according to the length of time they remain outstanding e. Why did the company extend credit to customers? They would not have extended credit if they knew which companies would eventually not pay. Nikki Ko-Wei Chen ACCT 610 Gamma 6 Case 8: Pearson plc Nikki Ko-Wei Chen ACCT 610 Gamma 6 Case 8: Pearson plc f. Provision for bad and doubtful debts i. T-account for bad and doubtful debts ii. Journal entries for Bad and doubtful debts expense 2009 Bad and doubtful debts
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Benchmarking Thor Industries’ Inventory Management - Group 2 Teddy Dwork‚ Alexa Esquivel‚ Noelle Fennessy‚ Alec Madow‚ Marc Milgrim 1. Inventory Share of Total Assets Net Accts Rec. Share of Total Assets Gross Profit Percentage (GP/Sales) SG&A Percentage (SG&A/Sales) 2008 15.3% 14.7% 12.2% 6.7% 2007 16.0% 16.7% 12.7% 6.2% 2. 2008 5.8% 13.2% 20.2 25.3 2007 6.9% 17.6% 22.7 24.7 Return on Sales = EBIT/Revenue Return on Equity = NI/Inv Days Receivable = AR/(sales/365) Days Inventory= (Avg Inv/COGS)
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conservatism principle requires that financial statements should report LEAST favorable figures. -do not close accumulated depreciation account *NET INCOME -GROSS PROFIT PERCENTAGE= GROSS PROFIT/ NET SALES REVENUE -purcahsed inventory on account=merch inv/acct pay -returned inventory=act pay/ merch inv -paid freight bill on purchase=merch inv/cash -paid merch invoice w. discount period=act pay(D)/ (C)
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Homework Problems Problem #1 For December 31‚2012‚ the balance sheet of Baxter Corporation is as follows: Current Assets Liabilities Cash $10‚000 Accts. Payable $12‚000 Accts Receivable 15‚000 Notes Payable 20‚000 Inventory 25‚000 Bonds Payable 50‚000 Prepaid Expenses 12‚000 Fixed Assets Stockholders Equity Plant & Equip(gross) $250‚000 Common Stock $75‚000 Less Accum Deprec. 50‚000 Paid in capital 25‚000 Net Plant & Equip $200‚000
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MINICASE ACCT – 13 1. What are the relevant facts? - The company for which Chris is the controller is facing difficult times in light of a downturn in the construction industry. - Chris and Robin know that a material receivable from the Ender Corporation is probably uncollectable. - The allowance adjustment for the material receivable has not been made - Allowance adjustment will cause the auditor to mention the company’s unstable financial position and therefore without a clear opinion‚ the
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ACCT 612 TAX RESEARCH MEMO Gabrielle Cole Lebanon‚ Indiana January 25th‚ 2015 Relevant Facts The Pima and Southern Railroad (PSRR) needs to replace a 30 mile section of its track. The PSRR has bids from a contractor to replace the track for the following amounts: Cost of new track $5‚000‚000 Installing new track $3‚000‚000 Road bed grading and improvements $2‚500‚000 Removing old track ( net of salvage) $1‚500‚000 Total $12‚000‚000 The old track is fully depreciated
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MEMORANDUM FOR PERSONNEL CONCERNED 21 May 2016 SUBJECT: ARMS ROOM STANDING OPERATING PROCEDURES (SOP) 1. References. a. DoD 5100.76-M‚ Physical Security of Sensitive Conventional Arms‚ Ammunition and Explosives b. AR 190-11‚ Physical Security of Arms‚ Ammunition‚ and Explosives c. AR 190-13‚ The Army Physical Security Program d. AR 190-14‚ Carrying of Firearms and Use of Force for Law Enforcement and Security Duties e. AR 190-40‚ Serious Incident
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Payment Instructions Please pay at any LBC branch nationwide except the ones inside SM Malls. Provide the store cashier with the following details: Biller Name: DRAGONPAY Total Due PHP 1‚090.00 Ref No/Acct No: XSNRBBH5 Acct Name: (write your name) Amount: PHP 1‚090.00 Description: 60 Min. Full Body or Foot Massage & Sauna‚ Jacuzzi‚ Sumptuous Buffet & Drinks for P545 instead of P780 at Wensha Antipolo Please observe the following rules carefully when making your payment. Failure
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Tele Mil : 6991 Civ Tele : 0361-2640134 Army Recruiting Office‚ Narangi PIN-900328 c/o 99 APO 20 Apr 11 1837/R/ FOR BRIGHT YOUNG MEN TO JOIN THE ARMY OPEN RECRUITMENT RALLY AT GOALPARA 1. Army Recruiting Office‚ Narangi will carry out an Army Recruitment Rally for MALE CANDIDATES of Baksa‚ Barpeta‚ Bongaigaon‚ Chirang‚ Darrang‚ Dhubri‚ Goalpara‚ Kamrup‚ Kokrajhar‚ Nalbari and Udalguri districts of Assam is being organized from 17 –29 May 11 at DN Singha Sports Stadium‚ Goalpara (Assam) with
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Acct 550c Week6 Homework E10-1 Item Land Land Improvements Bldg Other Accts (a) ($275‚000) Notes Payable (b) $275‚000 (c) $ 10‚000 (d) 7‚000 (e) 6‚000 (f) (1‚000) (g) 25‚000 (h) 250‚000 (i) 9‚000 (j) $ 4‚000 (k) 11‚000 (l) (5‚000) (m)
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