order to increase the inventory and decrease cost of sales‚ recognizing inventory purchases but then not accruing the corresponding liability‚ and over-counting merchandise. Ans 2: Apparently Phar-Mor had a very inefficient information management system. All
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documents‚ journals‚ and accounts that provide audit trails‚ promote the maintenance of records‚ support decision making‚ and sustain financial reporting • Risks associated with the revenue cycle and the controls that reduce these risks • The operational and control implications of technology used to automate and reengineer the revenue cycle Sales Order 1 Credit / Customer Service 2 REVENUE CYCLE (SUBSYSTEM) Cash Receipts/ Collections 6 Shipping 3 Billing/ Accounts Receivable 4/5 Journal
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QRB/501 Week 2 Pre Quiz Find the trade discount on a computer that lists for $500 if a discount rate of 35% is offered. 500*35% The trade discount is $175 Calculate the trade discount for 60 boxes of computer paper if the unit price is $12.43 and a single trade discount rate of 20% is allowed. 60 * 12.43 = 745.80 * 20% = The trade discount is $149.16 Use the net price rate to calculate the net price for 50 boxes of computer paper if the unit price is $13.86 and a single trade discount
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Company A Worksheet below. Fill out the appropriate account name and transaction description for each chart. For the Debit and Credit columns‚ determine which data entry is to be Debit or Credit and fill out appropriately. Complete this assignment by the end of Unit Nine‚ 11:55 p.m. PST. a. Company A counts its supplies at the end of the month and finds that it only has $250 worth of supplies remaining on October 31‚ 2010. Date Account name & Transaction
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C: 2-8 What items are considered to be property for purposes of Sec. 351(a)? What items are not considered to be property? Items that are considered property include all types of property‚ such as cash‚ accounts receivable‚ inventories‚ patents‚ installment obligations‚ equipment‚ and buildings. Services‚ certain debt of the corporation‚ and certain accrued interest on debt are not treated as property. C: 2-43 Liabilities in Excess of Basis. Barbara transfers $10‚000 cash and machinery having
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Managing Growth Simulation The purpose of this paper is to study Sunflower Nutraceuticals (SNC) and how the decision the company makes can help their working capital and increase growth. The paper will also take a look at each phase from SNC’s simulation and how it affects their working capital. Background Sunflower Nutraceuticals (SNC) “started as an internet-based‚ direct-to-consumer distributor and retailer of dietary supplements‚ including vitamins‚ minerals‚ and herbs for women‚ with
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Net income in 1991 would be $3‚600K (=assumption) Net income in 1991 would be $58.8K (= $44K*1.336) [Balance Sheets] Assets Total assets in 1991 would be $1‚246K (= $933K*1.336) …(1) Liabilities Accounts payable in 1991 would be $342K (=$256K*1.336) …(2) Notes payable‚ accrued expenses‚ long-term debt remain the same as Q1 in 1991 …(3) Total liabilities in 1991 would be $836K (= (2)+(3)) …(4) Equity Net worth in 1991 would be $406.8K (= $348K + $58.8K) …(5)
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The Industry Averages and Financial Ratios Cassandra Brown‚ Diana Smiley‚ Patricia Ramirez FIN/370 - FINANCE FOR BUSINESS 11/23/14 Michael Rodriguez The Industry Averages and Financial Ratios In today’s market business really look at what the others in their competitive market are doing to compare how they are doing as a business or corporation. They do this by evaluating the industry averages and the financial ratios. When corporations and financial advisors look at the industry
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higher revenues reported in 2009‚ this appears to be the result of raised prices coupled with slower sales of inventory. Accounts payable turnover had been decreasing from 2007 to 2009 (2007: 85 days‚ 2009: 77 days) which is likely a result of increasing revenues in those years. This number jumped to 130 days in 2010 and has been steadily rising since with 2013 showing that payables remained outstanding for 185 days. This data represents the amount of time taken to pay off
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attention to risk of invalid vendors. A background research of the vendors can be conducted if necessary. Other related information such as credit terms‚ delivery should be reviewed. Purchasing journals should be record by purchasing department. And accounts payable department is responsible for recoding the liabilities for good ordered. When goods ordered received‚ inspecting the qualities and quantities of the goods should be conducted by receiving personnel to avoid fictitious purchase. And to make
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