Financial Accounting
Costa Company
Income Statement
Revenue
COGS
Gross Profit
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Depreciation Expense
Insurance
Marketing
Misc Exp
Property Taxes
Rent
Salaries
Utilities
Operating Expenses
Net Income
Balance Sheet
Assets
Cash
Accounts Receivable
Inventory
Equipment
Total Assets
Liabilities
Accounts Payable
Long-Term Debt
Total Liabilities
Shareholders' Equity
Common Stock
Paid-In Capital
Retained Earnings
Total Equity
Total L&SE
With these two statements, there are two adjustments that have been requested. The $12,000 check cannot be processed yet. The sale needs to be recorded. The problem is that the sale will include inventories that moved, but without knowing what inventories were moved and what the markup would be, this cannot be done. If we assume $12,000 in inventory (though this is unlikely), we can process this. Very little changes -- not the size of the firm nor the profits, until we can determine how much inventory we have.
Again, with the physical inventory count, this needs to be reconciled. If...
Financial Statement Review Costa Company Balance Sheet Assets Cash Accounts Receivable Equipment (net of depreciation) Inventory Total Assets Liabilities Accounts Payable Long-term Debt Total Liabilities Stockholder's Equity Common Stock Paid in Capital Retained Earnings Total Stockholder's Equity Total Liabilities and Stockholder Equity Costa Company Income Statement Revenue Cost of Goods Sold Gross Profit Expenses Depreciation Expense Insurance Marketing Misc Expense Property Taxes Salaries Utilities Rent Total Expenses Net Income Balance Sheet errors effect the presentation of assets, liabilities, and equity where the Income Statement errors effect the classification of revenues and expenses (Kieso, Weygandt, & Warfield 2008, p 1174). The physical count of inventory shows the
Financial Ratios From Income Statements: Accounting in hospitality management is carried out to identify and document financial issues and produce information regarding an organization's assets, liabilities, and investments. Through this process, the management of a hospitality establishment understands and interprets financial ratios, which are crucial for basic control of operations in the establishments. Some of the most important financial ratios in hospitality accounting include average daily rate, occupancy percentage, room sales
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Antigua Guatemala Coffee Antigua Guatemala International (AGI) will be a manufacturer and exporter of Guatemalan coffee to Japan and the global. AGI will use a new system in the food and beverage industry to offer Antigua Guatemala coffee in a time-efficient and convenient way. AGI will provide vendors, retailers, and cafes with the ability to buy freshly brewed Antigua Guatemala coffee. It will be a high quality option to the institutional
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