financial Statements September 2015.

Financial Puzzle FINANCIAL STATEMENTS By PresenterMedia.com PresenterMedia.com.

Financials Start up Cost Source of Funds EquityLoans $20K$25K $45K Operational costs Fixed$43,085$113,700$281,840 Variable$29,570$163,220$460,975.

BALANCE SHEET STATEMENT OF FINANCIAL POSITION KEY CONCEPTS ASSETS = LIABILITIES + OWNER EQUITY ASSETS AND LIABILITIES ARE CLASSIFIED AS EITHER CURRENT.

Financial Statements Damona Doye OSU Extension Economist.

Essential Standard 4.00 Understanding the role of finance in business. 1.

Chart of Accounts.

Completing and Analyzing the Balance Sheet

INCOME STATEMENT KEY CONCEPTS NET INCOME IS THE BEST MEASURE OF BUSINESS PERFORMANCE ACCRUAL NET INCOME IS A MORE ACCURATE MEASURE OF PROFITABILITY THAN.

INVENTORIES Ag Business Management Spring 1999 Objectives zExplain the importance of an accurate inventory. zDetermine when to inventory assets. zIdentify.

Net Worth Statements Ag Business Management Spring 1999.

Agribusiness Library LESSON L060090: MAINTAINING AN INVENTORY OF ASSETS.

RECORD KEEPING Original PowerPoint created by Kenneth Moseley Modified by Georgia Agricultural Education Curriculum Office July, 2002.

Chapter 10 Long-Term Liabilities Using Financial Accounting Information: The Alternative to Debits and Credits, 6/e by Gary A. Porter and Curtis L. Norton.

Page 1 Adjusting the Books. Page 2 Adjustments Adjustments : Accounting changes to ensure that account balances are correct. The “books” are adjusted.

PowerPoint Authors: Susan Coomer Galbreath, Ph.D., CPA Charles W. Caldwell, D.B.A., CMA Jon A. Booker, Ph.D., CPA, CIA Cynthia J. Rooney, Ph.D.,

Taxes Original Power Point Created by Casey Osksa Modified by Georgia Agricultural Education Curriculum Office June 2002.

Inventory Record Keeping Curriculum Georgia Department of Education Agricultural Education Written by Jimmy Scott Georgia Ag Ed Curriculum.

INCOME STATEMENTS Ag Business Management Spring 1999 Original PowerPoint Created by Mike White Modified by Georgia Agricultural Education Curriculum Office.

Property Dispositions

Farm Finances: Part 1 National Farm Viability Conference Albany, NY May 22nd -24th Mark Cannella Web:

Spencer Ag Business Curriculum 2012

BALANCE SHEET STATEMENT OF FINANCIAL POSITION KEY CONCEPTS

Adjusting the Books Unit 11.

Understanding a Firm’s Financial Statements

Chapter 11 Statement of Cash Flows

POB 4.01 Part 3 – Income Statements & Balance Sheets

Unit 2 The Basic Accounting Cycle

Principles of Business, Marketing, and Finance

Distributing Dividends & Preparing Work Sheet

Income Statement Record Keeping Curriculum

Chapter 3 Part 2.

RECORD KEEPING Original PowerPoint created by Kenneth Moseley

Anything of Value Owned by the Business

Chapter 18 Section 2 Adjusting Supplies, Prepaid Insurance, and Federal Corporate Income Tax $ $ What You’ll Learn Why the Supplies, Prepaid Insurance,

Statement of Cash Flows

© 2014 Cengage Learning. All Rights Reserved.

The Business Plan.

Dollars and Decisions Chapter 3 Balance Sheet.

Intro to Financial Management

Lesson L060089: Developing a Statement of Cash Flows

Taxes Chapter #9 12/8/2018.

12-2 Financial Records and Financial Statements

Financial Records and Financial Statements

Income Statement.

Valuing Assets and Using Depreciation for Closing Inventories.

Point 6 Financial Statements

Extending Financial Statement Information on a Work Sheet

Financial Analysis Original Power Point created by Casey Osksa

Valuing Assets and Using Depreciation for Closing Inventories.

Financial Statements.

DECLINING-BALANCE METHOD OF DEPRECIATION

Financial Markets – Fall, 2019 – Oct 17, 2019

Presentation transcript:

Ag Business Management Spring 1999 INVENTORIES Ag Business Management Spring 1999 Original PowerPoint Created by Mike White Modified by Georgia Agricultural Education Curriculum Office June, 2002

Objectives Explain the importance of an accurate inventory. Determine when to inventory assets. Identify assets to be included in an inventory. Describe the method used to determine value.

Glossary ACRS Acquisitions Asset Cash accounting Capital Capital gains Collateral Consumable supplies Contingent liabilities Credit Depreciable assets Depreciation

Glossary Depreciation methods Depreciation system Estate tax Financial statement Fiscal year Gift tax Income statement Inheritance tax Inventory MACRS Non-depreciable asset

Glossary Owner-equity statement Salvage value Straight line method Useful life

Why Inventories are Important Owner Equity Statements Income Statements Obtaining Credit Insurance Estate Planning Tax Management

Owner Equity Statements Show an accurate account of financial standing at a specific point in time. Cannot develop balance sheet without completed inventory.

Income Statements Inventory needed to calculate income statement. Changes in inventory affect income.

Obtaining Credit Financial institutions need accurate inventories before granting credit. Assets may be used as collateral to secure loan.

Insurance Inventories needed to determine premium cost & coverage. Inventories needed to determine payment in event of loss or damage.

Estate Planning Needed to plan an estate. Always necessary in settlement situations.

Tax Management Inventory management key in tax management strategies. Especially important with property tax valuation & capital gains tax.

Items to be Inventoried Items for resale Consumable supplies Capital Assets

Inventories

Inventories

Inventories

How to Determine Inventory Values Cost Minus Depreciation Current Market Value Straight Line Depreciation Accelerated Cost Recovery System (ACRS) Modified Accelerated Cost Recovery System (MACRS)