$126,240 | | | $490,360 | | | $490,360 | | | | | | | Income statement (for month of July, 20XX) | | | | | Revenue | $320,000 | | | | | COGS | $128,000 | | | | | Gross margin | $192,000 | | | | | Operating expenses | $80,000 | | | | | Net income | $112,000 | | | | | | | | | | Cash budget (for month of July, 20XX) | | | | | Beginning cash balance | $10,500 | | | | | Cash receipts: | | | | | | July | $105,000 |
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revenue generation * Inadequate system to monitor the expenses * All the expenses should go through an approval process which requires all the expenses should be properly documented and the need explained. This is not in place in Choice House 2. Identify ethical issues that Ashley should discuss with the Finance Committee? Which IMA Ethical Standards would apply to Ashley? Discuss. * Credibility: The ED should record all expenses and provide all information when I asked. He cannot
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calculating the land, including sales tax, attorney fees, broker fees, and insurance was very helpful. This really helps with knowing the basis of accounting. I look forward to expanding my knowledge for the accounting basics. Revenue expenses are charged immediately as an expense against revenues. The cost could be for ordinary repairs and is recorded as a debit. Capital expenditures are additions and improvements that increase the company investments in productive facilities. The amounts are generally
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schedule C and listed a business loss of $29,000, which includes the cost of the training classes, automobile expenses, meals and entertainment, computer and software expenses, and supplies. The IRS has disallowed the deduction of $ 29,000. Issue: Is Walter allowed to deduct the business loss of $29,000 in 2010? Conclusion: The $29,000 loss is not considered as business expense; therefore, no deduction is allowed. Analysis: The loss of $29,000 is not deductible, because Walter was
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| | | | [pic] Table of contents Chapters Pages • General information 3 • Staff information 4 • Product line 5 – 17 • Chart of accounts 18 • Trial balance
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Accumulated of Depreciation on van 17,000 1-Jan-11 b/d 31-Dec-11 Depreciation 17,000 10% x 50,000 5000 (CI) 12,000 5,000 17,000 working 2 Depreciation van Statement of Comprehensive Income (extract) for the year ended 31/12/2011 Less: Expenses Depreciation on F&F 3750 Depreciaiton on van 5000 Statement of Financial Position (extract) as at 31 July 2012 √ Non-current Asset Cost Acc. Dep Furniture & Fittings 100,000 28,750 Van 50,000 17,000 NBV 71,250 33,000 Prepared by Ms Nur Shahida
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products that retail or manufacturing companies have to sell. Inventories include raw materials, work-in-process and finished goods in certain entities. Inventories usually have a corresponding cost of sales/services account that as an operating expense reduces net sales or revenue. According to FASB, ASC 330-10-05-2 “An inventory has financial significance because revenues may be obtained from its sale, or from the sale of the goods or services in the production of which it is used. Normally such
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to decide on an exit route that will generate high liquidity and preserve its mission. Recommended course of action is to take the acquisition exit route. First, on average an IPO can generate up to $52.6 million, which is not enough for Adnexus expenses and operations needs. Prior to acquisition offer, BMS offered Adnexus a deal of $1.5 billion. This is why for an acquisition the company might be welling to pay more. Going public is a costly process, and public companies obligated to comply with
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QuickBooks. 2. Transmit employee’s time from Journyx to QuickBooks 3. Assign classes to employee’s time that was transmitted from Journyx to QuickBooks 4. Enter Time & Billable expenses into VIP system (for Lockheed Martin) 5. Every Monday following the week time was entered in VIP, go into VIP check to if time & expenses have been approved & print out invoice report for previous week, and then put this invoice into QuickBooks. 6. After collecting Time create invoices for projects Unisys & Lockheed
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Getting Started Tutorial Welcome This tutorial will introduce you to the main functions of your AccountRight software. You can use this tutorial with the current versions of MYOB AccountRight Plus, MYOB AccountRight Premier and MYOB AccountRight Enterprise; these products will be referred to as AccountRight software throughout this tutorial. Viewing this tutorial You can view this tutorial on screen or you can print it. If you are viewing it on screen and the screenshots are too small for you to
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