Financial Statements

Direct Expenses are:

The direct expenses means those cost incurred directly to the production which are:

1. Workers wages

2. Material Cost

3. Manufacturing Cost

4. Transport

5. Factory Rent

6. Electricity Power

7. Fuel and etc

When the asset is disposed of the Accumulated Depreciation is subtracted from the cost of the asset.

Journal Entries:

If Sold at a Profit:

Dr Accumulated Depreciation (All Depreciation)

Dr Bank/ Recievable (Amount received for Asset)

Cr Asset (Carrying Value on Balance Sheet)

Cr Profit on Asset Disposal (Balancing Figure)

If Sold at a Loss:

Dr Accumulated Depreciation (All Depreciation)

Dr Bank/ Recievable (Amount received for Asset)

Dr Loss on Asset Disposal (Balancing Figure)

Cr Asset (Carrying Value on Balance Sheet)

Please note there may also be current year depreciation

journal entry to write off a loan

As of their most recent annual report (2011), the financial statements of Barnes & Noble, Inc. were audited by the accounting firm BDO USA, LLP

Operating expense is the cost of running your day-to-day business. Operating expenses include rent, utilities, supplies, and insurance. Direct expense is an expense that varies with changes in the cost object. Direct expenses include materials needed to manufacture a product, freight charges to transport product, and taxes related to the sale of goods.

It would be shown as Debit Balance of Profit & Loss Account on Asset side

If it is a publicly held entity they should post the financial statements on their website or provide a copy if you request one. (They are required to provide them.) If it is a privately held entity then you have to ask very politely and have a valid reason as to why you would need them. (They are NOT required to provide them.)

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The outstanding liabilities are which are not paid yet. These outstanding liabilities are due on company's balance sheet and we have to pay them.

Muhammad Asif

MBA (Finance)

Debit Bank account

Credit Cash account

[Debit] Petty Cash account

[Credit] Cash account

a.b,c formed a partnership w/ the following information:

A, a capitalist partner, is to contribute 600,000

B, a capitalist and industrial partner, is to contribute 200,000

C, an industrial, is to contribute his skill.

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budget is how much money you are willing to spend and finanicial planm is how much you may be being lended by a bank.

for thus reasons we are in a resession

Prepaid rent is the asset of compan as it is paid already but not due yet so it is current asset and shown in current assets under balance sheet.

To calculate percentage growth do the following three-step calculation.

Let's say your sales this year were $1 million. Last year, your sales were $750,000.

First, subtract last year's sales from this year's sales.

So, $1 million - 750,000 = 250,000

Then, divide the answer by last year's sales.

So 250,000/750,000 = .33

To express this as a percentage, multiply the decimal by 100

So .33 x 100 = 33

Your year-to-year percentage annual growth is 33%.

Let's recap:

(Current Sales - Previous Sales) / Previous Sales x 100 = Percentage Growth

If total assets increased 150000 during the year and total liabilities decreased 80000 what is the amount of stockholders' equity at the end of the year?

Expenditure for which benefit is expected to be taken in one fiscal year from occurance of expenditure is called 'Revenue Expenditure"

Expenditure for which benefit is expected to be taken for morethan once year is called 'Capital Expenditure'

show profitd

Income Statement shows the net profit of one fiscal year

Balance sheet shows the overall position of company from start of the business to any point of time.

A drawing account and the only one I know of is usually listed as a Withdrawal account, which is an account used to record money an owner withdraws for personal (private) use.

A withdrawal account will affect the financial statement by decreasing assets and owners equity.

Net profit refers to the book profits made by an enterprise after accounting all incomes & expenses. This includes both cash & non - cash items like depreciation which does not involve any cash outflow.

Net cash inflow refers to the actual cash received by the enterprise during the year.

The only cause that net profit will equal the net cash inflow is if the Profit & loss account records only the receipts during the year & excludes all expenses both cash & non-cash.

If it's a small one used for things like laptops then it would just classified as office expenditure and not a fixed asset. If however it is a large transformer with high value then it may well be.

Tax is the first priority of payment that's why dividend is paid on income after tax basis which is dividable to shareholders.

Net income = total assets * return on total assets.

net income = 1275 * 0.12 = 153