should be made in 2006 when Raymond’s sold all available space on the ship for $260‚000: Cash(+A) $260‚000 Unearned revenue(+L) $260‚000 Revenue would be booked once the service is rendered. If passengers cancel their reservations before the ship is off‚ revenue still has not yet booked. The difference would be made when the trip has taken off. 4. Accretion No revenue should be recognized in 2006. The goods have not been
Premium Accounts receivable Generally Accepted Accounting Principles Double-entry bookkeeping system
Down Payments Freight Billed Commissions ($2‚400‚000 x 10%) Warranty Returns ($3‚000‚000 x 1%) Revenue for 2012 PICKLE CONSTRUCTION: Percent complete as of 12/31/12 (5/24) 5 months of 24 months complete Total expected revenue ($60‚000‚000-$52‚000‚000) Cost to date Revenue ($8‚000‚000 x 21%) GAAP? Yes Yes Yes No Definition: This is when companies recognize revenue received at the This is when companies recognize revenue when the agrai Revenue is recognized as well as gross profits by a specifie Recognizes
Premium Cost of goods sold Generally Accepted Accounting Principles Revenue
Kudler Fine Foods started as a small store that grew into a chain. The chain continues to operate as though each store is its own entity trying to maintain a culture similar if not identical to one another. The focus on the advancement of the company is to maintain the culture of the company which originated the success of the first store to allow the growth into the chain status. With this in mind‚ there will be a need for change internally to allow for consistency. (Course Virtual Source)
Premium Inventory Supply chain management terms Supply chain management
the liabilities that borrow from bank will spend more money than that from friend. Borrowing from friends is good for the business. This financing way is convenient‚ cheap and effective. • Place Good place makes good profit. The pet kennel should open at where has a plenty of residents who are rich. And it has a suitable rent that about 7‚000RMB every month. Near the shop should have good
Premium Income statement Balance sheet Dog
Gross and Net profit Gross profit A company’s revenue‚ minus the business’ costs of goods For example: If I sold 5000 cheese sandwiches for £1 each my total revenue would be 50 x £1 = £5000 It costs 25p per sandwich to purchase bread‚ butter and cheese. My gross profit = Revenue – Costs of sales (25p x 5000= £1250.00) = £3750.00 Net profit The business’ gross profit minus expenses For example: My gross profit from my sandwiches is £3750.00 to calculate my Net profit I need to minus
Premium Cost Costs Generally Accepted Accounting Principles
stated at historical cost (what was paid to obtain it) but what if when the original cost of the ending inventory is greater than the cost of replacement? Thus the inventory has lost value. If the inventory has decreased in value below historical cost then its carrying value is reduced and reported on the balance sheet. The criterion for reporting this is the current market value. Any loss resulting from the decline in the value of inventory is charged to cost of goods sold (COGS) if non-material
Premium Inventory Generally Accepted Accounting Principles Cost of goods sold
shares through the employee stock option plan for $18/share. At the time the shares were trading on the Toronto Stock Exchange for $30. Mr. Paris was granted the option in 2007 at a time when the shares were trading for $18. On December 3‚ 2007‚ he sold 100 shares fro $40 each. Prior to June 5‚ 2007‚ Mr. Paris did not own any shares of Eiffel Ltd. and he did not make any election. For 2007‚ the prescribed rates for employee loans are as follows: Q1 4% Q2 5% Q3 5% Q4 5% Required – compute
Premium Income Revenue Corporation
Section 1: Financial Analysis The financial statement of a business is important as it portraits the company’s overall situation. The financial position of any business is important as information can be derived from these statements the information required to understand the position of the business‚ brand or company. When the situation arises to consider the financial position of a company; financial statements would be required to be analyzed in various detailed reports. In the case of Anthony’s
Premium Revenue Revenue Generally Accepted Accounting Principles
Discount on Notes Payable 1‚636 Cash 2‚000 Notes Payable 18‚000 *PV of $18‚000 @ 10% for 1 year = $18‚000 X .90909 = $16‚364 $16‚364 + $2‚000 = $18‚364 3. Trucks 15‚200 Cost of Goods Sold 12‚000 Inventory 12‚000 Sales Revenue 15‚200 4. Trucks 13‚000 Common Stock 10‚000 Paid-in Capital in Excess of Par – Common Stock (1‚000 shares X $13 = $13‚000;
Premium Generally Accepted Accounting Principles Revenue Depreciation
Company’s annual report. I will discuss the business’s inventory turnover ratio and average days to sell their inventory for 2006 and 2005‚ whether the company’s management of inventory is getting better or worse and to conclude‚ I will discuss the cost flow method that Topps use to account for inventory. Examining the Topps financial report can help the corporation recognize exactly where they stand financially in order for the business to gain a competitive edge and stay successful in the future
Premium Balance sheet Annual report Inventory