Practical Accounting 1 Cash and Receivables -1. Assume the following facts for Kurt Company: the month-end bank statement shows a balance of P40‚000: outstanding checks totaled P2‚000; a deposit of P8‚000 is in transit at month-end; and a check for Pf400 was erroneously charged against the account by the bank. What is the correct cash balance at the end of the month? a. P33‚600 c. P45‚600 b. P34‚400 d. P46‚400 2. The August 31 bank statement of K‚ Inc. showed a balance of P113‚000. Deduction in
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equipment was $112‚110. A 2 percent cash discount was taken by Stafford Press so that only $109‚868 was actually paid to the seller. Stafford Press also paid $450 to a trucker to have this equipment delivered. Installation of this equipment was made by Stafford Press employees who worked a total of 60 hours. These workers received $15 per hour in wages‚ but their time was ordinarily charged to printing jobs at $30.50 per hour‚ the difference representing an allowance for Overhead ($12.15) and profit ($3
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extra indirect fixed costs. For small increments in scale this may be true‚ but for substantial changes head-office functions will also need to grow‚ which will mean higher indirect costs. Although some economies of scale are likely to occur‚ an allowance for costs creeping up should be made in calculating the viability of the new product. • Contribution ratios In building a product range it can be a mistake to bring in cheaper or lower grades of product to widen the appeal to a greater number
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Contemporary Marketing Channels Assignment 3. Sorrelle Ridge: Slotting Allowances a. What are Sorrell Ridge’s sources of negotiating power and weaknesses? What about Bromar’s? Sorrell Ridge’s power: Sorrel Ridge was the first manufacturer that provides all-‐ fruit products over sugared jams‚
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Chapter 4 Lecture Notes: Income Tax Withholding For many years excise tax was the major source of revenue for the government operations. Initially‚ income taxes were enacted to finance the United States Civil War. Once the war ended‚ the taxes were repealed. In later years‚ an income tax was enacted; however‚ due to the exemptions and standard deduction amounts allowed to each taxpayer‚ a large portion of the population was not subject to this tax. Those individuals that did need to pay tax paid
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Solutions to Problems and Exercises TABLE OF CONTENTS * Chapter 1 1 Concepts for Analysis 1-5 1 Concepts for Analysis 1-6 2 Concepts for Analysis 1-10 3 Concepts for Analysis 1-11 3 * Chapter 2 4 Brief Exercise 2-3 4 Brief Exercise 2-4 4 Brief Exercise 2-5 4 Exercise 2-3 5 * Chapter 3 6 Exercise 3-6 6 Exercise 3-9 6 Exercise 3-11 8 Exercise 3-14 10 Exercise 3-15 10 Exercise 3-16 10 * chapter 4 12 Exercise 4-2 12 Exercise 4-4 13 Exercise 4-5 16 Exercise 4-12 17
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comprehensive ones right through to dental discount plans‚ which are intended at a market eyeing for a levelheadedly priced product. In fact‚ dental insurance is very imperative for many individuals to have‚ as this ensures well-timed and effectual treatment when it is needed. Irrespective of the significance of these insurance dental packages Gurgaon‚ all packages usually include diverse things. This is not essential because of price alone‚ although there are dental discount plans that cover just a basic minimum
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2011 June 1 Mr. Edgar Detoya opened a bank current account with Land Bank of the Philippines in the amount of P1‚000‚000 and invested merchandise inventory valued at P45‚000 to start with his business. GJ Cash in Bank 1‚000‚000 Merchandise Inventory 45‚000 E. Detoya‚ Capital 1‚045‚000 Initial Investment June 15 Purchased store furniture and fixtures for cash from Ayala de Cebu costing P150‚000 plus VAT of 12%. Issued Check No. 48501 covered by Check Voucher No. 001. CDJ Store Furniture
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c/ 1:1 b/ 1:2 d/ 2.5:1 3/ Tracey and Hepburn invest 100‚000 and 50‚000 ‚ respectively ‚ in a partnership and agree to a division of net income that provides for an allowance of interest at 10 % on original investments ‚ salary allowances of 12‚000 and 24000 ‚ respectively ‚ with the remainder divided equally . What would be Tracey’s share of a net income o 45‚000? a/ 22500 c/ 19‚000 b/ 22000 d/ 10000 4/ Lee
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The Sarbanes-Oxley Act requires that financial statements of all public companies report on management’s conclusions about the effectiveness of the company’s internal controls. Of the two methods of accounting for uncollectible receivables‚ the allowance method provides in advance for uncollectible receivables. A check for $342 was erroneously charged by the bank as $432. In order for the bank reconciliation to balance‚ you must add $90 to the bank statement balance. In order to be a recorded
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