1- On December 31 of the current year‚ Hewett Company reported an ending inventory balance of $215‚000. The following additional information is also available: • Hewett sold goods costing $38‚000 to Trump Enterprises on December 28 and shipped the goods on that date with shipping terms of FOB shipping point. The goods were not included in the ending inventory amount of $215‚000 because they were not in Hewett ’s warehouse. • Hewett purchased goods costing $44‚000 on December 29. The goods were shipped
Premium Depreciation
Hachey Company has accounts receivable of $95‚100 at March 31‚ 2007. An analysis of the accounts shows these amounts. Balance‚ March 31 Month of Sale 2007 2006 March $65‚000 $75‚000 February 12‚600 8‚000 December and January 10‚100 2‚400 November and October 7‚400 1‚100 $95‚100 $86‚500 Credit terms are 2/10‚ n/30. At March 31‚ 2007‚ there is a $2‚200 credit balance in Allowance for Doubtful Accounts prior to adjustment. The company uses the percentage of receivables basis for estimating
Premium Accounts receivable 1917 1920
used for productive investment purposes Has very low impact of the profit gained as it only deals with things like machinery 6. the accumulated profit is also known as the retained earnings‚ retained profit and unappropriated profit. what is the accumulated profit and why do accountants and bookkeepers use different names for the same thing? (6 marks) Accumulated profits is profits that are not paid as dividend but is transfered over to the accounts for the next year. Also can be used to reinvest
Premium Balance sheet Generally Accepted Accounting Principles Finance
Firm was selected for the contract and after an in-depth analysis of the RMS; a modular and scalable RMS was selected. The REMS was installed in the first and subsequent Kudlers retail stores. An accounting system is very important to a business because the company needs to know how the business is doing; you want to have professional looking financial statements for your bank‚ potential vendors‚ or other interested parties. An account system is also important to process sales‚ purchase orders
Premium Accounts receivable Accounting software Generally Accepted Accounting Principles
receipt‚ cheque counterfoil and memo. All this document are related to financial transaction of the organization. The source document is essential to the bookkeeping and accounting process. It is the evidence that a financial transaction occurred. If a company is audited‚ source documents back up the accounting journals and general ledger as an indisputable audit trail.( http://bizfinance.about.com/od/bookkeepingessentials/qt/Source_Document.htm) The 7 book of prime entry is record the daily business
Premium General ledger Balance sheet Generally Accepted Accounting Principles
Question 19. Dr Accounts Receivable Cr Dr Allowance for Uncollectibles Cr Jan 1. 82‚900 c. 4‚400 c. 4‚400 Jan 1. 8‚700 a. 240‚000 d. 231‚200 b. 4‚800 Dec 31. 87‚300 Dec 31. 9‚100 Dr Bad Debt Expense . Dr Sales Cr b. 4‚800 . a. 240‚000 Dec 31. 4‚800 Dec 31. 240‚000 Dr Cash Cr d.
Premium Generally Accepted Accounting Principles Accounts receivable Balance sheet
fraud. | Trace a purchase order (PO) from fulfillment to initiation to determine if the proper stakeholders approved the PO and if the order was fulfilled correctly. | 2. Independent reconciliation of the monthly bank statements | Compare accounts for discrepancies (posting and summarization). | Examine and ensure that all in house and bank data coincides to prevent and /or correct possible errors. | Obtain originals of the statements pertaining to six months of the audit period and reconcile
Premium Accounts receivable Cheque File system
Income | • New Accounts on the Income Statement o SALES – revenues collected from the sale of merchandise o COST OF MERCHANDISE SOLD – the purchase price plus incidentals of merchandise available for resale o GROSS PROFIT – Sales – COMS INCOME STATEMENT Gem City Music Income Statement For the Year Ended December 31‚ 20— Revenue from sales: Sales $189‚300
Premium Generally Accepted Accounting Principles Accounts receivable Revenue
at www.globalpr.org (Accessed 14 October 2005). GRI‚ (2002)‚ Sustainability Reporting Guideline‚ Available at [O] http://www.aeca.es/comisiones/rsc/documentos_fundamentales_rsc/gri/guidelines/gri_guid elines_2002. pdf (Accessed 17 July 2006). Group 100‚ (2003)‚ Sustainability: A Guide to Triple Bottom Line Reporting‚ Available [O] at http://www.group100.com.au/publications/G100_guide-tbl-reporting2003.pdf (Accessed 30 July 2006). Harrison J.S.‚ & St John C.H.‚ (1998)‚ Strategic Management of Organizations
Premium Corporate social responsibility Social responsibility Strategic management
Account Receivables Turnover Ratio Analysis 2010 The A/R turnover ratio for 2010 was 14.80‚ which was a monumental increase from 8.45 in 2009. One reason for this increase was due to a conscious effort by Proctor and Gamble to improve collection times for incoming payments. In 2009‚ they incurred too much short-term debt due to the delayed collection of payments for their products and ended up decreasing their A/R account by almost $500 million. Their sales also increased in 2010 due to the expansion
Premium Balance sheet Generally Accepted Accounting Principles Asset