Liqi wang Accounting Income tax Both Amgen and Gilead are fully disclosed the income tax information according to GAAP requirements. Both companies recorded income tax in financial statement such as income statement and specified the detailed components of income taxes. Amgen recorded income tax based on pretax income‚ applicable tax rate and tax planning opportunities available in various jurisdictions. Gilead’s income provision was computed under liability method. Both
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There are different ways in how two income statements are prepared. For example: the income statement (also known as P&L) of a merchandising company consists of Revenue‚ Expenses (related to the sales volume through the Cost of Goods Sold (COGS) and General & Administrative Expense (G&SA)‚ which all result in Net Income. The income statement of a Service company consists of Service Revenue minus any Expenses related to that service‚ which results in Net Income. Another way to look at it is that
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Question 1 1. The following is Addison Corporation’s contribution format income statement for last month: Sales $1‚000‚000 Less: Variable Expenses $ 700‚000 Contribution Margin $ 300‚000 Less: Fixed Expenses $ 180‚000 Operating Income $ 120‚000 The company has no beginning or ending inventories. A total of 20‚000 units were produced and sold last month. What is the company’s margin of safety in dollars? $400 000 10
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Balance Sheet and Income Statement Commentary BSA/500 – Business Systems I July 2‚ 2012 Balance Sheet and Income Statement Commentary JB Hunt (Trucking and logistics) On JB Hunt’s balance sheet for 2011 lists current assets of $513‚542‚000 and current liabilities of $438‚515‚000‚ yielding a current ratio of 1.17‚ which indicates the company‚ has $1.17 of current assets for every $1 of current liabilities. The previous year 2010‚ the current ratio was 0.91. This shows a 29% increase in the
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ACC501: COMPUTERISED ACCOUNTING TUTORIAL 4 DISCUSSION QUESTIONS i. ‘Why are adjusting entries necessary? Surely they cause too much delay in preparing financial statements‚ and the financial effect of any entries made is immaterial in the long run.’ Respond to this criticism. ii. The owner of a business reviews the income statement prepared by you and asks‚ “Why do you report a profit of only $30 000 when cash collections of $100 000 were received and cash payments for the period totalled only
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STATEMENT OF PURPOSE FOR MS IN ELECTRICAL ENGINEERING Life has always been a smooth flowing brook with small dashes here and there. It has certainly reached a critical juncture when I have to desire where to turn and what to do next and my idea of life can be best quoted by this very famous quotation: “Life is like riding a bicycle. To keep your balance‚ you must keep moving.”
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ELECTRICAL SUBSTATION A substation is a part of an electrical generation‚transmission and distribution system. Substations transform voltage from high to low‚ or the reverse‚ or perform any of several other important functions. Electric power may flow through several substations between generating plant and consumer‚ and its voltage may change in several steps. Substations may be owned and operated by a transmission or generation electrical utility‚ or may be owned by a large industrial or commercial
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Income statement: In the case of sole proprietary and partnership concerns there are no prescribed forms of the income statement and balance sheet. Their preparation is also desirable but not compulsory. However‚ they are generally prepared. In the case of trading concern‚ a trading account and in the case of a manufacturing concern‚ a manufacturing account and a trading account can also be prepared. In such a case‚ the account heading is mentioned as follows: Manufacturing/trading and profit and
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50‚000 Total Noncurrent Assets ……………………………………………………………………………… $1‚307‚100 Total Assets $2‚080‚554 Liabilities and Stockholder’s Equity Liabilities Current Liabilities Accounts Payable $197‚532 Income Taxes Payable 62‚520 Salaries Payable 52‚000 Notes Payable to Banks 50‚000 Mortgage Payable-current portion 18‚000 Accrued Liabilities 9‚500 Accrued Interest on Notes payable 500
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population. A place is worth as much as someone is willing to pay and accordingly‚ low income communities are unable to pay for their homes‚ since they can no longer afford it. However‚ a solution to this issue is the SB 1533B. This bill requires 20% of a multifamily building to be marked as affordable when sold or rented.
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