Receivables‚ Allowance for Doubtful Accounts‚ Bad Debt ExpenseInventories and Reserve for Inventory Obsolescence Prepaid Insurance and Insurance Expense Machinery‚ Equipment‚ and Office Furniture Accounts Payable Taxes Payable Line of Credit Sales‚ Sales Returns‚ Net Sales – Relationship to Inventory Research & Development Administrative Wage Expense Miscellaneous Income The following refers to GA-7.5 – Selected Ratio Comparison: Days Sales in Inventory Days Sales in Accounts Receivable
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663.00 508‚770.00 Selling/General/Admin. Expenses‚ Total 384‚993.00 390‚730.00 388‚687.00 331‚459.00 346‚750.00 Research & Development - - - - - Depreciation/Amortization - - - - - Interest Expense(Income) - Net Operating - - - - - Unusual Expense (Income) - - - - -10‚186.00 Other Operating Expenses‚ Total 192‚482.00 43‚914.00 230‚088.00
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assistance. CIDA‚ a government organization‚ will fund AIDS projects if they achieve the targets set out above. In addition‚ CIDA will provide development and relief funding provided the support service cost does not exceed 20% of total project activity expense. Two alternative were evaluated to help FAC achieve its goal of reaching 3000-6000 AIDS patients. The first alternative is to build two AIDS clinics‚ and the second alternative is to operate either two or four mobile AIDS clinics. It is recommended
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transactions at the moment it occurs. When the business performs a service‚ a sale‚ or earns an expense the accountant records the transactions. It also records if the transaction receives or pays no cash. AccountingCoach.com (2011) website states the following: 1. Revenues are reported on the income statement when they are earned— which often occurs before the cash is received from the customers. 2. Expenses are reported on the income statement in the period when they occur or when they expire—which
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accounts that results in a better matching of expenses with revenues is the a. aging accounts receivable method b. direct write-off method c. percentage of receivables method d. percentage of sales method 2. Using the percentages of receivables method for recording bad debts expense‚ estimated uncollectible accounts are $25‚000. If the balance of the Allowance for Doubtful Accounts is $8‚000 debit before adjustment‚ what is the amount of bad debts expense for that period? a. $25‚000 b. $8‚000
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* causes of depreciation: Depreciation is a ratable reduction in the carrying amount of a fixed asset. Depreciation is intended to roughly reflect the actual consumption of an underlying asset‚ so that the carrying amount of the asset has been greatly reduced by the time its useful life is over. 1. Wear And Tear wear and tear refer to a decline in the efficiency of asset due to its constant use. When an asset losses its efficiency‚ its value goes down and depreciation arises. This is true in
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proprietor who has gone bankrupt‚ however has all the machines and factory for sale. The building will sit on 5 acres of territory and also have a total of 10 vehicles. The vehicles will contain 8 ready mix trucks‚ 1 bulker truck‚ and 1 hauling truck. The expense to purchase the factory is $1‚086‚742.30. The bank is ready to finance the loan at 5.50% rate of interest during 5 years‚ which would result in the monthly installments $20‚758.04. The next stage to having financing would be to pay for all of the
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Toy World‚ Inc. is a fairly healthy toy manufacturing business that is looking at a cross roads in it ’s main operating procedure. Jack McClintock is President and partial owner of Toy World. His new production manager‚ Dan Hoffman‚ has been on the job through one business cycle (about one year). This toy business is a seasonal business with most of the sales coming between August and December. Since its inception Toy World has followed a seasonal production schedule to match customer demand
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ACCRUAL/ ADJUSTMENT ACCOUNT AFFECTED ACCRUAL ACCOUNT Debit Credit 1. DEPRECIATION EXPENSE Accrual 674300 BUILDINGS & EQUIPMENT Accural 674300 2. SALARY EXPENSE Accural 39123 SALARIES PAYABLE Accural 39123 3. BUILDINGS & EQUIPMENT Accural 29049 EXPENDITURES Modified 29049 4. BONDS PAYABLE Accural 50000 ACCRUED INTEREST Accural 1125 PAYABLE INTEREST EXPENSE Accural 1125 EXPENDITURES—PRINCIPAL Modified 50000 EXPENDITURES—INTEREST
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the Future Giberson’s Glass Studio Income Statement For the Year Ending August 31‚ 2007 Revenues: Sales $ 31‚080 Total Revenue $31‚080 Expenses: Materials $ 857 Gas 9‚200 Operating Expenses 10‚210 Depreciation 4‚625 Interest 460 Total Expenses 25‚352 Net Income 5‚728 Executive Summary This report is to provide an evaluation of the current financial position and prospective profitability
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