Homutoff 11/10/14 Joyce Williams Hardware and Software Selection Paper Technology plays a very important role in businesses because it helps make things so much easier as far as recording the information‚ create financial statements‚ and account management. Thus‚ computer hardware is what the companies use for data storage‚ and software packages are the tools businesses use to help the business run faster and easier. There are different types of hardware and software that the companies have
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Complete the following audit sections: • Revenue and Expenses o Before completing this section‚ review the material in the Planning section with emphasis on the Trial balances and Apollo Shoes Minutes; and the Accounts Receivable section with emphasis on the Audit of Accounts Receivable – confirmations. • Payroll o Before completing this section‚ review the material in the Planning section ACC 492 Week 2 Apollo Shoe Case Study Guide www.paperscholar.com DIRECT LINK TO THIS STUDY GUIDE:
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800‚000. C) $1‚000‚000. D) $3‚000‚000. E) $3‚200‚000. 3. Annie ’s Attic has the following account balances for the dates given: Cash‚ Sept 1 $40‚000 Cash‚ Sept 30 60‚000 Accounts receivable‚ Sept 1 10‚000 Accounts receivable‚ Sept 30 14‚000 Capital‚ Sept 1 ? Capital‚ Sept 30 ? Supplies‚ Sept 1 30‚000 Supplies‚ Sept 30 24‚000 Accounts payable‚ Sept 1 6‚000 Accounts payable‚ Sept 30 ? Net income for September 20‚000 What would equity be on September 1 and September
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The first one I figured out is “N”- commercial bank. N- there is no inventories in commercial bank. Compare to the other factor‚ accounts receivable occupies the biggest portion about 90 percent‚ which means commercial bank loan money to clients. As a result‚ it has a very long receivable collection period for 4071 days. In the meanwhile‚ clients would save money into commercial bank which lead to high notes payable-73%. There are 3 industries without inventories left.(M‚E‚G) M- In comparison
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Financial Account receivables not being maintained properly Low in Operating Cash Flow Theft on the cash collection (En Munir) 1. 2. Leadership BOD didn’t take any legal actions towards En. Selamat. There is a conflict of interest-Between En. Selamat and the Director of Gold Cold S/B which is En. Azman. There were best friends and Gold Cold S/B is one of the major customer. Internal Control En. Selamat still continued to supply the chicken to Cold Gold S/B even though the customer
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decreased its operating and cash cycle‚ other factors were found to have contributed to the shortage of funds. From the analysis‚ we were able to conclude that the main reasons for the firm’s insufficient funds were due to its slower collection of accounts receivable‚ higher costs of goods sold‚ heavy reliance on debt financing and most importantly a growth rate that is not sustainable. From Exhibit 1 in the Appendix‚ the current and quick ratios have been declining since 1988; furthermore
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result in permanent current assets and some seasonal current assets being financed using long-term securities. a. True b. False 2. For a zero-growth firm‚ it is possible to increase the percentage of sales that are made on credit and still keep accounts receivable at their current level‚ provided the firm can shorten the length of its collection period sufficiently. a. True b. False 3. Which of the following statements is CORRECT? a. Trade credit is provided only to relatively large‚ strong firms. b
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Compensating Balance. Wilson Company borrows $500‚000 from the bank and is required to maintain a 15 percent compensating balance. Further‚ Wilson has an unused line of credit of $200‚000‚ with a required 11 percent compensating balance. What is the total required compensating balance the firm must maintain? SOLUTION ð$500‚000 _ 0:15Þ þ ð$200‚000 _ 0:11Þ ¼ $97‚000 Proceeds of Loan. Assume the same information as in Problem 5.4‚ except that interest is deducted in advance. (a) What is the
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The following items appeared in the accounting records of Triguero’s‚ a retail music store that also sponsors concerts. Classify each of the items as an asset‚ liability; revenue; or expense from the company’s viewpoint. Also indicate the normal account balance of each item. Classification Normal Balance a. Amounts paid to a mall for rent. E Debit b. Amounts to be paid in 10 days to suppliers. L Credit c. A new fax machine purchased for office use. A Debit d. Land
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projected earnings if a company were to sell off parts of its operation‚ merge with another company‚ or beginning a new venture. When a performance statement is used a company is able to get a broad view of the future level of receivables‚ payables‚ inventory and other corporate accounts such as anticipated profits and borrowing requirements. The pro forma statements have a process of presenting financial projections for a specific time period. There are standard formats that are followed when constructing
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