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
Premium Contribution margin Variable cost Operating leverage
The State of Statements: Balance Sheets‚ Income Statements and Statements of Cash Flow Robert M. Traynor‚ Ed.D.‚ MBA CEO/Audiologist Audiology Associates‚ Inc. Johnstown‚ Colorado Introduction For most audiologists the patient is foremost in mind as we provide hearing care services. Successful practitioners know that when their practice is centered on their patient’s welfare‚ success will usually follow. Probably the greatest responsibility of the Robert G. Glaser‚ Ph.D. CEO/Audiologist Audiology
Premium Generally Accepted Accounting Principles Balance sheet Income statement
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
Premium Balance sheet Asset Generally Accepted Accounting Principles
5 – BALANCE SHEET AND INCOME STATEMENT -Identify the different financial statements (BS*‚ IS‚ Statement of Stockholders’ Equity‚ and related notes) -Identify the different components of the BS (Assets: current and long term; Liabilities: current and long term; stockholders’ equity: preferred stock‚ common stock‚ PIC‚ treasury stock) -Identify the different component of the IS (Gross profit‚ earnings before interest and taxes‚ interest expense‚ income tax expense‚ income from continuing operations
Premium Balance sheet Depreciation Generally Accepted Accounting Principles
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
Premium Income statement Generally Accepted Accounting Principles 1966
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
Premium Generally Accepted Accounting Principles
included in the assessable income of Nick. b) As per the principles of Ordinary Income compensation for loss of income is also an income therefore‚ it will form part of assessable income. Nick must include $50000 as his assessable income for the year. c) The amount has been received by Nick towards operation and rehabilitation expenses and therefore‚ they are not included under income from ordinary concepts. The receipt of $8000 will not be included in the assessable income of Nick.
Premium Taxation Taxation in the United States Tax
Subject: Submission of Term Paper on “Company Profile & Financial Statements” of “Sonar Bangla Insurance Limited” Dear Sir‚ With profound reference towards the dignity of yours‚ we are very happy that we have been able to submit the report you have assigned to us. The assignment was to prepare a term report on the course named “FINANCIAL ACCOUNTING-02(F-201)” as part of our academic activities. Here is the report on “Company Profile & Financial Statements of Sonar Bangla Insurance Limited“
Premium Insurance
balance out- standing is received. Cookie Creations receives a check for the amount due from the neighborhood school for the class given on November 30. Cookie Creations receives $750 in advance from the local school board for five classes that the company will give during December and January. Pays the cell phone invoice outstanding at November 30. Issues a check to Natalie’s brother for the amount owed for the design of the website. Receives a deposit of $60 on a cookie class scheduled for early
Premium Income statement Generally Accepted Accounting Principles Balance sheet
Abstract GAAP requires company to disclose accounting policy in their financial reports. These policies provide relevant information to decision makers on choices taken by executives. Financial statements are the final product of accounting process. Income statement provides data for investment and other decisions. The net income is essentially the common income statement form‚ consisting of classifications such as income from continuing operations‚ discontinued operations‚ extraordinary items
Premium Income statement Generally Accepted Accounting Principles Balance sheet