because economics are a key in a successful life. This chapters involves information about current financial situation of professional and college athletics‚ the economics of sport and the overview of financial management. Sources of revenues and expenses for sport organization also what this chapter focuses on. Sport is one of the most diverse industries in the business world that we live in. It is composed of a variety of subdivisions such as professional sports‚ collegiate athletics
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Week 1 assignment 1 1CA1-1 (FASB and Standard-Setting) Presented below are four statements which you are to identify astrue or false. If false‚ explain why the statement is false. 1. GAAP is the term used to indicate the whole body of FASB authoritative literature. 2. Any company claiming compliance with GAAP must comply with most standards and interpretations but does not have to follow the disclosure requirements. 3. The primary governmental body that has influence over the FASB is the SEC.
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There is also an additional added tax of 3% on income between $15 million and $18 1/3 million ($18‚333‚333.33). 1-1. William B. Waugh Corporation—Corporate Income Tax Sales Cost of Goods Sold + Operating Expenses Operating Profits Dividend Income Less 70% Exclusion Interest Expense S-T Capital Gain Selling Price Cost L-T Capital Gain Selling Price (#Shares)(Price/Share) 1000 x $100.00 Cost (#Shares)(Price/Share) 1000 x $80.00 Taxable Ordinary Income $50‚000 25‚000 451‚800 $526‚800 Surtax:
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statement of comprehensive income… Paragraph 88 states that an entity shall recognize all items of income and expense in a period in profit or loss unless IFRS requires or permits otherwise. Paragraph 97 states that when items of income or expense are material‚ an entity shall disclose their nature and amount separately. And paragraph 99 states that an entity shall present an analysis of expenses recognized in profit or loss using a classification based on either their nature or their function within
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refers to the process of identifying specific overheads of a particular cost centre and charging them. For example‚ in this case wages paid to truck drivers is an overhead cost which is directly identifiable with the Cost Centre i.e. ACF. In case of expenses which cannot be directly identified with that cost centre or which are used by many cost centres allocation will be made on a suitable basis. For example‚ rent on the basis of floor area. The above mentioned methods are called as direct method
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the income after taxes and dividing it by the owner’s equity. I would be aiming for a higher return. Business Income Statement pits the revenue against the operating expenses. It spells out every single expense division or department‚ but groups the revenue in one main category. It basically summarizes the firm’s revenues and expenses for each accounting period. It will show if anything is leaning to far in one direction; if things aren’t balanced out well. I would use the working capital financial
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forth rules‚ which define legitimate expense reimbursements. A qualified Accountable Plan requires all expenditures to • Have a bona-fide business purpose The IRS may view a disbursement as providing a personal benefit if there is any doubt concerning its business purpose. Even though in some cases the business purpose may be implied‚ it must be specifically documented to pass IRS scrutiny. Paying for or reimbursing for lavish or extravagant expenses in unacceptable. These terms are used
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for achieving quantified objectives‚ (2) standard for measuring performance‚ and (3) device for coping with foreseeable adverse situation. What is a budget and why is it important? Simply put‚ a budget is an itemized summary of likely income and expenses for a given period. It helps you determine whether you can grab that bite to eat or should head home for a bowl of soup. It is typically created using a spreadsheet‚ and it provides a concrete‚ organized‚ and easily understood breakdown of how
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Intengible Assets (patent) | $ 125‚000 | | | | Cash | $ 375‚000 | | | | Shareholder’s Equity | | $ 500‚000 | | | Establishmnet of Chemalite‚ Inc. | | | 1/15/2003 | 2 | Incorporation Expenses | $ 7‚500 | | | | Cash | | $ 7‚500 | | | Expenses like legal fees‚ charter costs...etc | | | 6/15/2003 | 3 | PP&E | $ 62‚500 | | | | Cash | | $ 62‚500 |
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Direct materials used $ 909‚850 Direct labor 675‚480 Factory overhead Depreciation expense—Factory equipment 33‚550 Factory supervision 102‚600 Factory supplies used 7‚350 Factory utilities 33‚000 Indirect labor 56‚875 Miscellaneous production costs 8‚425 Rent expense—Factory building 76‚800 Maintenance expense—Factory equipment 35‚400 Total factory overhead costs 354‚000 Total manufacturing costs
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