...MEMORANDUM TO: Professor John Eckroth DATE: 12/03/2013 SUBJECT: Project #2 – PPP Fashions, Inc. The purpose of this memo is to address the accounting issues related to how PPP Fashions should record the $25 Referral Credit on the books. The Financial Accounting Standards Board’s Accounting Standards Codification (ASC) Topic No. 605-50 (Revenue Recognition/Customer Payments and Incentives) provides guidance pertaining to sales incentives including discounts on future purchases. The general rule of accounting for coupons and discounts indicates sales incentives that are offered voluntarily, without charge by a company, may be used by a customer as a result of a single transaction, and will not result in loss on the sale are recognized at the later of: a) The date at which the related revenue is recorded by the vendor, or b) The date at which the sales incentive is offered. The Referral Credit, once redeemed by the Existing Customer, has an impact on the future sales transaction; therefore, the company should record it as a reduction of revenue when the related revenue is recognized. The Referral Credit is recorded at the time earned when the New Customer makes a purchase. The company would recognize the expense as a debit to the Referral Credit expense account and credit the contra revenue account, Referral Credit Allowance. At the time the Existing Customer makes the purchase, the company will recognize the Referral Credit by debiting the Referral Credit...
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...Practice Work: 1. Adjusting and closing entries. The following trial balance was taken from the books of Caslup Corporation on December 31, 2010. Account Debit Credit Cash $ 40,000 Accounts Receivable 108,000 Note Receivable 8,000 Allowance for Doubtful Accounts $ 1,800 Merchandise Inventory 54,000 Unexpired Insurance 4,800 Furniture and Equipment 138,000 Accumulated Depreciation of F. & E. 15,000 Accounts Payable 10,800 Common Stock 44,000 Retained Earnings 65,000 Sales 410,000 Cost of Goods Sold 128,000 Salaries Expense 53,000 Rent Expense 12,800 Totals $546,600 $546,600 At year end, the following items have not yet been recorded. a. Insurance expired during the year, $3,000. b. Estimated bad debts, 1 percent of gross sales. c. Depreciation on furniture and equipment, 10% per year. d. Interest at 9 percent is receivable on the note for one full year. e. Rent paid in advance at December 31, $6,800 (originally charged to expense). f. Accrued salaries at December 31, $6,200. Instructions (a) Prepare the necessary adjusting entries. (b) Prepare the necessary closing entries. Solution 1 (a) Adjusting Entries a. Insurance Expense 3,000 Unexpired Insurance 3,000 b. Bad Debt Expense 4,100 Allowance for Doubtful Accounts 4,100 c. Depreciation Expense 13,800 Accumulated Depreciation of F. & E. 13,800 d. Interest Receivable 720 Interest Revenue 720 e. Prepaid Rent 6,800 ...
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...Possible interpretation: woman tells man, you can keep me at home, if you buy me stuff. The beard is a reminder for man. She enlarged the audience by increasing the sales of vogue (121,226 in 2005 and now around 151,346 magazines sold) She makes the difference She takes risks--she allowed them to be more bold and free in their communication (she is willing to do the dirty work) She is inspirational She is creative She is influential She is visionary She is pioneering She enlarged the visibility of luxury fashion houses troughout scandals, buzz, word of mouth.. 1. She brought fresh air into dull fashion press -- Fashion magazine was no longer a catalog. She knows that we need three things from a French editor of a French magazine: the shock of the new (i find the 3 things from the article is a bit not clear, in my words i would say she brings the new approach of presenting a photograph, the new position on limitation and the new attitude to see luxury fashion. I can think of these 3 points, the more the better!) ; the articulation of the previously unsayable ; and a high degree of transgression...
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...https://inc42.com/resources/top-47-active-venture-capital-firms-india-startups/ Top of Form Bottom of Form * Buzz * Entrepreneurship * Startups * Resources * In Focus * In Focus: 2015 In Review * In Focus: Indian Startup Hubs * In Focus: 2014 In Review * In Focus: Starting Up In India * In Focus: The Hyderabad Startup Ecosystem * About Us * Contact Us * We Are Hiring! * Submit Your Startup * Subscribe To Our Newsletter Submit Your Startup | Careers | Contact Us | Privacy Policy | Disclaimer Top 47 Most Active Venture Capital Firms In India For Startups Team Inc42December 22, 2014 22 min read INC42 STAFF Advertisement 873 SHARES FacebookTwitterLinkedin This article is part of our series on the essentials of starting up in India in which we had earlier compiled the Top 15 Accelerators, Top 20 Incubators andCoWorking spaces in India. Once a startup has reached it’s growth stage, it’s most important requirement is undoubtedly the backing by reliable investors and an ample amount of funding to scale up. Though the concept of starting up has gained momentum recently, but the small number of investors willing to show their trust and invest in new ventures has been a problem for startups. Many startups find it difficult to approach venture capitalists and quite a few times the investment structure of the investor is inadequate for the startup. See Also: The Top 37 Most Active Angel Investors...
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...Issue of Shares MODULE - 5 Accounting for Shares and Debentures 23 ISSUE OF SHARES Notes In the preceding lesson you have studied about the company, its meaning, characteristics and its various types. You are also familiar with share capital, and its various kinds. Share capital is one of the main sources of finance for a company. In this lesson we shall study the procedure of issuing shares for raising capital and its accounting treatment in the books of the company. OBJECTIVES After going through this lesson you will be able to explain the procedure of isssuing shares; explain that the share money may be called in lump sum or in two or more instalments; state that shares may be issued at par, at premium, and at discount; make journal entries to record the isssue of shares; explain the terms calls in arrears and calls in advance. 23.1 PROCEDURE OF ISSUE OF SHARES Face value of a share is the par value of the share. It is also known as the Nominal value or denomination of a share. To issue shares a company follows a definite procedure which is controlled and regulated by the Companies Act and Securities Exchange Board of India (SEBI). There are different ways of issue of shares which may be: (A) For consideration other than cash (B) For cash (A) Issue of shares for consideration other than cash Sometimes shares are issued to the promotors of the company in lieu of the services provided by them during the incorporation of the 255 ACCOUNTANCY MODULE - 5 ...
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...CONTENT 1. Introduction 2. Need of the study 3. Objectives of study 4. Scope of the study 5. Review of Literature 6. Research Methodology 7. Data Analysis and Interpretation 8. Conclusion and Suggestions 9. Reference & Bibliography Annexure-Questionnaire DECLARATION I, KARAN VERMA student of B.COM (HON.)(2010-2013) batch studying at DAYALBAGH EDUCATIONAL INSTITUTE AGRA ,declare that the project work entitled on “CUSTOMER SATISFACTION WITH REFERENCE TO BIG BAZZAR & EASYDAY IN AGRA” was carried by me in the partial fulfillment of B.COM (HON) Programme. It is not been copied from anywhere else. KARAN VERMA B.COM – VI SEM. DEI, AGRA ACKNOWLEDGEMENT “NO MAN IS COMPLETE IN KNOWLEDGE BUT SINGLE RAY OF KNOWLEDGE CAN BE HELPFUL TO MAN”. The research on “CUSTOMERS SATISFACTION WITH REFERENCE YO BIG BAZAAR &EASYDAY IN AGRA” has been given to me as part of the curriculum in Three-Year Bachelors Degree in Commerce. I extend my sincere gratitude to my project guide Mr.Tej Singh, Reader for the guidance given to me during the course of this dissertation. I express my sincere thanks to all the staff of Big Bazaar and all those who have directly or indirectly helped me during I begin my acknowledgement by thanking almighty who was with me all through the way. THE INDIAN RETAIL SCENE India is the country having the most unorganized retail market. Traditionally it is a family’s livelihood, with...
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...Determining current taxes payable (AICPA adapted) The amount of current income tax liability that would be reported on Ross Co.’s December 31, 1998, balance sheet is determined as follows: Net income before depreciation expense and income taxes $100,000 Depreciation expense (for tax purposes) (20,000) Taxable income 80,000 Tax rate 30% Current income tax liability $24,000 2. Determining deferred tax liability (AICPA adapted) To determine the deferred income tax liability reported on the December 31, 1999, balance sheet requires a calculation of the cumulative temporary (timing) differences that give rise to future taxable amounts as of that date. Gross margin temporary differences are as follows: (Book purposes) (Tax purposes) Temporary Differences Year Accrual Method Installment Method (Future Taxable Amount) 1998 $800,000 $300,000 $500,000 1999 1,300,000 700,000 600,000 Total temporary differences as of 12/31/99 $1,100,000 Tax rate in effect when differences will reverse 25% Deferred tax liability on 12/31/99 $275,000 3. Determining deferred tax liability (AICPA adapted) Tow’s deferred tax liability for December 31, 1998, is computed as follows: | |Reversal of | | | | |Excess Tax Deduction...
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...Description of Business Entity Blanna’s Fashion Boutique is a partnership. This business is owned and operated by Anna Kay Blake, Shadae Russell and Ovasha Bartley a Group of ambitious young ladies. Our main aim is to make a profit while catering for the needs of the community which it is situated in. Blanna’s Fashion Boutique is situated in Montego Bay at the Blue diamond plaza 10 Pearl Street. This business has been in existence since June 20, 2008. We employ approximately fifteen (15) workers. We cater for the petite to the full figured women. We produce a wide variety of slippers, pants, skirts, handbags and accessories. Prices are always lower than that of our competitors. In cases of fashion emergencies you can call us at (1876) 3553980/4275646 or email us at Blanna’s_EmergencyStop5@yahoo.com. Blanna’s Fashion Boutique Mission Statement The mission of Blanna’s Fashion Boutique is to: * Provide the latest fashion for all females * Provide goods and services at a reasonable cost * Ensure that the quality of our goods meets the standards of our business. * Ensure that whatever the business do doesn’t affect the environment negatively. * Provide employment for members of the community * Provide sponsors to underprivileged children Logo and Slogan Logo Slogan With passion we send out the latest fashion Accounting Cycle ...
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...Fax : 079 - 2657 99 96 E-mail : info@smartinvestment.in smartinvest25@yahoo.in web : www.smartinvestment.in Price VOL : 3 Issue No: 32 RNI No : GUJENG / 2008 / 24320 8 4th Oct. to 10th Oct. 2010 Rs. 12/- CEBBECO, Oberoi Realty and B.S. Trans enters the market this week The listing of Carrer, EROS and Microtech may be most sensational How much the IPOs would be oversubscribed? What about refund? What is the possibility of allotment and listing price? Samtex Fashions Ltd. (BSE Code : 531206) (Rs. 33) In view of recent floods in Pakistan, rice crop there is likely to suffer and since Pakistan is one of the biggest exporters of rice, Indian rice exporters should gain due to likely fall in Pakistan's rice exports. Moroever, there is growing fancy agri-based companies. Hence, the recommendation to buy Samtex Fashions (name appears a misnomer as presently, garment business constitutes only tiny %age of its total business) as scrip is available at extremely low PE Ratio and has high book value. his Delhi based company was originally incorporated for garment business. However, now garment business accounts for hardly 10% of total turnover. Company has set up 3 rice mills For More details refer PrimaryMarket (Center Page) Jay Bharat Maruti (BSE Code : 520066) (Rs. 73) Belonging to Arya group, Jay Bharat Maruti is one of the oldest Autoancillaries of Maruti Udyog and has emerged as a constantly growing autoancillary. Set up in 1987, Jay Bharat Maruti has 2 factories...
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...Prompt As you begin this essay writing process, reflect on your experiences and attitudes about reading and writing. Regardless of our backgrounds, our ideas of literacy often become deeply engrained as good or bad without much thought about to how these views have come to be. As a result, many of us have definitions of literacy–of reading and writing–that could benefit from a thoughtful and honest close self-examination. Choose a Topic: Please draw from the following as you develop your essay focus: • Narrate an early memory about writing or reading that you recall vividly. Then explain why this event is significant to you now. • Describe someone who taught you to read or write and explain this person’s significance in your life. • Identify a book or other text and explain its significance for you in your reading and writing. • Narrate an experience with a writing or reading task that you found (or still find) difficult or challenging. • Describe a memento and explain how it represents an important moment in your reading/writing development. Then Create a Narrative: Use sound writing and story-telling skills to organize and articulate your story. Make sure to stay focused on your one, main idea. Key Elements • Create a well told story. Bring your narrative to life by using concrete and vivid details. • Develop your main idea. (make sure you only have one main idea) • Develop the significance or affect of your experience • Use strong, complete, varied sentences • Organize paragraphs...
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...Prompt As you begin this essay writing process, reflect on your experiences and attitudes about reading and writing. Regardless of our backgrounds, our ideas of literacy often become deeply engrained as good or bad without much thought about to how these views have come to be. As a result, many of us have definitions of literacy–of reading and writing–that could benefit from a thoughtful and honest close self-examination. Choose a Topic: Please draw from the following as you develop your essay focus: • Narrate an early memory about writing or reading that you recall vividly. Then explain why this event is significant to you now. • Describe someone who taught you to read or write and explain this person’s significance in your life. • Identify a book or other text and explain its significance for you in your reading and writing. • Narrate an experience with a writing or reading task that you found (or still find) difficult or challenging. • Describe a memento and explain how it represents an important moment in your reading/writing development. Then Create a Narrative: Use sound writing and story-telling skills to organize and articulate your story. Make sure to stay focused on your one, main idea. Key Elements • Create a well told story. Bring your narrative to life by using concrete and vivid details. • Develop your main idea. (make sure you only have one main idea) • Develop the significance or affect of your experience • Use strong, complete, varied sentences • Organize paragraphs...
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...ANSWERS TO QUESTIONS 1. Examples are: (a) Payment of an accounts payable. (b) Collection of an accounts receivable from a customer. (c) Transfer of an accounts payable to a note payable. 2. Transactions (a), (b), (d) are considered business transactions and are recorded in the accounting records because a change in assets, liabilities, or equities has been effected as a result of a transfer of values from one party to another. Transactions (c) and (e) are not business transactions because a transfer of values has not resulted, nor can the event be considered financial in nature and capable of being expressed in terms of money. 3. Transaction (a): Accounts Receivable (debit), Service Revenue (credit). Transaction (b): Cash (debit), Accounts Receivable (credit). Transaction (c): Office Supplies (debit), Accounts Payable (credit). Transaction (d): Delivery Expense (debit), Cash (credit). 4. Revenue and expense accounts are referred to as temporary or nominal accounts because each period they are closed out to Income Summary in the closing process. Their balances are reduced to zero at the end of the accounting period; therefore, the term temporary or nominal is sometimes given to these accounts. 5. The double-entry system means that for every debit amount there must be a credit amount and vice-versa. At least two accounts are affected. It does not mean that each transaction must be recorded twice. 6. Although it is not absolutely necessary...
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...Running head: LEGAL AND ETHICAL LEADERSHIP AND MANAGEMENT1 Leadership and Management Ayanna G Hawkins Argosy University Atlanta Professor Tebao March 11, 2015 Abstract Intellectual property is any product of the human intellect that the law protects from unauthorized use by others. The ownership of intellectual property inherently creates a limited monopoly in the protected property (Cornell University Law School, 2012). There are four categories that make up intellectual property. These include copyright, trademark, trade secrets and patent. There are numerous situations where intellectual property is compromised by users that do not follow guidelines regarding patent and trademark. In this paper, I will discuss how Normandale violated patent and trademark laws, while compromising their ethical and social responsibility. Introduction The legal system affords specific constitutional rights and safeguards for proprietors of property. Intellectual property (IP) includes creations used in commerce, such as inventions, works or art and literature, symbols and designs, and names and images (World Intellectual Property Organization, n.d.). The American Intellectual Property Law Association (AIPLA, 2015) explained that “federal patent, trademark and copyright laws and state trade secret laws” (para. 1) are the basis of IP protections and rights of owners. The AIPLA (2015) also noted, “In general...
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...NINJA CPA REVIEW® NINJA Notes 2015 Financial Accounting & Reporting Table of Contents The N.I.N.J.A. Framework I. IFRS 8 II. Accounting Changes 19 III. Financial Reporting 20 IV. Bonds & Debt Restructure 38 V. Consolidations 47 VI. Deferred Taxes 50 VII. Derivatives, Hedging, & Translation 52 VIII. Fixed Assets 56 IX. Governmental Accounting 62 X. Personal Financial Statements, Segments, & Interim Reporting 73 XI. Partnership Accounting 76 XII. Inventory 79 XIII. Investments 85 XIV. Leases 87 XV. Current Assets & Liabilities 91 XVI. Not-For-Profit Accounting 93 XVII. Pensions 99 XVIII. Statement of Cash Flows 101 XIX. Stockholders’ Equity 103 2 The N.I.N.J.A. Framework NAIL THE CONCEPTS Watch your CPA Review videos first – before working any assigned homework questions. The CPA Review industry says to watch a section of CPA Review video and then work the accompanying MCQs. This perspective stems from the old-school approach to the paper and pencil exam where you had to sit in a live classroom and learn from an instructor on weekends. Today, there is a smarter way to study. You don’t have to go to a weekend live course. You can fire up the laptop on a Tuesday morning and knock out two hours of material before you even brush your teeth. If you work MCQs in week one over your week one topic, guess what? You will work them again in week 5 or 6 when you review because you will forget what you learned. If you watch a...
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...2.3 3 3.1 4 4.1 5 5.1 6 6.1 7 7.1 7.2 7.3 8 7.1 9 10 11 Introduction Gucci India Story………………… Indian Fashion Retail Landscape FDI Scenario………………… Modes of Entry of Foreign Retailer………………… India as a Manufacturing Hub for Global Luxury Brands Indian Luxury Market Indian Luxury Product Market- A Snap Shot………………… The Luxury Consumer Profile Target Groups for Luxury Brands………………… The Competitive Trend Creating an International Luxury Fashion Brand……… Key issues facing the industry Major Cost Component………………… Gucci as a Company Gucci’s goals and values………………… Philosophy………………… Gucci as a Brand………………… Marketing Distribution Channel………………… Revenue Breakdown Prices in Indian Market The Bumpy Road? . . 2010 ANNEXURES I II III IV V VI VII VIII IX X XI XII XIII KEY DATES………………… INDIA VS CHINA AS A MANUFACTURING HUB……………… THE INDIAN WEALTH LEAGUE………………… SHOW ME THE MONEY- WELATH DEFINITIONS…………… HNWI POPULATION GROWTH RATE 2007 (%)…………… INDIA’S ‘BRAND FREAKS’………………… 28 29 30 30 31 32 33 34 35 36 36 37 NO. OF CATEGORIES VS MARKET IMAGE………………… GUCCI GROUP DIVISIONS………………… DISTRIBUTION CHANNELS………………… REVENUES BY CHANNEL………………… GROUP REVENUES BY REGION………………… CAGR 1994- 2001………………… PPR CONSOLIDATED 2004…… FIGURES AT YEAR END 37 . . 2010 GUCCI Fashioning India 1. Introduction The House of Gucci, or simply Gucci is one of the more established premium fashion brands in the world. Its success worldwide has depended largely on its effective marketing strategies and...
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