as debits. Asset accounts: Cash‚ bank‚ accounts receivable‚ inventory‚ land‚ buildings/plant‚ machinery‚ furniture‚ equipment‚ vehicles‚ trademarks and patents‚ goodwill‚ prepaid expenses‚ debtors (people who owe us money)‚ etc. Liability accounts: Accounts payable‚ salaries and wages payable‚ income taxes‚ bank overdrafts‚ trust accounts‚ accrued expenses‚ sales taxes‚ advance payments (unearned revenue)‚ debt and accrued interest on debt‚ etc. All of the accounts listed in this subsection
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| a. sales and sales discounts. | b. sales and cash receipts. | c. sales and sales returns. | d. sales and accounts receivable. | 2- Which of the following types of receivables would not deserve the special attention of the auditor? | a. Accounts receivables with credit balances. | b. Accounts that have been outstanding for a long time. | c. Receivables from affiliated companies. | d. Each of the above would receive special attention. | 3- Auditors are often concerned
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public which enabled them to tap into the capital markets. Early 1990’s‚ the company began to acquire dairy producers around the world in order to try to hide the growing debt. Parmalat entered into a series of bond issuances and securitization of receivables to generate cash. A series of other fraudulent accounting practices occurred during the following years. In December 2003‚ Parmalat was not able to make a U$ 150MM bond payment and raised the attention of the entire market. When the fraud was brought
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SUSQUEHANNA EQUIPMENT RENTALS GENERAL JOURNAL DECEMBER 2011 REF 1 DATE ACCOUNT 12/1/2011 Cash DEBIT CREDIT $200‚000 Capital Stock $ 200‚000 Cash $ 140‚000 Notes Payable $ 100‚000 $ 12‚000 $ 1‚000 $ 8‚000 $ 5‚200 $ 18‚000 $ 600 $ 2‚000 $ 5‚200 $ 600 Sold 20‚000 shares to John&Patty Driver 2 12/1/2011 Rental Equipment $240‚000 Purchased Rental equipment. Note due November 30‚ 2012
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A Delima Mustapa Kamal Mohd Razali AiniAman AzbirAbu Bakar Yasmiza Long It was July‚ 2006 when Encik Zayed engaged the extemal Auditor Aziz & Co (Chartered Accountant)‚ introduced by his friend to perform the statutory audit for the period 2003 to 2006.That was the first audit experience for Encik Zayed and Puan Hashimah and it was a difficult leaming experience. The Auditors expressed their intention to qualiff the Financial Statements due to several unresolved issues. However‚ Encik Zayed
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= $326712.33 Reduction in annual sales= annual credit sales X cash discount X discount rate =40000000 X 45% X 3% = $540000 Avg. investment Account receivable= total
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different people who seemed like your everyday "Joe‚" but were actually criminals who committed fraud. Some of the frauds committed in this movie were: Cash Fraud‚ Accounts Receivable Fraud‚ Expense Fraud‚ purchasing fraud‚ and corruption. Focusing on two individuals Pam and John‚ each of these criminals committed either cash or accounts receivable fraud. Pam was a graduate from high school who found work soon after graduation. She felt she wasn’t getting paid enough for her work so she started stealing
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Sales & Receivables Journal 2/1/2009 To 31/1/2009 21/4/2010 17:32:29 Page 1 ID# Acct# Account Name Debit Credit Job No. SJ 3/1/2009 Discount: Okaya Trading Ltd SJ000001 6-2500 Discounts Allowed HK$401.00 SJ000001 1-2000 Accounts Receivable HK$401.00 SJ 6/1/2009 Sale; Okaya Trading Ltd CN001 1-2000 Accounts Receivable HK$5‚000.00 CN001 4-1100 Sales HK$5‚000.00 SJ 6/1/2009 Okaya Trading Ltd: Credit from CN001 SJ000002 1-2000 Accounts Receivable HK$5‚000.00 SJ000002 1-2000 Accounts Receivable
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collection expense. Production and marketing costs represent 72 percent of sales. The company is in a 30 percent tax bracket and has a receivables turnover of six times. No other asset buildup will be required to service the new customers. The firm has a 10 percent desired return on investment. a. Should Curtis extend credit to these customers? Added sales $240‚000 Accounts uncollectible (12% of new sales) 28‚800 Annual incremental revenue 211‚200 Collection costs 21‚000 Production and selling
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eACC 212 – Handout #8 XYZ‚ Inc. reports the following balances in its accounts on 5/1/09 Debit Credit Cash $ 210‚000 Account Receivable 90‚000 Inventory 200‚000 Account Payable 100‚000 Common Stock (100‚000 shares $1 par) 100‚000 Paid in Capital in excess of par 250‚000 Retained Earnings 1/1/09 0 Net Sales Revenue 250‚000 Cost of Merchandise Sold 150‚000 Expenses 50‚000 Transactions for May:
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