Revenue Procedures

Salem Data Services was established after an agreement was reached between Salem Telephone Company and the state Public Service Commission. Salem Data Service is a computer data service, which performs data processing for Salem Telephone Company. They also sell computer services to other companies and organizations. Since Salem Telephone company was a regulated utility it drove the need for Salem Data Services to be a separate entity since it was an unregulated utility. Even though Salem Data Services

customer base  Achieves 60% gross margin  26.4% net profit margin  Accounts for 70% of RB’s net revenue  Did not sell in as high volumes as P&G  De-emphasized R&D – receives budget of only 1.5% of net revenues  12 – 13% of revenues are invested into new product marketing for Powerbrands  Industry standard budget on advertising: 6% or 7% (RB is double)  30 – 40% of net revenues came from products introduced in the

build an automobile-manufacturing plant in Zilina, Slovakia. The plant is expected to enter operation in 2006 with a capacity of 300,000 units. b) BP said it would invest $1 billion through 2010 to upgrade process control systems and maintenance procedures at its Texas City refinery, where an explosion in 2005 killed 15 and

Liabilities – 15000; Revenues – 28000; Expenses = 33000 Required: 1. Calculate net loss. 2. Calculate stockholders’ equity at the end of the period. Net loss *Revenues – Expenses = (5000) Stockholders * Assets – Liabilities = 4000 E1-6 Cash 5400 Salaries expense 2200 Accounts payable 3400 Retained earnings 3900 Utilities expense 1200 Supplies 13800 Service revenue 9300 Common stock 6000 Use only the appropriate accounts to prepare an income statement Revenues Service revenue 9300 Expenses

Code of Civil Procedure Assignment II “Civil Court has Inherent Jurisdiction to take cognizance of all dispute of Civil Nature except when barred.” -Siddhesh S Pradhan -241 -Division C -BBA LLB Year 4 INTRODUCTION Jurisdiction means the power or authority of a Court of law to hear and determine a cause or matter.[1] It is the power to entertain, deal with and decide a suit, an action, petition or other proceeding.[2] In Smt Ujjambai v. State of UP[3] it was stated that exclusion of jurisdiction

expense   5,600    Office equipment   20,000   Telephone expense   860    Accounts payable   10,500   Miscellaneous expense   520    Common stock   102,000         HELP TODAY Income Statement For Month Ended August 31 Revenues: Consulting fees earned $27,000 0 Total Revenues $27,000 Expenses: Rent expense $9,550 Salaries expense 5,600 Telephone expense 860 Miscellaneous expenses 520 0 0 Total expenses 16,530 Net income $10,470 HELP TODAY Statement of Retained Earnings For Month Ended

had overstated its pretax income by at least $7 billion through the use of accrual releases and the capitalization of line costs. The corporate culture which was in part established by CEO Bernard J. Ebbers, the pressure to maintain an expense-to-revenue ratio that showed growth, and the lack of internal controls, corporate governance and individual responsibility, all helped contribute to the fall WorldCom. The fraud committed by WorldCom started in 1999, through the reversing of accruals that

Part I: Audit Risks and Procedures for Casinos In assessing the audit risk of a specific company, one must first look at the audit concerns of the overall industry in which it operates. Therefore, in order to properly evaluate Caesars Entertainment Corporation, the gaming industry must be taken into consideration. Specifically, industry trends and strategies, competitors, business processes, regulation and oversight, special accounting and financial reporting practices, internal controls, major

The company’s revenue growth was also impressive. Beginning with $94,000 in 2008, revenue had grown to $713 million in 2010. In the first quarter of 2011, the company nearly equaled its entire 2010 sales, reporting revenue of $644 million, and total revenue for 2011 was $1.6 billion. Andrew Mason became a media star, appearing on CNBC and The Today Show. In August of 2010, he appeared

statements| b.|primarily involves periodic income measurement| c.|allows for the statements to be prepared under generally accepted accounting principles| d.|requires that accounting procedures be the same from period to period| e.|none of the answers are correct| ANS: C 3. Understating assets and revenues is justified based on: a.|realization assumption| b.|matching| c.|consistency| d.|realization|