Gross profit P 80‚000 Expenses 198‚000 Net income (loss) P (118‚000) 12-3: b Sales P 70‚000 Cost of goods sold (P70‚000 / 140%) 50‚000 Gross profit P 20‚000 Less: Samples (P8‚000 – P6‚000) P 2‚000 Expenses 2‚800 4‚800 Net income P 15‚200 12-4: a Sales P 100‚000 Cost of goods sold 72‚000 Gross profit P 28‚000 Expenses (P9‚000 + P4‚500) 13‚500
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“Financial statements are like fine perfume; to be sniffed but not swallowed.” - Abraham Briloff (Professor Emeritus of CUNY Baruch) ACCOUNTING: Accounting is defined by the American Institute of Certified Public Accountants (AICPA) as "the art of recording‚ classifying‚ and summarizing in a significant manner and in terms of money‚ transactions and events which are‚ in part at least‚ of financial character‚ and interpreting the results thereof." ACCOUNTING AND ITS ROLE IN SOCIETY:
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North South University Act 201 Assignment Semester : Summer - 2010 Date Of Submission : 08 - 08 – 2010 Name : Saif Uddin Siddique I D : 102 0610 0 3 0 Faculty : Mdm Section : 03 Question No. 1 : Explain using various examples‚how the
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(To record improvements on facilities) Cash 2‚500 Improvement Services 2‚500 Operating Revenue 5‚000 (To record printing services billed) Operating Expenses 9‚000 Cash 9‚000 Depreciation Expense Equipment 1‚500 Depreciation Expense Building 900 Accumulated Depreciation 2‚400 (To record depreciation for operations) Chapter 10 Question for Review and Discussion 1‚ 5‚ and 15 1. 1. The GASB states to identify all financial reporting by the government. The financial
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Using straight-line depreciation‚ what is the asset’s carrying value (book value) after 2 1/2 years? a. $8‚750. b. $12‚250. c. $14‚583. d. $16‚250. 2. On January 1‚ 2003‚ Superior Landscaping Company paid $17‚000 to buy a stump grinder. If Superior uses the grinder to remove 2‚500 stumps per year‚ it would have an estimated useful life of 10 years and a salvage value of $4‚500. The amount of depreciation expense for the year 2003‚ using units-of-production depreciation and assuming that
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UNIVERSIDAD CARLOS III DE MADRID Accounting I Mid-term exam March 2012 Name: NIU Group: MULTIPLE CHOICE. Choose the one alternative that best completes the statement or answers the question. There is only one correct answer. Grading system: correct answer = 1 point; incorrect answer = -0‚33 points; no answer = 0 points. 1. Which of the following statements is FALSE? a. A proprietorship is a distinct and separate entity from the proprietor from an accounting viewpoint. b. The stable monetary
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different from other countries? 6 Income Statement 8 What is the difference between cash and accrual accounting? 8 When do I record revenues under accrual accounting? 8 When I record revenue should I record other things as well? 8 When do I record expenses under accrual accounting? 8 When do I record asset impairment charges under accrual accounting? 9 When do I record restructuring charges under accrual accounting? 10 Statement of cash flows 12 What is the purpose of this statement? 12 What is the
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financial accountingBBUS 2210 CHAPTER 3 JOURNAL ENTRIES AND ADJUSTING JOURNAL ENTRIES EXTRA PROBLEMS DAILY JOURNAL ENTRIES Model trains for sale to toy stores are produced by Whistle Stop Incorporated‚ a small manufacturing company. Whistle Stop also has a small service department that repairs customers’ model trains for a fee. The company has been in business for five years. At the end of the most recent fiscal year‚ November 30‚ 2011‚ the accounting records reflected total assets of $500
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Grennell Farm Income Statement (Sales/Delivery Method) ------------------------------------------------- Year Ending December 31‚ 2009 Sales Revenue $522‚000 Less Expenses Cost of Sales 92‚340 Wages 72‚500 Insurance 4‚500 Taxes 32‚500 Depreciation 28‚500 Other 45‚000 Total Expenses 275‚340 ------------------------------------------------- Net Income $246‚660 Grennell Farm Balance Sheet (Sales/Delivery Method) -------------------------------------------------
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Capital Budgeting Meaning – Capital budgeting (or investment appraisal) is the planning process used to determine whether an organization’s long term investments such as new machinery‚ replacement machinery‚ new plants‚ new products‚ and research development projects are worth the funding of cash through the firm’s capitalization structure (debt‚ equity or retained earnings). It is the process of allocating resources for major capital‚ or investment‚ expenditures. One of the primary goals of
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