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The Statement of Cash Flows has historically given students a lot of heartburn, but it really isn't that scary. A cash-flow statement, simply stated, reports the uses (where the cash was spent) and the sources (where the cash came from) of cash during a period. Let's start with a very simplistic set of facts. I run a CPA firm, and I billed my clients $50K during the month of February. To earn that $50K, I incurred $20K of wage expense and another $10K of overhead (rent, utilities, insurance, etc.). So I made $20K profit, right? So I am sitting pretty? Not necessarily. What if I now tell you that $40K of my billings have yet to be collected? And my E&O insurance carrier increased my premium and I had to pre-pay $10K of premiums this month. a) How does my cash flow differ from my profit? b) Will these transactions appear on my income statement? c) My cash-flow statement?
ABC Company reported cost of goodssold of $620,500 during 2005 and a number of days' sales ininventory ratio of 50 days. ABC Company reported inventory of $78,000 on the December31, 2005 balance sheet. The balance in the inventory account at Janua..
Compute the cost of the ending inventory and the cost of goods sold under (1) FIFO, (2) LIFO, and (3) average-cost. Which cost flow method would result in the highest net income?
Compute the following using the FIFO, LIFO and weighted average method.
1. Customers owed the company $22,000 at year-end.
In 2012, Gail had a §179 deduction carryover of $30,000. In 2013, she elected §179 for an asset acquired at a cost of $115,000. Gail's §179 business income limitation for 2013 is $140,000. Determine Gail's §179 deduction for 2013.
On April 1, 20X0, your company finances partial payment of the sale of machinery to a customer for a $20,000, 3-year, 8% note receivable.
preston concrete is a major supplier of concrete to residential and commercial builders in the pacific northwest. the
Why is the SEC reluctant to accept IAS, now very willing to allow firms using IFRS to issue securities in the US stock market without reconciling to US GAAP?
Record the transactions in the journal. Prepare the stock holders equity section of the Cohen Canoes Incorporated, balance sheet at May 31. The ending balance of retained earnings is $55,000.
Coyle Corp. issued $10,000,000 par value 10% convertible bonds at 99. If the bonds had not been convertible, the company's investment banker estimates they would have been sold at 95. Expenses of issuing the bonds were $70,000. What are the journa..
Compute the dividends paid per share during the third year for each of the three classes of stock. What was the average issue price of each type of preferred stock?
explain whether each of the following would be expensed on the income statement in2007 or in some later year and why.a.
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