set out to open his business in August of 1998 with the plan of completing 30 canoes annually. The following analysis details Steve’s marketing and pricing strategies for his business‚ Catfish Creek Canoe Company (CCC)‚ and his estimated income and expenses for 1998. SWOT Analysis Conducting a SWOT analysis will be helpful to Steve in determining whether it would be profitable to enter the canoe building industry. In order to make such a decision; Steve would need to examine his strengths‚ weaknesses
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Continuing Cookie Chronicle CCC1 Natalie Koebel spent much of her childhood learning the art of cookie-making from her grandmother. They passed many happy hours mastering every type of cookie imaginable and later creating new recipes that were both healthy and delicious. Now at the start of her second year in college‚ Natalie is investigating various possibilities for starting her own business as part of the requirements of the entrepreneurship program in which she is enrolled. A long-time friend
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recording process 3. Analyze and journalize transactions and post journal entries to the ledgers 4. Prepare and use a trial balance 1. Copyright © 2014 Pearson Education‚ Inc. Publishing as Prentice Hall. 3-2 Learning Objectives Close revenue and expense accounts and update retained earnings 6. Correct erroneous journal entries and describe how errors affect accounts 7. Explain how computers have transformed the processing of accounting data 5. Copyright © 2014 Pearson Education‚ Inc. Publishing
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BOOKKEEPING Bookkeeping in the context of a business is simply the recording of financial transactions. Transactions include purchases‚ sales‚ receipts and payments by an individual or organization. Many individuals mistakenly consider bookkeeping and accounting to be the same thing. This confusion is understandable because the accounting process includes the bookkeeping function‚ but is just one part of the accounting process. The accountant creates reports from the recorded financial transactions
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refers broadly to both currency and cash equivalents such as certificates of deposit or money market instruments. Net income is not cash flow Net income is revenues less expenses Cash flows are the increases and decreases in the cash balance Cash does not always flow in the same accounting period as revenue is earned and/or expenses are incurred. This is why accrual basis accounting uses accounts such as accounts receivable and accounts payable to account for the difference in timing between revenue
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the shop house project and the TAR Centre. FACTS OF THE CASE: • The appellant become the sole developer of the TAR Centre project after it had acquired Tamasa Holding’s share for a cash consideration of RM 572758. • The development expenses and costs relating to the two projects such as shop house project and the TAR Centre‚ were capitalised in the development accounts of the appellant. • The income of RM 35914865.48 come from the proceeds of sales of the shop houses under the
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and warehousing. All this gives us total revenues. To estimate expenses‚ we are given the breakdown of fixed and variable expenses for each of the expense items. The fixed expenses increase by the inflation rate‚ whereas the variable expenses adjust with the change in revenue. Depreciation is given as constant and interest expense is also taken as constant as we have not decided on the financing of the EFN. In addition some new expenses are added due to the new initiatives. This includes salaries
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across several states in the Southeast. It had sales of $2.7 million during the last year. Expenses were as follows: Cost of goods sold............................... $1.2 million Administrative expenses........................ $250‚000 Marketing and selling expenses............... $175‚000 Depreciation........................................ $500‚000 Interest expense.................................. $200‚000 Dividends paid......................
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e EDouble entry - Income statement 1. Sales When sales are made‚ capital increases by the amount of profit made on the sale. 2. Expenses When ongoing costs‚ such as wages or rent are incurred‚ capital decreases. 3. Income and expense accounts Periodically‚ usually once a year‚ the figure of profit (income - minus expenses) is added to capital. During the year figures are accumulated in separate accounts for each item of income and expenditure. 4. Cost of sales At the end of the year‚ the
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NGAS Basic Features and Policies Wednesday‚ March 6‚ 13 Accrual Accounting • A modified accrual basis of accounting shall be used. • All expenses shall be recognized when incurred and reported in the financial statements in the period to which they relate. • Income shall be on accrual basis except for transactions where accrual basis is impractical or when other methods are required by law. Wednesday‚ March 6‚ 13 One Fund Concept • NGAS adopts the one-fund concept
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