ENTERPRENEUR Financial Accounting - ACC 557 ENTERPRENEUR Describe the type of business you have created including: a. The product or service‚ and general staffing plan. Provide a rationale for your plan. b. The form of your business and the benefits it offers your particular business‚ Introduction We decided to initiate a Bakery with the name and style of LadyDi’s First Class Bakery‚ Our bakery will provide freshly prepared bakery and pastry products at all times during business
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its depreciation policy‚ Harnischfeger had changed its estimated depreciation lives and residual values on certain US PPE‚ which increased net income for 1984 by $3.2 million. • Refer to Note 7‚ Harnischfeger changed the inventories method from FIFO to LIFO in 1984‚ which increased net income by $2.4 million. • Refer to Note 11‚ during 1984‚ Harnischfeger terminated the existing Salaried Employees’ Retirement Plan and established a new plan‚ which is identical to the prior plan except for an improvement
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13. Use this information to calculate the following: Sales returns $ 700 Rent expense 1‚288 Sales discounts 950 Depreciation expense 600 Cost of merchandise sold 7‚600 Gross sales 20‚900 Advertising expense 1‚650 Salary expense 2‚900 Heat expense 900 A. Net sales B. Gross profit C. Total operating expenses D. Net Income 14.A truck costing $25‚000 with a residual value of $5‚000 was purchased by Rim Corporation. The truck’s estimated life is 10 years. At the end of Year 2‚ what is the book
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FIN005 Financial Accounting Comprehensive Revision Exercises Question 1 Tiffany Company carries on business as a retail trader. The trial balance of business as at 31 December 2011 was as follows: Dr Cr $ $ Capital 204‚800 Merchandise inventory 25‚680 Salaries and wages 46‚160 Motor expenses 3‚720 Electricity
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current assets (Notes 6 and 16) 870 594 Total current assets 11‚531 11‚297 b. What method does the company use to value inventory? The Notes indicate that NIKE uses “last in first out‚” or LIFO‚ for domestic inventories and “first in first out‚” or FIFO‚ for international inventories c. What depreciation method does the company use? The Notes indicate that NIKE uses the straight line method for buildings and leasehold improvements and the declining balance method
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MULTIPLE CHOICE—Conceptual 1. Which of the following is true about lower of cost or market? a. It is inconsistent because losses are recognized but not gains. b. It usually understates assets. c. It can increase future income. d. All of these. 2. The primary basis of accounting for inventories is cost. A departure from the cost basis of pricing the inventory is required where there is evidence that when the goods are sold in the ordinary course of business their a. selling price will
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down the street. Parents will drive their children to school even if it’s just around the block‚ because there child is too tired to walk or bike. Also technology has changed the way we do things like mowing the lawn instead of a push mower‚ we have tractor mowers we you sit and press the gas without doing any physical activity‚ even using the elevator to go up just one floor instead of using the stairs. All this technology is making us lazier and it’s impacting our health. A Canadian study in 2003
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wholesale or retail rice selling business. With rice farming business‚ obviously you will need a large parcel of land. You will need excellent irrigation system‚ the best seeds‚ the best fertilizers‚ the most effective pesticides‚ harvester‚ seeders and tractors for plowing the land. These are just the basic necessities of this kind of rice business for you to be able to start and eventually and hopefully sell after the harvest season. Rice mill business is also a good rice business. You will need a huge
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------------------------------------------------- The following questions are meant to help you practice answering multiple choice questions over the A201 material. These questions are not meant to be a substitute for a thorough review of the course material including reading the chapters‚ answering end of chapter exercises‚ and reviewing course notes. 1) Which one of the following groups of accounts contains only assets? a) Equipment‚ patents‚ accounts receivable b) Accounts
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1. Calculate the following ratios for each year during the period 1980-1983. Comment on the trend indicated by each ratio with respect to the financial performance and condition of the Charter Company. A. Profitability: Return on average total assets (assume a 46% income tax rate) = EBIT/Total Assets 1983 = 133896 / 1813199 = .073845 1982 = 108180 / 1628046 = .066448 1981 = 155673 / 1541326 = .100999 1980 = 145485 / 1746260 = .083312 1979 = 446649 / 1728694 = .258373 B. Turnover: i. Accounts
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