ACCT567 Case Study I (Week 2), Prepare closing entries.Prepare a General Fund Statement of Revenues, Expenditures, and Changes in Fund Balance for the year ended June 30, 2012. Prepare a General Fund Balance Sheet as of June 30, 2012.
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During the year, Krisiten holds two jobs. After an eight-hours day at the first job, she works three hours at the second job. On Fridays of each week, she returns home for dinner before going to the second job.
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In year 1 Laylor Company has revenues of $100,000, advertising expense of $22,000, depreciation of $15,000-what is expected for last four years. The cost of capital is 10%.
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Andy had AGI of $80,000 for 2011. He was injured in a rock-climbing accident and paid $5,200 for hospital expenses and $2,800 for doctor bills.
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Assume Jackson’s cash sales remain steady at $25,000 each quarter, credit sales are $600,000 in quarter 1, $520,000 in quarter 2, $480,000 in quarter 3, and $650,000 in quarter 4. What will Jackson’s cash collections from sales be for the quarter 3?
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Although her records of the expenses incurred in the breeding activity are spotty, she can establish that in year 10 she spent $1,000 on transportation and lodging to attend cat shows, $400 on cat food, $700 on veterinary expenses, and $300 on gro..
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How might the senior audit manager or partner on a particular engagement determine how much cost is acceptable to incur in order to test a particular area? Can you think of any lower cost alternatives?
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Evaluate the inventory turnover ratio for 2010 by using the LIFO and FIFO cost-flow assumption methods.
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Other than for financial statements, management need report only the information it knows. That is, management should be under no obligation to gather information it does not have, or does not need, to manage the business.
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Suppose that on June 1, Rockin' Gyrations, a disc jockey service, creates a petty cash fund with an imprest balance of $500. During June, Michael Martell, fund custodian, signs the following petty cash tickets:
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During 2010, Vaughn Corporation sold merchandise costing $1,500,000 on an installment basis for $2,000,000. The cash receipts related to these sales were collected as follows: 2010, $800,000; 2011, $700,000; 2012, $500,000.
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let's talk about the accounting issues related to valuation of accounts receivable and why they are important. Please include the methods for estimating the allowance for bad debt expense in your discussion. How is the allowance account related to..
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