........................................................... 200‚000 Interest expense...................................................................... 30‚000 Selling and administrative expense........................................ 40‚000 Depreciation expense............................................................. 20‚000 Preferred stock dividends....................................................... 80‚000 Taxes..........................................................................
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GROSS MARGIN………………………..$ 3500 Salary Expense…………………………………..$(1‚000) Rent Expense………………………………….. $(2‚000) Utilities Expense …………………………….$(200) Depreciation Expense ……………………….$(90) TOTAL EXPENSES……………………....$ (3290) Net Income: 3500 – 3290 = $ 210 BALANCE SHEET as of April‚ 30th Cash 3‚870
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Accounting 211 Study Guide for Final Exam Chapters 7 – 12 Chapter 7: 1. Terminology Accounting information system People‚ records‚ and methods that collect and process data from transactions and events‚ organize them in useful forms‚ and communicate results to decision makers Accounts payable ledger Subsidiary ledger listing individual creditor (supplier) accounts Accounts receivable ledger Subsidiary ledger listing individual customer accounts. Batch processing
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E16-1 2008 Expense and liability for vacations: Salaries and Wages Expense 7200 Salaries and Wages Payable 7200 Expense and liability for sick days: Salaries and Wages Expense 4320 Salaries and Wages Payable 4320 Record sick leave taken by employees: Salaries and Wages Payable 2880 Cash 2880 2009 Expense and liability for vacations: Salaries and Wages Expense 7920 Salaries and Wages Payable 7920 Expense and liability for sick days:
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Bethesda Mining In order to decide whether our company should undertake the project‚ we should refer to the project’s NPV and IRR. NPV indicates the possible profit (net cash flow) which the project will yield in future‚ a positive NPV suggests that company can earn profit from the investment and vice versa. IRR is the discounted rate which makes the NPV of all cash flows equal to zero‚ the greater the amount it exceeds the cost of capital (required rate of return)‚ the higher the net cash flow
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Testbank to accompany Applying International Financial Reporting Standards 3e By Prepared by John Sweeting and Emma Holmes John Wiley & Sons Australia‚ Ltd 2013 Chapter 25 Consolidation: intragroup transactions Learning Objectives Learning Objective 25.1 Explain the need for making adjustments for intragroup transactions Learning Objective 25.2 Prepare worksheet entries for intragroup transactions involving profits and losses in beginning and ending inventory Learning Objective
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could make a more specific estimate for uncollectable accounts. Problem 3 Example A Example B Original cost 4‚500‚000 Original cost 4‚500‚000 Useful life 10 Useful life 6 Residual Value 500‚000 Residual Value 500‚000 Depreciation per Year: 400‚000 Depreciation per Year: 666‚666.67 Year of Disposal 5 Year of Disposal 5 Problem 4 & 5 Company A Tropical Wave Corporation Partial Income Statement For the Year Ended December 31 Sales: Water Sports Equipment $4‚500‚000 Lotion
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made this entry to air on the side of caution. (d) Because the general level of prices increased during the current year‚ Gonzales‚ Inc. determined that there was a $16‚000 understatement of depreciation expense on its equipment and decided to record it in its accounts. Depreciation Expense
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1. The final exam will be held from 9:30 to 11:30 am on Wednesday‚ October 19 in EX 200 (255 McCaul). 2. It is a closed book and closed note exam. No aid sheet is allowed. You will need a calculator‚ but no other electronic devices will be allowed during the exam. 3. The exam covers materials in classes 1 through 11 inclusive (i.e.‚ topics 1 through 8)‚ with more emphasis on topics 3 through 8. It will have both problem-solving and essay-type questions. It is not going to be an easy exam
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ACC 422 Final Exam Copy this link to your browser and download http://www.finalexamguide.com/ACC-422-Final-Exam-3-WileyPlus-263.htm Question 2 Presented below is information related to Rembrandt Inc. ’s inventory. (per unit) Skis Boots Parkas Historical Cost 273.79 152.75 76.37 Selling Price 312.70 208.95 106.27 Cost to distribute 27.38 11.53 3.60 Current replacement cost 292.52 151.31 73.49 Normal profit margin 46.11 41.79 30.62 Determine the following:
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