Technological Institute of the Philippines College of Business Education Quezon City Case Analysis: The Wilson Corporation Presented to the College of Business Education In partial fulfillment of the requirements in AUD 516 – Assurance Principles‚ Professional Ethics and Good Governance Submitted by: Badiola‚ Azalea Vic I. Binungcal‚ Vera Queenie M. Bragais‚ Maria Regina C. Cortes‚ Juvy Rose N. Decena‚ Rose Ann M. Dela Vega‚ Chowe C. Jolbitado‚ Jonah T. October 6‚ 2013 STATEMENT OF THE PROBLEM
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Principles Topic 4 T1 2013 2 VERONICA’S VIOLIN SCHOOL WORKSHEET for month ended 30 June ACCOUNT TITLE UNADJUSTED TB DEBIT CREDIT $ $ 3‚734.50 2‚475.00 726.00 3‚000.00 513.00 1‚200.00 480.00 373.00 75.50 8‚500.00 250.00 3‚250.00 100.00 180.00 500.00 12‚678.50 12‚678.50 ADJUSTMENTS DEBIT CREDIT $ $ ADJUSTED TB DEBIT CREDIT $ $ PROFIT & LOSS DEBIT CREDIT $ $ BALANCE SHEET DEBIT CREDIT $ $ Cash Accounts Receivable Prepaid Insurance Prepaid Rent GST Paid Equipment Unearned Revenue GST Collected PAYG
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increase in costs and the inability to collect payments‚ there have been many financial rollercoaster rides with the budgeting and patient collections. As a result‚ they have been working on transforming and redesigning all of their management and account processes and approaches while striving to keep the health care consistently affordable for their patients. Sutter Health is making progress to conserve all limited resources as well as finding better and more efficient resources to serve the community
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COMPREHENSIVE PROBLEM 1 SUSQUEHANNA EQUIPMENT RENTALS Susquehanna Equipment Rentals A mini-practice set illustrating the complete accounting cycle for a service-type business. Includes computation of income taxes expense (as a percentage of income before taxes) and an evaluation of solvency. Can be done as a group assignment. 5 to 6 hours Strong © The McGraw-Hill Companies‚ Inc.‚ 2010 CP1-Desc. 5 to 6 hours‚ Strong COMPREHENSIVE PROBLEM 1 SUSQUEHANNA EQUIPMENT RENTALS General Journal
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literature 1.1 – Account Receivable(AR) (AR and Management Policy: Theory and Evidence – Shehzad L. Mian & Clifford W. Smith‚ Jr) The basis of my subject “Bad debt expense estimation model” stems from account receivable. Account receivable is the term used by companies to describe money owed to them by clients or customers for goods and services provided. Bad debt expense is that portion of account receivables that will not be collected. Therefore‚ without any receivables a company will not
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company would not regard its accounts receivable as revenue. To find cash basis revenue‚ we have to subtract the increase in accounts receivable from the revenue figure: Accrual basis revenue $1‚750‚000 + Beginning accounts receivable balance 375‚000 - Ending accounts receivable balance (505‚000) - Write-offs of accounts receivable ____(20‚000) Cash basis revenue (cash collections on accounts receivable) $1‚600‚000 Alternate Solution: Accounts Receivable Beginning balance $375‚000
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cash r. equipment s. notes receivable t. all are assets 6. Both assets and owner’s equity would be increased by: u. Drawings v. Purchase of machinery on credit w. Payment of creditors x. Profit earned retained in business 7. The amount brought in by the proprietor in the business should be credited to: y. Cash account z. Salaries account {. Capital account |. Drawings account 8. Sales made to mahmood for cash should
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HW 8 – 1 ACCOUNTS RECEIVABLE JOURNAL ENTRIES Prepare journal entries to record the following transactions: (1) On December 15‚ 2008‚ the company recorded $150‚000 sales on credit. (2) On December 31‚ 2008‚ the company estimated bad debt expenses of $15‚000. (3) On January 12‚ 2009‚ collect $100‚000 worth of accounts receivable. (4) After many collection attempts‚ the Company determined on June 15‚ 2009 that it would not collect $10‚000 in accounts receivables from Pendant Publishing
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Affiliation In this case without reclassification of accounts receivable‚ net cash that is utilized in operation is given as; Net Income $60000 Decrease or (Increase) in accounts receivable ($80000) Net amount provided in operation ($20000) If there is reclassification as anticipated‚ the net cash used in operation is; Net Income $60000 Net income provided in operation $60000 Through reclassification of $80000 of accounts receivables to long term‚ the cash inflow from operation will also increase
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What were the accounts receivable (net) for Coca-Cola and PepsiCo at the end of 2011? Which Company reports the greater allowances for doubtful accounts (amount and percentage of gross receivable) at the end of 2011? 1. The accounts receivable (net) for Coca-Cola as of Dec. 31‚ 2011 are unknown. Coca-Cola did not provide either a Balance Sheet or the balance on this account on their 2011 annual report. 2. The accounts receivable (net) for PepsiCo‚ including notes receivable‚ as of Dec. 31
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