JOURNAL Account Debited Post. General Ref. Debit Rent Expense √ 1‚235.00 Acct Pay Debit Belk Suppliers Greene Inc. Harris Co. √ √ 4‚552.00 2‚158.00 3‚877.00 10‚587.00 (202) GENERAL JOURNAL Oct Oct 10 17 Purchases Debit Purch Disc Credit 1‚995.00 1‚235.00 (√) Date Page 3 Acct Pay Credit 4‚552.00 2‚658.00 3‚877.00 11‚087.00 (202) Description Accounts Payable Purchases Returns & Allowances Office Supplies Accounts Payable/Doyle
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RECOMMENDATIONS FOR IMPROVEMENTS TO THE ACCOUNTS PAYABLE DEPARTMENT AT COOKRIDGE CARPETS LTD An example of a competent submission for a previous scenario INDEX 1 2 3 4 5 6 7 8 9 10 Terms of Reference Executive Summary Methodology Introduction Structure and purpose of the Accounts Payable Function Current Accounts Payable system Weaknesses and improvements to the current Accounts Payable system Recommendations and Cost Benefit analysis Appendices Mapping to the assessment criteria 1
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The main businesses of the company Webster Limited (WBA) is a company produces fresh land-based food and exports them in Tasmania. WBA has two core operating divisions: one is Field Fresh Tasmania (FFT); and the other is Walnuts Australia (WA). FFT is responsible for producing red and brown onions. It is also the largest exporter of onions in Australia. Providing fresh onions to TESCO is made up 10% of its business. WA is the largest walnuts producer in Australia. WBA produces counter-seasonal food
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many irregularities that can arise within the different accounting departments at Apollo Shoes. An audit program will be designed according to the three cycles that will be outlined below. The first cycle that will be discussed is cash‚ then accounts payable and finally the payroll function. These cycles will be evaluated for substantive procedures for Apollo Shoes and detect irregularities for each section and an appropriate audit program will be designed for each department. Cash At
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Partnership Formation and Operations EXERCISES Exercise 1 –1 |1.a |Campos‚ Capital |14‚000 | | | | Allowance for Uncollectible Accounts | |14‚000 | | | | | | | |Goodwill
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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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recommendations presented by Team A will help to build an integrated approach to their accounting and distribution setup. At a minimum‚ the basic components of each operating entity accounting system include the following functions: General Ledger‚ Accounts Payable‚ Accounts Receivable‚ and Inventory. The company has published balance sheet information that shows this level of data by comparing fiscal year ending September 30‚ 2010 vs. September 30‚ 2011. Assets for the Riordan Manufacturing include the
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benchmark. In the balance sheet‚ cash amount declined dramatically from $120‚100 in 2002 to $9‚400 in 2004. Nevertheless‚ the amount of account receivable rose from $90‚600 to $146‚400‚ which means the financial risk of account receivable has risen. The amount of current liabilities has risen from $35‚900 in 2002 to $47‚300 in 2005‚ even though accounts payable was reducing. Overall‚ Horniman Horticulture is a profitable company‚ but the company was not in a proper condition. What concerns
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Solutions to the long-term contracts in-class questions Practice Question #2 Percentage of completion method a. 2013 2014 2015 2016 Construction costs Incurred to date $ 300‚000 $ 1‚400‚000 $2‚263‚000 $3‚100‚000 Estimated costs to complete 2‚200‚000 1‚400‚000 837‚000 — Total estimated costs $2‚500‚000 $ 2‚800‚000 $3‚100‚000 $3‚100‚000 Percent (%) completed 12% 50% 73% 100% Revenue to date $ 360‚000 $ 1‚500‚000 $ 2‚190‚000 $3‚000‚000 Revenue recognized
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profitability; however‚ due to perhaps an increase in scale‚ the Company takes longer to collect its accounts receivable. While revenue grew 19% and 30% from 1993 to 1994 and from 1994 to 1995‚ respectively‚ accounts receivable grew at a disproportionately faster rates of 34% and 47%. This leads to illiquidity since the company cannot pay its suppliers on time to take advantage of trade discounts. This is shown in Payables/Purchases per day increasing from 35.3 to 47.1. In addition‚ the Company is still paying
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