concept that has been violated and give your explanation: i. Andy Company accrued interest expense on the personal bank loan of the owner at year end. ii. Perfect Repairs adopts a policy of charging hand tools with small unit costs to expense when purchased‚ even though the tools have a useful life of several years. During the year‚ Perfect Repairs recorded revenue of $600000 and a hand tools expense of $150000 in its profit and loss account. (5 marks) 2. The cash book of Ronald Limited
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Ajinomoto Ajinomoto Co. Inc. is a Japanese food and chemical corporation which produces seasonings‚ cooking oils‚ TV dinners‚ sweeteners‚ amino acids and pharmaceuticals. In particular it is the world’s largest producer of aspartame‚ with a 40% global market share. When Professor Kikunae Ikeda from the University of Tokyo isolated glutamate from the seaweed and discovered its flavour enhancing properties in 1908. The next year‚ his discovery was introduced to the market in the form of the flavour
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CABARRUBIAS‚ John Rodnie C. 1 – CBE REFLECTION PAPER (“Rich Dad Poor Dad” Lesson 1: The Rich Don’t Work for Money) Rich Dad Poor Dad lesson 1 really focuses on how money works on a rich person by having controlling their fear and desire. It is true that we need to control our fear and desire. If we have fear we are afraid and then after that we have the desire to have or to move on it. I usually encounter this kind of situation for example when I buy clothes‚ I usually have fear to bought
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Cycle ← Review Questions 18-1 General ledger accounts that are likely to be affected by the payroll and personnel cycle in most audits include the following: Cash Direct labor Inventory Salary expense Construction in progress Commission expense Wages payable Payroll tax expense Payroll taxes withheld Accrued payroll taxes 18-2 In companies where payroll is a significant portion of inventory‚ as in manufacturing and construction companies‚ the improper account classification
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Hilton Manufacturing Company In February 2004‚ George Weston was appointed general manager by Paul Hilton‚ president of Hilton Manufacturing Company. Weston‚ age 56‚ had wide executive experience in manufacturing products similar to those of the Hilton Company. The appointment of Weston resulted from management problems arising from the death of Richard Hilton‚ founder and‚ until his death in early 2003‚ president of the company. Paul Hilton had only four years ’ experience with the company
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Case Overview: MidWest Office Product was a regional distributor of office supplies to institutions and commercial businesses. The company offered a comprehensive product line like simple writing implements and fasteners to specialty paper for modern high-speed copiers and printers. Warehouse personnel in the company’s distribution center unloaded truckload shipments from manufactures‚ and moved the cartons into designated storage location until customers request the items. Typically‚ the company
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sales. 60% of the raw materials are received and paid in the month they are purchased and 40% are paid in the second month of purchase. Hourly wages depend on sales volume and are equal to 20% of the current month’s sales. General and administrative expenses are budgeted to be £2 640 000 for the year. Salaries £480 000‚ Promotion £660 000‚ Property taxes £240 000‚ Insurance £360 000‚ Utilities£300 000 and Depreciation £600 000. Corporation tax payments are made by Doomy in the first month of each quarter
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Statements‚ the relevant cash flows include Traditional Grocery Store that consists Incremental Cash Flow‚ up-front renovation costs‚ rent expense‚ salaries‚ other operating expenses‚ depreciation expense and taxes‚ and Online Grocery Shopping that consists Incremental Cash Flow‚ up-front investment‚ additional investments‚ rent expense‚ salaries‚ other operating expenses and taxes. Because depreciation is only mentioned to equipment and furniture‚ the straight-line deprecation with zero salve value only
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HW 8 – 1 ACCOUNTS RECEIVABLE JOURNAL ENTRIES Prepare journal entries to record the following transactions: (1) On December 15‚ 2008‚ the company recorded $150‚000 sales on credit. (2) On December 31‚ 2008‚ the company estimated bad debt expenses of $15‚000. (3) On January 12‚ 2009‚ collect $100‚000 worth of accounts receivable. (4) After many collection attempts‚ the Company determined on June 15‚ 2009 that it would not collect $10‚000 in accounts receivables from Pendant Publishing
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shorter end cash flow wise. There are two important elements to note‚ Net Sales and Cost of Goods Sold. In 1993‚ the company took in $2‚921‚000 in sales‚ where Cost of Goods Sold was $2‚202‚000. This creates a profit margin of 25% before operating expenses. The gross
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