company has large percentages of accounts payable and long-term debt (37% and 41% respectively). When we put these pieces of information we can see how a department store can have financial data that is consistent with firm A. The majority of transactions would be cash sales; however the company still has some accounts receivables‚ this could be explained by the customers who choose to use the department store’s own credit card. The large amount of accounts payable is used to buy inventory for the
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Rob DeVincent of Corcentric to Speak on How Automation Can Create Success at IFO’s Fusion 2014 1888PressRelease - DeVincent will offer three presentations designed for Accounts Payable professionals. Corcentric‚ a leading provider of accounts payable automation and electronic invoicing solutions‚ today announced Rob DeVincent‚ Vice President of Product Marketing will be speaking at the 2014 Institute of Financial Operations’ Fusion Conference in Dallas May 5-8. Speaking events include: •
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5.1.1 Accounts Opening Section This section deals with opening of different types of accounts. It is also deals with issuing of checkbooks and different accounts openers. A customer can open different types of accounts through this department such as : 1. CD – Al – Wadiah Current Deposit 2. SB – Mudaraba Saving Deposit 3. STD – Short Term Deposit 4. MTD – Mudraba Term Deposit 5. SS – Short scheme * MSS – Monthly Saving Scheme * MIS – Monthly Income Scheme
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Original Work please INTEGRATED CASE APPLICATION –PINNACLE MANUFACTURING: PART II 9-37 (Objectives 9-7‚ 9-8) In Part I of the case‚ you performed preliminary analytical procedures for Pinnacle (pp. 245–247). The purpose of Part II is to identify factors influencing risks and the relationship of risks to audit evidence. During the planning phase of the audit‚ you met with Pinnacle’s management team and performed other planning activities. You encounter the following situations that you believe
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for $5‚000‚ paying $1‚000 in cash and the balance of $4‚000 on account. 3. Paid $750 in cash for supplies. 4. Earned $9‚500 in revenue‚ receiving $4‚100 in cash and $5‚400 on A/R. 5. Paid $1‚500 in cash on accounts Payable. 6. Paid $2‚000 in cash dividends to stockholders. 7. Paid $800 in cash as expenses (rent). 8. Earned $450 in cash from consumers on account. 9. Paid $3‚000 as salaries. 10. Incurred $300 of utilities expense on account. (b) Service Revenue 9‚500 Dividends -2‚000 Rent Expense -800
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Financial statements will match up revenues to expenses incurred while earning them. This more accurately shows results of operations. No receivables At the point of sale a receivable is recorded even though payment was not received No payables Payables are taken down when payment is not made at time of purchase. No tracking of partial payments available. Revenues and expenses are recorded in full‚ even if payments are made over time. The
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Answer for Tutorial 3 Fin 3000 – Managerial Finance September 2012/2012 Problems: 14-1 Net Working Capital Requirements JohnBoy Industries has a cash balance of $45‚000‚ accounts payable of $125‚000‚ inventory of $175‚000‚ accounts receivable of $210‚000‚ notes payable of $120‚000‚ and accrued wages and taxes of $37‚000. How much net working capital does the firm need to fund? (LG2) NWC = CA – CL = ($45‚000 + $210‚000 + $175‚000) – ($125‚000 + $120‚000 + $37‚000) = $148‚000. 14-3 Days’ Sales
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Top 5 Reports Accounts Payable Should Be Performing [New Corcentric Webinar] 1888 PressRelease - Corcentric’s latest Webinar to reveal the most essential reports AP departments need in order to measure their performance. McLean‚ VA - Corcentric‚ a leading provider of accounts payable automation and electronic invoicing solutions‚ announced that it will host a new Accounts Payable Webinar‚ "Top 5 Reports Accounts Payable Should Be Performing" on Thursday‚ October 16‚ 2014 at 2:00 PM ET/11:00
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Date Account Debited Invoice No. Ref. Accounts Receivable Dr. Sales Cr. Cost of Sales Dr. Inventory Cr. Purchases Journal P1 Date Account Credited Terms Ref. Inventory Dr. Accounts Payable Cr. Cash Receipts Journal CR1 Date Account Credited Ref. Cash Dr. Sales Disc’ Dr. Accounts Receivable
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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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