Cash $198‚000 $102‚000 for 2003 and 2004: Receivables $106‚000 $78‚000 2004 2003 Inventory $100‚000 $120‚000 Prepaid expenses $12‚000 $18‚000 Cash $ 198‚000 $102‚000 Plant assets $840‚000 $700‚000 Receivables 106‚000 78‚000 Accumulated depreciation $(300‚000) $(250‚000) Inventory 100‚000 120‚000 Patent $102‚000 $116‚000 Prepaid expenses 12‚000 18‚000 $1‚058‚000 $884‚000 Plant assets 840‚000 700‚000 Accounts payable $102‚000 $112‚000 Accumulated depreciation
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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‚ and slower inventory turnovers is worse liquidity. So‚ the data shows JB Company decline the inventory turnover days‚ it means that this company improves
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Prior to the cash receipts reaching the accounts receivable clerk‚ the auditor should make a list of all cash receipts without the clerk’s knowledge. After the clerk posted cash receipts to the journal‚ the auditor should compare the details of the cash receipt listings he made to the detail of daily deposit tickets made by the clerk. 2. Trace a sample of customers’ accounts from journal to ledgers. 3. Investigate debit entries in the general ledger cash account other than from the cash receipt journal
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for a number of reasons. The company’s inability to receive payments from customers in a timely manner created a severe impact in the company’s cash flows. The age of account receivables increased each year. In 1995 it took 49 days on average to receive payments from customers. Because of the delay in accounts receivable‚ Clarkson Lumber’s ability to pay suppliers on time is also impacted. In 1995 it took Clarkson 38 days on average to pay its suppliers. Additionally Clarkson Lumber continues
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$1‚132 in the statement of cash flows are very low compared to the net income of $8‚119. This may be due to the increases and decreases of the following operating accounts. The amounts of $7‚663 in accounts receivable and an increase of $ 2‚550 in other current assets‚ along with the decrease of $1‚312 in the income tax payable account. Presented in the
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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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above transactions | | | | | | | Date | Account Titles and Explanation | Debit | Credit | 2011 | | | | Dec. 5 | Cash | 90 | | | Service Revenue | | 90 | | Unearned Service Revenue | 60 | | | Service Revenue | | 60 | 8 | Cash | 300 | | | Accounts Receivable | | 300 | 9 | Cash | 750 | | | Unearned Service Revenue | | 750 | 15 | Accounts Payable | 50 | | | Cash | | 50 | 16 | Accounts Payable | 600 | | | Cash | | 600 | 19
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recover customer debts bonuses to production operatives Vic’s receivables ledger balances total $50‚000‚ which does not agree with his trade receivables control account. The following errors were found: (1) A credit note for $750 was not recorded in the receivables ledger (2) A contra entry of $2‚000 was entered in the control account but not in the receivables and payables ledgers. What should be the total of the balances on his receivables ledger after correcting the following errors? A B C D 3 $52
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the corporate form of business organization? A. Ability to raise capital. B. Government regulation. C. Ease of transferability of ownership. D. Continuity of existence. 3. Which of the following entities would have the “Paid-in Capital in Excess” account in the equity section of the balance sheet? A. A sole proprietorship. B. A city. C. A corporation. D. A partnership. 4. Which of the following terms designates the maximum number of shares of stock that a corporation may issue? A. number of shares
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00 2. The Robinson Company has the following current assets and current liabilities for these two years: 2010 2011 Cash and marketable securities $50‚000 $50‚000 Accounts receivable $300‚000 $350‚000 Inventories $350‚000 $500‚000 Total current assets $700‚000 $900‚000 Accounts payable $200‚000 $250‚000 Bank loan 0 150‚000 Accruals 150‚000 200‚000 Total current liabilities $350‚000 $600‚000 If sales in 2010 were $1.2 million‚ sales
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