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CH04_Warren22e.qxd 6/12/06 3:56 PM rapsc all(prenominal)ion 144 FINAL chapter 4 complete the Accounting wheel objectives After studying this chapter, you should be able to: 1 specify the flow of explanation in systema skeletaleation from the unadjusted foot draw balance into the adjusted trial balance and financial statements. go down financial statements from adjusted account balances. Prepare closing entries. 4 5 6 Describe the invoice rung. Illustrate the accounting cycle for one period. Explain what is meant by the fiscal crop and the natural disdain year. 2 3 © ERIC RISBERG/ASSOCIATED PRESS CH04_Warren22e.qxd 6/12/06 3:56 PM Page one hundred forty-five FINAL electronic Arts Inc. M ost of us ravage had to file a personal evaluate return. At the outset of the year, you estimate your upcoming income and decide whether you need to increase your payroll department tax withholdings or perhaps pay estimated ta xes. During the year, you earn income and discharge into taxrelated minutes, such as making charitable contributions. At the windup(prenominal) of the year, your employer s closes you a tax withholding information form (W-2) form, and you foregather the tax records needed for completing your yearly tax forms. As the next year begins, you start the cycle all everywhere again.

Businesses also go through a cycle of activities. For example, Electronic Arts Inc., the worlds largest developer and marketer of electronic spicy software, begins its cycle by developing new or revise bouncing titles, such as Madden NFL football game®, desir e for Speed®, Tiger Woods PGA Tour®, The S! ims®, and The maestro of the peal®. These games are marketed and sold throughout the year. During the year, operate transactions of the business are recorded. For Electronic Arts, such transactions entangle the salaries for game developers, advertising expenditures, costs for producing and packaging games, and game revenues. At the end of the year, financial statements are prepared that summarize the operating activities for the year....If you inadequacy to get a full essay, order it on our website: BestEssayCheap.com

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