this paper will provide financial information pertaining to Crown Crafts incorporated. The information presented will show an analysis related to the company’s cash‚ cash equivalents‚ receivables‚ and inventory. Also this information will include a list identifying the components of the business’s cash and cash receivables as well. Crown Crafts Incorporate was created in 1957. The company sells‚ designs‚ and distributes infants and toddler products. These products include items such as bedding‚ blankets
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Journal Date Account Titles Debit Credit July 01 Cash 12‚000 Common Stock 12‚000 1 Equipment 8‚000 Accounts Payable 6‚000 Cash 2‚000 3 Cleaning Supplies 900 Accounts Payable 900 5 Prepaid Insurance 1‚800 Cash 1‚800 12 Accounts Receivable 3‚700 Service Revenue 3‚700 18 Accounts Payable 1‚500 Cash 1‚500 20 Salaries Expense 2‚000 Cash 2‚000 21 Cash 1‚600 Accounts Receivable
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for 3 month’s advance tk. 6‚000. 02: Purchased delivery van for cash tk. 20‚000. 04: Purchased supplies on account tk. 2‚500. 06: Purchased supplies for cash tk. 1‚000. 10: Service rendered to a customer and immediately collected tk. 6‚000 12: Service rendered to a customer on account tk. 13‚000. 18: Paid utility expense of the month tk. 1‚000 cash. 22: Paid for the supplies purchased on
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result of sales on credit or on account is a bad debts expense. 2. What is the purpose of the Allowance for Doubtful Accounts? This account is a contra-asset account that accumulates the expected amount of bad debts as of a given date. This account is also a permanent account that is not closed to Income Summary at the end of the year. 3. What is net realizable value? Net realizable value is the amount of accounts receivable that is expected to be collected
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Case: Island Trading Co.‚ a client of your CPA firm‚ has requested your advice on the following problems. It has three clerical employees who must perform the following functions: 1) maintain general ledger. 2) Maintain accounts payable ledger. 3) Maintain accounts receivable ledger. 4) Maintain cash disbursements journal and
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the Acquisition and Payment Cycle: Tests of Controls‚ Substantive Tests of Transactions‚ and Accounts Payable. Chapter 19 ©2008 Prentice Hall Business Publishing‚ Auditing 12/e‚ Arens/Beasley/Elder 19 - 1 Learning Objective 1 Identify the accounts and the classes of transactions in the acquisition and payment cycle. ©2008 Prentice Hall Business Publishing‚ Auditing 12/e‚ Arens/Beasley/Elder 19 - 2 Transactions in the Acquisition and Payment Cycle 1. Acquisitions of goods and
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disposition of accounts receivables? What is their function? Since the majority of US thrive on the use of credit cards‚ the accounts receivables for a company may no longer be on a cash-to-cash basis. A company may need to sell these accounts to other companies who specialize in handling accounts receivables if they need cash more quickly or if it would be too costly to perform the necessary billing to collect on the account. The entries used to record the disposition when the receivables are sold
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Table of Contents INTRODUCTION ............................................................................................................................................. 4 Rational of Study ....................................................................................................................................... 4 Research Objectives .................................................................................................................................. 4 Problem Identification
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|1. |Notes Receivable and Accounts Receivable can also be called trade receivables. |True False | |2. |Receivables not currently collectible are reported in the investments section of the balance sheet. | | | | |True False |
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due in 30 days while his accounts receivables are paid in average every 42 days. It is not necessary to explain what paying around hundred suppliers every 10 days represent to cash flows if the company is receiving payments every 42 days‚ this means that the company pays 4 times at 1 time receiving. This is‚ for sure‚ the main reason why the company is losing liquidity and need to borrow money to banks. See Table 5. Furthermore‚ we can see that the average rotation on accounts payables is
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