Expenses

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    Advance Accounting

    Company S Company Sales 630,000 340,000 Interest income 1,850 Investment income 15,339 Gain on sale of land 7,000 Total revenues 652,339 341,850 Cost of sales 485,000 300,000 Interest expense 17,000 Selling and admin. expense 50,000 20,000 Income tax expense 34,000 8,740 Total expenses 586,000 328,740 Net income 66,339 13,110 Bonds payable – P Company Issued Jan. 1, Year 2 200,000 (a) Discount Jan. 1, Year 2 10,000) Amortized – Years 2 to 8 (10,000 / 10 ( 7) (7

    Words: 637 - Pages: 3

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    Adv Accounting

    Chapter 5 Consolidated Financial Statements Intercompany Asset Transactions http://faculty.uml.edu/ccarter/AASC04.doc Answers to Questions 1. One reason for the significant volume and frequency of intercompany transfers is that many business combinations are specifically organized so that the companies can provide products for each other. This design is intended to benefit the business combination as a whole because of the economies provided by vertical integration. In effect, more

    Words: 12856 - Pages: 52

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    Whirlpool

    [pic] Central Wave: [pic] [pic] North Wave: [pic] [pic] Consolidation: Given below is the consolidation of incremental revenue and resultant: [pic] Operating Expenses & Depreciation: The calculation of Operating Expenses and Depreciation is given below: [pic] [pic] [pic] Consolidated

    Words: 357 - Pages: 2

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    Reflection

    and productive life of an asset. Usually these small costs occur frequently. Examples of revenue expenditures are, oil changes and tune-ups, maintenance charges, repairs costs, renewal expenses, and repainting costs. Companies record the entry of revenue expenditures as a debit to Repair or Maintenance Expense as they are obtained, and a credit to cash or accounts payable (Stormo, 2009). Companies acquire capital expenditures to increase the operating efficiency, productive capacity, or useful

    Words: 389 - Pages: 2

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    Trueblood Case 99-04

    safety. The action plan includes an estimated $20 million of expenses, which we are told can be classified as repairs and maintenance. As the changes are to be completed within one year, the expenses have been budgeted into the 1997 operating budget. Small Fries intends to capitalize the repair costs, and has accrued none of them. Question 1: Should the costs associated with OSHA compliance be capitalized as an asset, or charged to expense? According to Keiso (Intermediate Accounting, 14th edition)

    Words: 502 - Pages: 3

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    Capital and Revenue Expenditures

    Plant and Equipment. The cost (except for the cost of land) will then be charged to depreciation expense over the useful life of the asset. A revenue expenditure is an amount that is expensed immediately—thereby being matched with revenues of the current accounting period. Routine repairs are revenue expenditures because they are charged directly to an account such as Repairs and Maintenance Expense. Even significant repairs that do not extend the life of the asset or do not improve the asset (the

    Words: 504 - Pages: 3

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    Craddock Cup

    board has mentioned, here are the issues that need to be analyzed. 1. Recalculation of allocated over-head expense that is directed towards the Craddock Cup. 2. Calculation of the expected financial impact of adding 32 more teams to the tournament. 3. Determining the break-even amount for registration fees that would have to be charged for the increase in teams, advertising expense, college recruiters and face books. Issue #1 In determining whether or not to keep the Craddock Cup, I have

    Words: 1127 - Pages: 5

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    Student

    Question 1 a) Income and Expense Statement of Happy Merchants National Bank Income and Expense Statement (Report of Income) | Interest and fees on loans | $44 | Interest and dividends on securities | 6 | Total interest income | 50 | Interest paid on deposits | 32 | Interest on non-deposit borrowings | 6 | Total interest expense | 38 | Net interest income | 12 | Provision for loan losses | 1 | Noninterest income and fees | 16 | Noninterest expenses: | | Salaries and employee

    Words: 1451 - Pages: 6

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    Kingfisher Airline Revival Plan

    Introduction | 3-4 | 2) Decision Analysis * Buy or lease decision * Aircraft configuration decision * Pricing decision | 4-7 | 3) Cost AnalysisVariable cost * Commission expense * Fuel cost * Employee costFixed cost * Aircraft leasing cost and depreciation * Landing and navigation cost * Interest expense | 7-9 | 4) Other Recommendation * Transform into low fixed cost structure * Lowering the currency related cost * Practice divisional profitability analysis * Join alliance

    Words: 4567 - Pages: 19

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    Adms2510

    carriers. The company is unsure how to classify your annual salary in its cost records. The company’s cost analyst says that your salary should be classified as a manufacturing (product) cost; the controller says it should be classified as a selling expense; the president says that it does not matter how your salary cost is classified. Required: Explain the effects of using each of the cost classifications recommended by the three individuals, and make a recommendation as to which one make most sense

    Words: 926 - Pages: 4

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