the period in which the sale was made. There are three essential accounting features to the allowance method: 1. Uncollected debt for accounts receivable are matched against revenues within the same accounting period in which they are recorded. 2. Estimated uncollected debt are debited to bad debts expense and credited to Allowance for Doubtful Accounts via an adjusting entry at the end of each period. 3. Allowance for Doubtful Accounts are actually debited and credited to accounts receivable
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Developing software is far from an exact science and without a structured system to guide the process a project is likely to fail. Defining and adhering to a Software Development Life Cycle (SDLC) early in the project will help to guide the development of a new information system. In addition to having the structure for the development team to work within a defined and agree upon SDLC will help to set the proper expectations for deliverables with the stakeholders and customer(s). Smith Consulting
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daily sales are $20‚000. What is the level of its accounts receivable? Assume there are 365 days in a year. Formula for DSO = Receivables/ Ave sales per day = Receivables/( Annual sales/365) = 20 days x $20‚000= $400‚000 Solution: AR = $400‚000 3-2 Debt Ratio Vigo Vacations has an equity multiplier of 2.5. The company’s assets are financed with some combination of long-term debt and common equity. What is the company’s debt ratio? Formula for Debt ratio = Debt Ratio + Equity Ratio = 1 Equity
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method of accounting revolves around the basis of cash already received. Perhaps a better explanation of accrual accounting is that money that has not yet been received can be recorded down on the books as payment received. For a nonprofit business‚ the accrual method of accounting works better for the company. If they were to use the cash method of accounting‚ then an amount would only be recorded when cash was received for a service performed. The accrual method works much
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From the e-Activity‚ recommend how the SOX framework can ensure reliable and complete financial information and how accounting professionals have benefitted from its use. Provide support for your response. The Sarbanes-Oxley Act of 2002 (often shortened to SOX) is legislation enacted in response to the high-profile Enron and WorldCom financial scandals to protect shareholders and the general public from accounting errors and fraudulent practices in the enterprise. The act is administered by the
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In the file ACC 291 Week 2 Discussion Question 2 there are right answers on the following questions: "What types of industries have unearned revenue? Why is unearned revenue considered a liability? When is the unearned revenue recognized in the financial statements? What does your Annual Report say about unearned revenue?" Business - Accounting ACC 291 All Week 4 Assignments - Individual WileyPlus Assignment Includes: Week 4 Chapter 13 practice quiz 1 Week 4 Chapter 14 Practice
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CRT/205: Mapping Arguments Children in the Backseat Are the Worst Distraction for Driver In this the issue considered is the way of driving with the children in the backseat. Therefore this is a difficult one as the roads will have more traffic and driving is not an easier one. If it is done with children then it will be more difficult as they will be playing inside car and will be a hard task to control them. Then they have various distractions like that of visual distractions‚ manual distractions
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Responsibility Essay‚ due in Week Five‚ which includes the following: • Define what personal responsibility means to you. • Explain the relationship between personal responsibility and college success. • Include a preliminary plan to practice personal responsibility in your education. This week‚ using the Center for Writing Excellence resources‚ provide the thesis statement and informal outline for your Personal Responsibility Essay assignment‚ due in Week Five. Thesis Statement:
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important to prevent extensive loss‚ environmental and commercial‚ preserve the companies’ public image and abide by pertinent environmental statues. Ensuring the company follows an extensive plan will help to eliminate any risks‚ by outlining steps that should be taken to resolve these risks in a timely and effective manner. Alumina is located on Lake Dira‚ located in the state of Erehow. Alumnia is a global company that has business interest in automotive components and manufacture of packaging
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Riordan Manufacturing Executive Summary Abstract Riordan Manufacturing is a global plastics manufacturer with 550 employees. The corporate headquarters are based in San Jose‚ CA‚ and its plants are located in Georgia‚ Michigan‚ and China. The company is owned by Riordan Industries. Its projected earnings are $46 million‚ and it holds revenues in excess of $1 billion. It manufactures plastics such as plastic beverage containers‚ custom plastic parts‚ and plastic fan parts. Our team is tasked
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