Problem #12 Journal Merchandising Date | Accounts Title & Explanations | Debit | Credit | April 3 | Purchase | 75‚000 | | | Accounts Payable | | 75‚000 | | Purchased lounge chairs terms 1/10‚ n30 | | | | | | | 7 | Accounts Receivable | 19‚200 | | | Sales | | 19‚200 | | Sold chairs terms 2/10‚ n/30 | | | | | | | 8 | Purchase | 24‚000 | | | Accounts Payable | | 24‚000 | | Purchased patio umbrella terms 1/10‚
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com/eNewsletters/Compass/Spring10/Managing%20the%20Self%20Pay%20Cycle%20HFM%20March%202010.pdf. Hummel‚ J. (2004). Financial Finesse [electronic version]. Health Management Technology‚ 25(2)‚ 52-55 Koeing‚ S. (2010‚ March 29). Five Strategies for Strategic Debt Recovery of Self-Pay Patient Accounts MacKenzie‚ S. (2009‚ November 6). Upfront collections: A hospital’s lifeline [electronic Version] Souza‚ M. & McCarty‚ B. (2007). From bottom to top: How one provider retooled its collections [electronic version] 28‚ 2010‚ from ProQuest Database
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balance of the bank statement. Bank reconciliation allows companies or individuals to compare their account records to the bank’s records of their account balance in order to uncover any possible discrepancies. Since there are timing differences between when data is entered in the banks systems and when data is entered in the individual’s system‚ there is sometimes a normal discrepancy between account balances. The goal of reconciliation is to determine if the discrepancy is due to error rather than
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………………6 Facts Willie Lowman is the internal auditor for Dead Salesman Printing who is currently in the process of auditing the company’s account receivables. He finds that the company is constantly crediting and debiting accounts receivable. The accounts receivable clerk who is a CPA has been entering debits and credits on the A/R account on a regular basis‚ and at this stage they don’t know how many credits are valid or to what extent they are valid. Willie has also found that the A/R
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for accounts receivable and allowance for doubtful accounts: Accounts Receivable -- $330‚000; Allowance for Doubtful Accounts -- $11‚000. During 2014‚ Bob had $3‚350‚000 of credit sales‚ collected $3‚290‚000 of accounts receivable‚ and wrote off $14‚000 of accounts receivable as uncollectible. At year end‚ Bob performs an aging of its accounts receivable and estimates that $8‚000 will be uncollectible. What will be the amount of the AJE at year end to adjust the allowance for doubtful accounts? a
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Profitability Profitability is the relationship between profit and sales and helps managers to determine how well each dollar of sales generates profits The level of profitability depends on: 1. The volume of sales 2. The percentage mark-tup applied 3. The level of expenses incurred There are three ratios to measure profitability: Gross Profit Ration (GPR) Is derived from the income statement It shows how well the company is maintaining and adequate margin between sales and purchases
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capital (also known as net working capital) is a financial metric that measures the day-to-day operating liquidity of a business. It is defined as: Current Operating Assets (Accounts Receivable + Inventory) Minus: Current Operating Liabilities (Accounts Payable) Equals: Net Working Capital. Accounts Payable consist primarily of amounts owed to operating creditors‚ i.e.‚ suppliers of inventory; amounts owed to service providers; and amounts owed to employees (payroll). Operating
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A receivable represents a company’s claim on the assets of another receivable. Account Receivable: is an amount owed by a customer‚ who has purchased the company’s product or service. Receivables are recorded at the time of the sale. Net Realizable Value: the amount of cash that a company expects to collect from its total or gross accounts receivable balance. It is calculated by subtracting from gross receivables the amount that a company does not expect to collect. ALLOWANCE: the amount
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Audit plan – Accounts Receivable and Notes Receivable Audit Procedures Audit Objectives W/P Ref. Initials Comments Accounts Receivable 1. Obtain an aged trial balance of individual customer accounts. Recalculate the total and trace to the general ledger control account. 2. Review the aging for large and unusual items. 3. Send confirmations to all accounts over $X. Select a random sample of all remaining accounts for confirmation. a.i.1.a.i.1.a. Investigate exceptions reported by
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ATENEO DE DAVAO UNIVERSITY E. Jacinto St.‚ Davao City A Quantitative Study of The Effects of Industry Characteristics on The Working Capital Management Using the Cash Conversion Cycle as The Measure: The Case of The Thirty Largest and Most Active Listed Stocks in the Philippine Stock Exchange Methods of Financial Research Fin 410 TTH 1:00- 2:30 PM Submitted to: Mrs. Marietta Eliot Pampanga Submitted by: Princess Kiezel M. Sultan June 30‚ 2011 I. INTRODUCTION A. Problem
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