1. Years Ended December 31‚ 2004 2003 2002 Revenue (pre-tax) $99.6 $73.4 $56.1 Cost of sales (Revenue x 40%) ($39.8) ($29.4) ($22.4) Selling expense ($23.3) ($18.5) ($17.5) General and Administrative expense ($19.9) ($13.2) ($14.2) Depreciation and Amortization ($0.9) ($0.6) ($0.7) Other Income (expense) $0.0 ($1.4) $0.2 Net profit (loss)--GAAP $15.7 $10.3 $1.5 Add back amount eligible for capitalization Under SAB 104 (40% of total costs X 85%) $33
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a) -Revenues are inflows of assets or settlements of liabilities or both. Revenues come from activities of the entity’s central operations. -Gains are increases in net assets and from peripheral or incidental transactions of an entity. -The difference between gains and revenues depend to a great extent on the typical activities of a company. For example‚ when McDonald’s sells a hamburger‚ it records the selling price as revenue. However‚ when Mc Donald’s sells land‚ it records any excess of
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of the Accounting Cycle By Lita Epstein 8 of 12 in Series: The Essentials of Accounting Basics As a bookkeeper‚ you complete your work by completing the tasks of the accounting cycle. It’s called a cycle because the accounting workflow is circular: entering transactions‚ manipulating the transactions through the accounting cycle‚ closing the books at the end of the accounting period‚ and then starting the entire cycle again for the next accounting period. The accounting cycle has eight basic
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Revenue Recognition: IFRS and FASB Convergence With the growth of international business there is a need to standardize financial statements globally. Presently there are “approximately 120 foreign private issuers currently that report to the Commission using IFRS financial statements.” By standardizing accounting practices investors will be able to make informed decisions based on comparability and accuracy of financial statements. The SEC released this statement in 2008‚ “We believe that
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determines income by subtracting expenses from revenues. As simple as this may seem‚ there are many complexities that arise when trying to implement this concept. For example‚ there are many activities and events that must take place to generate revenues. The accountant adopts the procedure of recognizing revenues at the time a certain critical event takes place. The sales (or accrual) basis is the most widely used method for recognizing revenues. Revenues are assumed to be earned at the time the sale
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Revenue Enhancement action plan and strategy Assignment project: Business strategy Prepared By : Ajmal Rasheady Date: 2013 Introduction Municipalities in Afghanistan are created for management of city affairs and to provide for the general welfare of their inhabitants. In spite of this huge responsibility toward city and citizens‚ municipalities are the non-budgetary units of government and are authorized to generate their own revenues. Given this fact‚ we realize that urban development
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UNIVERSITY OF PHOENIX 9 Steps of the Accounting Cycle XACC/280 1/28/2014 The nine steps of the accounting cycle helps you prepare an accurate closing trail balance. By doing these steps correctly will eliminate recording errors whether they are positive or negative. The first step is to analyze all the transactions made during the period of time the trial balance is for whether it is weekly‚ monthly or quarterly which really depends on how big is the business. The next
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independent and find a job. Athletes have school and sport practice so it is hard for them to find a job that compatible with school and practice. Athletes are not being paid by people money or tax; in fact‚ the revenue they make‚ they get from it. If the athlete making millions and all the revenue goes to the university that is not fair‚ because the athlete worked too hard to earn this money. However this essay will be focusing on should athletes be paid? People don’t want athletes to be paid as
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subsequent cash receipts are included in income. The cost recovery method is used when the uncertainty of collection of the sales price is so great that even use of the installment method cannot be justified. Under the cost recovery method‚ both revenues and cost of sales are recognized at the point of sale‚ but the related gross profit is deferred until all costs of sales have been recovered. Each installment must also be divided between principal and interest‚ but unlike the installment method
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Water Cycle By: Ricayanna Clarke Mr.Fraizer 804 Science TABLE OF CONTENTS 1. INTRODUCTION 2. CHAPTER 1 – The Water Cycle 3. CHAPTER 2 - What is Evaporation? 4. CHAPTER 3 - Condensation 5. CHAPTER 4 - Precipitation 6. CHAPTER 5 - Major sources of water 7. CHAPTER 6 - Where are places that irrigation would be common? 8. CONCLUSION 9. BIBILIOGRAPHY INTRODUCTION The reason why I chose this topic is because I was interested in the water cycle. The water cycle caught
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