Already have an account? Get multiple benefits of using own account!
Login in your account..!
Remember me
Don't have an account? Create your account in less than a minutes,
Forgot password? how can I recover my password now!
Enter right registered email to receive password!
Gazz Electronics manufactures audio equipment, selling itthrough various distributors.
Gazz's days sales outstanding (Accounts Receivable/Avg dailycredit sales) figures increased steadily in 2008 & spikeddramatically in 2009, peaking at 120 days in the 2nd quarter. Inthe 3rd quarter of 2009, Gazz's day sales outstanding figuredropped to 90 days. Its CFO engineered this drop by artificiallyreducing the amount of outstanding accounts receivable. Channel partners with large outstanding receivables were pressuredinto signing notes for those amounts. Once sale personnel securedthe notes, the CFO directed a reclassification entry to the generalledger, converting more than $30 million in trade receivables intonotes receivables, which are not included in the day salesoutstanding calculation. This reclassification was not disclosed in the Form 10-Q that Gazzfiled for that quarter.
What might be the motive for the CFO's actions? Explainyour answer.
An aging of accounts receivable indicated that $192,000 are expected to become uncollectible. The amount of the adjusting entry for bad debts at December 31 is
Assume a firm's production process requires an average of 75 days to go from raw materials to finished goods sold. If the accounts receivable cycle is 90 days and the accounts payable cycle is 80 days
keller company estimates that variable costs will be 60 of sales and fixed costs will total 1920000. the selling price
If the allowance method of accounting for uncollectible receivables is used, what general ledger account is credited to write off a customer's account as uncollectible?
A complete strengths, weaknesses, opportunities, and threats (SWOT) analysis (including at least 5 factors from each category and full explanations of why each factor is important and why it was placed in the category) of the environment that ..
Browne and Red, both C corporations, formed the BR Partnership on January 1, 2009. Neither Browne nor Red is a personal service corporation, and BR is not a tax shelter. BR's gross receipts were $4.6 million, $5 million, $6 million, and $7 million..
Why would you use the percentage of sales method for calculating doubtful accounts as opposed to the percentage of receivables method?
Sara owns a sole proprietorship and Phil is the sole shareholder of a C (regular) corporation. Each business sustained a $9,000 operating loss and a $2,000 capital loss for the year. Evaluate how these losses will affect the taxable income of the ..
What is the budgeted factory labor costs for July? What amount would appear in the July selling, general, & administrative expense budget?
stone creek manufacturing applies overhead to products at a rate of 75 of direct labor cost. applied manufacturing
What would the PMPM cost of the HMO be? What would have to be charged to the patient/employer if the HMO had administrative costs equaling 10 percent of its costs and it wanted a profit margin of 7 percent?
Pell Company acquires 80% of Demers Company for $500,000 on January 1, 2010. Demers reported common stock of $300,000 and retained earnings of $210,000 on that date.
Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!
whatsapp: +1-415-670-9521
Phone: +1-415-670-9521
Email: [email protected]
All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd