1.. A company earned $3‚960 in net income for October. Its net sales for October were $22‚000. Its profit margin is: 1.8%. 18%. 180%. 556%. $18‚040 2. On June 30 of the current calendar year‚ Apricot Co. paid $8‚200 cash for management services to be performed over a two-year period. Apricot follows a policy of recording all prepaid expenses to asset accounts at the time of cash payment. The adjusting entry on December 31 for Apricot would include: A debit to an
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SOLUTIONS TO EXERCISES EXERCISE 4-1 BRISCOE COMPANY Worksheet For the Month Ended June 30‚ 2008 Account Titles Trial Balance Adjustments Adj. Trial Balance Income Statement Balance Sheet Dr. Cr. Dr. Cr. Dr. Cr. Dr. Cr. Dr. Cr. Cash 2‚320 2‚320 2‚320 Accounts Receivable 2‚440 2‚440 2‚440 Supplies 1‚880 1‚580 300 300 Accounts Payable 1‚120 1‚120 1‚120 Unearned Revenue 240 140 100 100 Common Stock 3‚600 3‚600 3‚600 Service Revenue 2‚400 140 2‚540 2‚540 Salaries Expense 560 280 840 840
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PLANNING HORIZON a 1. The long-range time period‚ usually the next two to five years‚ over which the financial planning process focuses is known as the: a. planning horizon. b. planning strategy. c. planning agenda. d. short-run. e. current financing period. AGGREGATION b 2. The process by which smaller investment proposals of each of a firm’s operational units are added up and treated as one big project is known as: a. separation. b. aggregation. c. conglomeration. d. appropriation
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(10 min.) E 1-23 Req. 1 The owner’s equity increased during the year by $4‚000. Beginning owner’s equity: $19‚000 – $9‚000 = $10‚000 Ending owner’s equity : $27‚000 – $13‚000 = $14‚000 Change in owner’s equity: $14‚000 – $10‚000 = $4‚000 Req. 2 Owner’s equity can change three ways: Owner’s equity can increase through: Owner contributions and/or Net income Owner’s equity can decrease through:
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Ethics Issues Ethical codes are adopted by organizations to assist members in understanding the difference between ’right’ and ’wrong’ and in applying that understanding to their decisions. An ethical code generally implies documents at three levels: codes of business ethics‚ codes of conduct for employees‚ and codes of professional practice. Code of ethics (corporate or business ethics) A code of business ethics often focuses on social issues. It may set out general principles about an organization’s
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Australian‚ British and USA Ethical conduct across a number of disciplines not limited to the field of psychology is an issue that occupies legislatures‚ regulatory agencies‚ educators and professional societies alike. Most professions have a code with standards that guide practice within that particular field. The increase in the number of practicing psychologists and the fields in which they are employed worldwide necessitates the assurance that the highest ethical standards are abided by to protect
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ACC 551 Midterm Exam Solution Follow the link below http://www.tutorialsguider.com/downloads/acc-551-midterm-exam-solution/ ACC 551 Midterm Exam Solution 1. Question :(TCO C) Under current accounting practice‚ intangible assets are classified as 2. Question :(TCO C) Which of the following intangible assets should not be amortized? 3. Question :(TCO C) The intangible asset goodwill may be 4. Question :(TCO C) ELO Corporation purchased a patent for $90‚000 on September 1‚ 2008. It had a useful
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References: National association of social workers. (2013). Retrieved from http://www.socialworkers.org/pubs/code/code/asp National organization for human services. (n.d). Retrieved from http://www.nationalhumanservices.org/ethical-standards-for-hs-professionals Rabinowitz‚ P. (2013). The community tool box. Retrieved from http://ctb.ku.edu/en/tablecontents/sub_section_main_138.aspx Teehankee‚ B. (2007‚ October 1). The moral responsibility of managers. The Manila Times. Retrieved
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Sunset Boards. Sunset Boards is a small company that manufactures and sells surfboards in Malibu. Tad Marks‚ the founder of the company‚ is in charge of the design and sale of the surfboards‚ but his background is in surfing‚ not business. As a result‚ the company’s financial records are not well maintained. The initial investment in Sunset Boards was provided by Tad and his friends and family. Because the initial investment was relatively small‚ and the company has made surfboards only for
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Tottenham Hotspurs‚ Plc. This certain case has many different possibilities for evaluation which gives it much complexity and much liberty while evaluating it. The soccer business sure has a certain relation with the performance and their revenues which makes it highly unstable when speaking of forecasted income of the club. We must first value the firm at its current position in order to be able to value as compared to acquiring the new stadium and obtaining a new goal scorer. In
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