Mitchell or his business completed the following transactions: Feb 4 Collected $4‚000 cash from a client on account. 8 Performed tax services for a client on account‚ $4‚600. 13 Paid business debt on account‚ $2‚400. 18 Purchased office supplies on account‚ $900. 20 Paid cash dividends of $2‚200. 21 Mitchell paid for a deck for his private residence using personal funds‚ $8‚000. 22 Received $2‚300 cash for consulting work just completed. 2 Paid office rent‚ $500. 29 Paid employee salary
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In order for good decision making to occur‚ the proper steps must be taken to ensure accurate information used. Sales and Inventory System (SIS) is a computer-based system that is designed to aid decision makers in making decision that may include multiple attributes‚ objectives and goals. Good decision making tools are necessary to make good strategic decisions. Sales and Inventory Systems are used to collect data‚ analyze and shape the data that is collected‚ and make sound decisions or construct
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of the Pinnacle-Financials Excel file. Use the income statement information to prepare a common-size income statement for all three years. Use the information to identify accounts for which you believe there is a concern about material misstatements. Use a format similar to the following: Estimate of $ Amount Account Balance of Potential Misstatement e. Use the three divisional income statements in the Pinnacle-Financials Excel file on the Web site to prepare a common-size income
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Likelihood of financial difficulties Its 2012 current ratio and quick ratio are 1.93 and 0.75 respectively. Its 2013 current ratio and quick ratio are 1.75 and 0.69 respectively. This suggests the company is still healthy in terms of carrying cash and cash equivalents‚ even though its current liabilities have increased in 2013. Its Income before Income Tax for 2013‚ 2012‚ and 2011 are $2‚093‚162‚ $1‚897‚352‚ and $3‚059‚187 respectively. There is no significant trend of lowering income. Large amount
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for keeping tracks of accounts‚ money‚ or items that they need. It plays a significant role in sales control‚ processing and handling orders‚ design and production of goods‚ manufacturing‚ product and market analysis‚ and in some cases complete control of operations. The supplies in every business are very important for it to maximize the profit of a businessman. To earn a maximize revenue‚ a proper management is needed. Some business tends to fail because of poor inventory management. A greater
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and widespread of computer technology. Certainly‚ many companies and businesses are using sales monitoring and inventory system for their success and growth. It is an effective way for monitoring sales and tracking different products and materials that are transferred in and out of a company’s warehouse or establishment. Moreover‚ a sales monitoring and inventory system promotes effective inventory control which ensures stocking the marketable and correct items in correct quantities. This system
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to deal with in inventory & manufacturing * Less costly to fill orders from inventory * Reduced training costs and time * More routine purchasing‚ handling‚ and inspection procedures * Opportunities for long production runs‚ automation * Need for fewer parts justify increased expenditures on perfecting designs and improving quality control procedures. Disadvantages of Standardization * Decreased variety results in less consumer appeal. * Designs may be frozen
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slight increase in accounts receivable reflecting the timing of seasonal sales at the end of 2011 as compared with 2010. Although its primary credit risk concentrates on two clients‚ McLane and Wal-Mart‚ its accounts receivable turnover is increasing. It means Hershey’s collection ability is good. Accounts Receivable—Trade In the normal course of business‚ we extend credit to customers that satisfy pre-defined credit criteria based upon the results of our recurring financial account reviews and our
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provides pest control services and sells extermination products manufactured by other companies. The following six-column table contains the company’s unadjusted trial balance as of December 31‚ 2011. BUG-OFF EXTERMINATORS December 31‚ 2011 Unadjusted Trial Balance Cash 17‚000 Accounts receivable 4‚000 Allowance for doubtful accounts 828 Merchandise inventory 11‚700 Trucks 32‚000 Accum. depreciation-Trucks - Equipment 45‚000 Accum. depreciation-Equipment 12‚200 Accounts payable 5‚000
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OF CONTENTS - CHAPTER 11 I. CHAPTER 11 – INVENTORY 1 II. OVERVIEW AND OBJECTIVES 1 A. Overview 1 B. Objectives 1 III. DEFINITION OF INVENTORY 1 IV. INTERNAL CONTROLS 2 V. ESTABLISHING AND MAINTAINING AN INVENTORY 2 VI. VALUING THE INVENTORY 4 A. FIFO 5 B. Weighted Average 6 VII. YEAR-END PHYSICAL INVENTORY 7 VIII. EXHIBITS 8 CHAPTER 11 – INVENTORY The purpose of this chapter of The Guide is to explain the concept of inventory and to discuss the policies‚ guidelines‚ and
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