Sales New Balance

Contains about sales information

Month: January 2019

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Accounting Scenarios & Facts

To be considered –available,” property taxes must have been collected either during the government’s fiscal year or within sixty days of year-end.

For its fiscal year ending September 30, 2007, Twin City levied $500 million in property taxes. It collected taxes applicable to fiscal 2007 as follows (in millions):

June 1, 2006, through September 30, 2006 – $ 20

October 1, 2006, through September 30, 2007 – $440

October 1, 2007, through November 30, 2007 – $15

December 2007 – $4

The city estimates that $10 million of the outstanding balance will be uncollectible. For the fiscal year ending September 30, 2007, how much should Twin City recognize in property tax revenue (in millions) in its general fund? $490

Assume the same facts as in the previous example. How much should Twin City recognize in property tax revenue (in millions) in its government-wide statement of activities? $490

Central City was awarded two state grants during its fiscal year ending September 30, 2007: a $2 million block grant that can be used to cover any operating expenses incurred during fiscal 2008, and a $1 million grant that can be used any time to acquire equipment for its police department. For the year ending September 30, 2007, Central City should recognize in grant revenue in its funds statements (in millions): $3

Assume the same facts as in the previous example. How much should the city recognize in grant revenue in its government-wide statements? $2

Assuming that a government will collect its sales taxes in sufficient time to satisfy the –available” criterion, it would ordinarily recognize revenue from sales taxes in its governmental fund statement on the date the merchant must remit the taxes to the government.

Assuming that a government will collect its sales taxes in sufficient time to satisfy the –available” criterion, it would ordinarily recognize revenue from sales taxes in its government-wide statements when the underlying sales transaction takes place.

Accounting Exercise

The recognition of revenue from fines does not necessarily reflect the amount –earned” by merely issuing tickets.

In August 2008, the last month of its fiscal year, Goldwaithe Township issued $88,000 worth of tickets for parking and traffic violations. Of these, the township collected $45,000. It expects to collect an additional $20,000 within sixty days of the close of the fiscal year and to collect $3,000 subsequent to that. It will have to write off the balance. The tickets are due; the protest period expires on September 15.

1. How much revenue should the township recognize from the tickets issued in August 2008?

Goldwaithe Township should recognize $65,000 in revenue from tickets issued in August. This accounts for the $45,000 collected nad the $20,000 expected to be collected within sixty days.

2. How might your answer change with respect to the township’s government-wide statements?

With respect to Goldwaithe Township’s government-wide statements, the township would recognize $68,000 is revenue from tickets issued.

For additional information about Arizona tax returns, contact the Phoenix CPA offices of Jacobsen & Wachterhauser, an Arizona accounting firm.

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Web Conferencing Can Make A Huge Impact

If your company isn’t hasn’t caught the web conferencing wave, then it doesn’t know what it’s missingwhich just may be everything!

Web conferencing makes it possible for people from all over the world to meet in cyberspace at the click of a mouse. This is truly incredible technology that is changing the way all types of businesses are doing business. From small businesses to mega corporations, web conferencing ensures that no on need ever miss out on a meeting again.

Which automatically increases productivity among employees! The sales people out in the field are in the know about what’s happening back at the office because they can visit the office from thousands of miles away. And having everyone know what’s going on is vital to communications among employees to ensure business is conducted at its best. When only a few people have much needed information and they’re unavailable, then a whole company suffers as people scramble to find the answers they need.

But that’s just the tip of the proverbial iceberg when it comes to all that web conferencing makes possible. Web conferencing can be used for meetings, yes, but it needn’t be limited to just meetings.

Web conferencing is a great way to train employees in new processes a company is using or for making presentations to them on changes in a company’s protocol. This type of web conferencing is often referred to as webcasts or webcasting. Basically, this means the conferences or presentations can be recorded to play and be available for others to download and view whenever they like or need to do so.

Just think of the possibilities that has for any company! They can train their employees no matter where they are, they can conduct meetings that no one can duck out of because they just happen to be fourteen states away, and they can have a library of needed materials that allows their employees to be taught certain procedures.

But what about outside the company? Does web conferencing make a difference then?

The answer is YES! You better believe it does. A company can have focus groups that will provide them with much needed target audience research on a particular product, as well as on the development of new products. Companies are no longer limited to hiring outside consultants to hold focus groups for them all over the world. They can do it themselves, right from their mortar and brick home office at the corner of First and Main Streets.

The benefits outside the company don’t stop there either. New product launches can be done using web conferencing, as can press briefings and shareholder meetings. And it’s no longer necessary for a company to fly ten of their best people into a city to hold a sales presentation or make a new business pitch.

They can dress up in their finest, spruce up the old conference or boardroom so it’s at its finest, and conduct any kind of presentation for anyone, anywhere in the world! Then when it’s over, everyone can slip into their everyday clothes and head back to their cubicles or offices.

The impact web conferencing can have due to this increased ease and decreased transportation and lost productivity time on a company’s bottom line makes web conferencing equipment well worth the investment. It will pay for itself in no time flat when a group is able to win just one new business pitch without having any transportation and lodging to pay for!

This means that a company can put those resources to good use elsewhere. Maybe to buy more web conferencing equipment and software for all their offices, not just headquarters.

Because one thing is certain, if your company isn’t using web conferencing to do business, it will be soon. Web conferencing is just too good for a company’s bottom line for it to be ignored for longeven by people who don’t much care for the old World Wide Web. Web conferencing, when done well, makes believers out of all involved. Once hooked, people never look back!

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How To Take A Slow Sales Season Head On

Slow sales seasons occur in virtually every industry, whether its during the summer when everyone heads to the beach, or during the holidays when everyone spends time with family. To keep the momentum going, you can utilize these proven tactics to ensure that your sales team makes the most of this downtime.

Sales Incentives

There are a few tactics you can employ to increase your sales sales incentives being chief among them. If youre trying to grow during a slow sales cycle, consider offering sales incentives to representatives for meeting their quota during slow months, or for bringing in the most sales. This will increase their motivation levels and will help point your sales in a positive direction.

Seasonal Sales

One method that helps draw in clients and prospects during these times is to offer seasonal sales. Promote certain products that are either relevant to the season, or that are known to be slow movers during that time of year and you just need to get rid of overhead.

Prospecting

Summer months are a wonderful time to prospect. Get creative and use your prospects out of office notifications to setup future meetings and connections with them. Save the dates on your calendar to contact them upon their return.

Get Experienced

Slow seasons are great times to attend events and conferences. Find conferences and events specifically related to your industry or your clients industry and send your sales staff. You can make these events exciting by selecting those that take place in more popular destinations.

Review Your Tools and Strategies

Down times are also a great time to review the tools and strategies your sales staff currently uses to prospect and close sales, and to research new tools and strategies that you can incorporate for greater tracking and communicating.

Slow seasons are stressful for you and your teams. Make sure that you lay out realistic expectations to keep everyone from becoming discouraged and to keep everyone motivated.

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