|Less Operating expenses | | |=Net Income | • New Accounts on the Income Statement o SALES – revenues collected from the sale of merchandise o COST OF MERCHANDISE SOLD – the purchase price plus incidentals of merchandise available for resale o GROSS PROFIT – Sales
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CONTROL ACCOUNTS AND ITS USES INTRODUCTION: As the business grows in size‚ more than one ledger is required for recording its transactions which have also expanded with the business. Since the bulk of the entries are made in the accounts of debtors and creditors‚ these two classes of accounts are taken out of the General Ledger and put in separate ledgers - the Sales Ledger for debtors’ accounts and the Purchases Ledger for creditors’ accounts. There may be more than three ledgers but for simplicity
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advance rent for three months. Jan 3 Paid $60‚000 cash on the purchase of equipment costing $80‚000. The remaining amount was recognized as a one year note payable with interest rate of 9%. Jan 4 Purchased office supplies costing $17‚600 on account. Jan 13 Provided services to its customers and received $28‚500 in cash. Jan 13 Paid the accounts payable on the office supplies purchased on January 4. Jan 14 Paid wages to its employees for first two weeks of January‚ aggregating $19‚100. Jan 18 Provided
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Q. How Will You treat ‘ packing expenses on sales’ in final accounts? Ans. It is an indirect expense‚ therefore‚ it should be shown in the Profit & Loss Account. Adjustments at a Glance Sl No. Adjustments Adjustment Entries Treatment in Final Accounts 1. Closing Stock Closing Stock A/c Dr. To Trading A/c a. Credit side of Trading A/c. b. Show on the assets side of B/S 2. Outstanding or unpaid expenses Expenses A/c Dr. To Outstanding exp. a. Add to the
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Kudler Fine Foods’ Frequent Shopper Program BSA/310 Business Systems July 11‚ 2011 Kudler Fine Foods’ is creating a frequent shopper program for their company. Their main objective is to create a program in which they can track their customer’s purchases Implementation and the use of this type of technology has a large impact on the privacy of the people that participate in these programs. The increased use of frequent shopper cards by retail stores has elevated the need for a watchfulness
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demand deposit accounts. Held for Trading Securities – Temporary investments of excess cash which are primarily held for short term gain. Loans and Receivables – include trade receivables and non trade receivables. Trade Receivables are claims against others which arise in the ordinary course of doing business. Examples are: Trade accounts receivable- these are claims against customers arising from the provision of services or delivery of goods on credit. Trade Notes Receivable – A note receivables
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SERVICE REQUEST: KUDLER FINE FOODS SR-KF-013 Team BSA/375 Service Request: Kudler Fine Foods SR-kf-013 Analysis Methods There are many analysis methods organization use to collect data such as interviewing‚ questionnaires‚ directly observing users‚ and analyzing procedures and other documents. One of the most effective ways to collect data is interviewing. Interviewing is one of the primary ways to gather information about an information system. According to "Analysis Methods" (2010)‚ A good
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came and told me that their warehouse was missing some inventories. He thought that the inventories were theft by their employees and he wanted me to help him solve this problem. From all the information what I heard from him‚ I do not totally agree with his said that the inventories were stolen by his employees. What I want to do is to collect all the information and to analysis all these information‚ then try to find out why those inventories were missed. First‚ sort and count. The reason I
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Kudler’s Fine Foods This paper will discuss how an information system is critical to the business process of an organization and how the information has impacted the organization ’s structure. Company Overview Kudler ’s Fine Foods has been in business for over 15 years. Staying in business in this economy is impressive. Kudler’s has done everything necessary to grow and continue to be a productive company in the last 15 years. The products and merchandise that Kudler’s sells are perishable
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ac Introduction SSP plc is engaged in food processing‚ supplying all the main supermarket chains with first class processed meat products. The last few years have been difficult for the food manufacturing industry because of food scares surrounding BSE and Foot and Mouth disease‚ both of which have led to an increase meat production around the world. As a responsible company‚ SSP have taken steps to ensure the health and safety of all there meats in the production chain. This report will analyze
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