a). |Account Balance |% change 2010-2011 |% Change 2009-2010 | |Net sales |1.45% |2.70% | |Cash |5.41% |-9.19% | |Net income |16.50% |-39.54% | |Accounts payable |37
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seasonal business‚ and the following summary balance sheet data show its assets and liabilities at peak and off-peak seasons (in thousands of dollars): Peak Off-Peak Cash $ 50 $ 30 Marketable securities 0 20 Accounts receivable 40 20 Inventories 100 50 Net fixed assets 500 500 Total assets $690 $620 Payables and accruals
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Happiness Express Inc. 1. a) The primary audit objectives of confirming a client’s year-end accounts receivable include occurrence and accuracy of realizable value. Auditors would like to make sure that the transaction generating the accounts receivable actually occurs‚ and that the receivables are recorded at accurate value for the current reporting period. Usually they will send accounts receivable confirmations to client’s customers directly. b) The primary audit objectives of performing
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Date Account Debited Invoice No. Ref. Accounts Receivable Dr. Sales Cr. Cost of Sales Dr. Inventory Cr. Purchases Journal P1 Date Account Credited Terms Ref. Inventory Dr. Accounts Payable Cr. Cash Receipts Journal CR1 Date Account Credited Ref. Cash Dr. Sales Disc’ Dr. Accounts Receivable
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amortization (16‚000 ) Excess rent collected over rent earned 24‚000 Taxable income $124‚000 Current income taxes - 30% $37‚200 (b) Deductible Balance (Taxable) Future Tax Current Sheet Temporary Tax Asset Long- Account Differences X Rate (Liability) Term PP & E ($16‚000)* 30% ($4‚800) LT Unearned Rent revenue 24‚000 30% 7‚200 C Future income tax asset‚ Dec. 31‚ 2009 2‚400 Future income tax asset before adjustment 0 Incr. in
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records‚ and methods that collect and process data from transactions and events‚ organize them in useful forms‚ and communicate results to decision makers Accounts payable ledger Subsidiary ledger listing individual creditor (supplier) accounts Accounts receivable ledger Subsidiary ledger listing individual customer accounts. Batch processing Accumulating source documents for a period of time and then processing them all at once such as once a day‚ week‚ or month. Cash disbursements
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JOB DESCRIPTION PURPOSE OF THE POSITION The Accounts Receivable Clerk is responsible for providing financial‚ administrative and clerical services in order to ensure effective‚ efficient and accurate financial and administrative OPERATIONS: The Accounts Receivable Clerk must comply with established policies and procedures. SCOPE The Accounts Receivable Clerk reports to the Assistant Senior Administrative Officer and is responsible for providing financial‚ administrative and clerical services
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is 23.7%‚ so in comparison to the industry‚ Coca-Cola’s investors receive a greater return on their investment. The days’ receivable ratio calculates the how many days on average it takes for a company to collect on its sales to customers in credit (http://www.zenwealth.com/BusinessFinanceOnline/RA/AssetManagementRatios.html) . First‚ one must determine the accounts receivables turnover ratio‚
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company does not seem to have any high risk of fraud or material misstatement‚ so we are very comfortable with the quality of its financial reporting. A misstatement of 5% or above in any of the significant company accounts‚ or a combined misstatement of 5% or above for the company accounts as a whole‚ would require increased investigation and would reduce our confidence in the records. Any misstatement under 5% would be permissible. Journal Entry The journal entry for the August 2007 issue of
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000 (g) December 31‚ 20XX—To account for $1‚750 in fees from parents earned in the first six months of operations‚ but collected in the second six months Debited Accounts Receivable $1‚750 Credited Revenue $1‚750 (h) December 31‚ 20XX—To account for $3‚000 in parent fees earned in the second six months of operations‚ but not yet collected. Debited Accounts Receivable $3‚000 Credited Revenue $3‚000 (i) December 31‚ 20XX—To account for expenses (John’s Deli)
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