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It depends... has it been paid in the financial year of jan 04 to dec 04? If so then you can post it... but it will be noted as a PREPAYMENT.. but I don't see why not.
99% certain it would be:
...
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Hi guys,
I have an assignment in which I have to assess the reasons the reported profit is different even though sales and production are constant, using both absorption and marginal
I want to...
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Hey, just reading your question, try it the other way around...
Do your trial balance first, then income statement and then balance sheet
Do your journal entries after or just after your trial...
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I think I read captain forest say, post dated cheques don't get put into the accounts (no journal entries made) just make a note on the financial statements..
No entries would be made until...
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in your income statement both figures should be shown so say your opening inventories (opening stock) is 15,000
Income Statement Extract
sales... 20,000
- cost...
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look at a company that sells cookies like millies cookies (uk).. go past one of there stalls and see how many staff run it, look at the variety of cookies and what else they sell..
Hope this...
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Thank you CaptainForest,
Taken what you have said into account the difference between marginal and absorption costing :
Sales = Production = no difference in Profit (Absorption vs Marginal)...
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Hi guys,
I have an absorption costing query on the profit statement, here are the notes:
Selling price per unit = £20
Sales for year 1 = 10,000
Production = 20,000
Production Cost Per Unit...
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