TSM Company's multiple-step income statement for the year ended December 2014 shows:
Net sales were calculated by starting with gross sales and subtracting sales returns, allowances, and discounts. Cost of goods sold was calculated by adding opening inventory, purchases, and freight in and subtracting returns, allowances, discounts, and closing inventory. Gross profit was calculated by subtracting cost of goods sold from net sales. Total operating expenses including selling, store salaries, advertising, depreciation, freight out, rent, utilities, and insurance expenses were subtracted from gross profit to get income from operations. Other revenues from interest and gains were added to income from operations and other expenses such as interest and casualty losses were subtracted to
presentation slides on international funds flow prepared by the group members in a new way thanks guys for providing such a beneficial, knowledgeable slides.
Learning Objectives
To understand the special concerns that must be considered by the international manager dealing with emerging market economies.
To survey the vast opportunities for trade offered by emerging market economies.
To understand why economic change is difficult and requires much adjustment.
To become aware that privatization offers new opportunities for international trade and investment.
presentation slides on international funds flow prepared by the group members in a new way thanks guys for providing such a beneficial, knowledgeable slides.
Learning Objectives
To understand the special concerns that must be considered by the international manager dealing with emerging market economies.
To survey the vast opportunities for trade offered by emerging market economies.
To understand why economic change is difficult and requires much adjustment.
To become aware that privatization offers new opportunities for international trade and investment.
Group 7
AGUILA, Don George Kinsee M.
DIMACULANGAN, Shella H.
DINGLASAN, Rydg Chrejt V.
MANTUANO, Dannah Francesca B.
OLAN, Elona Mathel B.
PAALA, Kaycee Ericka B.
PROMENTILA, Julie Anne E.
A2D - Macecon
Key Takeaways:
- Background and Overview of Legal Provision
- Facts of the Case
- Contentions of the Assessee and Revenue
- Supreme Court’s Verdict
- Key Learnings and Way Forward
Introduction to IMF, The Bretton Woods Agreement, Objectives of IMF, Functions of IMF, Members of IMF, Governance and Organizational Structure of IMF, Resources of Funds, Application of Funds by IMF, Advantages to India from IMF.
- The worldwide movement toward economic, financial, trade, and communications integration.
Globalization implies the opening of local and nationalistic perspectives to a broader outlook of an interconnected and interdependent world with free transfer of capital, goods, and services across national frontiers. However, it does not include unhindered movement of labor and, as suggested by some economists, may hurt smaller or fragile economies if applied indiscriminately
STATEMENT OF COMPREHENSIVE INCOME-WEEK 2.pptxLourdes Eyo
Comprehensive Income or Statement of Comprehensive Income is a financial performance statement that listed down all profit and loss and other comprehensive income of entity for the period of time.
Group 7
AGUILA, Don George Kinsee M.
DIMACULANGAN, Shella H.
DINGLASAN, Rydg Chrejt V.
MANTUANO, Dannah Francesca B.
OLAN, Elona Mathel B.
PAALA, Kaycee Ericka B.
PROMENTILA, Julie Anne E.
A2D - Macecon
Key Takeaways:
- Background and Overview of Legal Provision
- Facts of the Case
- Contentions of the Assessee and Revenue
- Supreme Court’s Verdict
- Key Learnings and Way Forward
Introduction to IMF, The Bretton Woods Agreement, Objectives of IMF, Functions of IMF, Members of IMF, Governance and Organizational Structure of IMF, Resources of Funds, Application of Funds by IMF, Advantages to India from IMF.
- The worldwide movement toward economic, financial, trade, and communications integration.
Globalization implies the opening of local and nationalistic perspectives to a broader outlook of an interconnected and interdependent world with free transfer of capital, goods, and services across national frontiers. However, it does not include unhindered movement of labor and, as suggested by some economists, may hurt smaller or fragile economies if applied indiscriminately
STATEMENT OF COMPREHENSIVE INCOME-WEEK 2.pptxLourdes Eyo
Comprehensive Income or Statement of Comprehensive Income is a financial performance statement that listed down all profit and loss and other comprehensive income of entity for the period of time.
After the preparation of Trial Balance, in the final stage of summarizing, Final accounts of the business are prepared which includes Trading, Profit & Loss A/c & Balance Sheet. Preparation of these statements & the various adjustments therein have been discussed here.
Treatment of a Transaction depends on the duration of its effect, i.e Long term or short term. The long term effect transaction i.e Capital Transactions & the short term
PART IIncome StatementFor the year ended December 31, 2009Part.pdfanandshingavi23
PART I
Income Statement
For the year ended December 31, 2009
Particulars
Amount $
Sales Revenue
54000
Less: Purchases of merchandise
(27000)
Add: Opening Stock
15000
Less: Closing Stock
(10250)
Gross Profit
31750
Less:Operating Expenses
(Other Indirect cost, Expenses and losses)
Rent for shop
4000
Sales Commission
2300
Utilities for shop
2450
Net Profit
23000
Part 2
For the year ended December 31, 2010
Particulars
Amount
Amount
Opening Stock of Raw Material
Add: Purchase of Raw materials
Add: Purchase Expenses
Less: Closing stock of Raw Materials
Raw Materials Consumed
Direct Wages (Labour)
Direct Charges
13500
31000
0
9275
35,225
18300
0
Prime cost (1)
53,525
Add :- Factory Over Heads:
Rent on Manufacturing Plant
Plant Janitorial Service
Utilities of plant
9000
1250
4600
Works cost Incurred
14850
Add: Opening Stock of WIP
Less: Closing Stock of WIP
0
720
Works cost (2)
67655
Add:- Administration Over Heads:-
0
Cost of Production (3)
67655
Add: Opening stock of Finished Goods
Less: Closing stock of Finished Goods
0
5700
Cost of Goods Sold
61955
PART 2 (b) Income Statement
For the year ended December 31, 2010
Particulars
Amount
Amount
105000
Less: Cost of Goods Sold As per Above
(61955)
Gross profit
43045
Less : Selling and Distribution OH
Customer service hotline Exp
1000
Delivery Exp
1500
Sales Salaries
5000
7500
Net Profit
35545
PART 2 (c)
The Major differencein income statement of Best friends Manufacturing and hannah\'s pets is in
Calculation of cost of goods sold
Cost of goods sold of Best friends Manufacturing includes
(i) Manufacturing cost
(ii) administration expenses and
(iii) Opening and Closing Stock of Raw material,WIP and FG
BUT
Cost of goods sold of hannah\'s pets includes only administration expenses and Finished goods
Stock
The method for reporting earnings is the same for merchandisers and manufacturers. Each type
of company has sales and the total of these sales is the earnings figure. This figure does not
reflect cost-of-goods expenses.
Cost of Goods for Merchandisers
Merchandisers buy goods and resell them. The cost of those goods must be subtracted from the
earnings figure. The method for calculating this figure is to add inventory on hand at the
beginning of the accounting period to inventory purchased during the accounting period.
Subtract the inventory on hand at the end of the period, and subtract any freight charges. This is
the cost-of-goods figure for a merchandiser. The merchandiser\'s income statement will show
gross revenues minus this cost-of-goods number.
Cost of Goods for Manufacturers
Manufacturers break the cost of goods into categories. Raw materials expenses make up the first
category of manufacturing expenses. This cost covers any components, parts or materials
required to make the company’s product. The manufacturer must also inventory goods-in-
progress. These are partially manufactured products that could not be finished before the end of
the accounting period. In addition, manufacturers must count fi.
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The Roman Empire A Historical Colossus.pdfkaushalkr1407
The Roman Empire, a vast and enduring power, stands as one of history's most remarkable civilizations, leaving an indelible imprint on the world. It emerged from the Roman Republic, transitioning into an imperial powerhouse under the leadership of Augustus Caesar in 27 BCE. This transformation marked the beginning of an era defined by unprecedented territorial expansion, architectural marvels, and profound cultural influence.
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How to Make a Field invisible in Odoo 17Celine George
It is possible to hide or invisible some fields in odoo. Commonly using “invisible” attribute in the field definition to invisible the fields. This slide will show how to make a field invisible in odoo 17.
Instructions for Submissions thorugh G- Classroom.pptxJheel Barad
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Basic phrases for greeting and assisting costumers
Multiple step income statement
1. “TSM” Company
Multiple-Step Income statement
Year ended December 2014
Sales revenues:
Sales
Less: sales return and allowance
Sales discount
Net sales
Less: Cost of goods sold:
Inventory (opening)
Purchases ****
Less: purchase return and allowance ****
Purchase discount **** (****)
Net purchase ****
Add: freight in ****
Cost of goods purchased
Cost of goods available for sale
Less: Inventory (closing)
Cost of goods sold
Gross profit
Less: Operating expense
Selling expense ****
Store salaries expense ****
Advertising expense ****
Depreciation expense ****
Freight out ****
Total selling expense
Less: Administrative expense:
Rent expense ****
Utilities expense ****
Insurance expense ****
Total administrative expense
Total operating expense
Income from operations
Add: Other revenues and gains:
Interest revenue ****
****
****
****
****
(****)
****
****
****
****
(****)
****
****
2. Gain on sale of equipment
Less : Other expense and losses:
****
Interest expense ****
****Causality loss from vandalism ****
Net income ****
Prepared by
Md Parvez Khan
Jagannath University
Accounting And Information Systems
Cell: 01757424040 // 01670837247
Email: mdparvezkhan.jnu@gmail.com
