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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[pic] Business Process Integration – I Exercises ECC 6.0 Modified August 2009 Prof. Kelly Balan Unit 2: Customer Order Management Business Cycle Including Procurement Process for Replenishment of Goods |Purpose of Unit | |The purpose of Unit 2 is to demonstrate the Customer Order Management Business Cycle beginning with a quotation and ending
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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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how many national organization there are‚ and how other place are changing. “There are now nearly 5‚000 Gay-Straight Alliance Clubs… Gay‚ Lesbian Education Network… respected regardless of sexual orientation or gender identity/ expression” (Conlin 551). Last month in Australia issued new passport guidelines allowing citizens to give their official gender…. Britain‚ the
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ciusConfucius was known for he’s teachings‚ preserved in the Analects‚ focused on creating ethical models of family and public interaction‚ and setting educational standards. Confucius was born in 551 B.C. in the Lu state of China and died on 479 B.C. There was a historian named Ssu-ma Chi’en and according to Records of the Historian‚ Confucius was born into a royal family of the Chou Dynasty also Confucius was a descendant of a branch of the royal house of Shang‚ the dynasty (a family of rulers)
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