E4-4 (Multiple-Step and Single-Step) Two accountants for the firm of Allen and Wright are arguing about the merits of presenting an income statement in a multiple-step versus a single-step format. The discussion involves the following 2012 information related to Webster Company ($000 omitted). Administrative expense Officers’ salaries $4‚900 Depreciation of office furniture and equipment 3‚960 Cost of goods sold 63‚570 Rent
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Instructions (a) Prepare a multiple-step income statement for 2012. Assume that 60‚000 shares of common stock are outstanding. Brokaw Corp Income Statement For The Year Ended December 31‚ 2012 Sales Revenue Net Sales $1‚200‚000 Cost of Goods Sold 780‚000 Gross Profit 420‚000 Operating Expenses Selling Expenses $65‚000 Administration Expenses $48‚000 113‚000 Income from operations 307
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‘’A journey of a thousand miles begins with a single step. ‘’ ‘’A journey of a thousand miles begins with a single step. ‘’- it means starting is always the hardest‚ but if you never start you will never finish. I have heard this saying many times before‚ but have never experienced any journey tough enough that would remind me of this phrase‚ until last year. When I was in year ten‚ I was diagnosed with depression and anxiety by my psychiatrist‚ based on my extreme high level of stress‚ worrying
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4-1 4 Income Statement Usefulness Predicting future performance. 4-2 Evaluate past performance. Help assess the risk or uncertainty of achieving future cash flows. Income Statement Limitations Companies omit items that cannot be measured reliably. 4-3 Income is affected by the accounting methods employed. Income measurement involves judgment. Income Statement Quality of Earnings Companies have incentives to manage income to meet or
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TRUE-FALSE STATEMENTS 8. Closing entries are not needed if the business plans to continue operating in the future and issue financial statements each year. 9. The dividends account is closed to the Income Summary account in order to properly determine net income (or loss) for the period. 10. After closing entries have been journalized and posted‚ all temporary accounts in the ledger should have zero balances. 11. Closing revenue and expense accounts to the
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The Income Statement This indicates financial performance over a period of time. It is usually done at the end of a financial year (30th June)‚ but an income statement can be made up at other times‚ e.g.‚ if a business wishes to apply for a loan‚ the bank may ask for a more recent income statement. The other names for this kind of statement are Revenue Statement and Profit and Loss Statement. Income Statement for Ima Mess‚ year ended 30.6.12 |
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Based on the novel choose a character who faces challenges with courage. Explain why you have chosen him/her with examples from the text. Step By Wicked Step A character who faces challenges with courage in ‘step by Wicked Step’ By Anne Fine is Pixie. In the conflict between Pixie and her stepmother Lucy‚ Pixie quarrels with her stepmother after her stepsister Hetty complains to Lucy about Pixie’s semi-silent treatment of her. Pixie is jealous of Hetty and does everything possible to get her
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Income statement The income statement or the profit and loss account as it is also called measures reports how much profit (wealth) has the business generated over a period of time. To measure profit the total generated revenue over a period must be identified. Revenue is a measure of inflow of economic benefits arising from the operations of the business. These benefits will either result in an increase of assets such as cash or amounts owed to the business by the customers or a decrease
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STEP BY WICKED STEP Themes ~ Step By Wicked Step Family relationships Coping with new family members for example Pixie understands that her new stepmother is having as much trouble ‘adjusting’ as she is. Family unity The nucleus of moral values‚ “the family unit‚” is being invaded by outsiders (‘step’ or ‘steps’) and this causes disharmony. Dealing with adversities Young children and adults may find difficulties dealing with frustrations‚ fears and sadness. Being happy ‘Life has
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Colin’s Story: The Bluebird of Happiness- Colin describes his stepfather whom he calls dad. He has thought of him as his biological father all the while. His dad looks like him. His dad has dark hair with some grey patches around his ears. His dad used to roll his own cigarettes out of tobacco in a tin. His dad calls him by many nick names- Col‚ Collie‚ Sonny-boy‚ Buster‚ Mr Bluebird. Colin’s mum works in a shop. His dad walks him to school and back. His dad got him his tea and took him to the park
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