slight increase in accounts receivable reflecting the timing of seasonal sales at the end of 2011 as compared with 2010. Although its primary credit risk concentrates on two clients‚ McLane and Wal-Mart‚ its accounts receivable turnover is increasing. It means Hershey’s collection ability is good. Accounts Receivable—Trade In the normal course of business‚ we extend credit to customers that satisfy pre-defined credit criteria based upon the results of our recurring financial account reviews and our
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the procedures of internal control represents: (1) a strength or (2) a weakness. For each weakness‚ indicate why it exists and what procedures should be put into place to alleviate the risk. For each letter A through H you should have at least a one paragraph answer. a. The bank reconciliation is prepared by the cashier‚ who works under the supervision of the treasurer. I think that this would be weak internal control because you have someone that deals with the money doing the bank reconciliation
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Create a partnership form of business Daily Express Supplies owned by you. The business started its operation January 2014 with its address at 111 Solchuaga St.‚ Makati City‚ ZIP 1204‚ Philippines. Other details are Internet Ad - www.dailyexpress.com‚ Printing Header - Daily Express Supplies‚ Active Manager - Mr. Alfredo Salvador‚ Jr.‚ Tel 1 -28401212‚ Tel 2 – 27400000‚ Fax - 27400000‚ Email - dailyexpress@webmail.com. Its main business is to supply school items for students. Do the following.
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of the Pinnacle-Financials Excel file. Use the income statement information to prepare a common-size income statement for all three years. Use the information to identify accounts for which you believe there is a concern about material misstatements. Use a format similar to the following: Estimate of $ Amount Account Balance of Potential Misstatement e. Use the three divisional income statements in the Pinnacle-Financials Excel file on the Web site to prepare a common-size income
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Lives Indefinite Useful Lives Intangible assets or amortized verses depreciated or depleted Life Cycle of Operational Assets Acquire Funding Buy Assets Use Asset Retire Asset Depreciation Double-declining-balance – produces more depreciation expense in the early years of an asset’s life‚ with a declining amount of expense in later years. Determine the straight-line rate of depreciation. Multiply the straight-line rate times two. Multiply the double-declining
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process of confirming receivables follow: Step-1. Obtain Aged Schedule of Accounts Receivable The auditor should obtain an aged schedule of accounts receivable as of the confirmation date. He or she should apply the following procedures to this schedule: Determine that totals are correct. Compare all or a selected sample of account balances with the account balances in the accounts receivable subsidiary ledger. Investigate credit balances. Step-2. Select Accounts for Confirmation Auditors
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Company during January‚ its first month of operations‚ are listed below. Assume that Franklin Company uses the following journals: Cash Receipts (CR)‚ Cash Payments (CP)‚ Revenue (R)‚ Purchases (P)‚ and General (G). Assume that it uses Accounts Receivable and Accounts Payable Subsidiary Ledgers as well as a General Ledger. Indicate by letters which journal would be used for each transaction. Also indicate if the entry requires a posting to a subsidiary ledger. The transactions completed by Franklin
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medium-sized corporation‚ with total assets of $115‚434‚790‚ which suggests a fairly large number of external users rely on the financial statements. The Board of Directors has considered selling the Machine-Tech division. This sparks up interest to the users as to find out the reason behind it. It currently has a debt-to-equity ratio of 0.66. But‚ the Board of Directors has decided to raise a significant amount of debt to finance the construction of a new manufacturing plant for the Solar-Electro division
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of population and fast development of industries‚ water is more needed than before. At the same time‚ a large amount of water has been polluted and wasted every day. Some big cities in China are facing the problem of water shortage already. There‚ water supply is controlled and industry has been restrained. China says water supplies exploited by 2030 written by Chris Bukley reports: China will have exploited all available water supplies to the limit by 2030‚ the government has warned‚ ordering
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following transactions were completed during April. (a) General Journal J1 |Date | |Account Titles and Explanation | |Ref. | |Debit | |Credit | |Apr. 4 | |Merchandise Inventory | |120 | | 840 | | | | | |Accounts Payable | |201 | |
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