Mercantilism – colony exists to benefit mother country; Brit gave naval protection Indirect tax – you don’t know you’re taxed Colonies haphazardly placed Prime Minister George Grenville enforced Nav Laws: 1. Imperial trade done on Brit ships w/ ¾ crew British; 2. Only certain goods exported to foreign countries unless they go through Britain; 3. Economic diversification; 4. Colonies a protected market for low price consumer goods Sugar Act- raise tax on molasses; Woolen Act- banned export of
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System Proposal: “Automated Payroll System (APS)” MAIN OBJECTIVE: Computers have the great impact on the profession of accounting. With the rapid growth of technology today‚ there is no doubt that computer will become a common asset in all profession. As computer technology changesat such fast phase‚ many businesses sectors try to cope up by upgrading computer system constantly in order to stay competitive. The multi-function ability of technology for its advance system is also an important
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inventory‚ salaries‚ and material‚ and revenue is generated through sales. When revenue are higher than the expenses‚ the company has an operating profit‚ and the company has an operating loss when the expenses exceed the operating revenue. 2) The accounting equation (A=L+SE) is a fundamental business concept. Explain what this equation reveals about a company’s sources and uses of funds and the claims on company resources. The equation reveals how heavily dependent a company is on debt versus owner
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CHAPTER 1 INTRODUCTION Background of the Study Computer Technology has been utilized tremendously. It is faced with sophisticated techniques and people’s demand. It has helped them to scope up with the changing time and speed up work in order to be competitive with the rest of the world. Computers as a necessity not a luxury provides people an immediate job and quicker output. And because of this‚ business transactions have been computerized and with just a press of key on the computer‚ you will
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ACC T 1130 Payroll Accounting Chapter 7 – Manual Project – Check Figures – 2014 Edition October 23 Journal Entries: Payroll Cash 12 11‚173.89 Cash 11 11‚173.89 Administrative Salaries 51 2‚307.69 Office Salaries 52 3‚353.08 Sales Salaries 53 3‚600.00 Plant Wages 54 5‚223.92 FICA Taxes Payable – OASDI 20.1 898.05 FICA Taxes Payable – HI 20.2 210.04 Employees FIT Payable 24 997.00 Employees SIT Payable 25 444.70 Employees SUTA Payable 25.1
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Long-Term Construction Contracts 163 CHAPTER 10 MULTIPLE CHOICE ANSWERS AND SOLUTIONS 10-1: a Percentage of Completion Method: Contract Price P1‚000‚000 Less: Total estimated cost Cost incurred P 200‚000 Estimated remaining cost _400‚000 __600‚000 Gross profit estimated 400‚000 % of completion (200‚000/600‚000) __33 1/3% Gross profit to be recognized P 133‚333 Zero Profit Method: 0 10-2: a P100‚000 2007 2008 Contract Price P9
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1. A major advantage of the partnership form is that the personal assets of the partners are protected from creditors in case of legal action- False 2. A partnership is considered an “entity” for accounting purposes- True 3. “Mutual agency” means that one partner can legally bind all the other partners to a contract if it appears that he or she is acting appropriately- True 4. Partners are taxed on their drawings regardless of their share of the income. False 5. If a partnership agreement
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Chapter 2 Review of Related Literature In less than a generation‚ computer technology has revolunized business all over the world. This has brought about changes in the area of business‚ finance‚ industry‚ government‚ agriculture‚ education‚ health care‚ sports and even on our personal lives. Today‚ computers do much of the works. Data collection continues to become easier and easier‚ data processing is getting faster and faster‚ mathematical calculations continue to be performed with increased
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Exercise One After a quick read of the passage from 3.540-587‚ one may assume that Satan is only concerned with viewing the beauty of the newly created earth. However‚ after a closer analysis and look into the language actually used in the passage‚ it is revealed that the sun is a more prominent figure in the passage than the earth. Therefore‚ Milton use of words and images throughout this passage convey the message of the stark contrast between the good the sun does for the earth and the earth’s
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1. Because adjusting entries assure that the balance sheet and income statement are up to date based on the accrual base of accounting and need to balance out the accounts based on when things are actually earned‚ Starbucks might record adjusting entries for asset accounts including: Cash and cash equivalents Accounts receivable Inventories Prepaid expenses/current assets Deferred income taxes Plant and equipment Other assets Goodwill 2. Starbucks might record adjusting entries for liability
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