Subscriptions Receivable) and disposal of property 4. Accruals III. VALUATION A. General Rule 1. Face Value B. Exception 1. Net Realizable Value (i.e.‚ Face Value less Allowances for Doubtful Accounts*‚ Freight Charges‚ Sales Returns and Allowances and/ or Sales Discounts) 2. Discounted Amount or Present Value (i.e.‚ long-term non-interest bearing note‚ and note carrying interest which is unreasonably low than the prevailing interest rate) * Doubtful Accounts
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CREDIT MANAGEMENT AND Working capital management Submitted by: Students Name: Akhilesh Akhawat class:MBA Specialization: Human Resource Management & Finance -:Under guidance of:- Industry Guides: Mr Ganesh Gupta Faculty Guide: Naval Arora Designation: Credit Manager Designation: . Professor Organization: Vivanta by Taj MNIT‚ Jaipur SUMMER INTERNSHIP REPORT IN PARTIAL FULFILLMENT OF THE AWARD OF FULL TIME MASTERS IN BUSINESS ADMINISTRATION
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(cash sales‚ and sales on acct.) o Sales returns and allowances-granted by seller to customers for damaged/defective merchandise. o Sales discounts-granted by seller to customer for early payment of amounts owed. o Example- 2% discount on $10‚000‚ if paid in 10 days. o Net sales-determined by subtracting sales returns & allowances‚ sales discounts from SALES. o Purchase discounts- when sellers offer customers discounts on early payments of bills. o Periodic system- inventory
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SALES PROMOTION INTRODUCTION: The word Promotion‚ originates from the Latin word ‘Promovere’. The meaning is “to move forward” or “to push forward”. The aim of production is sales. Sales and promotion are two different words and sales promotion is the combination of these two words. sales promotion is one among the three pillars of promotional mix. The other two pillars are personal selling and advertising. Sales promotion is the connecting link between personal selling and advertising
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i) No disclosure of gain - excluded from SCF Investing activities - sold capital asset (no change from above) 13‚000 Assignment 5-2 Cash flow Case A ($26‚400) Expense (3‚900) Interest payable decrease 2‚200 bond discount amortization $ (28‚100) Case B $125‚700 Revenue (72‚100) Interest receivable increase $ 53‚600 Case C $794‚300 Revenue (15‚600) Accounts
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BarCharts‚ Inc.® WORLD’S #1 QUICK REFERENCE GUIDE ACCOUNTING BASICS CONCEPTS‚ PRINCIPLES & BASIS A. Entity Concept • An organization stands apart from other organizations as a separate economic unit B. Going Concern Concept • Entity will continue to operate long enough to recover cost of its assets C. Time Period Concept • Report information at regular intervals D. Reliability Principle • Accounting records must be based on the most reliable (verifiable by an independent observer)
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World Furniture Mall in Plano‚ Illinois‚ gave away $275‚000 of furniture because the Chicago Bears shut out the Green Bay Packers in the team’s football season opener at Lambeau Field in Green Bay (26-0). Was the free furniture in the form of a discount or rebate taxable‚ or should the furniture company have handed the customers a Form 1099-MISC? Response After thoroughly researching taxable and nontaxable income‚ the Pontiac G6 sedans awarded to Oprah’s television audience would have been subject
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Zone-1 M.P. Nagar‚ Bhopal - 462 011‚ INDIA. Ph – 0755-3988884 DETAILS OF COMPENSATION & BENEFITS SUMIT SACHAN Salary: As per property payslip and subject to statutory deductions & income tax: Basic 5‚000 House Rent Allowance 2‚500 Conveyance Allowance 800 Flexi pay Allowance 1‚700 Gross Salary 10‚000 Employer’s PF Contribution 600 Employer’s ESI Contribution 475 TOTAL REMUNERATION 11‚075 Your probation has been waived. In accordance
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Chapter 14 - Arriving at the Final Price LECTURE NOTES CHAPTER OPENING EXAMPLE NANO‚ THE CAR PRICED AT ONE LAKH When Ratan Tata‚ chairman of Tata Motors‚ announced his dream of selling a car at one lakh (100‚000 rupees or approximately US$2‚500)‚ many scoffed. Leaders in the automobile industry around the world questioned the logic of such a proposition. Tata’s car is expected to change the face of the automobile industry‚ both in India and around the world. It is the first time a two-cyclinder
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liability. Current liability unless (a) a fund for liquidation has been accumulated which is not classified as a current asset or (b) arrangements have been made for refinancing. Current liability. Current liability. EXERCISE 14-2 (15-20 minutes) Discount on Bonds PayableContra account to bonds payable on balance sheet. Interest expense (credit balance)Reclassify to interest payable on balance sheet. Unamortized Bond Issue CostsClassified as Other Assets on balance sheet. Gain on repurchase of debtClassify
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