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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.
What is the implication of applying accounting concepts wrongly
Its depends on the credit period of the company i.e. A company credit period 30 days 85 of the debtors collection should be recovered with in credit period. We can say the Effectiv
Purchased trucks and office equipment for cash Metro paid USD 20000 cash on behalf of two used delivery trucks and USD 1500 for office equipment. Office equipment and Trucks ar
Q. Show Transactions affecting the income statement? To continue to exist a business must be profitable. This signifies that the revenues earned by providing goods and services
Accountants frequently cite the going-concern assumption to justify using historical costs rather than market values in measuring assets. Market values are of less implication to a
The information contained in published financial statements is of specific importance to external users, as shareholders and investors. Without any information they would not be ca
uses of accounting as a software enginner
What are the steps for Closing entries There is a certain order that should be used to close accounts: REID 1. Balance of the total R evenue to Income Summary 2. Bal
hello, i am in Malaysia and try to reconcile a bank statement in USD. I am confuse on which currency should i follow to enter the bank transactions. If follow in USD, i could not
contributed her $10000 in exchange for $1000 of the shares. this was deposited into a new corporate bank account she set up with TD canada trust
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