Case Chapter 7 Cash and Receivables 1. Petty Cash (10 min.) The petty cash fund of $200 for Walsh Company appeared as follows on December 31‚ 2008: Cash $93.60 Petty cash vouchers Freight in $21.40 Postage 40.00 Balloons for a special occasion 18.00 Meals 25.00 Instructions 1. Prepare the journal entries required to establish the petty cash fund. 2. Prepare in general journal form the entry to replenish the fund. 3. On December 31‚ the office manager gives instructions
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Cash Flows for Discounting Calculations When managers are forecasting the cash flows for a project‚ they will consider the expected revenues and costs‚ but they must also include an estimate for working capital requirements. The working capital will be required in period 1 to allow the business to acquire inventories and build up debtors (receivables) to the extent that these are not matched by trade. The working capital will be recovered at the end of the project when the inventories are sold‚
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Valenzuela National High School Third Periodical Examination Technology and Livelihood Education - Basic Bookkeeping and Accounting S.Y. 2011 – 2012 I. Multiple Choice: Directions: Read and analyze the questions carefully and write the letter of the correct answer on your answer sheet. 1. What columnar sheet of paper is used to summarize information needed to prepare the financial statements of the business? a. General Journal c.Trial Balance b. General Ledger d. Worksheet
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Advertising alone does not always encourage certain consumers to take action‚ such as trying out a new product. Sometimes marketers must also use other promotional methods along with advertising. A sales promotion is a promotional method that uses short-term techniques to build awareness and encourage consumers to purchase a product. Sales promotions are specifically designed to persuade a consumer to act in response. The main factors of sales promotion apart are that it involves a short-term value
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Developing Pricing Strategies and Programs Marketing Management Price Changing in the Internet Internet reverse the fixed pricing trend‚ since: Buyers can: Get instant price comparisons from thousands of vendors. Name their price and have it met. Get products free. Both Buyers and Sellers can: Negotiate prices in online auctions and exchanges Sellers can: Monitor customer behavior and tailors offers to individuals. Give certain customers access to special prices. Consumer Psychology
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Ch18 Revenue Recognition (when it is realized or realizable‚ when it is earned) Revenue Recognition at point of sale: (1) Sales with Discounts (2) Sales with Right of Return: Three alternative revenue recognition methods‚ and recognize revenue only if all of six condition (3) Sales with buybacks (4) Bill and Hold Sales: buyer is not yet ready to take delivery but does take title and accept billing. Revenue is reported at the time title passes if (a) the risks of ownership have passed; (b) the
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Introduction Chipman-Union was a medium sized company which mainly manufactured unbranded casual and athletic socks which were sold to the trade. It was established in 1972. By early 1980 CU’s two mills were producing 67 styles which were almost all cushioned socks manufactured for the men’s and boys’ casual/athletic market in anklet‚ midcalf and kneel-high lengths. CU carried a 10% share of the boys’ / men’s’ casual/athletic socks (approximately 3‚700‚000). The margins for CU were less than 20%
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and the amount is due x amount of days from the date on the invoice. Some businesses offer a discount for early payment and in my opinion‚ businesses that do not offer a discount should do so in the interest of client relations. The Accounts Receivable account is accompanied by a contra-account known as‚ allowance for doubtful accounts. This contra-account also appears on the balance sheet. The allowance for doubtful accounts is subject to the method of collection. There are two common methods
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PREFACE: Many industries contain one firm that is the acknowledge market leader. This firm has the large market share in the relevant market and usually leads the other firms in the price changes‚ new product introduction‚ distribution coverage and promotional intensity. Moreover‚ it acts like a benchmark in the competitive product market. Some well-known market leaders in Bangladesh are Bata (Sports‚ leisure and outdoor footwear)‚ Coca-Cola (Soft drinks)‚ Unilever (Toiletries‚ cosmetics)‚ Pran
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Completing the Accounting Cycle The Accounting Cycle Process by which companies produce their financial statements Use of a work sheet summarizes needed data in one place 2 Accounting Cycle Journalize Transaction During the period Post to Accounts Adjust Accounts End of the period Prepare Financial Statements Close Accounts 3 Work Sheet Internal summary device NOT: A journal A ledger A financial statement Computerized spreadsheets work well 4 Work Sheet Steps Enter account titles and
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