Solve Gen Inc. Background By Direct Drugs Inc.(Direct)’s request‚ an Audit engagement team has perform due diligence procedures‚ with an emphasis on the review of two separate material agreements between SolvGen Inc.(SolvGen) ‚ that Direct is planning to acquire‚ and Careway Inc (Careway). First agreement is a research and development agreement ‚ and second agreement is a license and distribution agreement during the first quarter of fiscal year 2010. • What are the deliverables for the
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CareSafe’s Financial Future Currently‚ CareSafe Foster Systems have a good solid budget with a surplus/deficit of $66‚800. The problem foreseen is with the group therapy counseling part of the program. The total variable expenses of $488‚000 and the revenue amount of $500‚ 000 leaving Caresafe Foster Systems with a contribution amount of only $12‚000. This could become a problem if the expenses increase for some unforeseen reason and the cost per visit remains the same‚ which would cause the
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In this journal entry‚”An Immoral Law‚” Henry David Thoreau states his opinion on the ‘enforcement’ of the Fugitive Slave Act in his ‘community’. In spite of the fact that Thoreau and I have an age difference of over one hundred years‚ I realize we share a common belief. Which is to stand for what we believe in. Even though Thoreau isn’t that popular among his community for his beliefs‚ he continues to speak out on them. As a result‚ he then goes on to serve as a motivation for many other people
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1. “Revenue hours” represent the key activity that drives costs at Salem Data Services. Which expenses in Exhibit 2 are variable with respect to revenue hours? Which expenses are fixed with respect to revenue hours? a. Variable Expenses – Wages for Hourly Personnel‚ Power b. Fixed Expenses – Wages for Salaried staff‚ Systems development and maintenance‚ Administration 2. For each expense that is variable with respect to revenue hours‚ calculate the cost per revenue hour.
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vHow are the hospital’s revenues and expenses grouped for planning and control? Patton-Fuller has two revenue categories; net patient revenue and other revenue. Patton-Fuller expense categories are; salaries and benefits‚ supplies‚ physician and professional fees‚ utilities‚ other‚ depreciation and amortization‚ Interest‚ and provision for doubtful accounts. The hospital’s revenue it broken up into two categories‚ the first being net patient revenue which consist of gross revenue generated
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Trading & Profit & Loss A/c - deals with Revenue & Expense Trading Account - deals with Gross Profit (π) or Gross Loss Profit & Loss - deals with Net Profit (π) or Net Loss Balance Sheet - deals with Assets‚ Liabilities & Capital Direct Revenue & Direct Expense - deals with the Trading A/c Indirect Revenue & Indirect Expense - deals with the Profit & Loss A/c The Accounting Period - is generally a quarter or a year and reflects all of the financial activity that occurred during that time
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In the power point one had to purchase their own drive-in theatre. One invested $100‚000 in their business. The $100‚000 would fall as a line item credit under assets and shareholder’s equity. And each side had to balance each other out. Next we had to invest $25‚000 for business supplies. This will fall as a debit and credit line item under assets because we spend cash and the $25‚000 would increase the value of the business. Next we had to but the land for $150‚000. This was a debit and credit
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Course: ACC/290 Financial Accounting‚ Fifth Edition by Kimmel‚ Weygandt‚ and Kieso Solving Financial Accounting Problems Using Microsoft Excel for Windows by Rex A Schildhouse P3-7B‚ Prepare a correct trial balance. This trial balance of Schumaker Company does not balance. SCHUMAKER COMPANY Trial Balance May 31‚ 2010 Debit Cash $6‚340 Accounts Receivable Prepaid Insurance 700 Equipment 8‚000 Accounts Payable Property Taxes Payable 750 Common Stock Retained Earnings Service Revenue
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------------------------------------------------- Worksheet Submitted By: [Type your name here.] Term | Definition | Scenario | Balance sheet | A balance sheet identifies what an organization is worth by keeping record of what an organization owns and owes. It balances the organizations expenses. | An organization has a balance sheet that shows all that the organizations owns. From what the organization owns the minus all their expenses in order to balance what they have left for
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BAM 110 Unit 2 Essay Question # 1. On January 1 the Prepaid Insurance account had a balance of $6‚000 that represented 6 months’ worth of advance payment. It is now the end of March and there have been no adjustments to the account balance. Determine the amount of expense to record at the end of March. An account for “Prepaid Insurance” had a balance of $6‚000.00. This was six months of advance payments into this account as of the 1st of January. It is now the 31st of March and there have been
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