your new firm. The chart of accounts for (YOUR NAME) Accounting Services is listed below. Follow the instructions to complete the accounting records for the month of December. _____________ ACCOUNTING SERVICES Chart of Accounts ASSETS 101 Cash 111 Accounts Receivable 119 Allowance for Doubtful Accounts 121 Supplies 131 Prepaid Rent 134 Prepaid Insurance 141 Equipment 142 Accumulated Depreciation - Equipment LIABILITIES 202 Accounts Payable 211 Unearned Revenues OWNERS’
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inventory policy are measured by number of days accounts receivable‚ accounts payable and inventories‚ and the cash conversion cycle as a comprehensive measure of working capital management. He founds a significant negative relation between gross operating income and the number of days accounts receivable‚ inventories and accounts payable. Thus‚ he suggests that managers can create value for their shareholders by reducing the number of days accounts receivable and inventories to a reasonable minimum
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9: 3‚ 8‚ 9‚ 11 3. Fill in the blanks (_______) with the correct entries. Assets Liabilities and Stockholder’s Equity Current assets Current liabilities Cash 250‚000 Accounts payable Accounts receivable Notes payable to banks (1‚340‚000 less) Accrued wages _130‚000 Allowance for doubtful accounts Taxes owed 100‚000 Of $20‚000) 1‚320‚000 Total current liabilities 1‚250‚000 Inventory 1‚410‚000 Long-term debt ________ Total current assets 2‚980‚000 Stockholders’
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INTRODUCTION The following report describes the activities carried out during a 6-week‚ Full-time internship at the American university of lebanon‚ Finance Department. The document contains information about the organization and the responsibilities performed throughout the period between: the 1st of July until 31st of July‚ 2014. The first part of the report offers an overview of the organization‚ and then describe the process which has been implemented by finance department according to the
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SURECUT SHEARS 1. What assumptions did Mr. Fischer make when he prepared the forecasts shown in case Exhibits 1 and 2? Were these assumptions reasonable? Mr. Fischer made assumptions for both the income statement and the balance sheet. Income statement We calculate the percentage of variation from one month to another in terms of sales and gross profit. | July | Aug | Sept | Oct | Nov | Dec | Jan | Feb | March | April | May | June | Sales | 2100 | 2700 | 3300 | 4500 | 3900 |
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include cash balance‚ inventories‚ and accounts payable. There was a drastic increase in the cash balance in 1985 from the cash balance in 1984 and it dropped in 1986 and 1987. This suggest that company did not leave much cash to operate. Inventories on hand increased from 1984-1987. Inventory turnover ratio dropped from 4.50 in 1986 to 3.22 in 1987. Days to sell inventory increased from 81.11 days in 1986 to 113.35 days in 1987. Company’s accounts payable and short-term debt had a huge increase
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assumption supports the method used. If incorrect‚ identify which principle or assumption has been violated. E1-5 Meredith Cleaners has the following balance sheet items. Accounts payable Accounts receivable Cash Notes payable Cleaning equipment Salaries payable Cleaning supplies Common stock Answer: I was not clear on what three situations to reference since there was only one listed next to E1-5. However all the items
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1. Payable within 1 year 2. Reported at maturity value C. Types of Current Liabilities 1. Accounts Payable a. Buy merchandise on account b. No interest component 2. Notes Payable a. Written promise to pay a sum of money on a specified date b. Interest component (Face*Annual Rate*Time to Maturity) Note: Assume annual rates unless otherwise stated 3. Dividends Payable
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Case Study Analysis – Montgomery Ward Year 9 * In the year‚ the company witnessed a significant increase in accounts receivable‚ which could be due to acquisition of Lechmere and its assets may have been added to Montgomery’s revenue * The company also witnessed an increase in its accounts payable—this could also be a transfer from Lechmere * Montgomery’s cash outflow from investing activities increased drastically due to the acquisition. To finance this acquisition‚ the company had
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parts. In their headquarters they keep their research and development teams as part of their global work. The home page does an adequate job of relaying some of the main points of the company. However there are some points missing. The current systems in place do not allow or express in a holistic manner how the disparate information on the home page coalesces into a coherent and complete picture of the Riordan Manufacturing Company. Under Mission‚ Our Focus we should include ways in which we
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