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Sucked into a wormhole while spending time in outer space, you land in a perfect world where accountants are worshipped and paid extravagantly. As an accountant, you're immediately offered a job at a local manufactory firm. In additional to a huge salary, you're also entitled to a year-end bonus of 5% of the company's profit after deduction for the bonus. At the end of the year the profit amount to $500,000 before accounting for your bonus. You're been asked to calculate your year-end bonus. Assuming you're honest, what will you inform management your year-end bonus should be? Remember, this is a perfect world so no income taxes exist. Show your calculations and round the nearest dollar.
Q. Example of Income statement? Income statement demonstrates the income statement Lyons prepared. The focal point in this income statement is on determining the cost of goods
#2, The comparative balance sheets and income statements of Worsley Ltd are shown below. Worsley Ltd. Statement of Financial Position as at December 31 Current Assets 20x3
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Q. Example on completion method? Assume that by the end of the first year (2010) the company had incurred actual construction costs of USD 30 million. These costs are 75 percen
Q. What is accrual basis of accounting? In the following illustration, notice that every business transaction affects two or more accounts in the ledger. As well note that
How can price inflation effect a university negatively in the future? Like, what are a few things in the university that will be impacted?
Closing entries perhaps prepared directly from the work sheet. The first journal entry debits all items appearing in the Income Statement credit column as well as credits Income Su
Q. What is Instance financial reporting? For instance financial reporting should - Provide information concerning an enterprise's past performance because such information i
State and local income taxes Some states also withhold state income taxes. Texas doesn't. If state withholds taxes, there will be form similar to the federal one to determine t
COMMON ADJUSTMENTS AFFECTING THE PREPARATION OF BALANCE SHEET ARE: 1. Closing stock : Closing stock come into view on the credit side of trading account and assets side of
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