Business, 24.12.2019 00:31, 25linm

Phil o'keefe is opening a small sports store in his town. at the advice of a friend who is a bookkeeper, he keeps the receipts of everything he purchases for the business in the bottom drawer of his desk, along with all other business expenses, such as his retail license, his rent expense, and insurance expense. you suggest that
a. phil continues with this procedure, but only until the store opens, at which time he will need an additional drawer for his sales transactions.
b. phil invests some time in exploring an accounting system that will make it easier to classify and summarize accounting information.
c. phil continues with this procedure because there is very little difference between one expense and another.
d. phil stops wasting valuable time saving the receipts because accountants only record sales transactions

Answers: 1

Show answers

Other questions on the subject: Business

Business, 21.06.2019 23:30, nicollexo21

San ruiz interiors provides design services to residential and commercial clients. the residential services produce a contribution margin of $450,000 and have traceable fixed operating costs of $480,000. management is studying whether to drop the residential operation. if closed, the fixed operating costs will fall by $370,000 and san ruiz’ income will

Answers: 3

continue

Business, 22.06.2019 11:30, pettygirl13

Florence invested in a factory requiring. federally-mandated reductions in carbon emissions. how will this impact florence as the factory's owner? a. her factory will be worth less once the upgrades are complete. b. her factory will likely be bought by the epa. c. florence will have to invest a large amount of capital to update the factory for little financial gain. d. florence will have to invest a large amount of capital to update the factory for a large financial gain.

Answers: 1

continue

Business, 22.06.2019 20:10, hsbhxsb

Your sister is thinking about starting a new business. the company would require $375,000 of assets, and it would be financed entirely with common stock. she will go forward only if she thinks the firm can provide a 13.5% return on the invested capital, which means that the firm must have an roe of 13.5%. how much net income must be expected to warrant starting the business? a. $41,234b. $43,405c. $45,689d. $48,094e. $50,625

Answers: 3

continue

Business, 22.06.2019 20:40, homework1911

Cherokee inc. is a merchandiser that provided the following information: amount number of units sold 20,000 selling price per unit $ 30 variable selling expense per unit $ 4 variable administrative expense per unit $ 2 total fixed selling expense $ 40,000 total fixed administrative expense $ 30,000 beginning merchandise inventory $ 24,000 ending merchandise inventory $ 44,000 merchandise purchases $ 180,000 required: 1. prepare a traditional income statement. 2. prepare a contribution format income statement.

Answers: 2

continue

Do you know the correct answer?

Phil o'keefe is opening a small sports store in his town. at the advice of a friend who is a bookkee...