its allowance for uncollectible accounts‚ it also records bad debt expense in the income statement. If a company overestimates the allowance account‚ bad debt expense is too high and net income is understated. As well‚ accounts receivable (net of the allowance account) and total assets are both understated on the balance sheet. In future periods‚ the company will not need to add as much to its allowance account since it is already overestimated (or‚ it can reverse the excess existing allowance balance)
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EXERCISES 35 EXERCISES Suppose $1 were invested in l776 <It 31% interesl cOn1{Xlunded L (A nice inherilance) yearly (0) Approximately how much would that investment be wonh today: $1‚000‚ $10‚000‚ $100‚000‚ or $1‚000‚000 ’1 (b) Whm if the inlerest ratc were 669 ’0? 2. (The 72 nile) The number ot years II required for an investment 1.11 imerest rate I to double in value musl satisfy (1 + I yl = 2 Using In 2 = 69 and the approximation In( I + I ) ~ I valid ror small" show that /I ~ 69/i‚ where
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Accounting Notes Part 2 Frank Wood ~ Chapter 14 Sales Day Book and Sales Ledger. Folio reference from day book to sales ledger (personal accounts of debtors) SL …. > no. of a/c of debtor ------------------------------------------------- Sales Date Detail Inv. No Folio | Amount SL | SL | | | Transfer to Sales Accounts GL | 3520 ^^^ Total credit sales Posted
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salespeople‚ publicity‚ and advertising. 4. Price – Making it right through strategizing with allowances‚ flexibility‚ discount‚ and geographic (Perrault‚ Cannon‚ & McCarthy‚ 2011). In the middle of the marketing mix is the customer; however‚ the customer is not part of the marketing mix because the customer is the target market. ALDI ALDI is a food chain that specializes in products at discount prices. The chains sell inexpensive household items such as food‚ beverages‚ sanitary articles
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costs should be capitalized (include costs for materials‚ such as salt bags and calcium bags and sometimes need to use snow removal using trucks). Question 1-c. Cash discounts earned should be capitalized(consider as a reduction in the cost of the assets). Many companies automatically take advantage of these discounts as a matter of policy because of the high rate of
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Colgate-Palmolive: Cleopatra (1)Evaluate the results of the market survey carried out in advance of the release of “Cleopatra” after analysing the Canadian soap market. If you believe the market survey was not appropriate‚ explain specifically how you would have modified it. The results of the market survey carried out in advance of the release of “Cleopatra” were less significant in confirming that there was a real strong demand for Cleopatra in the target Quebec market. This is mainly because
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Beasley (2006)‚ “is considered as the third major transaction cycle.” The three major transactions in the acquisition and payment cycle include: 1. Acquisition of goods and services 2. Cash Disbursements 3. Purchase returns and allowances and purchase discounts Components such as‚ acquisition of raw materials‚ equipment‚ supplies‚ utilities‚ repairs and maintenance‚ and research and development plays a major role in the acquisition and payment cycle. The major accounts that are associated with
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SUMMARY FOR NOTES SARS TO PAYROLL CHAPTER 2 – VAT INTRODUCTION TO VALUE ADDED TAX (VAT) What is VAT? VAT stands for Value Added Tax. Value Added Tax (VAT) is levied on the supply of goods and services by vendors or it is a tax businesses charge when they supply their goods and services. We have to pay VAT on most of the things that we buy. In September 1991‚ South Africa replaced its general sales tax (GST) with a consumption-type value added tax (VAT). The VAT is administered
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could be that the restaurant was expecting a higher ending inventory. Another would be that there weren’t as many employee meals or discounts included that were expected during the planning of the restaurant. The following information applies to the mythical City View Restaurant located in Chicago‚ IL Assume there are no allowances‚ transfers or discounts. Solve all problems for 2 decimal places (x.xx) September 1‚ 2013 Food inventory value: $5‚437 September 30‚ 2013 Food
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MKT 3416: Business to Business Marketing Case: “Oce Technologies & Croon Elektrotechniek” 1. List the points of parity‚ difference and contention between XES 870 DDS and the Oce 950. (No need for details‚ only points required) Points of Parity: * Equipped with control‚ copier‚ folder and a scanner. This allows legacy blueprints to be input and saved as digital files. * Hold 100 folded-sheets of paper with the available option of purchasing up to 9 additional stacker trays at a rate
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