acct 304 chap1 chap2 HW

acct 304 chap1 chap2 HW - Acct 304 CH1 CH2 Homework 8/30...

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Gassan Alahmadi Tomohisa NUNOKAW E1-2 1. For Year 2 For Year 3 Revenues $350,000 Revenues Expenses: Expenses: Rent $40,000 Rent $40,000 Salaries 140,000 Salaries 160,000 Travel fees 30,000 Travel fees 40,000 Advertising 25,000 235,000 Advertising 20,000 Net Income $115,000 Net Income 2 Amount owed in year 1 $5,000 Amount incurred in year 2 25,000 Amount paid in year 2 -15,000 $15,000 Less: Cash paid in yr 3 -35,000 ($20,000) E1-6 Element or Elements 1.Liability 2.Distributions to owers 3.Revenue 4.Asset, liability, and equity 5.Comprehensive Income 6.Gain 7.Loss 8.Equity 9.Asset 10.Net Income 11.Invenstments by owers 12.Expenses E1-13 1.Disagree: The measurements of assets and liabilities should be based on the amount when companies obtain those. 2.Disagree: Miscellaneous expenses must be small and used for business operation. 3.Disagree: Revenue is recognized when the earning process is virtually completed. 4.Agree: The expenditure should be expended equally the two-year period. 5.Agree: Companies must disclose all of their information 6.Disagree: It is against the periodicity assumption. The liability amount at the end of year 2.
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Acct 304 CH2 Assignment E2-11 BLUEBOY CHEESE CORPORATION Income Statement For the Month of Dec 2011 Sales Revenue $800,000 Cost of Goods Sold 480,000 Gross Profit $320,000 Operation Expenses Saralies $120,000 Rent 30,000 Depreciation 60,000 Bad debt 5,000 Total operating expenses $215,000 Operating income $105,000 Other income and expenses
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This note was uploaded on 09/21/2010 for the course ACCT 304 taught by Professor Fox during the Fall '10 term at Boise State.

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acct 304 chap1 chap2 HW - Acct 304 CH1 CH2 Homework 8/30...

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