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A forecast predicts the revenues costs and expenses a firm will incur for a period longer than one year?
Baileygillet
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What is the difference between prepaid expenses and deferred expenses except that deferred relates to long term assets?
prepaid expenses are those which we pay in advance ! like rent of a building , its a prepaid expense . we first pay the rent and then use the building whenever we need. deffered expenses are those which have been accumulated and are not paid yet. for example if we do not pay the rent of the building for 5 months , so it has been deffered means accumulated! salma A prepaid expense usually relates to a specific time frame, like pre-paying rent as mentioned above. Whereas a deferred expense may not have a specific time frame in which to be recognized. It might even be a partial expense which will continue to increase (whether actually paid or not) until the time comes when it will be amortized. An example might be costs associated with the acquisution of a business or product line. Those costs might continue to accrue as deferred expenses for months (or longer) until the transaction is complete and revenues begin to flow.
How do components of revenue and expenses differ between a merchandising company and a service enterprise?
Merchandising Companies purchase and sell directly and is ordinarily longer than a service company because of the inventory and its eventual sale lengthen the cycle, which differ merchandising and service companies.
Why is there a need for adjusting entries on accounting?
Answer:Adjusting entries are made at the end of the accounting period. Adjustments are necessary, because as a result of the passing of time, some assets and liabilities are no longer 'up to date'. Also, it can be needed to include new assets and liabilities on the balance sheet. Examples of adjustments:- reducing asset: depreciation on fixed assets- reducing liability: some of the customers that paid up front (unearned revenues) have received their products (reduction of unearned revenues)- increasing asset: the firm recognizes work in progress- increasing liability: the firm recognizes the obligation to pay holiday money in the next period (for work performed in the current period)Also bringing the financial statements "up to date" means it is necessary to bring the income statement and balance sheet in line with the accruals basis of accounting. Typically the books of accounts carry expenses that are yet to be incurred and should be excluded from the income statement or revenue that is yet to be earned such as prepayments that should also be excluded from the income statement.Similarly adjsutments are also necessary to bring items such as inventory in line with physical stock counts typically held at year end.
What percentage of a mortgage can a home based business deduct as office or rent?
It depends on the square footage of the room you are using as a home office and the square footage of the rest of your home. Take the square footage of your home office and divide it by the total square footage of your home. You will get a percentage. You can then apply that percentage to your tax deductible expenses. Tax deductible expenses include mortgage interest, real estate tax, utilities, etc. Please note: This can be a Red Flag for the IRS and could make you more susceptible to be audited. And any amount so claimed of your home as a business expense is no longer applicable for the very beneficial exemptions on gain when you sell the property, and any other deduction for the home.
Revenues from credit sales may be earned before they are collected in cash do you agree?
Yes, if the product or service is rendered to the customer and said customer has not paid the amount, the revenue has been earned, not collected, to record this transaction you would Debit Accounts Receivable (to show that the service or product has been rendered) and Credit Revenue (income). Once payment is received, then to show money has been collected, you Debit Cash and Credit Accounts Receivable (you no longer have to touch your sales/revenue account as the amount is already listed as being earned).
What is the weather forecast for your area tomorrow?
How much longer is it going to snow in Cornish ME
How Much Amount Should I Capitalize My Company With At The Start?
As much as you reasonably afford, as well as in a sum to a minimum of carry you for 6-9 months without any earnings. What you will find is it always goes longer to get revenues, which you'll experience more expenses than you expected.
How Much Must I Capitalize My Company With At The Start?
As much as you can reasonably afford, as well as in a sum to a minimum of carry you for six-9 several weeks without any earnings. What you should find is it always goes longer to obtain revenues, which you'll experience more expenses than you anticipated.
How Much Should I Capitalize My Company With At The Start?
As much as you are able to reasonably afford, as well as in a sum to a minimum of carry you for six-9 several weeks without any earnings. What you should find is it always goes longer to obtain revenues, which you'll experience more expenses than you anticipated.
What does the weather channel forecast for march and april 2013?
It will be cooler in March but warmer in April through part of the summer or longer.
How do lead times and forecast errors affect supply chain performance?
The longer the lead time the longer the supply chain and can lead to delays in delivery which will result in customer dissatisfaction. Forecast errors may either result in shortages of materials if underforcasted the demand. this may in turn result to shortages in meeting the customer demand
Why would the process of capitalizing costs match expenses and revenues more closely yet make it harder to find cash available in a company?
Because the balance sheet / income statement don't tell you much about the company's cash flows any longer (-> cash goes out, yet it's no expense (capitalised costs)) -> you require a CF statement to see where your cash comes from and where it goes.
Emancipation from your parents taxes if your not a minor?
At 18 you are an adult and if you no longer live with them or have them pay for your expenses they shouldn't claim you on the taxes.
Can a small inground 14x28 steel wall pool with liner be made longer?
Yes, but it would be very expenses..
What were the first day's revenues for this McDonald's what is this restaurant now?
Ray Kroc opened the Des Plaines restaurant in 1955. First day's revenues-$366.12! No longer a functioning restaurant, the Des Plaines building is now a museum containing McDonald's memorabilia and artifacts, including the Multimixer!
Is it parent's responsibility to pay son's funeral expenses even if he was married?
It is the son's responsibility to prepare for his funeral expenses, once he is no longer a child and dependent on his parents, married or not. That is an adult's responsibility. If he died unprepared, he is simply leaving a burden for others.
Should students have their independence?
How old are these students? What do they want independence from? Independence means not depending on other persons, such as parents or guardians. They probably look forward to no longer having to pay the student's expenses. You can only have true independence when you can pay for all of you personal and educational expenses yourself. If you can't pay these expenses, you can't have independence. Life's like that.
