1. | Collections on sales: | July | August | Sept. | Quarter | | Cash sales | $ 8,000 | $14,000 | $10,000 | $ 32,000 |
1. | Collections on sales: | July | August | Sept. | Quarter | | Cash sales | $ 8,000 | $14,000 | $10,000 | $ 32,000 |
65,000 100,000 50,000 $10 $650,000 Correct! Requirement 1b. Schedule of expected cash collections: February sales $26,000 March sales 280,000 April sales 130,000 May sales June sales Total cash collections $436,000 Correct! Requirement 1c. Merchandise purchases budget: Budgeted unit sales 65,000 100,000 Add desired ending inventory 40,000 Total needs 105,000 Less beginning inventory 26,000 Required purchases in units 79,000 Unit cost $4 Required dollar purchases $316,000 Correct! Requirement 1d. Budgeted cash disbursements for merchandise purchases: Accounts payable 100,000 April purchases 158,000 158,000 May purchases June purchases Total cash disbursements $258,000 Correct!…
1. Which of the following combinations correctly describes the relationship between foreign currency transactions, exchange rate changes, and foreign exchange gains and losses?…
1. Welch Company purchased a put option on Reese common shares on January 7, 2010 for $215. The put option is for 300 shares, and the strike price is $51. The option expires on July 31, 2010. On March 31, 2010, the market value of Reese stock was $48 per share and the time value of the option was $120. The put option is not designated as a hedge. If the company has to prepare financial statements on March 31, 2010, what would the entry be? A debit to the Put Option and a…
Use the following information to perform the calculations below (using the indirect method). Clearly label the amount of each answer as positive or negative and show all your calculations.…
The sales agents want sales commissions increased to 20%, this will caused the commission to agents would increase to $3,200,000 (20%X $16,000,000).…
6. Case Study 2.3. The case study questions are from our text book: Rankin, M,…
The Henry Furniture Co. is a new company and has numerous fixed assets that need to be depreciated. You can help Henry by determining the depreciation rates for the assets and the amount of depreciation for year one. The assets were purchased at various times during the year (hint: watch out for the dates). The following assets will be held by the company for at least the next two years (In other words, year two will be a full year for all of the assets). Please fill in the blanks below.…
3. (TCO 2) Overhead costs have been increasing due to all of the following except (Points : 5)…
Item # 3 speaks about the services provided by audit firms to their audit clients,…
Differences in legal systems used in various countries have been cited as one reason for diversity in accounting practice. What are the major types of legal systems?…
(a) Johnson’s believes that the transfer from the Cushion Division to the Furniture Division should be at market price rather than at cost however this depends on the capacity of the Cushion Division.…
Forward This Web site contains the 10 teaching cases presented at the Management Accounting Section 2001 Research and Case Conference, January 18-20, 2001 in Savannah, Georgia. These cases were selected from 29 teaching cases that were submitted for presentation at the conference and publication by the IMA. I thank the authors for developing these cases, writing teaching notes, class testing the cases and presenting their materials at the Conference. The members of the editorial board join me in applauding the authors for a job well done. I also thank the discussants at the Conference for their insightful comments, as well as the Conference organizers and the AAA staff who work hard to make these conferences successful. Jim Mackey, my co-chair of the case portion of the Conference, did most of the work in putting the case portion of the Conference together. Jim Brackner helped immensely in providing a link between the IMA and the Management Accounting Section. I thank IMA for its support, particularly Leslie…
The adjusted cash balance per bank agreed with the cash balance per books at October 31.…
1. Accounting standard-setting environments 2. Financial instruments and income tax allocation 3. Introduction to intercorporate investments 4. Consolidation subsequent to acquisition 5.…
1. Marketing Concepts – Marketing Concept, Marketing Process, Marketing Mix, Customer value, Customer Satisfaction and delight, Functions of Marketing…