non-production equipment goes to depreciation expense o All production equipment goes to WIP o All patent goes to WIP o A portion of building goes into depreciation o If nothing is mentioned about the depreciation‚ assume it is the same amount from last Lease o o Operating: treat it as a normal expense Finance: o Purchase: PV all future payments (n-1‚ i) o First day: pay the first payment o FYE: Depreciate & Accrue interest = BV*i (interest expense + interest payable) o Next Year’s payment: payment
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663.00 508‚770.00 Selling/General/Admin. Expenses‚ Total 384‚993.00 390‚730.00 388‚687.00 331‚459.00 346‚750.00 Research & Development - - - - - Depreciation/Amortization - - - - - Interest Expense(Income) - Net Operating - - - - - Unusual Expense (Income) - - - - -10‚186.00 Other Operating Expenses‚ Total 192‚482.00 43‚914.00 230‚088.00
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income? A major part of the club’s income is Membership fees. This is a fee paid by members. It is paid annually at R100 for juniors and R250 for adults. The Membership fees is a fixed amount so that along with additional income it covers the clubs expenses. There are usually Membership fees outstanding as well as people who pay in advance. Entrance fees is also a part of the clubs income. This is paid by new members who join the club. This fee is only paid once and stands at R200 for juniors and
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Besides that the manager must be aware of all kind of expenses that his/her family goes through. Two popular types of expenses are fixed expenses and variable expenses. The money spent on fixed expenses‚ for example a piece of property‚ almost always never losses value and remains constant. The manager however can tinker and play around with saving the expenses when it comes to variable expenses to best suit the family’s needs. The variable expenses are an area where the manager should explore avenues
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Revenues 52‚800‚000 56‚112‚408 Costs of goods sold 42‚918‚000 33‚233‚867 Gross margin 9‚882‚000 22‚878‚541 Marketing expenses - 4‚155‚980 R&D expenses 832‚033 3‚328‚130 Selling expenses 1‚251‚149 3‚574‚710 Administrative expenses 2‚376‚000 4‚752‚000 Interest expense 3‚825‚000 3‚825‚000 Total Expenses 8‚284‚181 19‚635‚820 Profits 1‚597‚819 3‚242‚721 Taxes (40%) 639‚128 1‚297‚088 Net profit 958‚691 1‚945‚633 Cash Flow
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Distinguish between tangible and intangible assets. During the objectives for week 1 and 2‚ I felt that I understood what tangible and intangible assets were. I also grasped the understanding for accounts payable‚ notes payable and accrued expenses. Tangible assets are assets that have a physical form such as land‚ machinery or a building. Intangible assets are assets that do not have a physical form such as copyrights or patents. Both types of assets have value even though one is in a physical
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cash (net) realizable value. Question 7 Correct! The percentage-of-sales basis of estimating uncollectibles results in a better matching of expenses with revenues-an income statement viewpoint (“Bases Used for Allowance Method”). The percentage-of-sales basis of estimating uncollectibles: results in a better matching of expenses with revenues.
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Cash (Purchase of Part A) 800‚000 800‚000 30 June 2011 Depreciation Expense Accumulated Depreciation (Record depn @ 800‚000/4 useful life) 200‚000 30 June 2011 Accumulated Depreciation Part A 200‚000 Part A Revaluation Increment (Gain) (Revalue Part A to $690‚000) 200‚000 200‚000 90‚000 90‚000 1 July 2010 Part B Cash (Purchase of Part B) 500‚000 500‚000 30 June 2011 Depreciation Expense 100‚000 Accumulated Depreciation (Record depn @ 500‚000/5 useful life)
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Rent Rent charged was $2‚400 from 1/1/20x8 to 31/12/20x8 which was $200 per month. Rent charged was $3‚000 from 1/1/20x9 to 31/12/20x9 which was $250 per month. Rent expense charge to income statement for year ended 31/5/20x9 should be: 1/6/20x8 to 31/12/20x8 total $1‚400 1/1/20x9 to 31/5/20x9 total $1‚250 Hence‚ total rent expense charge to the income statement for the year ended 31/5/20x9 was $2‚650. Rent has been paid to 30/6/20x9‚ i.e prepaid rent of one month = $250 carried down to next accounting
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1‚440‚000 Sales and Administrative Expenses: Salaries 600‚000 Depreciation expense 60‚000 Bad debt expense
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