ESTIMATED INCOME STATEMENT For the year ending December 31, 2009Revenues:Membership duesJournal SubscriptionsPublication SalesFoundation grant2005 annual meeting, profitTotal300,50051,00010,00044,0006,500412,000Expenses:Printing and mailing publicationCommittee meeting expenseAnnual meeting advanceDesktop publishing systemAdministrative salaries and expenses85,80048,30010,60026,000181,500MiscellaneousTotal26,000378,200Surplus33,800QuestionShould the amount of surplus or deficit in 2009 affect the decision to change the annual dues for 2010?

Surplus or deficit in the income statement is the excess or shortfall of operating income of the…

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Should the amount of surplus or deficit in 2009 affect the decision to change the annual dues for 2010?

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Question

ESTIMATED INCOME STATEMENT For the year ending December 31, 2009
Revenues:
Membership dues
Journal Subscriptions
Publication Sales
Foundation grant
2005 annual meeting, profit
Total
300,500
51,000
10,000
44,000
6,500
412,000
Expenses:
Printing and mailing publication
Committee meeting expense
Annual meeting advance
Desktop publishing system
Administrative salaries and expenses
85,800
48,300
10,600
26,000
181,500
Miscellaneous
Total
26,000
378,200
Surplus
33,800
Question
Should the amount of surplus or deficit in 2009 affect the decision to change the annual dues for 2010?

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