Refer to the list of income statement items in Problem 2-6A. Assume that Corbin Enterprises classifies all operating expenses into two categories: (1) Selling and (2) General and administrative. Required 1. Prepare a multiple-step income statement for the year ended December 31‚ 2010. 2. What advantages do you see in this form for the income statement? 3. Compute Corbin’s profit margin. 4. Comment on Corbin’s profitability. What other factors need to be taken into account to assess Corbin’s profitability
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Inventory 988‚000 Task: 2 a) Let the BEP sales be x dollars‚ x * 0.40 + 300‚000 = x a) So‚ x = 500‚000 dollars Total Selling price = 500‚000 Total Variable cost = 200‚000 Total fixed cost = 300‚000 b) For a monthly profit of $ 60‚000 Let sales be x dollars So‚ x - 60000 = 0.4 * x + 300‚000 So‚ sales‚ x = $ 600‚000 c) Sales = 1‚000‚000 So‚ variable cost = 400‚000 Fixed cost = 300‚000 So‚ level of profit = sales - total cost = $300‚000 Task: 3 a. Axar Products Income Statement For the Year Ended
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Recognition of concepts. Jim Armstrong operates a small company that books entertainers for theaters‚ parties‚ conventions‚ and so forth. The company’s fiscal year ends on June 30. Consider the following items and classify each as either (1) prepaid expense‚ (2) unearned revenue‚ (3) accrued expense‚ (4) accrued revenue‚ or (5) none of the foregoing. a. Interest owed on the company’s bank loan‚ to be paid in early July Prepaid expense b. Professional fees earned but not billed as of June 30 Accrued revenue
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Module 2 Exam Review -Please note the number in parenthesis is the lesson the answer can be found in./ 1. What is the study of motion called? (2.00) 2. All motion is relative to what? (2.01) 3. Define instantaneous and average speed and give examples. (2.01‚ 2.02) 4. Look at the graph below; be able to explain what quantity is the slope of a “Position versus Time” represents what the average speed for the first hour is‚ what distance is covered during each time interval‚ and what a horizontal
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In my assignment I will explain what is assessment and how is used‚ evaluate assessment methods and process that I use in my teaching practise. How will the results of student’s work help me and the student to give and get the right guidance to achieve their goal in the set criteria and standard. There are many assessing methods‚ which are used to assess student’s skill‚ knowledge‚ understanding and ability. As Gray states ‘assessment is a process by which evidence of student achievement is obtained
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Pinnacle income statement‚ which is located in the Pinnacle Income Statement worksheet of the Pinnacle-Financials Excel file. Use the income statement information to prepare a common-size income statement for all three years. Use the information to identify accounts for which you believe there is a concern about material misstatements. Use a format similar to the following: Estimate of $ Amount Account Balance of Potential Misstatement e. Use the three divisional income statements in the
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Activity 2.4 - Module 2 Case Study ERAU_MGMT_314 Module 2 Case Study Part 1 Read Application Case 3-1 Sexual Harassment Cases Are Becoming More Complex on pages 90-91 in the text. Analyze the case and thoroughly answer the three questions at the end of the case. 1. Should the president of Caritas Christi Health Care be fired? Why? 2. Why is the handling of sexual harassment cases considered complicated? 3. Explain in your own words why consistency in handling sexual
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Instructions (a) Prepare a multiple-step income statement for 2012. Assume that 60‚000 shares of common stock are outstanding. Brokaw Corp Income Statement For The Year Ended December 31‚ 2012 Sales Revenue Net Sales $1‚200‚000 Cost of Goods Sold 780‚000 Gross Profit 420‚000 Operating Expenses Selling Expenses $65‚000 Administration Expenses $48‚000 113‚000 Income from operations 307‚000
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This work comprises ACC 201 Week 3 Assignment GAAP Ethics Business - Accounting Read ATC 6-5 of Chapter 6 and answer part a. Additionally‚ given what you have learned about financial accounting so far‚ think of as many ways that you could “adjust” the financial records to make your company look better yet still follow GAAP and ethical guidelines. (Hint: think of the choices that can be used in the various accounting methods you have learned: i.e.‚ inventory valuation methods.) When
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Problem 12- 6 Statement of — Direct Method The income statement for Astro Inc. for 2010 is as follows: For the Year Ended December 31‚ 2010 Sales revenue $ 500‚000 Cost of goods sold 400‚000 Gross profit $ 100‚000 Operating expenses 180‚000 Loss before interest and taxes $ ( 80‚000) Interest expense 20‚000 Net loss $( 100‚000) Presented here are comparative balance sheets: December 31 2010 2009 Cash $ 95‚000 $ 80
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