5 – BALANCE SHEET AND INCOME STATEMENT -Identify the different financial statements (BS*‚ IS‚ Statement of Stockholders’ Equity‚ and related notes) -Identify the different components of the BS (Assets: current and long term; Liabilities: current and long term; stockholders’ equity: preferred stock‚ common stock‚ PIC‚ treasury stock) -Identify the different component of the IS (Gross profit‚ earnings before interest and taxes‚ interest expense‚ income tax expense‚ income from continuing operations
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Liqi wang Accounting Income tax Both Amgen and Gilead are fully disclosed the income tax information according to GAAP requirements. Both companies recorded income tax in financial statement such as income statement and specified the detailed components of income taxes. Amgen recorded income tax based on pretax income‚ applicable tax rate and tax planning opportunities available in various jurisdictions. Gilead’s income provision was computed under liability method. Both
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Title: The Sleep Well Motel Executive Summary The Sleep Well Motel is an 80 room motel located at Fort Morgan Colorado. It is situated at US Highway 76 which carried traffic between Denver and Nebraska. The motel is operating for eighteen years and describe as clean and comfortable but in need of cosmetics and new carpeting. Sleep Well Motel was once affiliated with motel chain several years ago but was no longer associated with them. Sleep Well Motel operates with a one night clerk‚ maid
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There are different ways in how two income statements are prepared. For example: the income statement (also known as P&L) of a merchandising company consists of Revenue‚ Expenses (related to the sales volume through the Cost of Goods Sold (COGS) and General & Administrative Expense (G&SA)‚ which all result in Net Income. The income statement of a Service company consists of Service Revenue minus any Expenses related to that service‚ which results in Net Income. Another way to look at it is that
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Balance Sheet and Income Statement Commentary BSA/500 – Business Systems I July 2‚ 2012 Balance Sheet and Income Statement Commentary JB Hunt (Trucking and logistics) On JB Hunt’s balance sheet for 2011 lists current assets of $513‚542‚000 and current liabilities of $438‚515‚000‚ yielding a current ratio of 1.17‚ which indicates the company‚ has $1.17 of current assets for every $1 of current liabilities. The previous year 2010‚ the current ratio was 0.91. This shows a 29% increase in the
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Question 1 1. The following is Addison Corporation’s contribution format income statement for last month: Sales $1‚000‚000 Less: Variable Expenses $ 700‚000 Contribution Margin $ 300‚000 Less: Fixed Expenses $ 180‚000 Operating Income $ 120‚000 The company has no beginning or ending inventories. A total of 20‚000 units were produced and sold last month. What is the company’s margin of safety in dollars? $400 000 10
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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
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Case Study #1 The Sleep Well Motel In April 1990‚ Will Shelton was evaluating information received from the owner of a motel that was for sale in Fort Morgan‚ Colorado. Will had answered an ad in the Wall Street Journal under the heading “Business for Sale.” To Will’s surprise‚ he received a call directly from Hank Bennington‚ the owner of the Sleep Well Motel of Fort Morgan‚ Colorado. During the conversation‚ Mr. Bennington described his motel and his reason for wanting to sell. He also described
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Income statement: In the case of sole proprietary and partnership concerns there are no prescribed forms of the income statement and balance sheet. Their preparation is also desirable but not compulsory. However‚ they are generally prepared. In the case of trading concern‚ a trading account and in the case of a manufacturing concern‚ a manufacturing account and a trading account can also be prepared. In such a case‚ the account heading is mentioned as follows: Manufacturing/trading and profit and
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A Guilty Conscience Before Gwilan discovered her talent playing the harp‚ she attended school like any other girl and had many friends. One of her closest friends was Genevieve. They did everything together‚ and people often commented they looked and acted like sisters. However‚ as they grew up‚ Gwilan and Genevieve discovered different interests‚ and did not spend as much time together. Eventually‚ Gwilan drifted apart from Genevieve and found she loved playing the harp. The more famous
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