To preparethe gross margin, include operating expenses, calculate your income, include income taxes, calculate net income and lastly finalizewe need to generate a trial balance report, calculate your revenue, determine the cost of goods sold, calculateyour income statement with business details and the reporting period.A) Balance SheetB) Cash Flow StatementIncome StatementD Break-even analysis

There are many activities and tasks that are being done in an organization. The policies and…

Answered: we need to generate a trial balance…

Foundations of Business (MindTap Course List)

6th Edition

ISBN:9781337386920

Author:William M. Pride, Robert J. Hughes, Jack R. Kapoor

Publisher:William M. Pride, Robert J. Hughes, Jack R. Kapoor

Chapter15: Using Management And Accounting Information

Section15.8B: Financial Ratios

Problem 1CC

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CVP Analysis; Commissions; Ethics Lionel Corporation manufactures pharmaceutical products sold through a network of sales agents in the United States and Canada. The agents are currently paid an 18% commission on sales; that percentage was used when Lionel prepared the following budgeted income statement for the fiscal year ending June 30, 2019: Lionel Corporation Budgeted Income Statement For the Year Ending June 30, 2019 ($000 omitted) Sales $28,500 Cost of goods sold Variable $12,825 Fixed 3,500 16,325 Gross profit $12,175 Selling and administrative costs Commissions $ 5,130 Fixed advertising cost 800 Fixed administrative cost 2,150 8,080 Operating income $ 4,095 Fixed interest cost 705 Income before income taxes $ 3,390 Income taxes (30%) 1,017 Net income $ 2,373 Since the completion of the income statement, Lionel has learned that its sales agents are requiring a 5% increase in their commission rate (to 23%) for the upcoming year. As a result, Lionel’s president has…
Give the meaning and purpose of each of the following: a. income statement b. cash flow statement c. balance sheet
Cash flow statements examine the net changes in assets, liabilities, and equities of a firm and are a good indicator of …. Question 1 options: A) industry performance B) management performance C) how funds are being used D) what revenue streams are coming into the firm E) B, C, and D are correct
When reviewing a Profit and Loss report in QuickBooks Online, which report option will quickly show a client income and expenses incurred over the past two years? A. Collapse / expand B. Compare another period > Year-to-date (YTD) C. Compare another period > Previous year (PY) D. Group by E. Sort
Please assist with question a), Thank you. a) The business needs to have a sense of its future cashflows and therefore requires the preparation of the following: A schedule of budgeted cash collections for the trade receivables (sales on account) for each of the months October to December. A schdule of expected cash disbursements for accounts payable (purchases on account) for each of the months October to December. A cash budget, with a total column, for the quarter ending December 31, 2021, showing the expected cash receipts and payments for each month and the ending cash balance for each of the three months, given that no financing activities took place.
{Auditing} 6. Internal control goes beyond accounting function and incorporates both accounting and administrative control. From the following alternatives, identify which one is not a part of accounting control? a. Standard Costing b. Internal check c. Bank Reconciliation d. Performance appraisal
The section of the annual report titled "Management Discussion and Analysis" is: Multiple Choice Required by the Securities and Exchange Commission (SEC). Not required, but it may be included by management. Required by generally accepted accounting principles (GAAP). Reported to the Securities and Exchange Commission (SEC), but it is not included in the annual report.
The statement that shows the sources and uses of funds is: a. Fund Flow Statement b. Cash Flow Statement c. Income Statement d. Cost Sheet
A schedule of budgeted cash collections for trade receivables (sales on account) for each ofthe months October to December.
28 Identify an analytical tool which is/are used in management accounting. a. Budgetary control b. Ratio analysis c. Standard costing d. All of these
What can accurately be said about projecting operating expenses (OPEX)? Select an answer: there are fewer surprises in OPEX than in other P&L elements you have less control over OPEX than other P&L elements OPEX are more difficult to project than gross margin projections OPEX are more difficult to project than revenue expenses
1. Descriptive analysis: What are the profitability benefits for Apple to engage in the following Short Term Business Decisions: a. Make or Buy b. Keep or Replace c. Accept or Reject Special Sales order

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