Shipping Goods * Sales orders→ shipping dept * Shipping document * Copy of sales order and shipping doc à acct dept * Bill of lading→ independent trucking company ships goods * Copy of bill of ladingà acct dept Billing Customers and Recording Sales * Prep invoice by authorized price list * Edit checks: make sure entered correctly * Updates: sales and a/r accts Processing and Recording Cash Receipts * Person opening mail send remittance advices àacct dept * Record
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The following selected transactions were completed by Reuben’s Delivery Service during October: 1. Received cash from owner in exchange for capital stock‚ $20‚000. 2. Purchased supplies for cash‚ $900. 3. Paid rent for October‚ $3‚000. 4. Paid advertising expense‚ $2‚500. 5. Received cash for providing delivery services‚ $23‚100. 6. Billed customers for delivery services on account‚ $41‚750. 7. Paid creditors on account‚ $4‚500. 8. Received cash from customers on account‚ $36‚200. 9. Determined that
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Case 13.12 Describe the weaknesses that exist in Alden’s expenditure cycle. There are three performances that take place in the expenditure cycle: ordering items‚ receiving the items and paying for those items. The weakness that the Alden’s have is that they do not have an inventory control method‚ which means they just estimate what they need at the end of the month and purchase items. Another weakness is that they do not keep record of the inventory that is brought in and the inventory that
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2. Do you think the CAPM model is an appropriate way to calculate the cost of equity for these projects? Why or why not? Yes‚ the CAPM model is an appropriate way to calculate the cost of equity for these projects because they are short-term and it takes into account the riskiness of each project. 5. Which of the projects are unacceptable and why? Projects A and B are unacceptable because they both have negative Net Present Values. 7. Which project do you recommend and why? Explain why each
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ACCT504 Case Study 3 on Cash Budgeting The cash budget was covered during Week 4 when we covered TCO D and you read Chapter 7. There is also a practice case study to work on. Your Professor will provide the solution to the practice case study at the end of Week 5. This case study should be uploaded by 11:59PM Mountain time of the Sunday ending Week 6 to the Week 6 Assignment Dropbox. You are encouraged to use the Excel template file provided in Doc Sharing. The LBJ Company has budgeted sales
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For example‚ the Operating Support Team’s traffic accident handling costs are not related to revenue. Instead‚ the number of accidents should be used as cost driver. Although the number of accidents decreased by approximately 43% from 54 cases in 2007 to 31 cases in 2008‚ the traffic accident handling costs increased by approximately 40% from $11.7 to $16.4 million. Apart from inappropriate cost drivers‚ the method allocated unnecessary resource to branch activities that are not related to operation
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ACCT 2010: Fall 2012 Sections L08‚ L09‚ and L15 GROUP PROJECT Please form groups of four to five students. Each group should analyze three cases provided below and write a short report. The objectives of the project are to help you develop the ability to 1) evaluate situations that have ethical implications‚ 2) identify the stakeholders and their interests‚ 3) describe ethical dilemmas and propose solutions‚ and 4) explain the importance of social responsibility. Each group should submit a written
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Internal control ACCT504 Financial accounting and Managerial use‚ analysis Keller Graduate school of Management Professor : Linval Frazer Week 5: Case study 2 Friday ‚ April 4‚ 2014 Preparing LJB’s Internal Control Reporting for Public Trading Background LJB Company ‚ a small business local distributor who understands to go public in the future‚ the company should be in accordance with the law and may need to take more stringent internal control principles . At the request of
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ACCT 350—TENTATIVE SCHEDULE—Spring 2015 DATE TOPICS/CLASS WORK HOMEWORK 1-14 Course Introduction Chapter 2: Basic Cost Management Concepts 1-21 Chapter 2 continued Chapter 4: Activity-Based Costing Read Chapters 2 and 4 Ch 2: 28‚ 32‚ and 33 Ch 4: 28 and 29 1-28 Chapter 4 continued Chapter 7: Allocating Costs of Support Departments and Joint Products Introduce Time-Driven ABC article and Kemps LLC case Read Chapter 7 Ch 4: 30‚ 32‚ and 33 Ch 7: 7‚ 8‚ 9‚ 12‚ 20‚ 21‚ and 34 2-4 Chapter 7 continued
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CASE STUDY 3 - Cash Budget SCHEDULE OF EXPECTED CASH COLLECTIONS FROM CUSTOMERS: Credit Sales May June April (94‚000 * 0.70) = 65‚800 65‚800 May (89‚500 * 0.30) = 26‚850‚ June (89‚500 * 0.70) = 62‚650 26‚850 62‚650 June (75‚000 * 0.30) = 22‚500 22‚500 Total Cash Collections 92‚650 85‚150 SCHEDULE FOR EXPECTED PAYMENTS FOR PURCHASE OF INVENTORY Inventory purchases May June April (195‚000
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