Consulting Firm Inc. has been hired to review Auto Parts Inc. company functions. The consulting firm reviewed the cash‚ sales‚ accounts receivable‚ inventory and production functions. Based on this review‚ the consulting firm has prepared a proposal of internal controls for each function of the company. This proposal will give a background of each function and a list of the proposed internal controls. Cash Auto Parts Inc. manufactures and sells auto parts to car dealerships as well as the general
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Unit 6 Statement of Cash Flows and Financial Statement Analysis & The Metrics of a Company Unit Assignment Kaplan University January 18‚ 2013 AC505: Advanced Managerial/Cost Accounting |Transaction |Operating |Investing |Financing | |A. Paid bills to insurers and utility providers
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200 ($500 + $700). The payment of accounts payable does not affect supplies. 9. c. Ending equity is $70‚000‚ computed as follows: Beginning owner’s equity…….. $ 50‚000 Add: Net income: Revenues……………….. $110‚000 Less: Expenses………. (30‚000) Net income……………... 80‚000 Less: Withdrawals……………‚ (60‚000) Ending owner’s equity………… $ 70‚000 √ Short Exercises (5 min.) S 2-1 Debits are increases for the following types of accounts: Assets Withdrawals Expenses Debits
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14 of Modern Auditing Prepare written answers for the following assignments: • Learning Check 14-4 • Comprehensive Question: 14-28 Controls over Cash Receipts Processing at a Church • Comprehensive Question: 14-30 Substantive Tests of Accounts Receivable ACC 492 Week 1 Assignments From the Text Study Guide www.paperscholar.com DIRECT LINK TO THIS STUDY GUIDE: http://www.paperscholar.com/acc-492-week-1-assignments-from-the-text-study-guide/ Instantly Download! Get Better Grades
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steps would reduce its cash conversion cycle? a. The company increases its average inventory without increasing its sales. b. The company reduces its DSO. c. The company starts paying its bills sooner‚ which reduces its average accounts payable without reducing its sales. d. Statements a and b are correct. e. All of the statements above are correct. Cash budget Answer: e Diff: E [iv]. Which of the following is typically part of the cash budget? a. Payments
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$1‚225 4) Purchases Credit Cash Debit Cash Credit Accounts Payable $375 $375 375 375 5) Allied‚ Inc. Insurance Policy $3‚600 Debit Insurance Expense Credit Prepaid Insurance 1‚800 1‚800 6) Supplies‚ Beginning Supplies Purchased Amount Paid Supplies‚ End of the Year $0 $200 $150 $40 Supplies‚ Ending $160 Debit 7) Invoice $4‚500 Credit Cash $4‚500 8) Bond and Associates Accumulated Depreciation Accounts Payable Accounts Receivable Cash Equipment Land Mortgage Payable Prepaid Insurance
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as credit sales and charged to accounts receivable‚ with customer payment immediately applied. 12. Sales orders sent to controller’s office. 13. Billing clerks produce a prenumbered four copy sales invoice‚ and add customer and product information‚ date‚ product unit prices from approved list‚ sales taxes‚ delivery charges‚ and total the order. 14. Customer and sales order are sent to accounts receivable accounting department. 15. Accounts receivable accounting department is in the
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Information Systems areers in Accounting A Career in Information Systems Have you ever heard the sayings “knowledge is power” or “information is money”? When people talk about accounting‚ what they are really talking about is information. The information used by businesses‚ as well as the technology that supports that information‚ represents some of the most valuable assets for organizations around the world. Very often‚ the success of a business depends on effective creation‚ management‚ and
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expects that 9 percent of the new accounts will be uncollectible. Collection costs are 5 percent of new sales; production and selling costs are 78 percent; and accounts receivable turnover is five times. Assume income taxes of 30 percent and an increase in sales of $80‚000. No other asset buildup will be required to service the new accounts. a. What is the level of accounts receivable to support this sales expansion? Investment in Accounts Receivable: b. What would be Collin’s incremental
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to understand how accounts receivables and payroll affect a business. I think the hardest concepts for me in this course were stock transactions and dividends. So those will have to be a couple that I still need to focus on‚ as I feel they will be essential to having a successful business. Accounts receivables is a claim against the customer created by selling merchandise or services on credit and are classified on the balance sheets as a current asset. Accounts receivable is generally considered
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