Chapter 6 Notes o Cost Of Merchandise Sold- revenue is reported as sales‚ cost is reported as merchandise sold o Sales- Cost of Merchandise Sold = gross Profit o Gross profit-operating expenses = net income o Merchandise. Inventory- merchandise on hand (not sold) at the end of the accounting period o Multi-step income statement- contains several sections‚ subsections‚ subtotals o Sales-total amount charged customers for merchandise sold – (cash sales‚ and sales on
Premium Generally Accepted Accounting Principles Balance sheet Revenue
11 Allocation of Joint Costs and Accounting for By-Product/Scrap Objectives After completing this chapter‚ you should be able to answer the following questions: LO.1 LO.2 LO.3 LO.4 LO.5 How are the outputs of a joint process classified? What management decisions must be made before beginning a joint process? How is the joint cost of production allocated to joint products? How are by-product and scrap accounted for? How should not-for-profit organizations account for the cost of a joint activity?
Premium Revenue Costs
Drinking at 18 The drinking age should be 18 because less high school students would binge drink. For three reason. One reason is that The united states is in the minority of have the drinking age be 21. Another reason is If 18 year olds have other big responsiblities they should be resopsible enough to drink. Also having the alcohol age being 18 would make teens less likely to become criminal. There are only four countries including the United States that order 21 to be the drinking age. In
Free Drinking culture National Minimum Drinking Age Act
3 Cost-Volume-Profit Analysis Learning Objectives 1. Explain the features of cost-volumeprofit (CVP) analysis 2. Determine the breakeven point and output level needed to achieve a target operating income 3. Understand how income taxes affect CVP analysis 4. Explain how managers use CVP analysis in decision making 5. Explain how sensitivity analysis helps managers cope with uncertainty 6. Use CVP analysis to plan variable and fixed costs 7. Apply CVP analysis to a company producing multiple
Premium Contribution margin Management accounting Variable cost
them sacred no matter what they did • On the other hand the monkeys acted this way: They still were harassing people‚ and now they started using violence (biting people) because they were drunk 2) Analyze critically how the opening pages of the chapter suggest how belief always divide people (118-119) • People start arguing because they have different points of view concerning the monkey’s problem. • One group said that monkeys were sacred and they didn´t want them to be expelled from Shahkot
Premium Monkey Debut albums English-language films
management concluded the large fixed cost absorbed sale figure. First it is important to understand the standard costing system implemented in Rubber group. Standard costing assigns quantity and price standards to each component of variable and fixed costs in calculating the total cost. In the case of NASA‚ the system uses standard purchasing price (input cost) and standard inputs usage in place for variable costs‚ and standard spending price (input cost) and standard
Premium Costs Variable cost Total cost
A very good afternoon. The Topic for my speech is: Life from the eyes of an 18 year old. I would like to begin with one of my favorite quotes that goes thus: “The most difficult phase of your life is not when no one understands you‚ it is when you don’t understand yourself.” With this I would like to take you down your memory lane and give you a glimpse of my life‚ as to how it feels to be 18! 18 signals the end of the childhood days and the start of the adventures of adulthood. To some‚ it
Free Thought Human
Year 0 2007 Investment Capital outley Δ Net Working Capital Cash outley NWC Investment Recovery Equipment Salvage NWC (full recovery) Sales Cost of Goods Sold (-) SG&A Expense (-) Opperating Savings (+) Depreciation (-) Operating Profit before tax (16‚000‚000) Year 1 2008 (2‚000‚000) 400‚000 (400‚000) Year 2 2009 Year 3 2010 1‚000‚000 (600‚000) 1‚000‚000 4‚000‚000 3‚000‚000 200‚000 2‚000‚000 3‚000‚000 (200‚000) 10‚000‚000 7‚500‚000 500‚000 3‚500‚000 3‚000‚000 2‚500‚000 10
Premium Finance Investment Stock
Chapter 3 continued... Every acct on adj trial bal is used only once in creating first 3 financial stmts. Point of closing is to bring RE up to date - in doing that‚ we zero out temp accts. 4 kinds of closing entries: 1) close out Revenue - debit Rev CR Income Summ (normal credit bal) (only exists long enough for closing entries) - companies may be closing hundreds of rev or exp accts 2) close out Expense accts - list every single acct DR Income Summ CR Exp accts 3) DR Income Summ
Premium Revenue Generally Accepted Accounting Principles Income
7 Habits of an Effective People By Stephen R. Covey Independence or Self-Mastery Habit 1: Be Proactive Take initiative in life by realizing that your decisions (and how they align with life’s principles) are the primary determining factor for effectiveness in your life. Take responsibility for your choices and the consequences that follow. Habit 2: Begin with the End in Mind Self-discover and clarify your deeply important character values and life goals. Envision the ideal characteristics
Premium Stephen Covey The Seven Habits of Highly Effective People