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Q. Define Operating expenses?
Operating expenses for a merchandising company are those expenses other than cost of goods sold incurred in the usual business functions of a company. Typically operating expenses are either selling expenses or else administrative expenses. Selling expenses are expenses a company acquire in selling and marketing efforts. Instance include salaries and commissions of salespersons expenses for salespersons' travel delivery advertising rent (or depreciation if owned) as well as utilities on a sales building sales supplies used as well as depreciation on delivery trucks used in sales. Administrative expenses are expenses a company acquires in the overall management of a business. Examples comprise administrative salaries rent or depreciation if owned as well as utilities on an administrative building insurance expense and administrative supplies used and depreciation on office equipment.
Certain operating expenses perhaps shared by the selling and administrative functions. For instance a company might incur rent or taxes and insurance on a building for both sales and administrative purposes. Expenses covering both the selling as well as administrative functions should be analyzed and prorated between the two functions on the income statement. For instance if USD 1000 of depreciation expense relates 60 percent to selling as well as 40 percent to administrative based on the square footage or number of employees the income statement would show USD 600 as a selling expense and USD 400 as an administrative expense.
Q. Example on closing process? This problem engross using a work sheet for Green Hills Riding Stable Incorporated for the month ended 2010 July 31 and performing the closing pr
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How does contribution margin work?
Determine the Income Statement columns of Worksheet Income Statement columns of the worksheet would comprise the amounts from Adjusted Trial Balance columns which are expenses
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Define Accounting. Briefly explain the accounting concept which guide the accounting at the recording stage?
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Effects of transaction An asset supplies on hand increases (debited) as well as a liability accounts payable increases (credited) by USD 1400. The debit is to Supplies o
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