estimates that it is 30% complete with the construction‚ based on costs incurred. What is the total amount of Revenue from Long-Term Contracts recognized for 2014 and what is the balance in the Accounts Receivable account assuming Cannon Cafe has not yet made its last quarterly payment? Revenue Accounts Receivable A. $4‚960‚000 $4‚960‚000 B. $4‚260‚000 $1‚240‚000 C. $4‚464‚000 $1‚240‚000 D. $4‚260‚000 $4‚960‚000 Total revenue: 14‚880‚000 x 30%=4464000; AR: the amount
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Last four digits of student ID #: Name of the business: Dawson Lumber Company Nature of the business: Wholesale Lumber Business Marketing Analysis: The Dawson Lumber Company was founded in the 1870s by the Dawson family to market the lumber on their land. In 1950‚ Dawson Lumber owned four small lumber yards in the Corn wall area‚ each operating as a separate company. However‚ in 1965‚ J.H. Dawson became president and amalgamated the four companies into the Dawson Lumber Company. The
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AIM 6330 Topics to know for Exam I Chapter 1 – Environment and Theoretical Structure of Financial Accounting • Know the basic objectives financial reporting and the basic elements of financial statement • Know the fundamental and enhancing qualitative characteristics of accounting information. • Know the assumptions‚ principles and constraints of accounting information and be able to identify when each is being illustrated in specific accounting contexts. Chapter
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type of transaction or accounting adjustment. It contains space for dates and for accounts to be debited and credited‚ columns for the amounts of the debits and credits‚ and a posting reference column for numbers of the accounts that are posted. Most companies have electronic journals but the basics are the same. Q3-3. Posting means including the transaction amount in the affected general ledger accounts. This procedure enables company personnel to trace amounts in the ledger back to the
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$2.63 in current asset relative to every $1 in current debt‚ compared to $2.5 in the average industry. And the firm has $1.64in cash and account receivables per $1 of current debt‚ compared to $1.35 for the industry average. The company has days in account receivable of 84.23 days‚ compared to an industry norm of 62.9 days. Thus‚ Asbil collects its receivables much slower than the average industry‚ which indicates that the firm is less liquid than the average firm in the industry. Also‚ for Asbil
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1/2/20X3 Purchases on account: 500 units @ $6 = $3‚000 Dr Merchandise Inventory 2‚000 Cr Accounts Payable 2‚000 • 1/15/20X3 Sales on account: 300 units @ $8.50 = $2‚550 Dr Accounts Receivable 2‚550 Cr Sales 2‚550 Dr Cost of Goods Sold 1‚200 (300 x $4) Dr Merchandise Inventory 1‚200 • 1/20/20X3 Purchases on Account: 200 units @ $5 = $1‚000 Dr Merchandise Inventory 1‚000 Cr Accounts Payable 1‚000 • 1/25/20X3 Sales on Account: 300 units @ $8.50 = $2‚550 Dr Accounts Receivable 2‚550 Cr Sales
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6. Wages of $1‚000 were paid as well as an account for electricity‚ $540. 7. Jeff paid for the supplies purchased in (5) above. 8. Supplies used during August amounted to $1‚280. Required: A. Prepare a schedule. List the following assets‚ liabilities and equity as column headings: Cash at Bank; Supplies; Equipment; Loan Payable; Accounts Payable; J. Drain‚ Capital. B. Show the effects of each of the transactions on the accounts listed. Indicate totals after each transaction
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Asset (A) h. Weekly salaries paid to salespeople. – Expense (E) 2. Basic computations. The following selected balances were extracted from the accounting records of Rossi Enterprises on December 31‚ 20X3: Accounts Payable $3‚200 Interest Expense $2‚500 Accounts Receivable 14‚800 Land 18‚000 Auto Expense 1‚900 Loan Payable 40‚000 Building 30‚000 Tax Expense 3‚300 Cash 7‚400 Utilities Expense 4‚100 Fee Revenue 56‚900 Wage Expense 37‚500 a. Determine
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Date: Thu‚ 17 JAN 2008 7:42:53 +0000 From: "Darlene Wardlaw" Subject: Understanding the Revenue Cycle Attachment: I’ve attached a Sales internal control questionnaire from another engagement that I think you can use for Apollo. You may want to talk to Karina Ramirez to get answers to the questions. 1. Complete the ICQ for Apollo. For “yes” answers‚ add a comment stating which department and clerk performs the function. For “no” answers‚ describe the possible “errors” or “frauds”
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ACCT 340 – Fall 2013 Exam 2 Review Problems: Chapters 5‚7‚8‚9 Chapter 5: 1. On February 1‚ 2007‚ Nance Contractors agreed to construct a building at a contract price of $6‚000‚000. Nance estimated total construction costs would be $4‚000‚000 and the project would be finished in 2009. Information relating to the costs and billings for this contract is as follows: 2007 2008 2009 Costs incurred in current year $1‚500‚000 $1‚140‚000 $1‚960‚000 Estimated costs to complete 2
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