Chapter 4 accounting for merchandising BUSINESSES Problems P4–1 1. AQUA CO. Income Statement For the Year Ended June 30‚ 20Y8 Revenue from sales: Sales $ 3‚625‚000 Less: Sales returns and allowances $ 37‚800 Sales discounts 20‚200 58‚000 Net sales $ 3‚567‚000 Cost of merchandise sold 2‚175‚000 Gross profit $ 1‚392‚000 Operating expenses: Selling expenses: Sales salaries expense $ 388‚800 Advertising expense 45‚900 Depreciation expense—store equipment 8‚300
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THE REVENUE SOURCES OF FACEBOOK.COM Facebook Revenues Up to $700 Million in 2009‚ On Track Towards $1.1 Billion in 2010 Facebook is tight-lipped about its revenue numbers‚ which is typical of private companies. The most it has said publicly is that it became “free cash-flow positive” as of last September. At the time‚ we estimated it was set to bring in around $550 million for the year in revenues based on previous reports that we and others had heard‚ and from our own calculations. But how did
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Methods of Revenue Recognition 1. The Accrual Method of Revenue Recognition The most common revenue recognition system is based on the accrual method. Under this approach‚ if the revenue recognition rules presented in the last section have been met‚ then revenue may be recognized in full. In addition‚ expenses related to that revenue‚ even if supplier invoices have not yet been received should be recognized and matched against the revenue. The name of this method does not imply that the revenue
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............... XXX of inventory: Accounts Payable ........... XXX Subsequent cash payment: b. Credit sale of inventory: Accounts Payable .................... XXX Cash ................................ Accounts Receivable .............. XXX Sales Revenue ................. Cost of Goods Sold ................. XXX Inventory ......................... XXX XXX XXX 10. 2. 11. 3. 12. 4. 13. 14. 5. Subsequent Cash ......................................... XXX cash receipt: Accounts
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relationship between the price of this resource and the marginal revenue the firm receives? 25-1 (a) The demand curve faced by the firm is the downward-sloping market demand curve‚ so price exceeds marginal revenue at all quantities beyond the first unit produced. 25-3 The following table depicts the daily output‚ price‚ and costs of a monopoly dry cleaner located near the campus of a remote college town. a. Compute the revenues and profits at each output rate. b. What is the profit-maximizing
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Name: ________________________________________________________________________ (Last name) (First name) Student Number: _________________________________________Section_________________ UNIVERSITY OF WINDSOR ODETTE SCHOOL OF BUSINESS DR. GEORGE LAN MIDTERM EXAMINATION 70-251(01‚ 02) February 11‚ 2012 DURATION: 2 hours and 30 minutes SPECIFIC INSTRUCTIONS: 1. Answer Questions #1 & #2 on the exam paper and Questions #3 to #6 in the exam booklet(s)
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ACC 290 Final Exam Study Guide Let’s get started… Q 8 – Under IFRS Comparative prior-period information must be presented and financial statements must be provided annually. Explanation: See IFRS financial reporting requirement here: http://www.iasplus.com/en/standards/ias/ias1 Q 10 - Similarities between International Financial Reporting Standards (IFRS) and U.S. GAAP include all of the following except: Both IFRS and U.S. GAAP allow revaluation of items such as land and buildings to fair
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ACCOUNTING/291 Capital Expenditure vs Revenue Expenditure Carlos Flannigan XACC/291 Instructor: Tameka Johnson October2 ‚2014 Expenditures are unavoidable for any company to exist in the competitive market‚ to expand the business or to find new opportunities to open up beneficial business
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| | 10/31 | 1‚650 | | | | Salaries and Wages Expense | Salaries and Wages Payable | 10/15 | 800 | | | | | 10/31 | 600 | 10/31 | 600 | | | | | | | | Unearned Service Revenue | Supplies Expense | 10/31 | 400 | 10/20 | 650 | 10/31 | 470 | | | | Service Revenue | | | 10/17 |
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Capital and Revenue Expenditures Edwin Bivens XACC- 291 06/08/2014 Capital and Revenue Expenditures: The Differences and Similarities. In order to be able to explain the differences between Capital Expenditure and Revenue Expenditure; I believe it is important to understand what each are: A capital expenditure is an amount spent to acquire or improve a long-term asset such as equipment or buildings. Usually the cost is recorded in an account classified as Property‚ Plant and
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