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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and evaluate corporate buy stock‚ production‚ selling back the status of the comprehensive management indicators. In 2009 and 2010‚ JB Company has inventory turnover 65days and 57days respectively. And Harvey Norman Company has 91 days and 98 days in the same two years. In general‚ the speed of inventory turnover faster‚ the lower the occupation and the stronger liquidity‚ the inventory or accounts receivable into cash will be faster. Increasing inventory turns to improve the liquidity of companies
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reported as cash‚ explain the rationale. 1. Checking account balance $925‚000; certificate of deposit $1‚400‚000; cash advance to subsidiary of $980‚000; utility deposit paid to gas company $180. 2. Checking account balance $500‚000; an overdraft in special checking account at same bank as normal checking account of $17‚000; cash held in a bond sinking fund $200‚000; petty cash fund $300; coins and currency on hand $1‚350. 3. Checking account balance $590‚000; postdated check from customer $11
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Marks 1 Cash Flow Statement /12 2 Statement of Financial Position /20 3 Statement of Changes in Equity /14 4 Revenue Recognition /14 5 Accounts Receivables /12 5 Notes Receivables /8 TOTAL /80 1 Statement of Academic Integrity The Telfer School of Management does not condone academic fraud‚ an act by a student that may result in a false academic evaluation of that student or of another student. Without limiting the generality of
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analysts‚ potential investors. 2. How will reducing the provision for uncollectible accounts affect the income statement and the balance sheet? Balance Sheet: When the Allowance for Uncollectible Accounts‚ a contra asset account‚ is reported on the balance sheet‚ the company expects that some of its accounts receivable will not be collected. It will debit Bad Debt Expense and credit Allowance for Uncollectible Accounts. This will result in reduction of “Current Assets” on balance sheet. Income Statement:
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• Asset management ratio: Does Butler Lumber have the appropriate amount of assets versus sales? How effectively is Butler Lumber managing its assets? • Debt management ration: Does Butler Lumber have the right mix of debt and equity? • Profitability Ratios: Are sales high enough? Do sales exceed the unit cost? It is necessary to calculate different types of financial ratios to examine different aspects of Butler Lumber’s operations. Key accounts for sources
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Questions: Q1: Discuss how the SEC has influence (if any) over the audit of Smackey Dog Foods‚ Inc. Solution: The SEC’s influence in Smackey Dog Foods‚ Inc. can be observed in the audit standards that are being upheld. More specifically‚ the SEC developed auditor standards that must be followed. In the case of Smackey‚ we can see that the implementation of SOX has mandated that auditors be independent entities for publically held companies. Privately held companies are subject to these
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Week 7 You Decide Course Project Keller Graduate School of Management Question 1 The Securities and Exchange Commission (SEC) would only have influence over Smackey Dog Foods‚ Inc. if they are a publicly listed company or if they register to become a publicly traded company. The SEC assists investors by providing reliable information to investors so they can make informed investment decisions. If Smackey Dog Foods‚ Inc. becomes a public company‚ they would need to provide financial statements
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ACCT101 project Case5-3 1. Electric utility bills Method 1: As everyone knows‚ the electricity meters can be read every month. Therefore‚ in December the company will know the electricity usage of the former 12 months including that of December last year. And the usage of electricity in December this year can be included in the next year’s revenue. Method 2: Strictly speaking‚ the revenue recognized in method 1 is not earned in THIS YEAR. through the method of estimating the electricity usage
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to the 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
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