Goodwill. B.Accounts receivable. C.Inventory. D.Supplies. 23.Which of the following accounts are closed at the end of the accounting period? A.Allowance for uncollectible accounts. B.Unearned revenue. C.Retained earnings. D. Income tax expense. 24.Which is a shareholders’ equity account in the balance sheet? A. Accumulated depreciation. B. Paid-in capital. C.Dividends payable. D.Marketable securities. 25.Rent collected in advance is: A. An asset account in the balance sheet.
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the inventory by $9‚400 and Accounts payables by $9‚400 6. Inventory costing $4‚500 was sold for $7‚200 on credit. This will increase revenue and Accounts Receivables by 7‚200 7. $3‚500 in cash was received for merchandise sold on credit. Accounts receivables reduced by 3‚500 and cash increased by 3‚500 8. Dividends of $3‚000 were declared. Accounts payables will increase by 3‚000 9. The declared dividends of $3‚000 were paid. Cash will decrease by $3‚000 and account payables will decrease by
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b. Inspection of document/records ii. Cutoff; make sure sales are recorded in proper period. c. Agreeing the total of the accounts receivable subsidiary ledger to the accounts receivable general ledger account. c. Reperformance-does total agree? iii. completeness d. Discussing the adequacy of the allowance for doubtful accounts with the credit manager. d. Inquiry iv. Valuation and allocation e. Comparing the current-year gross profit percentage
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Cash Flow from Operating Activities Net cash provided by operating activities was Rs. 14‚455.5 million in the nine-month period of fiscal 2004. During this period there was a decrease in accounts receivable of Rs. 2‚911.5 million‚ and prepaid expenses and other current assets of the TCS Division increased by Rs. 1‚781.5 million during this period. Unbilled revenues increased by Rs. 1‚428.94 million. Net cash provided by operating activities was Rs. 8‚774.8 million and Rs. 12‚605.5 million in
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DAMARK PACKAGING INC: WRAPPING UP MEXICO Instructions: Prepare answers to the following questions. The case midterm will be two of these questions plus one on the case not listed below. QUESTIONS: 1. Size up Damark’s operations in Canada‚ the United States and Mexico. Assess the strengths and sustainability of its activities in each market. Canada Highest Margin Largest Potential Market for our machines Best A/R management Best Inventory Management THESE ALL ALIGN WITH OUR SUCCESS FACTORS MANAGEMENT
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Assessment 1. Written Assessment 1. Give an example of daily financial records that you could have to maintain? Update your accounts receivable and accounts payable daily on your accounting computer using the software provided or modifies to suit the organisational particular needs. 2. What are the requirements regarding identifying and rectifying errors in documentation? - Using the right accounting method: cash and accrual - Using professional bookkeeping method: hiring specialist‚ qualified
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Giving examples‚ evaluate the effectiveness of the controls in the double entry system of accounting in ensuring the accuracy of the accounts. As well as examining the controls‚ your evaluation should consider errors that do not affect the balancing of the trial balance. Double entry accounting system was invented in 15th century and still being in use until today‚ this is quite an interesting fact; however it indicates that there is something about the system‚ thus making it so effective and
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Module 1: Session Long Project ACC 501: Accounting for Decision Making 23 November 2012 Session Long Project Pickett Company Working Trial Balance 31-Dec-12 Accounts Debit (-) Credit (+) Accounts payable $14‚500.00 Accounts receivable $28‚000.00 Cash $46‚500.00 Common stock $10‚000.00 Depreciation expense $18‚250.00 Cost of goods sold $402‚610.00 Equipment (net of depreciation) $325‚000.00 Insurance $1
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Current Position Jones Electrical Distribution (hereinafter Jones Electric) is currently facing an issue with cash flows‚ which will ultimately affect the overall profitability and growth potential for the company. The owner‚ Nelson Jones‚ is diligent in paying his suppliers within ten days in order to capitalize on a two percent early pay discount‚ but in doing so‚ has over-extended cash flows. Though the company has been profitable and growing over the past three years‚ its current lender‚ Metropolitan
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pursue the offer to supply cookies to Biscuits. Instead she will focus on offering cooking classes. The following events occur. Nov. 8 Natalie cashes in her U.S. Savings Bonds and receives $520‚ which she deposits in her personal bank account. 8 Natalie opens a bank account for Cookie Creations Inc. 8 Natalie purchases $500 of Cookie Creations’ common stock. 11 Natalie designs a brochure and a poster to advertise the company and the services available. 11 Cookie Creations pays $95 to have the advertising
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