When a company has net income, what happens to its assets and/or to its liabilities?

Profit Margin

Calculate profit margin for 20×7 using the following data: A company has net income of $7,000 and net sales of $82,000 in 20×7.

Develop a brief answer to each of the following questions.

1. When a company has net income, what happens to its assets and/or to its liabilities?

2. Why must a company that gives a guaranty or warranty with its product or service show an expense in the year of sale rather than in a later year when a repair or replacement is made?

3. Is accrual accounting more closely related to a company’s goal of profitability or liquidity?

4. Will the carrying value of a long-term asset normally equal its market value?

find the cost of your paper

Write a program that reads the name of an element from the user and uses a recursive function to find the longest sequence of elements that begins with that value

Some people like to play a game that constructs a sequence of chemical elements where each element in the sequence begins with the last letter of its predecessor. For example,….

What is the correct charge to the income statement for bad debts and bad debt provisions for the years to 31 December 20X1?

Trade receivables as at 31 December 20X1 were $25,000. The bad debt provision as at 1 January 20X1 was $812. During the year to 31 December 20X1 bad debts of….

Which of the following is an adjusting event?

IAS 10 – Events after the balance sheet date, distinguishes between adjusting and non-adjusting events. Which of the following is an adjusting event? (A) One month after the year end,….