money that comes into the business it is also known as income. Net profit is the amount of money that is left when the operating expenses are deducted from the gross profit. The difference between gross profit and net profit is the difference between the total revenue and the total cost which is called gross profit also gross profit only arises when after deducting all the expenses. For example Mr Brown buys his goods for £10‚000 and paid £200 on account and £100 as octroi duty (meaning that a tax
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proprietor who has gone bankrupt‚ however has all the machines and factory for sale. The building will sit on 5 acres of territory and also have a total of 10 vehicles. The vehicles will contain 8 ready mix trucks‚ 1 bulker truck‚ and 1 hauling truck. The expense to purchase the factory is $1‚086‚742.30. The bank is ready to finance the loan at 5.50% rate of interest during 5 years‚ which would result in the monthly installments $20‚758.04. The next stage to having financing would be to pay for all of the
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|MBA 502A--Financial Accounting: Accounting Cycle Project (KidKare‚ Inc. 2011) | | |General Journal | | |G15 | |Date |Account Titles & Explanations |Ref |Debit |Credit | |Dec30 |Childcare Exp.
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ACCRUAL/ ADJUSTMENT ACCOUNT AFFECTED ACCRUAL ACCOUNT Debit Credit 1. DEPRECIATION EXPENSE Accrual 674300 BUILDINGS & EQUIPMENT Accural 674300 2. SALARY EXPENSE Accural 39123 SALARIES PAYABLE Accural 39123 3. BUILDINGS & EQUIPMENT Accural 29049 EXPENDITURES Modified 29049 4. BONDS PAYABLE Accural 50000 ACCRUED INTEREST Accural 1125 PAYABLE INTEREST EXPENSE Accural 1125 EXPENDITURES—PRINCIPAL Modified 50000 EXPENDITURES—INTEREST
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the Future Giberson’s Glass Studio Income Statement For the Year Ending August 31‚ 2007 Revenues: Sales $ 31‚080 Total Revenue $31‚080 Expenses: Materials $ 857 Gas 9‚200 Operating Expenses 10‚210 Depreciation 4‚625 Interest 460 Total Expenses 25‚352 Net Income 5‚728 Executive Summary This report is to provide an evaluation of the current financial position and prospective profitability
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Marsh Company has other operating expenses of $240‚000. There has been an increase in prepaid expenses of $16‚000 during the year‚ and accrued liabilities are $24‚000 lower than in the prior period. Using the direct method of reporting cash flows from operating activities‚ what were Marsh’s cash payments for operating expenses? A. $228‚000 B. $232‚000 C. $200‚000 D. $280‚000 4. In performing a vertical analysis‚ the base for cost of goods sold is A. total selling expenses B. net sales C. total revenues
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because economics are a key in a successful life. This chapters involves information about current financial situation of professional and college athletics‚ the economics of sport and the overview of financial management. Sources of revenues and expenses for sport organization also what this chapter focuses on. Sport is one of the most diverse industries in the business world that we live in. It is composed of a variety of subdivisions such as professional sports‚ collegiate athletics
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500 102‚850 Incr $9‚650 subtract (-) Prepaid Expenses 28‚400 26‚000 Incr $2‚400 subtract (-) Investments 138‚000 114‚000 Incr $24‚000 Plant assets 270‚000 242‚500 Incr $27‚500 Less: Accumulated depreciation (50‚000) (52‚000) Decr $2‚000 Total $ 682‚500 $ 514‚750 Liabilities and Stockholders’ Equity: Accounts Payable $ 112‚000 $ 67‚300 Incr $44‚700 add (+) Accrued expenses payable 16‚500 17‚000 Decr $500 subtract
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ACCT201/EXERCISE QUESTION 4/CH.3 Question DMD.‚ opened a dental clinic on August 1‚ 2007. The business transactions for August are shown below: |Aug 1 |Dr. Cravati invested $280‚000 cash in the business in exchange for 1‚000 shares of capital stock. | |Aug 1 |Rented an office and paid 3-month rent in advance‚ $2‚000 | |Aug 4 |Land and building were purchased for $400‚000. Of this amount‚ $60‚000
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91‚394.4 100‚493.4 Selling General & Admin Expenses‚ Total 11‚874.5 12‚186.6 12‚967.5 14‚031.7 Depreciation & Amortization‚ Total 375.0 319.3 -- -- Other Operating Expenses 526.8 527.7 911.7 1‚263.9 OTHER OPERATING EXPENSES‚ TOTAL 12‚776.3 13‚033.6 13‚879.2 15‚295.6 OPERATING INCOME 56‚729.9 74‚406.5 77‚515.2 85‚197.8 Interest Expense -- -9.1 -14.3 -9.4 Interest and Investment Income 3‚821.6 2‚752.9 1‚945.9 1‚712.8 NET INTEREST EXPENSE 3‚821.6 2‚743.8 1‚931.5 1‚703.4 Income (Loss)
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