FASB Codification Assignment 1 – Receivables You are spending your summer working for a local wholesale furniture company‚ Beds and Beyond‚ Inc. The company is considering a proposal from a local financial institution‚ Old Faithful Financial‚ to factor Bed and Beyond’s receivables. The company controller is unfamiliar with the most recent FASB pronouncement that deals with accounting for the transfer of financial assets and has asked you to do some research. The controller wants to make sure
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Introduction to Control Accounts • Trade receivables are reported as a current asset and trade payables are reported as current liability in the balance sheet at the end of an accounting period. • It is important‚ therefore‚ that a business taken steps to ensure the accuracy of these figures. • One such step is the preparation of Control account to confirm that the total of the sales ledger balances and the total of the purchases ledger balances are accurate What is Control Account? • A control
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ACCOUNT BALANCES For many purposes‚ it is necessary to determine the balance in an account. This is accomplished by adding the debits‚ credits‚ and determining the difference between the two sums. An account is said to have a debit balance if the sum of the debit entries to that account exceeds the sum of the credit entries. Conversely‚ an account has a credit balance if the sum of the credit entries exceeds the sum of the debit entries. Asset accounts normally have debit balances inasmuch as
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Published Accounts Practice Question 1 The following trial balance was extracted from the books of Eavis plc on 31 December 2009: £000 £000 Sales 11‚700 Provision for depreciation: Plant 738 Vehicles 375 Rent receivable 100 Trade payables 738 Debentures 250 Issued share capital: Ordinary £1 shares 3‚125 Preference shares (treated as equity) 625 Share premium 250 Retained earnings
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Debtors paid cheques for £24 300 after being allowed £250 discount for prompt settlement. • Additional fixtures and fittings were purchased for £4 000 on credit. • Operating expenses of £4 750 were paid by cheque. • Design materials of £1 350 were purchased on credit. • After receiving £150 discount for prompt settlement‚ creditors were paid £6 200 by cheque. • Bank charges of £600 were charged to the bank account. • Wages of £12 000 were paid by cheque. Required: (a) Prepare the
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Three general patterns of settlements can be commonly identified throughout the regions of Southeast Asia‚ depending on how well each country or area in the country are developed. The patterns of settlements show how buildings are arranged in the settlements. The three types of settlement patterns are: 1. Clustered Clustered settlements are formulated by buildings being grouped together in a compact area due to rural conditions that resources such as water and electricity can be shared Some countries
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The New World was discovered by Spain’s Christopher Columbus in 1492. Many believed that the settlement of the Spanish in the New World was the original settlement. For many years before the arrival of the Europeans‚ various tribes were scattered all throughout the Americas. There was an estimated 10‚000 people living in the Americas before the arrival of Columbus in 1492. America was not a virgin wilderness for nearly 12‚000 years. The Spanish were the first to arrive in the New World. They
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squatter settlement is an area of residence‚ the settlements are generally illegal because people have not got authority to build or legal ownership of land. In squatter settlements homes are generally built out of scraps (for example scrap metal and discard wood). These settlements are usually found around railway lines‚ waste tips and on rivers. People who live in squatter settlements work very hard just to survive‚ and to provide for their families. Residents of squatter settlements usually
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kinds of services are available in settlements. Different services are available in different kinds of settlements depending on factors such as wealth‚ population‚ culture‚ advancement and economy‚ as well as how large the city is. A larger city is more likely to have a greater variety and a larger number of services then a smaller city. This is because the greater city has a larger market and therefore is more profitable to more businesses. With any settlement‚ there are three kinds of services
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These readings reveal how Christianity has shaped the early American settlements the way they were in early civilization. Early American settlements were started off with a combination of both well-off and less fortunate people. This structure was the main factor that kept the society realistic and stable. It was no way possible to have total fairness and equal class for the whole settlement‚ as it would disrupt the settlements. For instance‚ if everyone were to be equally wealthy‚ there will not
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