Inc. has sales of $585‚000‚ costs of $273‚000‚ depreciation expense of $71‚000‚ interest expense of $38‚000‚ and a tax rate of 35 percent. Building an income statement for this company‚ what is the net income? Lifeline‚ IncIncome Statement | Net sales $585‚000 Cost $273‚000------------------------------------------------- Depreciation
Premium Generally Accepted Accounting Principles Balance sheet Depreciation
ADM 2342X MID TERM EXAM Intermediate Financial Accounting 1 Spring/Summer 2014 SOLUTIONS Instructions: 1. This examination comprises 6 questions over 19 pages. The last two pages (pages 18 and 19) contain present value tables. Page 17 is a page for rough work. Answer all questions directly in this booklet. The booklet is not to be removed from the examination room. You may separate the pages but ensure that you put them back together in the correct sequence and that you staple them before
Premium Generally Accepted Accounting Principles Asset Balance sheet
the net income of the company. What are the differences between the LIFO and FIFO methods? D2: A variety of depreciation methods are used to allocate the cost of an asset to all of the accounting periods benefited by the use of the asset. Your client has just purchased a piece of equipment for $100‚000. Explain the concept of depreciation. Which of the following depreciation methods would y... For downloading more tutorials visit - https://bitly.com/12B12YQ Think carefully about
Premium Bookkeeping Depreciation FIFO and LIFO accounting
Expenses – Allocating assets to expense to reflect expenses incurred during the period. Example: Recording supplies used by increasing (debiting) Supplies Expense and decreasing (crediting) Supplies or recording depreciation expense and reducing PPE (or increasing accumulated depreciation). 2. Unearned Revenues – Adjusting unearned revenues to recognize only revenues earned during the period. Example: Recording service fees earned by decreasing (debiting) Unearned Service Fees‚ a liability‚ and
Premium Generally Accepted Accounting Principles Balance sheet Revenue
$840‚000‚ and Sales Returns and Allowances $30‚000. 2. Exercise BE9-13. Correct. Information related to plant assets‚ natural resources‚ and intangibles at the end of 2011 for Spain Company is as follows: buildings $1‚100‚000; accumulated depreciation-buildings $650‚000; goodwill $410‚000; coal mine $500‚000; accumulated depletion-coal mine $108‚000. Complete the partial balance sheet of Spain Company for these items. (List assets with smallest net book value first. Enter all amounts as positive
Premium Depreciation Balance sheet Asset
MARKETING FINANCE- NOTES Marketing is the management process responsible for identifying‚ anticipating and satisfying customer requirements profitably.’ The new one is: ‘The strategic business function that creates value by stimulating‚ facilitating and fulfilling customer demand. It does this by building brands‚ nurturing innovation‚ developing relationships‚ creating good customer service and communicating benefits. By operating customer-centrically‚ marketing brings positive return on investment
Premium Marketing Depreciation Generally Accepted Accounting Principles
Ref. a Description Cash Debit 30.000 Paid-in capital - Common Stock b Cash 30.000 15.000 Notes Payable Interest Expense 15.000 75 Notes Payable c Rent Expense 75 8400 Cash d Credit Equiptment 8400 7000 Cash Depreciation Expense 7000 117 Accumulating Depreciation 117 ASSET ACOUNTS CASH 30.000 15.000 8.400 7.000 Other Assets 7.000 LIABILITY ACCOUNTS NOTES PAYABLE 15.000 75 EQUITY ACCOUNTS - PAID-IN CAPITAL COMMON STOCK 30.000 EQUITY ACCOUNTS - RETAINED EARNINGS OCI ACCOUNTS
Premium Generally Accepted Accounting Principles Asset Depreciation
recording depreciation as an expense over a period is to spread the initial purchase price of the fixed asset over its useful life. Each time a company prepares its financial statements‚ it records a depreciation expense to allocate the loss in value of the machines‚ equipment or cars it has purchased. However‚ unlike other expenses‚ depreciation expense is a "non-cash" charge. This simply means that no money is actually paid at the time in which the expense is incurred.” Depreciation is a very
Premium Depreciation Generally Accepted Accounting Principles Balance sheet
Kelly pitney began her consulting business‚ Kelly Consulting‚ on April 1‚ 2010. The accounting cylcle for Kelly Consulting for April ‚ including financial statements was illistrated on page 157-168. During May‚ kelly consulting entered the following transactions: May 3. Received cash from clients as an advance payment for services to be provided and recorded it as unearned fees‚ $2‚500. 5. Received cash from clients on account‚ $1‚750. 9. Paid cash for a newspaper advertisement‚ $300. 13. Paid
Premium Accounts receivable Balance sheet Generally Accepted Accounting Principles
Receivable‚ No. 144 Accumulated Depreciation—Cottages‚ No. 150 Accumulated Depreciation—Furniture‚ No. 212 Salaries Payable‚No. 230 Interest Payable‚No. 320 Retained Earnings‚No. 620 Depreciation Expense—Cottages‚ No. 621 Depreciation Expense—Furniture‚ No. 631 Supplies Expense‚ No. 718 Interest Expense‚ and No. 722 Insurance Expense. Other data: 1. Insurance expires at the rate of $400 per month. 2. A count on August 31 shows $600 of supplies on hand. 3. Annual depreciation is $6‚000 on cottages and $2
Premium Balance sheet Generally Accepted Accounting Principles Accounts receivable