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Question 1: Explain the following budget terminology.
1. Cost of goods sold.
2. Net profit before tax
3. Gross profit
4. Owners' equity
5. Assets
6. Liabilities
Question 2: It is necessary for every manager to be aware of what is happening in their industry and in the wider community that could impact on their budget. Where do they get this information and what help can they get to interpret it?
Question 3: Describe and explain the basic calculation used within direct labour (wage) budgets?
Ralph Henwood was paid a salary of $64,600 during 2010 by Odesto Company. In addition, during the year Henwood started his own business as a public accountant and reported a net business income of $48,000 on his income tax return for 2013.
Discuss items have been identified for an acquiree company. Which one(s) are separately capitalized by the acquiring company, per FASB ASC 805?
At the beginning of the current year, Mass Company's total assets were $247,000 and its total liabilities were $170,000. During the year, the company reported total revenues of $91,000, total expenses of $72,000 and owner withdrawals of $3,000. Calcu..
lastly the allowance for doubtful accounts looks pretty low. ar goes up but allowance goes down? i need a divide
A soundly developed conceptual framework of concepts and objectives should
Explain what is revealed by ratios and other calculations in context of company's profitability, efficiency, liquidity, gearing and investment performance.
In connection with this contract, Mill incurred $2,000,000 of construction costs during 1996. Mill billed and collected $3,000,000 from Drew in 1996. Illustrate what amount should Mill recognize as gross profit for 1996?
Journalize the transactions and post to the accounts Debt Investments and Stock Investments and show the balance sheet presentation of investment securities
ABC Company began operations in June, 2017 by selling common stock to owners in exchange for $70,000 cash. During 2017, ABC Company entered into the following transactions: Calculate the amount of net income that ABC Company would report in its 2017 ..
We have monthly payments of 115 for 18 years and an annual return of 5%. At the end of the 18th year we need 40,000 what is the formula/equation that is used to solve this question?
Evaluate the percentage change in sales and net cash flow
A concerned citizen provides resources and establishes a trust with the local government. What factors should be considered in determining which fund to report the trust activities?
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