Expense

Although it is non-cash expense, the acknowledgment of depreciation illustrates the loss (decline) in fixed assets value (About, 2010). It is charged against gross profit, which gives an edge in the precision to the net income reported. According to Ben (2007) Income statement profit

10, 5, 3, 2., with notes payable first.) THOMAS MAGNUM, P.I., =NC. | Income =tatement | For the Quarter Ended March 31, =008 | Revenues |   |   |     Service =evenue |   | $ 14150 | Expenses |   |   |     Salaries =xpense | $ 2200 |   |     Travel =xpense | 1300 |   |     Rent expense | 1200 |   |     Depreciation =xpense | 1000 |   |     Supplies =xpense | 670 |   |     Insurance =xpense | 600 |   |     Interest =xpense | 300 |   |     Miscellaneous =xpense |

person who provides the start-up capital. The low down A sports club on the other hand, it is established to provide facilities to the members and no profit is made. If, through fund raising efforts the club makes, the income generated exceeds the expenses incurred, then that money is called a

by a credit B. An expense account is increase by a credit C. A revenue account is decreased by a credit D. An equity account is decreased by a debit [2]BASIC BANK02 - BAT 010 The Income Summary account contains: A. Total revenues and total expenses for the year B. Total assets and total liabilities at year end C. Total revenues, expenses, assets, and liabilities

b. $480. c. $560. d. $400. e. none of the above. 2) The accountant did not prepare an entry to adjust the Supplies account at the end of the accounting period and, as a result: a. the Supplies account was overstated. b. the total expenses were understated. c. the net income was overstated. d. the

household, job loss or change, the children’s education expenses or retirement. All of these occurrences can cause financial burdens and, the need to control and tightened spending. Even the wealthy, have to budget and arrange their unrestricted expenses against their limited incomes. It is possible to live well on a tight budget but there has to be an understanding of the expenses, a good attitude and a clever plan. First, evaluate the expenses and the income, and

funds. This can be performed by preparing a budget plan. Introduction A budget is a plan of the spending with limited money over a particular period of time. A personal budget is a financial plan for allocating future personal income towards the expenses, savings and towards the debt repayments. For creating a personal budget, past spending and personal debts are considered to have an effective planned spending. Without a personal budget, the money will be spent on unimportant stuff. The effects

Statements are prepared in accordance with Generally Accepted Accounting Principles (GAAP), which refers to a set of rules, standards, and practices. They are used throughout the accounting industry to prepare and standardize financial statements that are issued and help investors and creditors compare companies within the same industry. Companies are expected to follow generally accepted accounting principles when they report their financial information. GAAP affects the measurement of economic

The profitability is determined by tracking revenues, expenses, and margins. A hospital’s revenues come from the total billings to all government and private insurance companies for services rendered to a patient. Revenues are typically divided into categories on the income statement outpatient and inpatient

Net Sales EXPENSES: 801 Cost of Goods Sold Per Audit 12-31-08 Per Books 12-31-09 3,447,472 (26,530) 3,420,942 3,857,549 (28,318) 3,829,231 1,420,933 1,651,366 Debit 3,857,549 (28,318) 3,829,231 C-1 18,000 #3 C-1 928 #4 I-1 I-1 1,900 #14 150 #16 I-1 I-2 Gross Margin OPERATING EXPENSES: 820 Wage and Salary Expense 821 Payroll Tax Expense 822 Depreciation Expense 823 824 825 826 827 828 829 830 831 832 833 834 Rent Expense Office Supplies Expense Small Tools Expense Advertising