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Your accounts receivable clerk, Ms. Oommen, to whom you pay a salary of $6,500 per month, has just purchased a new Cadillac. You decided to test the accuracy of the accounts receivable balance of $87,000 as shown in the ledger.
The following information is available for your first year in business.
(1) Collections from customers $203,000
(2) Merchandise purchased 325,000
(3) Ending merchandise inventory 95,000
(4) Goods are marked to sell at 50% above cost
Instructions
Compute an estimate of the ending balance of accounts receivable from customers that should appear in the ledger and any apparent shortages. Assume that all sales are made on account.
rationalization is one of the components of the fraud triangle. what types of rationalization could a person use to
The following procedure is recommended when creating financial statements in Excel, in order to minimize error and make the statements easier to read when provided to others:
Globetrotter Store has a budgeted sales of $48000 for its wood department in December. Management wants to have $11000 in wood inventory at the end of December. The beginning inventory of wood toys is expected to be $9000.
The actual cost for plane operating costs in September was $214,430. The activity variance for plane operating costs in September would be closest to:
agency funds report assets and liabilities, but not net assets, revenues, or expenses. Briefly explain why this is so. For example, why would an agency fund not have revenue? Why would it not have expenses?
Prepare the stockholders' equity section of the Barnes Communications, Inc., balance sheet at December 31.
Foreman Company issued $600,000 of 10% 20-year bonds on January 1, 20X0. interest payable semiannually on July 1 and January 1. Foreman Company uses the straight-line method of amortization for bond permium or discount.
1. darren corporation had net income of 250000 and paid dividends of 50000 to common stockholders and 10000 to
Compute the equivalent units of production for materials and conversion costs for the month of August. Compute the unit costs for materials and conversion costs for the month. Determine the costs to be assigned to the units transferred out and in pro..
What are the differences between regular and irregular items on income statement? What are the requirements for items to qualify as irregular?
Olsen Company uses the periodic inventory method and had the following inventory information available for the month of November.
Linda Candle Company is in the process of preparing its budget for next year. Cost of goods sold has been estimated at 50 percent of sales. Product purchases and payments are to be made during the month preceding the month of sale.
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