Introduction Action Standard Manufacturing Company is a producer of top quality lawnmowers‚ garden tractors‚ tillers‚ and implements. It was established in 1920 and is nationally known‚ having growth steadily. In 2005‚ it made a decision to embark on a rapid expansion program to take the advantage of the growing market for all purpose tractor/lawnmowers/snow blower machines. So the product line expansion led to increase in assets of approximately 50% in both 2006 and 2007. Dianne Covington‚ financial
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or one creditor in a single account. (This is one of the advantages of using subsidiary ledgers ("Advantages of Subsidiary Ledgers").) | | | | subsidiary ledgers free the general ledger of excessive details. (This is one of the advantages of using subsidiary ledgers ("Advantages of Subsidiary Ledgers").) | | | | subsidiary ledgers eliminate errors in individual accounts. (Correct! Subsidiary ledgers help locate‚ not eliminate‚ errors in individual accounts ("Advantages of Subsidiary
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XXX c. Purchased equipment on account. Equipment XXX Accounts Payable XXX d. Purchased equipment for cash. Equipment XXX Cash XXX e. Purchased supplies on account. Supplies XXX Accounts Payable XXX f. Purchased supplies for cash. Supplies XXX Cash XXX g. Rendered services on account. Accounts receivable XXX Service Income XXX h. Rendered services for cash. Cash XXX Service Income XXX i. Billed the Customer for service rendered. Accounts receivable XXX Service Income
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MANAGING DIRECTOR MANAGING DIRECTOR X SERCVICE FACILTY MANAGER SERCVICE FACILTY MANAGER ACCOUNTS DEPARTMENT MANAGER ACCOUNTS DEPARTMENT MANAGER BOOKEEPER/ ACCOUNTANT BOOKEEPER/ ACCOUNTANT ACCOUNTS PAYABLE/PAYROLL ACCOUNTS PAYABLE/PAYROLL CUSTOMER SERVICE OFFICE CUSTOMER SERVICE OFFICE ACCOUNTS RECIEVABLE ACCOUNTS RECIEVABLE ORGANISATION STRUTURE OVER VIEW CHEN & LEE is a tax firm established in 2000.Firm Is a comprised of two managaing
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$48‚000 $66‚000 Δ Bad debt expense (on incremental sales only) Policy one 1.75% ($800‚000) (14‚000) New policy 2.0% ($1‚100‚000) (22‚000) Δ Investment in accounts receivable (incremental sales only) Policy one $800‚000 × 50/365 = $109‚589 Policy two $1‚100‚000 x 65/365 = $195‚890 Δ Opportunity benefit on investment in accounts receivable at 16% Policy one: $109‚589 × 16% = (17‚534) Policy two: $195‚840 × 16% = (31‚342) Total incremental change $ 16‚466 $ 12‚658
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management we are referring to account receivable‚ account payable‚ and inventory. As business owner and operator I’m always trying to find better ways in which I can accelerate the collection of account receivables and stretch out my payables without losing our clientele or damaging our credit rating. My company is involved in a service type business – PRESCHOOLS.- Each of the four locations in operation are unique to the area we provide our service. Account Receivable A/R is one of a series
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inventory conversion period‚ a firm could face inventory shortages; when reducing the receivable collection period a firm could lose its good credit customers; and when lengthening the payable deferral period a firm could harm it’s own credit reputation. However‚ identifying optimal levels of inventory‚ receivables‚ and payables where total holding and opportunities cost are minimized and recalculating the cash conversion cycle according to these optimal points provides more complete and accurate insights
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The following items appeared in the accounting records of Triguero’s‚ a retail music store that also sponsors concerts. Classify each of the items as an asset‚ liability‚ revenue‚ or expense from the company’s viewpoint. Also indicate the normal account balance of each item. Classification Normal Balance a. The albums‚ tapes‚ and CDs held for sale to customers A Debit b
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Changes Coming for Accounts Payable in 2015 [New Corcentric Webinar] (1888 PressRelease) Corcentric’s latest Webinar details the big 2015 trends that will impact AP departments for the foreseeable future. McLean‚ VA - Corcentric‚ a leading provider of accounts payable automation and electronic invoicing software‚ announced that it will host a new Accounts Payable Webinar‚ "AP Trends for 2015: Are You Ready?" on Wednesday‚ November 19‚ 2014 at 2:00 PM ET/11:00 AM PT. The accounts payable landscape is
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payments include cash received at the time of purchase and account payments received in the mail. At day’s end‚ the treasurer endorses all checks and prepares a deposit slip for the checks and the cash. A clerk then deposits the checks‚ cash‚ and deposit slip at the local bank each day. When checks are received as payment for accounts due‚ a remittance slip is included with the payment. The remittance slips are used to update the accounts receivable file at the end of the day. The remittance slips
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