Credited revenue 40‚000 G.) December 31‚ 20xx to account for 1‚750 in fees from parents earned in the first six months of operations‚ but collected in the second six months. Debited cash 1‚750 Credited accounts receivable 1‚750 H.) December 31‚ 20xx to account for 3‚000 in parent fees‚ earned in the second six months of operations but not yet collected. Debited accounts receivable 3‚000 Credited revenue 3‚000 I.) December 31‚ 20xx to account for expenses Johns Deli in the amount of 1‚500
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entity concept b. the cost principle c. the stable-monetary unit concept d. the reliability principle 2. Wendy Craven has $13‚000 of equity in the business. Assets | = | Liabilities | + | Owner’s Equity | | | | | | | | Accounts | | Craven‚ | Cash + Furniture | = | Payable | + | Capital | | | | | | $6‚000 + $12‚000 | = | $5‚000 | + | $13‚000 | (5 min.) S 1-7 | Assets | = | Liabilities + Owner’s Equity | | | | | | | |
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Team C analyzed the accounts payable‚ accounts receivable‚ payroll‚ and inventory systems for Kudler Fine Foods. Kudler would now like to see a proposed audit schedule for these systems. The team will distinguish between the types of audits that may use for each process. The team will also recommend the most appropriate audit for each process and explain how to conduct the audits. Identifying events that may prevent reliance on auditing through the computer will also be presented to Kudler for
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with the completion and bottling of each new batch. The finance and accounting department consists of you‚ and a part-time accounts receivable clerk who used to work full-time until a year ago. At that time his hours were reduced to half-time by mutual agreement between himself and your predecessor. The cutback was partly a cost-saving measure and partly because the receivables clerk was nearing retirement age and wanted more free time. However‚ there currently is quite a delay between the production
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flow problems by mid-year 14 is the increases in accounts receivable compared to the increases in sales. From year 11 to year 12 accounts receivables went up by 79.53 percent‚ 82.21 percent from year 12 to year 13 and from year 13 to year 14‚ they went up by 34.28 percent. Even though this isn’t the main reason why FBN is facing serious cash flow problems‚ it is definitely something that they should take care of. Those increases in accounts receivables could be justified if sales had increased in a
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Mission Statement: Vineyard Vines is dedicated to bringing new and creative ideas to the market place‚ both in our product offerings as well as our marketing events. We will continue to develop our unique brand positioning‚ to maintain and grow our solid brand recognition‚ and to adhere to high quality design standards. Because everyone wants to have fun every day‚ Vineyard Vines will continue to offer something for everyone with fun always in mind. History: Founded in 2010‚ Vineyard Vines was
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Week One Exercise Assignment Basic Accounting Equations (You must refer to Chapter 2‚ Section 2.2‚ Page 48 to see normal balance and how debit or credit will impact each account. Please read my Hints in parenthesis and mostly underlined for each section of the problem/assignment) 1. Basic concepts. Jean’s Marine Supply specializes in the sale of boating equipment and accessories. Identify the items that follow as an asset (A)‚ liability (L)‚ revenue (R)‚ or expense (E) from the firm’s viewpoint
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work and reporting. In the case of the write-off of accounts receivable‚ they didn’t compare the information in the final press release with the spreadsheets given by the company’s chief accounting officer. The third standard of field work‚ which requires the obtaining of sufficient competent evidence matter‚ was violated because the substantial procedure for testing details of accounts receivable‚ including the confirmation of accounts receivable‚ was not executed appropriately. The sufficient appropriate
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TABLE OF CONTENTS INTRODUCTION 3 MANAGERIAL FINANCE: 3 FINANCIAL STATEMENTS ANALYSIS: 3 RATIO ANALYSIS: 3 FAUJI CEMENT BALANCE SHEET AND PROFIT AND LOSS ACCOUNT 4 RATIO ANALYSIS: 9 INTRODUCTION MANAGERIAL FINANCE: • Managerial finance is concerned with the duties of the financial manager in the business firm. • The financial manager actively manages the financial affairs of any type of business‚ whether private or public‚ large or small‚ profit-seeking or not-for-profit
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revenues (on account) and other financing sources (paid in cash) .~ during the year: . ~_ Revenues-real estate and personal property taxes ...................•........ Revenues-intergovernrnental ....................•........................ Other financing sources-bond proceeds . $19‚793 3‚563 2‚000 ’1 c. The City issues purchase invoices totaling $22‚187 (record the issuance of invoices as a lump sum) . . d. The City recognizes the following expenditures‚ all on account (these
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