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Beka Borke has prepared the following list of statements about accounting information systems.
1. The accounting information system includes each of the steps of the accounting cycle, the documents that provide evidence of transactions that have occurred, and the accounting records.
2. The benefits obtained from information provided by the accounting information system need not outweigh the cost of providing that information.
3. Designers of accounting systems must consider the needs and knowledge of various users.
4. If an accounting information system is cost-effective and provides useful output, it does not need to be flexible.
Instructions
Identify each statement as true or false. If false, indicate how to correct the statement.
Ludwig, Inc., which owes Giffin Co. $1,600,000 in notes payable, is in financial difficulty. To eliminate the debt, Giffin agrees to accept from Ludwig land having a fair value of $1,220,000 and a recorded cost of $900,000.
Sales are budgeted at $220,000 for November, $200,000 for December, and $210,000 for January. Collections are expected to be 70% in the month of sale, 27% in the month following the sale, and 3% uncollectible.
Regis Clothiers can borrow from its bank at 17 percent to take a cash discount. The terms of the cash discount are 3/19, net 45. Should the firm borrow the funds?
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This problem is a continuation of Problem 3. Assume you ramp up production to 1,000 units in both may and June. Repeat the calculations requested in Problem 3 for the second quarter of the year (April, may, and June).
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A for-profit nursing home has beginning-of-period retained earnings of $40,000. Net income for the period totals $75,000 and dividends declared during the period total $15,000. The balance sheet total for retained earnings will be what amount?
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