Received cash from clients on account‚ $1‚750. 9. Paid cash for a newspaper advertisement‚ $300. 13. Paid office station company for part of the debt incurred on april 5‚ $400. 15. Recorded services provided on account for the period May 1-15‚ $6‚100. 16. paid part-time receptionist for two weeks’ salary including the amount owed on April 30‚ $750. 17. Recorded cash from cash clients for fees earned during the period May 1-16‚ $8‚200. 20. Purchased supplies on account‚ $400 21. Recorded services
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Sheppard observed the demand of foundation far outstripped supply in the region and long waits for foundation construction had become standard. ori Norm Sheppard have requested on July 30‚ 2007 an amount of $350‚000 loan from Mr. Brad Mac Dougall‚ account manager at the Canadian Commercial Bank (CCB). To know whether or not this amount needs to be passed depends on several factors thus for this purpose there are several questions that are needed to be answered before this decision can be made‚ thus
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C521 Exam 1 Name: | Imtiaz Ahmed | You have three hours to take and submit this exam. You must save this file using the following convention: LastnameFirstname (for example‚ my exam would be saved as SmithReed.docx). If you do not have the most current version of Word‚ that is OK. The file extension might be .doc instead. The document is protected (Tools menu) so that the data in the answer cells is type-restricted. You may unprotect the document in order to “paste” excerpts from Excel
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match the written off account with the period in which the sale was made. There are three essential accounting features to the allowance method: 1. Uncollected debt for accounts receivable are matched against revenues within the same accounting period in which they are recorded. 2. Estimated uncollected debt are debited to bad debts expense and credited to Allowance for Doubtful Accounts via an adjusting entry at the end of each period. 3. Allowance for Doubtful Accounts are actually debited
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Overview Mitten Manufacturing Ltd.’s (MML) sole shareholder and owner‚ Angela Mitten‚ has made the decision to sell her ownership in the business in order to be able to retire in the near future. MML produces children’s mittens and scarves. Prospective buyer‚ John Kachurowski‚ feels that this purchase would result in synergies and economies of scale with his current company that manufactures winter jackets. If this acquisition does go through‚ it is quite likely that the share price would increase
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invoice is sent to the customer and the others are retained by the seller. Credit Memo- The credit memo is a document which will indicate a reduction in the amount due from a customer due to returned goods or any allowances given. It reduces the accounts receivable rather than increasing it. Remittance Advice- Is a document mailed to the customer and returned to the seller at the time of cash payment. It has the customer name‚ invoice number‚ and invoice amount. Monthly Statement to Customer- A monthly
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Cost: $1/ units Average Cost: $6‚ 50/ unit Average Inventory: EOQ/2 Cost of Goods Sold= 65% of Net Sales General and Administrative Expenses= 10% of Net Sales Interest on Increase in Accounts Receivable and Inventory= 12% Taxes= 25% of Before- Tax Income QUESTIONS a. Compute the accounts receivable balance before and after the change in the cash discount policy. Use the net sales (total sales2cash discounts) to determine the
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credit what goes out [Real Account] Real Accounts – All tangible assets like cash‚ car‚ furniture and intangible assets like goodwill‚ patents (2) Debit the Receiver & Credit the giver [Personal Account] Personal Accounts – Jose‚ cyndie or any other person or any company’s account in business (3) Debit all the Expenses and losses & Credit all the Incomes and gains. [Nominal Account] Nominal Accounts – All Income‚ Expenses‚ Profit‚ Losses Accounts Note:- (1) Debit if there
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ISPAHANI Ltd. was selected as a sample and my topic was working capital management. For gathering more about my requirements I have scheduled my time in various departments‚ such as Department | Days | Executive Officer | 07 | Finance & Accounts | 15 | Marketing & Sales | 05 | Purchase | 05 | Import & Export | 05 | Administration | 03 | Methodology of the Study: In order to accomplish the term paper report in the light of specific objectives of the study‚ both secondary
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creditworthy customers. The average customer can expect to pay one or two percent (or more) above prime. In competitive markets banks may actually charge preferred customers less than prime. 8-4. The use of a compensating balance or minimum required account balance allows the banker to generate a higher return on a loan because not all funds are actually made available to the borrower. A $125‚000 loan with a $25‚000 compensating balance requirement means only $100‚000 is being provided on a net basis
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