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
Premium Accounts receivable Insurance
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
Premium Generally Accepted Accounting Principles Balance sheet Liability
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
Premium Balance sheet Liability Generally Accepted Accounting Principles
basically shows how long it takes a firm to convert resource inputs into cash flows. This consists of three parts‚ receivables collection period‚ payables deferral period and inventory turnover period. 2. Purpose of the study * To find the relationship between working capital efficiency and the profitability of manufacturing firms in Bangladesh. * To optimize accounts receivable management so that the firms can maximize profit. * To focus on the impact on cash due to management of working
Premium Financial ratios Generally Accepted Accounting Principles Regression analysis
question) 1. Below are the 2007 and 2008 year-end balance sheets for Tran Enterprises: Assets: 2008 2007 Cash $ 200‚000 $ 170‚000 Accounts receivable 864‚000 700‚000 Inventories 2‚000‚000 1‚400‚000 Total current assets $3‚064‚000 $2‚270‚000 Net fixed assets 6‚000‚000 5‚600‚000 Total assets $9‚064‚000 $7‚870‚000 Liabilities and equity: Accounts payable $1‚400‚000 $1‚090‚000 Notes payable 1‚600‚000 1‚800‚000 Total current liabilities $3‚000‚000 $2‚890‚000 Long-term debt 2
Premium Balance sheet Generally Accepted Accounting Principles Accounts receivable
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
Premium Accounts receivable Auditing Invoice
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
Premium Balance sheet Finance Accounts receivable
poor account receivable system. The balance amount in the account receivable of the company is not match with the confirmation sent to the customer. These things happen when Mr. Siva‚ one of the retail customers complaining that the figures on the statement of accounts sent to him was incorrect. He had made cash payment and paid all outstanding balance but the transaction was not recorded by Encik Munir‚ one of the former staff at the finance department. It shows that the company’s accounts are not
Premium Accounts receivable
Spontaneous liabilities arise from the normal course of business. The two major spontaneous sources of short-term financing are accounts payable and accruals. As the firm’s sales increase‚ accounts payable increase in response to the increased purchases necessary to produce at higher levels. Also in response to increasing sales‚ the firm’s accruals increase as wages and taxes rise because of greater labor requirements and the increased taxes on the firm’s increased earnings. There is normally no
Premium Debt Loan Credit
Sales and Collection Cycle The objective in the audit of the sales and collection cycle is to evaluate whether the account balance affected by the cycle are fairly presented in accordance with accounting standards. There are five classes of transactions in the sales and collection cycle. • Sales • Cash Receipts • Sales returns and allowances • Write-off of uncollectible accounts • Estimate of bad debt expense (Arens‚ 2012‚ p.442) The Key control activities are proper segregation of duties
Premium Accounts receivable Invoice Balance sheet