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Z Company reports the following balance sheet information for 2008:
1 Jan 08 – 31 dicember 08
Assets 60,000 – 70,000
Liabilities 12,000 – 14,000
Assuming the capital contribution made by the owners during 2008 was $3000 and withdrawals were $12 000, net profit for 2008 must have been:
What happens to the balance in the Profit and Loss a/c?
The “Profit & Loss a/c” is opened anew every accounting period. The “P & L a/c” relating to a particular accounting period is independent of the “Profit and Loss a/c” of any other accounting period.
I’m thinking of studying non-profit accounting in college, but I’ve got a few questions.
I’m a high school senior, and I’ve exhausted the 2 accounting courses at my high school (including a college-level class).
Anyway, I’m wondering what the difference is between regular accounting and non-profit. Obviously, non-profit is not for profit, so you won’t have any net income/loss. But other than that, what else is different about it? Do you issue bonds and notes, or is it much simpler than that?
The business has taken a £2,000 loan, should I put that in with the income/sales revenue and if not where does it go in the profit and loss account. So far I’ve got the cost of sales and the expenses sections but can’t work out where it should go. Thanks for your help in advance
How much does each additional sales dollar contribute toward profit for a firm with $5 million break-even level of revenues and $1.5 million in fixed costs including depreciation?
How does the liability of a limited company differ from the liability of a real person, in respect of amounts owed to others?
What are some other things I can do to cut back on costs.
Stationary orders, carrier bags etc.
for my financial reporting studying thanks!
Convert a gross profit % of 50% based on cost of sales to one based on sales?