chain correspond to balance sheet B‚ due to keeping high inventory‚ high plant and equipment assets‚ and profit per revenue is low. 3. The online direct factory to customer personal pc vendor correspond to balance sheet C‚ due to high number of account receivable‚ low inventory‚ low plant and equipment‚ but high inventory turnover. Because the inventories are presold‚ the company doesn’t need long term assets and high inventory. 4. The pharmaceutical manufacturer corresponds to D‚ due to high number
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General (G). Assume that it uses Accounts Receivable and Accounts Payable Subsidiary Ledgers as well as a General Ledger. Indicate by letters which journal would be used for each transaction. Also indicate if the entry requires a posting to a subsidiary ledger. ___ | (1) | Issued check for rent. | ___ | (2) | Purchased equipment on account. | ___ | (3) | Issued an invoice to a customer. | ___ | (4) | Received a check from a customer for payment on account. | ___ | (5) | Issued check for
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and profit per revenue is low. 2. Commercial bank has an extremely high accounts receivable and the longest receivables collection period. And their biggest part of liabilities is notes payable. It really meets the features of Commercial bank. 3 Computer software developer sells most of their products online and direct to customers‚ so most of their sales and transaction online. This explains the high receivable collection period because most of their transactions can be bought with their
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Unit 6 Statement of Cash Flows and Financial Statement Analysis & The Metrics of a Company Unit Assignment Kaplan University January 18‚ 2013 AC505: Advanced Managerial/Cost Accounting |Transaction |Operating |Investing |Financing | |A. Paid bills to insurers and utility providers
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recognized. Depreciation is an expense‚ so it is needed to be charged into the profit and loss account annually. The net profit of the business is also reduced due to the depreciation
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$1‚225 4) Purchases Credit Cash Debit Cash Credit Accounts Payable $375 $375 375 375 5) Allied‚ Inc. Insurance Policy $3‚600 Debit Insurance Expense Credit Prepaid Insurance 1‚800 1‚800 6) Supplies‚ Beginning Supplies Purchased Amount Paid Supplies‚ End of the Year $0 $200 $150 $40 Supplies‚ Ending $160 Debit 7) Invoice $4‚500 Credit Cash $4‚500 8) Bond and Associates Accumulated Depreciation Accounts Payable Accounts Receivable Cash Equipment Land Mortgage Payable Prepaid Insurance
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entity concept b. the cost principle c. the stable-monetary unit concept d. the reliability principle 2. Wendy Craven has $13‚000 of equity in the business. Assets | = | Liabilities | + | Owner’s Equity | | | | | | | | Accounts | | Craven‚ | Cash + Furniture | = | Payable | + | Capital | | | | | | $6‚000 + $12‚000 | = | $5‚000 | + | $13‚000 | (5 min.) S 1-7 | Assets | = | Liabilities + Owner’s Equity | | | | | | | |
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expects that 9 percent of the new accounts will be uncollectible. Collection costs are 5 percent of new sales; production and selling costs are 78 percent; and accounts receivable turnover is five times. Assume income taxes of 30 percent and an increase in sales of $80‚000. No other asset buildup will be required to service the new accounts. a. What is the level of accounts receivable to support this sales expansion? Investment in Accounts Receivable: b. What would be Collin’s incremental
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Team C analyzed the accounts payable‚ accounts receivable‚ payroll‚ and inventory systems for Kudler Fine Foods. Kudler would now like to see a proposed audit schedule for these systems. The team will distinguish between the types of audits that may use for each process. The team will also recommend the most appropriate audit for each process and explain how to conduct the audits. Identifying events that may prevent reliance on auditing through the computer will also be presented to Kudler for
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Week One Exercise Assignment Basic Accounting Equations (You must refer to Chapter 2‚ Section 2.2‚ Page 48 to see normal balance and how debit or credit will impact each account. Please read my Hints in parenthesis and mostly underlined for each section of the problem/assignment) 1. Basic concepts. Jean’s Marine Supply specializes in the sale of boating equipment and accessories. Identify the items that follow as an asset (A)‚ liability (L)‚ revenue (R)‚ or expense (E) from the firm’s viewpoint
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