General Journal J1 Date Account Titles and Explanation Ref. Debit Credit 2014 Cash 101 20‚000 May. 1 Common stock 311 20‚000 (Issued shares of stock for cash) 3 Supplies 126 1‚500 Accounts Payable 201 1
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Airline 3 Railroad 4 Pharmaceutical 9 Computer and office equipment production and servicing 13 Discount general merchandise retail 6 Electric utility 8 Fast food restaurant chain 1 Wholesale food distribution 12 Supermarket chain 10 Internet retailing 5 Tax preparation and diversified financial services 7 Computer software development 2 Commercial Banking 11 I see fast food restaurant as number 1. High PP&E is because fast food restaurants need to build physical stores national wide
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Executive Summary As one of the largest computer systems companies‚ Dell pioneered the concept of selling personal computers direct to customers with it’s build-to-order manufacturing system. Looking specifically at Dell’s working capital competitive advantage‚ several aspects put Dell ahead of the curve. Through Dell’s Direct Sales model‚ they get paid before they have to spend money‚ which reduces/eliminates accounts receivables. They also keep their inventories low which not only reduces the
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In this case I play the role of Edward Cummings‚ a senior credit representative of Joyce Chemical Company. My task in this case is to look into Eliot Manufacturing and to see if we should continue or terminate our relationship with them. If we were to continue‚ the choices would be to either have them in a program to reduce their accounts payable or to tolerate gradual increases in credit. After doing an analysis on Mr. Pound and the Eliot Manufacturing Company‚ I would recommend that Joyce
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The Case of the Unidentified Industries—2006 FIRM A- Department Store Chain Looking at the balance sheet of firm A‚ we can notice several things right away. We can see that a large chunk (54%) of its assets is in cash and marketable securities. From this fact we can deduce that this firm does a majority of their business with consumers and not other businesses. On the liabilities side‚ we can see that the company has large percentages of accounts payable and long-term debt (37% and 41% respectively)
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ACCT2158 Financial Accounting Business Folio (Team Assignment) INTRODUCTION OF BUSINESS FOLIO The Business Folio consists of two related phases. This scaffolding exercise aims to reach the learning outcome that you will be able to record financial information through both manual accounting information systems and computerised accounting information systems‚ and compare and consolidate your knowledge within both systems. You will be given structured instructions to set up a business‚ create
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Clarkson Lumber Company Situational Overview: Clarkson Lumber Company or the “Company” has encountered financial troubles in the midst of expanding revenues. In order to satisfy the demands of expansion and continue growing top line revenue‚ an increased amount of borrowing is necessary. This increased borrowing will be in the form of a revolving line of credit with an interest rate of 11%. The following paragraphs will examine what has led to the Company’s current illiquidity and what can be done
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Running head: HORNIMAN HORTICULTURE Abstract This case captures the cash-flow and working-capital management problems typical of small‚ growing businesses. At the end of 2005‚ Bob and Maggie Brown have completed their third year of operating Horniman Horticulture‚ a woody – shrub “Landscape Ready” grower in central Virginia. While experiencing booming demand and improving margins‚ the couple is puzzled by their plummeting cash balance. The case highlights the difference between cash flow and accounting
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Design tests of controls‚ substantive tests of transactions‚ and analytical procedures for the following Apollo Shoes cycles: o Inventory and warehousing cycle o Cash cycle 1. Abstract‚ Inventory and warehousing cycle (tests of controls) YOLANDA 2. Intro‚ Inventory and warehousing (substantive tests of transaction) AMY 3. Conclusion‚ Inventory and warehousing cycle (analytical procedures) JUSTINIA 4. Cash cycle (Test of controls) ANNABELLE 5. Cash cycle (substantive tests of transactions
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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.
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