EXECUTIVE SUMMARYDruk Tissue Pvt.Ltd is a private company dedicated to providing quality products like toilet roll‚ kitchen roll‚ wet tissue and facial tissue at reasonable price i.e. Nu 20 per roll (both kitchen roll and toilet roll) and Nu.25 per packet (both wet and facial)‚ with extra smooth and softness to use extremely according to customers demand. The proposed business is a partnership firm with 2 members and it will be located at Jemina‚ Khasadrapchu (Thimphu). The company’s management
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John Smith tax issues: What is your determination regarding reducing the taxable amount of income for both (a) and (b) above? John would have to account for all qualified business expenses and only net income will be taxable. Annuity payments are usually equal payments made over a course of time. In some cases it may be a few years or it may be even longer. What makes annuity payments preferable over lump sums is the fact that annuity payments are tax-free. They could also defer income tax
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Capital Budgeting Luz A comas Strayer University Professor: Michael Hamuicka Financial Management – FIN 534 05/02/2011 Abstract Capital budgeting is one of the most important areas of financial management. There are several techniques commonly used to evaluate capital budgeting projects namely the payback period‚ accounting rate of return‚ present value and internal rate of return and profitability index. Recent studies highlight that financial managers worldwide favor
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Module I - Assessment of Inherent Risk 1. See Figure BR.A-Biltrite’s organizational chart. Based on the chart and the case description‚ the following strengths and weaknesses should be identified: STRENGTHS: • The structure shows adequate separation within the CBIS function‚ i.e.‚ systems analysis and programming are separate from data processing and control (implications for control risk assessment) • Separation is also maintained between the accounting and finance functions (implications
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Analysis BSA/310 An effective indicator of a business’s overall performance and efficiency is the profit and loss statement. A profit and loss statement‚ more commonly referred to as an income statement‚ is a report of the changes in the income and expense accounts over a specific period of time. It provides a valuable source for identifying marketing trends‚ understanding the strengths and potential weak areas of a business‚ and measuring the efficiency of operations. This paper will analyze the income
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Accumulated depreciation | | $800‚000 | Land | $64‚800 | | Accounts payable | | $70‚000 | Unearned customer deposits | | $8‚000 | Income taxes payable | | $75‚000 | Capital stock | | $1‚000‚000 | Retained earnings | | $240‚000 | Unrealized holding gain on investments | | $6‚000 | Sales | | $1‚600‚000 | Cost of goods sold | $958‚000 | | Bank service charges | $200 | | Uncollectible accounts expense | $9‚000 | | Salary and wages expense | $395‚000 |
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Question 6B 19 Reference List 24 INDEX OF TABLES AND FIGURES Table 1 Recording of Transaction 4 Table 2 Depreciation Straight Line Method - Summary 5 Table 3 Depreciation Straight Line Method 5 Figure 1 Depreciation Straight Line Method 5 Table 4 Depreciation Reducing Balance Method (3 Year) 6 Table 5 Depreciation Reducing Balance Method (7 Year) 6 Figure 2 Depreciation Reducing Balance Method (7 Year) 7 Table 6 Reducing Balance Method 18.376673% 7 Figure 3 Reducing Balance Method
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Furniture and Equipment 125‚000 Accumulated Depreciation of F. & E. 15‚000 Accounts Payable 10‚800 Common Stock 44‚000 Retained Earnings 55‚000 Sales 310‚000 Cost of Goods Sold 131‚000 Salaries Expense 50‚000 Rent Expense 12‚800 Totals $436‚600 $436‚600 At year end‚ the following items have not yet been recorded. a. Insurance expired during the year‚ $2‚000. b. Estimated bad debts‚ 1% of gross sales. c. Depreciation on furniture and equipment‚ 12% per year. d
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Washing contains the following accounts: Cash‚ Accounts Receivable‚ Supplies‚ Prepaid Insurance‚ Equipment‚ Accumulated Depreciation— Equipment‚ Accounts Payable‚ Salaries and Wages Payable‚ Common Stock‚ Retained Earnings‚ Dividends‚ Income Summary‚ Service Revenue‚ Maintenance and Repairs Expense‚ Supplies Expense‚ Depreciation Expense‚ Insurance Expense‚ Salaries and Wages Expense. Pro-Window Washing Inc. General Journal Account Titles and Explanation Date Debit Credit 2012 July
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when the cash is paid or collected. Accrual accounting records economic events‚ not cash flows. When an economic event occurs can be ambiguous. It’s less certain when revenue has been earned than when cash is received. It can also be unclear what expenses were incurred to earn revenue (matching) whereas the amount of cash expended is rarely ambiguous. Q3-2. Closing entries are made to reset balances in the temporary (income statement) accounts to zero so that the entity can record the transactions
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