CHAPTER 5 Merchandising Operations and the Multiple-Step Income Statement ANSWERS TO QUESTIONS 1. (a) Disagree. The steps in the accounting cycle are the same for both a merchandising company and a service company. (b) The measurement of income is conceptually the same. In both types of companies‚ net income (or loss) results from the matching of expenses with revenues. 2. The components of revenues and expenses differ as follows: | | Merchandising | | Service | RevenuesExpenses
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Destin Brass Products Problem: - The Company is producing 3 major products – Valve‚ Pump and Flow Controller. The Company is concerned about the price cutting of Pumps going on in the market every month. It is also surprised to see no change in sales of Flow Controller despite 12 ½% increases in prices. Current Scenario: - Currently it is using traditional accounting system‚ Unit of product is charged for material cost‚ labor cost (standard time for labor times the labor pay rate $16 per hour)
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After having received an email from Shannon McDonald (regarding the need to receive a statement of his perspective on recent performance and ideas)‚ Thomas Green is left with several options to choose from to solve the issue at hand. Before discussing these options it is important to describe his first step in taking any one of these decisions. Green must first email McDonald to find out the best time they could meet. For any decision Green decides upon at this point‚ it is important that he communicate
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6.0 Recommendations Acid Test Ratio The acid test ratio shows that Muhibbah have less liquidity which indicates that they holding low amount of cash but high level of inventories .They may have difficulty paying its current liabilities on time. Business is relying on turnover of stock to meet obligations. Here‚ we recommend that Muhibbah should consider level of their accounts payable or paying off their liabilities and ensure the cash flow of the business is optimal meaning that the company must
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INDIAN (3 recommended restaurants) Restaurant Name: Kebab Bistro offer Cost: 35 AED What to order: - Bistro Parsi Dishes (Dhansaak. Sali boti. Papeta ma ghosh. Curry chaawal. Pulav dal. Khichri kheemo. Vindaloo. bhaji daana ma ghosh. khichri patio. Dhan dal patio) - Bistro eggs plore (Sali par edu. Tamota par edu. Kheema par edu. Egg chutney pattice. Resa par edu) - Bistro parsi starters (Patra ni macci. Mutton pattice. Mutton cutlet. Chicken cutle. Chicken farcha) - Bistro parsi pareji - vegetarian
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Role of Internal Audit Function Nano Circuits Inc‚ is a publicly traded company that produces electronic control circuits‚ which are used in many products. In an effort to comply with SOX‚ Nano is in the process of establishing an in-house internal audit function‚ which previously had been outsourced. The company began this process by hiring a Director of Internal Audits. Nano Circuits’ CEO recently called a planning meeting to discuss the roles of key corporate participants regarding the implementation
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The human memory is thought to be a reliable source to retrieve information about the past. Although memory is often deemed reliable‚ due to its reconstructive nature it can also be prone to error. Individuals recollect memories based on their personal experience of an event‚ general world knowledge‚ and external information. The addition of new information to memory on a daily basis leads to the continuous modification of old memories and the formation of new ones making memory reconstructive‚ and
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Both are about immigration and their life. Even though it was hard but with good memories. Like all immigrant‚ they came to this country for better 2. Alice Walker “Beauty: When the Other Dancer is the self” 55-61 3. Annie Dillard “An American Childhood” 110-116 Respond: Analyze Dillard’s character study of her mother – indirectly‚ of herself 4. Exercise #1 earlier memory – Chinese New Year Memories of Chinese New Year Growing up hapa meant celebrating the Lunar New Year with
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THE MEMORY PROCESS Memory is a procedure through which the outcomes of knowledge are kept for impending usage. Hermann Ebbinghaus (1885) determined that considerable amount of what we learn is erase from our minds in a short length of time after it is learned‚ when it is learned through the use of sequential learning. Another method of learning is known as paired-associate learning‚ wherein the material learned must be repeated in the order in which it was given‚ also known as memorization.
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Easter Celebration for The Kids in My Church Jesus said‚ "Let the little children come to me‚ and do not hinder them‚ for the kingdom of heaven belongs to such as these" (Matthew 19:14‚ NIV Bible). The quotation alerts the Sunday school teachers to treat their students like Jesus did. In celebrating this Easter season‚ the kids under 12 years old in my church could actively be involved with the help of the teachers. In this case‚ Sunday school teachers have an important role to make Easter celebration
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