Archive for the ‘Other – Business & Finance’ Category
patrickdenney2 asked:
I am in the process of doing the 3 financial statements for a particular problem. I know how to record and do a trial balance. I and trying to do the 1st of the reports(Income Statement) Which I know is revenue minus expenses. I am stuck on whether prepaid insurance and rent are considered “expenses”. When doing a T chart they are both on the Assets side. This is where I am confused. If my Income Statement is wrong does that mean that my Statement of owners equity and Balance Sheet are going to be off too? Please someone help I have an exam tomorrow on this. Thank you!
Clementina Mugrage
I am in the process of doing the 3 financial statements for a particular problem. I know how to record and do a trial balance. I and trying to do the 1st of the reports(Income Statement) Which I know is revenue minus expenses. I am stuck on whether prepaid insurance and rent are considered “expenses”. When doing a T chart they are both on the Assets side. This is where I am confused. If my Income Statement is wrong does that mean that my Statement of owners equity and Balance Sheet are going to be off too? Please someone help I have an exam tomorrow on this. Thank you!
Clementina Mugrage
FutureCPA asked:
I’m supposed to convert the following absorption income statement into a variable costing income statement:
I’m supposed to convert the following absorption income statement into a variable costing income statement:
Sales(quantity )________108,000
Sales(in dollars)________7,149
Cost of sales__________ 3,375
Gross margin__________3,774
S&A_________________ 1200
EBIT_________________ 3090
My question is, how would I determine what parts of Selling & Administrative expenses are fixed and which are variable? Thanks.
Alden Nappi
John asked:
ok what I want to know is what a shoe company factory would spend on there utilities expenses each month on average
Concepcion Gallinari
ok what I want to know is what a shoe company factory would spend on there utilities expenses each month on average
Concepcion Gallinari
fixdaback asked:
What manufacturing expenses qualify as fixed expenses?
Renata Racette
What manufacturing expenses qualify as fixed expenses?
Renata Racette
Michelle B asked:
I received a reimbursement, but have to return some of it. The reimbursement was recorded as revenue. I don’t want to increase my expenses. Can I issue a check and then do a journal entry reducing expenses and reducing revenue?
Valarie Brawner
I received a reimbursement, but have to return some of it. The reimbursement was recorded as revenue. I don’t want to increase my expenses. Can I issue a check and then do a journal entry reducing expenses and reducing revenue?
Valarie Brawner
Manduz G asked:
I know vouchers are used as a proof for outgoing expenses (like petty cash), but can it also be used for incoming? I ask, because in one of our voucher forms, there is a field ‘Received From’. Could someone elaborate vouchers in detail? Thanks!
Roseanne Tiffin
I know vouchers are used as a proof for outgoing expenses (like petty cash), but can it also be used for incoming? I ask, because in one of our voucher forms, there is a field ‘Received From’. Could someone elaborate vouchers in detail? Thanks!
Roseanne Tiffin
falak naz asked:
like when in the definition they say it is the infrequent expenses what does that mean? if the expenses are significant in value, even then u’d put it in sundry if it is infrequent? please explain.
Serafina Triarsi
like when in the definition they say it is the infrequent expenses what does that mean? if the expenses are significant in value, even then u’d put it in sundry if it is infrequent? please explain.
Serafina Triarsi
angelleyez92 asked:
What is the difference between accounts payable and expenses payable?
Owen Menedez
What is the difference between accounts payable and expenses payable?
Owen Menedez
In accounting, do you record accumulated depreciation and depreciation expense for prepaid expenses?
xearf_09 asked:
Like, when you’re going to make your adjusting entry and you’ve used some of your prepaid expenses before the period was up?
Arnold Major
Like, when you’re going to make your adjusting entry and you’ve used some of your prepaid expenses before the period was up?
Arnold Major
Ber asked:
So that in one glance I know how much I spent in the first week of the month or in the eleventh day of the month or in a particular month without having so many computations. I just want to jot down all the expenses and make it available anytime making my tracking of expenses against the money I had withdrawn from my bank account quick and easy. Can anyone tell me how to do it in Excel (Microsoft 2007)?
Thanks a lot.
Brendon Lascody
So that in one glance I know how much I spent in the first week of the month or in the eleventh day of the month or in a particular month without having so many computations. I just want to jot down all the expenses and make it available anytime making my tracking of expenses against the money I had withdrawn from my bank account quick and easy. Can anyone tell me how to do it in Excel (Microsoft 2007)?
Thanks a lot.
Brendon Lascody