balance of $900. After analyzing the accounts in the accounts receivable subsidiary ledger‚ the company’s management estimates that uncollectible accounts will be $15‚000. What will be the amount of uncollectible accounts expense reported on the income statement? 1/11/2011 | Accounts Receivable | a | $ 900.00 | | | Sales revenue | a | | $ 900.00 | | Uncollectable-Account expense | b | $ 15‚000.00 | | | Allowance for uncollectible accounts | b | | $ 15‚000.00 | |
Premium Revenue Generally Accepted Accounting Principles Variable cost
in the future. Liabilities: debts that are owed to creditors. Equity: the owners claim to the assets of the business. Retained Earnings: capital earned by profitable operations of a corporation that is not distributed to stockholders. Net Income: the result of operations that occurs when total revenues are greater than total expenses. Revenues: amounts earned from delivering goods or services to customers. Expenses: the cost of selling goods or services. Steps to Analyze a Transaction
Premium Generally Accepted Accounting Principles Balance sheet Income statement
partial income statement for Sound Devices‚ Inc‚ is show below: Revenues 2007 Revenue from sales of product and services $970‚000 Operating costs and expenses Cost of products and services sold 355‚000 Selling expenses 155‚000 Administrative expenses 45‚000 Total operating costs and expenses $555‚000 Income from operations $415‚000 Interest expense (bank loan) 45‚000 Legal expenses to start business 28‚000 Income taxes 165‚000 Net Income
Premium Costs Opportunity cost Economic cost
2009 FIANANCIAL STATEMENT ANALYSIS BEXIMCO PHARMA ASSIGNMENT ON Financial Report & Ratio Analysis CURSE NAME: Financial Accounting Course Code: ACT (142) Program: BBA Submitted BY Md. Akther Sayed Id No: 10510508 Bachelor of Business Administration Submitted TO Farhana Rohman Course Instructor of Financial Accounting Department of Business Administration Submission Date 29th December‚ 2010
Premium Balance sheet Generally Accepted Accounting Principles Income statement
value. Earnings forecasting considers earning power‚ estimation techniques‚ and monitoring mechanisms for analysis. This chapter describes several useful tools for equity analysis and valuation. We describe recasting and adjustment of financial statements. We also distinguish between recurring and nonrecurring‚ operating and nonoperating‚ and extraordinary and nonextraordinary earnings components. Throughout the chapter we emphasize the application of earnings-based analysis with several illustrations
Premium Income Financial statements Revenue
the financial statements‚ which were not being audited or reviewed by anybody. This is an issue because without an audit‚ there is no way to ensure the company’s financials are being correctly stated. George Newton wanted to base the purchase price of the shares on a multiple of net income‚ which is concerning because he could’ve been fraudulently reporting the financials of NFP in order to set a favorable price for himself since nobody was auditing his work. 2. Understatement of income would be a
Premium Auditing Income statement Financial audit
Biovail Case 1. How many truckloads of product are actually required to carry $10 million of product? Show your calculations. 1 Wellbutrin XL tablet is estimated to be 0.5 cm3 + 1.00 cm3 for packing space = 1.5 cm3 where‚ 18-wheeler trailer’s dimensions are: 17m x 4.5m x 2.5m. Volume= 1‚700 x 450 x 250 (in cm) = 191‚250‚000 cm3 To find out how many Wellbutrin XL tablets fit into a trailer X = 191‚250‚000 cm3 / 1.5 cm3 X = 127‚500‚000 Price per tablet is $2.83‚ 35% wholesaler‚ 400% Distributor
Premium Generally Accepted Accounting Principles Income statement Revenue
Name Institution: Course: Date: Financial Statement Analysis for Nike Nike Corporation released its financial statement for the year ended May 2014. Nike Inc. is a sports apparel manufacturing firm with diverse interests all over the world. The financial statements suggest a strong company whose stocks are not undervalued‚ but with the potential of exploding higher having shown sustained strengths when the Europe‚ American‚ and Chinese economies were at the brink of disaster. Despite sustaining fluctuations
Premium Generally Accepted Accounting Principles Balance sheet Income statement
Revenue Service 2. Trying to determine whether the company can pay its obligations. (C) Creditors 3. Trying to determine whether an advertising proposal will be cost-effective. (B) Marketing Manager 4. Trying to determine whether the company’s net income will result in a stock price increase. (A) Investors in common stock 5. Trying to determine whether the company should employ debt or equity financing. (D) Chief Financial Officer Do It! 1-1 Identify each of the following organizational
Premium Balance sheet Generally Accepted Accounting Principles Revenue
eHow Contributor‚ last updated September 17‚ 2011 Direct Method If the accountant prepares the cash flow statement by using the information in the income statement‚ she is using the direct method. Under such a scenario‚ she identifies and adds up all cash sales and collections of receivables from credit sales during previous periods. She subtracts all cash payments to arrive at the net cash flow from operating activates. The accountant disregards all cash movement from non-operating activities
Premium Cash flow statement Cash flow Generally Accepted Accounting Principles