ACC501: COMPUTERISED ACCOUNTING TUTORIAL 4 DISCUSSION QUESTIONS i. ‘Why are adjusting entries necessary? Surely they cause too much delay in preparing financial statements‚ and the financial effect of any entries made is immaterial in the long run.’ Respond to this criticism. ii. The owner of a business reviews the income statement prepared by you and asks‚ “Why do you report a profit of only $30 000 when cash collections of $100 000 were received and cash payments for the period totalled only
Premium Income statement Generally Accepted Accounting Principles 1966
Agricultural Economics Research Review Vol. 20 (Conference Issue) 2007 pp 441-456 Nature and Functioning of Visual Merchandising in Organized Food Retailing V.P.S. Arora‚ Shivani Sharma and Nirdesh K. Singh Abstract The Indian food retail sector is one of the biggest industries in the country with an annual turnover of around US $18 billion. It has been estimated that organized food retailing in India which is worth US $ 666 million today will increase to US $ 33‚333 million by 2015. The
Premium Retailing Retail design Visual merchandising
to be affluent women prepared to purchase the best at any price) are often known by name and their needs are fastidiously met. Where: We locate our M stores at carefully selected venues in major metropolitan markets‚ with high per capita income
Premium Neiman Marcus Customer service Sales
RESEARCH REPORT ON ROLE OF VISUAL MERCHANDISING IN FOOTWEAR IN BATA STORE FOR THE PARTIAL FULFILMENT OF THE REQUIREMENTS FOR THE AWARD OF THE DEGREE OF POST GRADUATE DIPLOMA IN RETAIL MARKETING AND MANAGEMENT Supervisor: Candidate: Dr. RITU BAJAJ Kanika Malhotra Rinky
Premium Statistical hypothesis testing Normal distribution Null hypothesis
Accounting for Merchandising Business A. Comparison of Income Statement Service Company Net Income = Revenues – Expenses Merchandising Company Net Sales - Cost of Goods Sold = Gross Profit/ Margin from Sales Gross Profit/ Margin from Sales – Operating Expenses = Operating Income Operating Income – Finance Costs = Net Income Sample Problem: Carlito Delights Income Statement For the Year Ended December 31‚ 2013 Net Sales P 2‚393‚250 Cost of Goods Sold 1‚313‚600 Gross Profit from Sales
Premium Generally Accepted Accounting Principles Procurement Revenue
50‚000 Total Noncurrent Assets ……………………………………………………………………………… $1‚307‚100 Total Assets $2‚080‚554 Liabilities and Stockholder’s Equity Liabilities Current Liabilities Accounts Payable $197‚532 Income Taxes Payable 62‚520 Salaries Payable 52‚000 Notes Payable to Banks 50‚000 Mortgage Payable-current portion 18‚000 Accrued Liabilities 9‚500 Accrued Interest on Notes payable 500
Premium Generally Accepted Accounting Principles
Pro forma statement analysis The outputs from the financial planning model are projected financial statements called pro forma financial statements. In finance and accounting‚ the term pro forma means forecasted or projected (Parrino‚ 2012). These statements are prepared on the basis of the inputs and assumptions that are fed into the financial model. This paper presents an analysis of the pro forma income statement and pro forma balance sheet of a fictitious company called XYZ Company inc. Appendix
Premium Income statement Pro forma Balance sheet
Accounting for Merchandising Business Merchandising Operations 1. A merchandising business is engaged in buying goods and selling these at a profit. 2. The primary source of revenues is referred to as sales revenue or sales. 3. The operating cycle of a merchandising company ordinarily is longer than that of a service company. 4. Income is measured by cost of goods and operating expenses from sales revenue. * Cost of goods sold is the total cost of merchandise sold during the
Premium Generally Accepted Accounting Principles Accounts receivable Invoice
Analyzing Pro Forma Statements FIN 571 Kent Kelly February 2‚ 2015 Suzanne Elliot Financial statements that are prepared by a company to consider the effects of potential activity is considered a pro forma statements. A financial statement shows the projected or forecast of operating results and balance sheet‚ and statement of cash flows. The company XYZ Company Inc. is planning to expand their company in the next five years. This paper will review and discuss XYZ’s Company’s five year plan
Premium Generally Accepted Accounting Principles Balance sheet Income statement
population. A place is worth as much as someone is willing to pay and accordingly‚ low income communities are unable to pay for their homes‚ since they can no longer afford it. However‚ a solution to this issue is the SB 1533B. This bill requires 20% of a multifamily building to be marked as affordable when sold or rented.
Premium Poverty United States Unemployment