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Income Statement Essay Examples

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The Income Statement Essay

3239 words - 13 pages THE INCOME STATEMENT By Michael Walker Student, Technical Report Writing February 15, 2010 Formal Report Prepared for Lana Sumpter Facilitator, Technical Report Writing Date: February 15, 2010 To: Lana Sumpter, Course Administrator From: Michael Walker Subject: Final Version of “The Income Statement” Report Attached is my report “The Income Statement” which you requested at the start of class on January 7, 2010. The report contains instructions for non-financial personnel to be able to read and comprehend the income statement. The report breaks the income statement down into segments which will allow the reader to better understand the report. This VIEW DOCUMENT
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Income Statement and Cash Flow Essay

640 words - 3 pages How are the income statement and statement of cash flows used to make business decisions? The income statement reflects the company’s financial performance by showing how much money was generated (revenue), how much was spent (expenses), and the difference (profit) between the two over a period of time. It is divided into the operating and non-operating sections. It can also tell how much money shareholders would receive if the company were to distribute all of its net earnings. The cash flow statement provides cumulative information regarding all cash inflow from both its ongoing operations as well as any external investment sources. The cash flow statement is not influenced by any VIEW DOCUMENT
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Income Statement Presentation Of Unusual Loss

972 words - 4 pages Accounting 301 June 9, 2014 Ethics Case 4 -7 Income statement presentation of unusual loss Financial statements are very important for many participants in the financing reporting process. High-quality financing reporting is necessary to investors and creditors in decision-making process. Their decisions and judgments depend on accuracy of information presented in those statements. For example, investors try to predict future performance based on the company’s current earnings. They want to invest in a company that is profitable. Misleading information in financial statements can have a negative impact on their decision. Unfortunately, some managers try to manipulate financial VIEW DOCUMENT
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Financial Statements Essay

595 words - 3 pages Financial Statement Relationships Interpreting the results from the financial statements is critical. However, understanding how the financial statements are linked, and how a set of numbers from one statement can change the set of numbers from another statement is fundamental to the success of the company. Interrelationships The four financial statements income statement, retained earnings statement, balance sheet, and statement of cash flows are connected because one set of numbers, either a balance or an entry, is reflected on another statement. According to Kimmel, Weygandt, and Kieso, (2011) the retained earnings statement is connected to the income statement because the bottom VIEW DOCUMENT
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Accounting Essay

665 words - 3 pages Financial Statement Differentiation Paper Abstract Considering the rapid globalization and expansion of business activities today, the importance of the four different financial statements; balance sheet, income statement, retained earnings statement and the statement of cash flows cannot be over-emphasized. This paper covers the four different types of financial statements, the information each one of it contains, and which statement is of most interest to investors, creditors, and management. Income Statement The Income Statement according to John Wiley & Sons modestly “reports the success or failure of the company’s operations for a period of time”. (Kimmel, P.D VIEW DOCUMENT
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Examining Financial Statements - Landry's Restaurants

551 words - 3 pages Peg Heslinga, MBAUniversity of Phoenix2 July 1, 2008Examining Financial Statements - Landry's RestaurantsIn this paper one will examine the annual report for Landry's restaurants. The balance Sheet, Income Statement, Statement of Retained Earnings, and Statement of Cash Flows are the basics of any annual report (Fundamentals of Financial Accounting, 2006). Each report provides different information. The Balance Sheet reports a company's assets (what it owns), liabilities (what it owes) and stockholder's equity (what is left over for the owners) at a point in time. The Income Statement shows whether a business made a profit (net income). The Statement of Retained Earnings shows what portions VIEW DOCUMENT
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Financial Statements Overview Essay

1026 words - 5 pages Financial Statements Dave Hall ACC/290 Lisa Henderson September 16, 2013 Financial Statements   In any business, the financial statements are the backbone of the financial accounting reporting within the business. The four financial statements include the income statement, balance sheet, retained earnings statement and the statement of cash flows (Kimmel, Weygandt & Kieso, 2010). These four statements provide a summary picture of the overall financial health of the company, for the period of time reported, to both internal (managers and employees) and external customers (investors and creditors). The internal and external customers can use the company’s reported financial VIEW DOCUMENT
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Course Syllabus Essay

668 words - 3 pages There are several types of financial statements and there are many uses for these statements that make them particularly useful in business. The many different types show information that is pertinent to the way that each report is used. The four types of statements are; income statements, retained earnings statement, balance sheet, and statement of cash flow. Most of these statements are very important because of the information that they possess. All of these statements are crucial to the ability of a business to function. Income Statements The income statements are just that, statements that show the income of a company. This statement shows the profitability or lack thereof of VIEW DOCUMENT
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Acc 561 Financial Statements Differential Essay

937 words - 4 pages Financial Statement Differentiation Paper Jasmine Unger ACC/561 April 8, 2013 Professor Timothy Jared Financial Statement Differentiation Paper Financial statements provide documentation of a company’s financial history for a set timeframe. One of the financial statement used by investors, creditors, and mangers is the balance sheet. The second statement used by accountant’s income statement, which is also important to shareholders. The third statement is the retained earnings statement, and the fourth financial statement is the statement of cash flows. Each financial statement has a different purpose and shows different aspects of the company’s finances. However, these financial VIEW DOCUMENT
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Accounting Essay

1310 words - 6 pages Financial Statements A set of financial statements is a structured representation of the financial performance and financial position of a business and how its financial position changed over time. It is the ultimate output of an accounting information system and has following six components: 1. Income Statement 2. Balance Sheet 3. Statement of Cash Flows 4. Statement of Changes in Equity 5. Notes and Other Disclosures Financial statements are better understood in context of all other components of the financial statements. For example a balance sheet will communicate more information if we have the related income statement and the statement of cash flows too. Following the time VIEW DOCUMENT
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Intermediate Accounting Ch 4

2441 words - 10 pages What we’ll cover: 1. Income Statement 2. Format of the Income Statement 3. Reporting Irregular Items 4. Special Reporting Issues 1. Income Statement a. Usefulness • Evaluate past performance • Predicting future performance • Help assess the risk or uncertainty of achieving future cash flows b. Limitations • Companies omit items that cannot be measured reliably • Income is affected by the accounting methods employed • Income measurement involves judgment c. Quality of Earnings • Companies have incentives to manage income to meet or beat Wall Street expectations, so that o VIEW DOCUMENT
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Riordan Manufacturing Profit and Loss Statement

681 words - 3 pages Daniel Case BSA/310 Riordan Manufacturing Profit and Loss Statement Paul Higel October 22, 2012 Riordan Manufacturing Profit and Loss Statement This is a description of Riordan Manufacturing’s (Riordan) profit and loss statements, known as an income statement. Raiborn (2010) stated, “An income statement may also be referred to as a “statement of earnings” or “statement of operations”.” (p. 259). There are many way a company can write an income statement. Income statement shows the net profit of a Riordan in the fiscal year. The Net profit is the difference of income and expenses also known as profits and losses. Income is the total gross margin, whereas VIEW DOCUMENT
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Direct and Indirect Cash Flow Method

923 words - 4 pages Direct Vs. Indirect Cash Flow Method A company reports revenues and expenses on its income statement. Since most companies use accrual accounting, the income statement reveals little about cash flowing into and out of the business. To provide an understanding of cash flows, companies turn to the cash flow statement, which includes a section that restates income on a cash basis. You can choose between the direct and indirect methods to report operational cash flow. Cash Flow Statement The statement of cash flows contains sections for three sets of activities: operating, investing and financing. Only the operations section deals with the question of direct versus indirect cash flows. By VIEW DOCUMENT
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The Impact of the Fasb/Iasb - “Financial Statement Presentation Project”

1272 words - 6 pages statement The complete set of financial statement in the project includes following statement: statement of financial position (balance sheet), statement of comprehensive income, statement of cash flows and the reconciliation statement. But the key changes fall into the structure of financial statement, including business section, financial section, income tax section , discontinued operation and multicategory section. The business section includes assets and liabilities that relate to income activities. An entity is required to segregate its business activities into those that generate revenue through their major operating business or generate a return from individual assets. And the board VIEW DOCUMENT
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The Four Financial Statements

798 words - 4 pages The Four Financial Statements Daniel K. Lollis ACC/290 August 3, 2012 Sima Jalilizeinali The Four Financial Statements The four financial statements are formal records of the activities of a company, person or business entity.  The four financial statements are balance sheets, income statement, statement of owner’s equity, and statement of cash flow. This paper will identify the four basic financial statements and describe the purpose for each. The balance sheet reports assets and claims to assets at a specific point in time is a statement of financial position at a given point in time (Kimmel, Chapter 1, Balance Statement, 2009). The fundamental accounting model is VIEW DOCUMENT
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Melvin Lockhart Ba220 Week-3-Financial Statement2

920 words - 4 pages Running head: FINANCIAL STATEMENT 1 Financial Statement Melvin Lockhart Grantham University Melvin Lockhart BA 220 W3 ASSIGNMENT 1 FINANCIAL STATEMENT Abstract Businesses must find ways to account for losses, damaged goods, and stolen inventory. How a business track these inventory can be accomplished through financial statements and income 2 statements. Businesses will only be profitable and successfully if they have an accounting system that is thorough and provides detail information to stockholders, investors, and creditors. FINANCIAL STATEMENT Financial Statement Financial statements are used in business as formal records of activities within a company. Business uses the VIEW DOCUMENT
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Basic Financial Statement

592 words - 3 pages FUNCTIONAL AND CONTRIBUTION MARGIN INCOME STATEMENTS Up until now, we have been using the functional, or traditional, income statement format that you learned in financial accounting. But managers are better aided in their decision making by a contribution margin income statement. A traditional, functional income statement is required for external financial statements. It separates costs by their function: product costs or period costs. Product costs (COGS) are subtracted from sales to show gross margin (gross profit). All period costs (selling, general, and administrative) are then subtracted to show operating income. Sales Less Cost of goods sold (including VIEW DOCUMENT
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Unit 6

1579 words - 7 pages ($105,000 -105,000/1.25) (21,000) Plus profit realized in 2012 ($90,000 -90,000/1.25) 18,000 Income realized in transaction with third parties $672,000 Pearce Company's interest (0.8 ( $672,000) 537,600 Controlling interest in consolidated net income $2,337,600 Problem 6-16 PRUITT CORPORATION AND SUBSIDIARY Consolidated Statement Workpaper For the Year Ended December 31, 2013 | |Pruitt | |Sedbrook VIEW DOCUMENT
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Financial Management Paper

614 words - 3 pages Statement of Operations and Financial Statements 1. List several efforts that have been enacted by payors to control costs. 2. Explain the ramifications of allowing/disallowing an individual to be able to sue his or her HMO. 3. What are each of the financial statements commonly called in for-profit health care organizations and in not for-profit care organizations? Financial statements are commonly called balance sheets, income statement, statement of owner’s equity, or statement of cash flows. The following questions relate to the statement of operations of not for-profit health care organizations. 1. What is the analogous for-profit statement called? What are the VIEW DOCUMENT
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Acct 505 Excercise 6-7

563 words - 3 pages EXERCISE 6–7 Variable and Absorption Costing Unit Product Costs and Income Statements [LO1, LO2] Maxwell Company manufactures and sells a single product. The following costs were incurred during the company's first year of operations: During the year, the company produced 20,000 units and sold 16,000 units. The selling price of the company's product is $50 per unit. Required: * 1. Assume that the company uses absorption costing: * a. Compute the unit product cost. * b. Prepare an income statement for the year. * 2. Assume that the company uses variable costing: * a. Compute the unit product cost. * b. Prepare an income statement for the year. * 3 VIEW DOCUMENT
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Financial Manamement

540 words - 3 pages STATEMENT OF STOCKHOLDERS’ EQUITY In its most recent financial statements, Newhouse Inc. reported $50 million of net income and $810 million of retained earnings. The previous retained earnings were $780 million. How much in dividends were paid to shareholders during the year? Assume that all dividends declared were actually paid. ANSWER: NI = $50 Million RE year end = $810 Million RE beginning year = $780 Million Dalta RE = $710-$780=$30Million (the amount of RE generated during the year) NI or $50 Million for the year = Dividends + RE 50= Dividends + 30 Dividends = $20 Millions 3-4 BALANCE SHEET Which of the following actions are most likely to VIEW DOCUMENT
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Finanical Statements Part 1

1092 words - 5 pages Financial Statements Papers Part I Sherrie Christian ACC/497 April 8, 2013 Rick Kwan, MBA Financial Statements Papers Part I The financial statements are important as they inform the users of the economic health and stability of the entity. Each financial statement provides information to determine economic health, such as financial position, performance, and changes. Assets, liabilities, and equity provide a measurement of financial position. Income and expenses provide a measurement of performance. The income statement is a vital section of the financial statements, also known as the profit and loss statement. The income statement presents revenue balances, and profits for a VIEW DOCUMENT
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Case 7-20

1353 words - 6 pages Table of contents Executive summary 3 Introduction 4 Differences between projected and actual income statement 4 Consequences 4 Recommendations 5 Appendix 1 6 Executive summary It has come to my attention that a mistake was made in our projected income statement of this month considering our breakeven point. Therefore I’m made this report to underline the importance of a good projected income statement. I’ve stated the problem analyses and the consequences of this error. Also I’ve placed my recommendations in this report. As you can see in appendix 1, there’s a big difference in our projected income statement and our income statement based on our actual sales. The VIEW DOCUMENT
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Nine Steps Of The Accounting Cycle

347 words - 2 pages equity accounts as well as increasing income accounts. The “Financial Statements” PhxKlips delineated four financial statements that are used to report all company financial information in standard formats. The four statements are the Income Statement, the Balance Sheet, the Retained Earnings Statement and the Statement of Cash Flow. Together they provide a complete picture of the financial condition of a company. This PhxKlips details how to compile and read each of the four types of statements so that I could make sense out of the information provided on each one. The Income Statement contains the revenue and expenses with the resulting net income or loss for a specific period. The Balance VIEW DOCUMENT
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Chapter 1 Acct 504 Quiz

974 words - 4 pages referred to as A. stockholders' equity. B. liabilities. C. assets. D. revenues. 11. In terms of the principal types of business activities, paying salaries expense is an example of A. Operating activities. B. Financing activities. C. Investing activities. D. Advertising activities. 12. The balance sheet reports assets and claims to those assets at a specific point in time. A. True B. False 13. What kind of classification is cost of goods sold? A. Asset B. Expense C. Liability D. Revenue 14. Which of the following would not appear on the income statement? A. Service revenue B. Interest expense C. Net income D VIEW DOCUMENT
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Case Lake

375 words - 2 pages CASE – Lake Champlain Sporting Goods Company, a wholesale supply company, engages independent sales agents to market the company’s products throughout New York and Ontario. These agents currently receive a commission of 20% of sales, but they are demanding an increase to 25% of sales made during the year ending December 31, 20X4 budget before learning of the agent’s demand for an increase in commissions. The budgeted 20x4 income statement is shown below. Assume that cost of goods sold is 100% variable cost. LAKE CHAMPLAIN SPORTING COMPANY Budgeted Income Statement For the Year Ended December 31, 20x4 Sales $15,000,000 Cost of good sold 9,000,000 Gross margin VIEW DOCUMENT
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Accounting

589 words - 3 pages Balance sheet and income statement of IBM company Name: ID: Submitted to: Balance sheet Assets | Current Assets | | Cash And Cash Equivalents | 10,661,000   | 12,183,000   | 12,741,000   | | Short Term Investments | 990,000   | 1,791,000   | 166,000   | | Net Receivables | 29,789,000   | 28,523,000   | 29,097,000   | | Inventory | 2,450,000   | 2,494,000   | 2,701,000   | | Other Current Assets | 4,226,000   | 3,946,000   | 4,299,000   | | Total Current Assets | 48,116,000   | 48,935,000   | 49,004,000   | Long Term Investments | 16,326,000   | 16,023,000   | 12,757,000   | Property Plant and Equipment | 14,096,000   | 14,165,000   | 14,305,000 VIEW DOCUMENT
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Application of Financial Statement

757 words - 4 pages Application of Financial Statement August #1. Select either the balance sheet or income statement and explain how the use of it may be applied to your everyday life. One of the major financial statements used in accounting is the income statement. The income statement is beneficial to accountants and business owners. Many will also refer to this statement as the “profit and loss statement,” “statement of operations,” or “statement of income.” Regardless of its name, it serves the same purpose and that is to show profitability of a company during a specific period of time. The period of time covered is usually chosen VIEW DOCUMENT
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Riordan Industries Week 3

925 words - 4 pages Riordan Industries Week 3 The income statement of Riordan Industries is a short and a deception simple looking form. The form is setup so that it is easy to understand so decision makers con easily read the statement and make decisions quickly and accurately using it. The statement all so has to have all in the information that is needed to evaluate the financial health of the company and make perceptions of the company’s future. The specific time period that the income statement is prepared for is the year of 2004. For most businesses the financial years starts and end with the normal year Jan 1 to Dec 31. The statement needs to be the same time period for each year. This is so that VIEW DOCUMENT
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Bennetton Case Study

844 words - 4 pages Research and Application 6-34, page 278 1. From looking at the income statement presented on page 50, is prepared using an absorption format. Then on page 33 it is prepared using a contribution format. The annual report says that the contribution format income statement shown on page 33 is used for internal reporting purposes; but, Benetton has chosen to include it in the annual report anyway. The contribution format income statement treats all cost of sales as variable costs. The selling, general and administrative expenses shown on the absorption income statement have been broken down into variable and fixed components in the contribution format income statement. It appears VIEW DOCUMENT
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Acc280

424 words - 2 pages E4-2 Goode Company Worksheet For the month ended April 30th, 2008 Adjusted Trial Income Balance Statement Balance Sheet Account Titles Dr. Cr. Dr. Cr. Dr. Cr. Cash 13,752 13,752 Accounts Receivable 7,840 7,840 Prepaid Rent 2,280 2,280 Equipment 23,050 23,050 Accumulated Depreciation 4,921 4,921 Notes Payable VIEW DOCUMENT
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Title

448 words - 2 pages Costing Methods February 8, 2016 Costing Methods There are two costing methods studied in Chapter 19: absorption costing and variable costing. Absorption costing is the standard for use in the generally accepted accounting principles (GAAP) for external reporting (Kimmel, Weygandt, & Kieso, 2011). Variable or absorption for this company In the scenario given, absorption costing would be the better option. Products under absorption costing “absorb” all costs, including the fixed costs. As a result, the income statement prepared under absorption costing has a net loss of only $4,956 compared to the variable costing income statement net loss of $41,898. The net loss in either case VIEW DOCUMENT
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Financial Statements Differentiation Paper

608 words - 3 pages Financial Statements Differentiation Paper There are four different types of financial statements discussed in week which are comprehensive income statements, balance sheets, reconciliation statement and cash flow statement. There is significant differences between the financial statements and will define them. Also will discuss what individual financial statements would interest investors, creditors, and management. Financial statements help us comprehend the past and forthcoming financial situation of a company. According to Sherlock and Reuvid, a balance sheet indicates assets, liabilities and equity balances of a company at any given point in time. The balance sheet will show VIEW DOCUMENT
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Finance And Banking

259 words - 2 pages An investor recently purchased a corporate bond that yields 9%. The investor is in the 36% combined federal and state tax bracket. What is the bond’s after-tax yield? (2-2) Corporate bonds issued by Johnson Corporation currently yield 8%. Municipal bonds of equal risk currently yield 6%. At what tax rate would an investor be indifferent between these two bonds? (2-3) Molteni Motors Inc. recently reported $6 million of net income. Its EBIT was $13 million, and its tax rate was 40%. What was its interest expense? ( Hint: Write out the headings for an income statement, and then fill in the known values. Then divide $6 million net income by 1 − T = 0.6 to find the pre-tax income. The VIEW DOCUMENT
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Financial Statements

642 words - 3 pages Accounting departments in a business are a very important part of how the business functions. They take care of all aspects that have to do with money, but one of the most notable things they do for a business is handle the financial statements. Financial statements are essentially the backbone of what accountants do for a business. It consists of four separate financial statements in a specific order starting with an income statement, retained earnings statement, balance sheet, and a statement of cash flows. Businesses use an income statement to report if their operations during a certain period of time have been a success of a failure. The way the business determines if they have VIEW DOCUMENT
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Business Accounting Assignment

1016 words - 5 pages Business Accounting Assignment 1 Q1a) Income Statement Statement of Financial Position Workings (b) The purpose of a financial statement is to provide useful information in making major decisions in investment and lending decisions of which the major objectives includes finding out the financial position of the company, to asset the stewardship function and predictability of the company's performance and also to identify the strength and weakness of the company. Financial terms are usually referred to into two basic statements, the Income statement and the statement of Financial Position. The Income statement also known as profit and loss VIEW DOCUMENT
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Financial Statements

818 words - 4 pages in a specific order. This is because information from the previous is needed to populate the latter. The first statement is the Income Sheet. This statement shows activity over a specific period of time (Weygandt, p. 21, 2008). It speaks to the company’s profitability over that specific period of time. Managers would use this statement to monitor income of revenue verses the expenses of the department or company they are responsible for. The income sheet will allow investors to see if the business is profitable and a good place to invest money. Creditors would use this statement to evaluate credit worthiness by looking as the amount of expenses compared to revenue. Finally VIEW DOCUMENT
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Managerial Accounting Problem 2-16

516 words - 3 pages Do problem 2-16 on physical textbook page 66.   Put your work in an Excel spreadsheet with worksheet tabs for Schedule, COGS, and Answers to Questions.  Submit your work to the drop box Swift Company was organized on March 1 of the current year. After five months of start-up losses, management had expected to earn a profit during August. Management was disappointed, however, when the income statement for August also showed a loss. Augusts’ income statement follows: Sales: $450,000 Less Operating expenses: Direct labor cost VIEW DOCUMENT
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Fnancial Statement Analysis

934 words - 4 pages Financial Statements in Business Bethany Herman ACC/561 July 13, 2015 Tom Myers Financial Statements in Business Businesses review and use four primary types of financial statements to reflect their financial position. The four primary types of financial statements businesses use are the balance sheet, income statements, statements of equity, and the statement of cash flow. The financial statements used to display financial information to the public are all incorporated with showing a full financial picture of a company. Each of the four financial statements interacts with one another to give investors and the public a good insight into the overall finances of a company VIEW DOCUMENT
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Accounting Cycle

956 words - 4 pages choose what to include and exclude from various financial statements. If an item is an element, measurable, relevant, and reliable it should be included in the financial statements. The company should record as many events as possible that affect its financial position. The more information provided in financial statements the more confident readers of the financial statements will be about the financial decisions they make regarding the company. In its financial report, Walmart provides an unaudited Condensed Consolidated Statements of Income. This financial statement provides financial information measuring the results of operations dating back three and six months prior to the statement VIEW DOCUMENT
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Accounting - 605 words

605 words - 3 pages Question 1 Memorandum TO: President of Bintang Ria auto sales FROM: Senior credit analyst for Far East West Bank DATE: 7th November 2012 SUBJECT: The need for s Statement of Cash Flow Purpose: Requirement for full statement of cash for the purpose of clearing a loan for Bintang Ria. Subject: As required by the process of clearing loans by Far East West Bank, I had requested you statements with respect to the financial positions of the company. And in reply to that you had duly submitted to me the Statement of Financial Position and Statement of Comprehensive Income of Bintang Ria. But having gone through the two, I find it difficult to be able to assess the real financial VIEW DOCUMENT
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Turkey Mash Case Study

1012 words - 5 pages DBA 8552 - Unit I: Management Accounting and Control Systems Old Turkey Mash Wiskey Case Study Original Income Statement: Base Year Year 1 Year 2 Year 3 Production (distilled gallons) $500,000.00 $600,000.00 $700,000.00 $800,000.00 Aged gallons sold $400,000.00 $400,000.00 $400,000.00 $400,000.00 Warehouse Inventory at the Beginning of Year 4-year-old bbls $10,000.00 $10,000.00 $10,000.00 $10,000.00 3-year-old bbls $10,000.00 $10,000.00 $10,000.00 $10,000.00 2-year-old bbls $10,000.00 $10,000.00 $10,000.00 $12,000.00 1-year-old bbls $10,000.00 $10,000.00 $12,000.00 $14,000.00 New VIEW DOCUMENT
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Dfhfy7Yuj

555 words - 3 pages manufactures a single product. Here is the summary of the company’s production results, sales, costs and inventory levels for 2006. Total production in units 96,600 Total sales in units 82,200 Fixed selling and administrative expenses $113,880 Selling price per unit $ 12 Variable costing net income $ 11,880 Absorption costing net income $ 17,640 Required: a) Calculate the fixed manufacturing overhead cost per unit b) Calculate the total fixed manufacturing overhead costs c) Prepare an income statement using absorption costing method Homework 1. Income Statement for First Class Products as of December 31, 2006 (Absorption VIEW DOCUMENT
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Finanical Essay

906 words - 4 pages , income statement, statements of owner’s equity, and statement of cash flows ("Quickmba", 1999-2010). A balance sheet is a statement of financial statuses at a given time and period. As for an income statement is a report that shows revenues with the subtraction of payments for a set time period ending at a given period. The statement of owner’s equity is also identified as the statement of taken earnings or the equity statement ("Quickmba", 1999-2010). This is reports that give details of changes that are kept in the earnings that can be found on the balance sheets. The final basic financial statement is the statement of cash flow, which is a statement that has a full list of sources and the VIEW DOCUMENT
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Abcsalary Brocheure

2471 words - 10 pages CERTIFICATE When income exceeds the taxable limit in a tax year and is exclusively derived from “salary” being less than Rs. 500,000, one may file an Employer’s Certificate in lieu of a return of income by the due date. (i.e. August 31 next following the tax year) if the employer has not furnished the Annual Statement of Deduction of Income Tax from Salary. The salaried taxpayer is not required to even furnish Employer’s Certificate if his/her taxable salary income is less than Rs. 500,000 and his/her employer has filed an Annual Statement of Deduction of Income Tax from Salary as prescribed under the Income Tax Rules. However, if a person exclusively deriving income from salary and the salary VIEW DOCUMENT
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Healthcare Finance Ch. 4

753 words - 4 pages , accrued liabilities and other debts. * c.Give some examples of current liabilities. Some examples of current liability would be short term loans or income tax owed to the government within a year. * d.What is the difference between long-term debt and notes payable? The main difference between long term debt and notes payable is the amount of time available for repayment. 4.9’ * a.What is the statement of cash flows, and how does it differ from the income statement? The cash flow reflects more of an at-a-glance income statement that shows a snapshot of money spent and received. The income statement on the other hand shows a more in depth picture of money in and out by also VIEW DOCUMENT
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Ab298 Unit 6 Assignment

604 words - 3 pages SHEILA SHAW CONSULTING Income Statement For the Month Ended August 31, 2011 Fees earned $ 24,325 Expenses: Salary expense $1,550 Depreciation expense……………………………………… 675 Rent expense 1,200 Supplies expense 1,250 Insurance expense 1,000 Miscellaneous expense 715 Interest expense 65 Bad Debt expense 150 Repairs and Maintenance 200 Utilities expense 150 Payroll Tax expense 125 Office expense 525 Total expenses 7,605 Net income $ 16,720 The depreciation expense was not included in the income statement. There is a depreciation amount of $675 on the balance sheet and I added it to the expenses of the income statement. I have VIEW DOCUMENT
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Financial Statement Differentiation Paper

1039 words - 5 pages Financial Statement Differentiation Paper Jason Raines ACC/561 January 9, 2012 Cathleen Davis Financial Statement Differentiation Paper There are four basic financial statements that help business keep track of what is coming and going on a daily basis. “They are: (1) balance sheets; (2) income statements; (3) cash flow statements; and (4) statements of shareholders’ equity” (Beginner’s, 2007). Each one of these statements has it own unique way of showing where the company’s money came from, where went, and where it is now. This is why it is important to have better understanding how each statement can help keep accurate financial records for the business. Balance VIEW DOCUMENT
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Indicidual Assignment for Managing Personal Finances

2584 words - 11 pages 1 FIN4901EF Managing Personal Finances Unit 2 Analysing and Evaluating Personal Information FIN4901EF.Unit 2 2 FIN4901EF.Unit 2 Learning Outcome 1. Explain the interlocking network of financial plans and statements. 2. Prepare a personal balance sheet. 3. Draft a personal income and expense statement. 4. Develop a good record-keeping system and calculate ratios to interpret personal financial statements. 5. Construct a cash budget and use it to monitor and control spending. 6. Apply time value of money concepts to put a monetary value on financial goals. 3 FIN4901EF.Unit 2 Table of Content • The role of financial statements in financial planning • Personal balance sheet: assets VIEW DOCUMENT
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Business Finance and Accounting

806 words - 4 pages TO: Owners, XYZ Construction FROM: Kenneth Moseley, MD&T Chief Consultant DATE: December 08, 2013 SUBJECT: Group #1 Concepts in Financial Management With the changes that XYZ Construction are making in the upcoming IPO, the production of financial statements are one of those changes. In this memo, five things will be reviewed for XYZ Construction first is the Balance sheet where an assessment of your Assets and Liabilities will be laid out, a review of the income statement for XYZ Construction, which will show the net income which is a measurement of the company's profit margin. Next a measure of the Operating Cash flow will be taken which in itself has four parts to show the VIEW DOCUMENT
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