CHAPTER 12 MULTIPLE CHOICE 12-1: d. This is recorded when the working fund is replenished. 12-2: c. Sales P 700‚000 Cost of goods sold: Purchases P800‚000 Merchandise inventory‚ end 180‚000 620‚000 Gross profit P 80‚000 Expenses 198‚000 Net income (loss) P (118‚000) 12-3: b Sales P 70‚000 Cost of goods sold (P70‚000 / 140%) 50‚000 Gross profit P 20‚000 Less: Samples (P8‚000 – P6‚000) P
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Executive Summary GAAP‚ generally accepted accounting principles‚ are the rules for preparing the financial statements. There are specialized professionals FASB‚ SEC‚ AAA‚ FEI‚ IMA‚ AIMR and others for developing GAAP. There are 13 principles for preparing Financial Statement. Business Entity Principle requires business to be separated from owner of the business. Going Concern principles requires the business to assume that the business will for long time. Revenue Recognition Principle considers
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major of accounting calls to them. Those men and women who choose accounting as their major will spend many semesters trying to figure out what the hell the professors are talking about when they go into managing and valuing inventories for companies. This one area of accounting is one of the most important parts to understand‚ because of the vast amounts of money companies have raped up in inventories. So sit back and get ready to be bored because we are entering the world of accounting. Inventories
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Individual Learning Project 1 Deon Flatt Business 601 April 5‚ 2014 Liberty University Linda Leatherbury Brief Description Work-study Enterprise (WSE)‚ founded in 1994 in Matteson‚ Illinois offers childcare and early childhood education. WSE believes in developing the whole child and strives to show God’s love to all entering its doors. WSE enrollment is open to kid’s age 2 through 15 and offers a safe and positive environment for all. In addition‚ the organization
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BUS/475 Capstone Final Exam part 2 Study Guide 1. The market opportunities most relevant to a particular company are those that Answer: offer the best growth and profitability. 2. Printing Equipment (NPE) produces equipment that helps to print newspapers and magazines. The company sells directly to printers and through wholesalers. Its salespeople negotiate prices with individual customers and often have to match competitors’ prices. NPE has a new product‚ the Gutenberg NP201‚ with some competitive
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LDS – Performance Management Module 9 – Course Project – Case Study Submitted by Jason Rick Date: August 04‚ 2014 Q – a) Purpose of the Meeting The performance management system used provides a structured and systematic approach to the management of a relationship between two individuals – typically a manager and an employee – where the focus of the relationship is on improving and or recognizing excellence in performance outcomes relative to a set of goals and expectations
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Preparing to Conduct Business Research: Part 1 Jamie Richardson‚ Jacob Neighbours‚ Josh Smith‚ Laura Hale-Steingrebe‚ Lori Burnisky‚ JoAnn Armstrong & Matt Stinson RES/351 January 26‚ 2015 Dr. Michele Burpeau-Di Gregorio Preparing to Conduct Business Research: Part 1 Organizations are faced with making business decisions every day and not all are easy to resolve. Business research provides companies an opportunity to make knowledgeable decisions to remain competitive in the market
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James Cash Penney opened his first store located in Kemmerer Wyoming in 1902‚ at the age of 25. The first store was opened in partnership between Penney‚ T.M Callahan and Guy Johnson as a ‘cash only’ store‚ refusing to take mining script or extend credit. Investing his entire savings of $500‚ Penney had to borrow $1‚500 and was cautioned against his ‘cash only’ policy‚ as other stores in mining towns had been failing. The store was a success in spite of bankers warnings earning $28‚898 in sales
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Week 3 Conflict Analysis Part 1 Conflict Analysis Part 2 Conflict Analysis Part 1 1a. Who was involved in the conflict? What was the relationship between the participants prior to the conflict? Did it appear as if the relationship between the participants had any impact on how either person responded to the conflict? At my previous work‚ I have witness many conflict between customer and tenants. An example would be a customer had arguing with a phone career store employee because their
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Project Part 2 Task 1: Introduction and Business Impact Analysis Plan Ronald Horne ITT Online 5/24/15 The Business Impact Analysis (BIA) is the key concept used by the organization as a tool when developing Business Continuity Plans (BCP). The purpose of the BIA is to gather business information in an effort to understand the importance of the different functions of the organization (Johnson‚ R. (2011). It serves as the foundation for which an effective BCP can be developed and implemented. The
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