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Home Q & A Board Other Fields Homework Help Business Accounting
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StormLrd StormLrd
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6 years ago
Ed Ng is a friend of yours from university. After finishing high school he decided to open his own human resources consulting business rather than working for a large bureaucratic organization. He recently opened his business, and has contracted his services to a number of local retailers. He is paid a monthly fee for his services.

He has just received his first set of financial statements from his accountant. He is quite upset. The statements show a cash balance of $7,200 at the end of the month, but a net income of only $1,000. He has written you a letter, asking you whether such a situation is possible, or whether he should find another accountant.

Please explain to Ed what happened.
Textbook 
Cost Accounting: A Managerial Emphasis, Canadian Edition

Cost Accounting: A Managerial Emphasis, Canadian Edition


Edition: 7th
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msayed2004msayed2004
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StormLrd Author
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6 years ago
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Helped a lot
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