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John White, President and Chief Executive Officer of First Bank & Trust is a veteran of thirty five years in the financial services industry. As a young banker he has always remembered the time his bank lost an important customer because a branch manager followed procedure to the letter. The bank had a policy that a customer had to wait three days before getting cash for an out of state check they were cashing if over $100. Mary Jones, who maintained account balances of over one million dollars in deposits and several million in trust came to a branch to cash an out of state check. The branch manager would not give her the cash because of the bank’s three day policy. As a result, Mary closed all her accounts. Since then John White has always preached “you must know when to break the rules”. Lou Brown was the senior officer in charge of commercial lending. Judy Bolton had just spent a long weekend putting together a loan deal between the bank and Acme Manufacturing. Lou was overjoyed that the deal was completed and told Judy to go out to diner with her husband and charge it to the bank as a reward for a job well done. To make it a “reimbursable” expense he told Judy to indicate she had diner with one of Acme’s officers. Comment on these two situations. While the textbook may dictate one course of action what do you think we should do in the “real world”.
Criss Company has a credit balance of $2,200 in Allowance for Doubtful Accounts before adjustment. The estimated uncollectibles under the percentage of receivables basis is $5,800. Prepare the adjusting entry. Prepare the adjusting entry.
Evaluate ending inventory and cost of goods sold under each method, and then compare results.
Multiple Choice questions on Accounting Fundamentals and Preparation of adjustments, adjusted trial balance, financial statements
What characteristics must the convertible bonds display in order to justify the accounting treatment followed on initial recognition and how was the portion of the bonds assigned to debt on initial recognition valued
Classification of cash flows in to Operating, Investing or Financing activities and Cash Flow Classifications
At the exchange date, Stone general stock had a fair value of $45 per share, and the patent had a net carrying value of $160,000 on Gore's books.
Describe the evolving accounting standards for recording and translating foreign exchange related transactions and financial statements?
After performing a physical inventory, they calculated theri inventory cost at retail to be 80,000. The mark up is 100% of cost. Find out the ending inventory at its estimated cost.
Compute the cost allocation rate for each activity. Calculate the average manufacturing cost of each sewing machine assuming direct Materials are $175 per machine.
Department public golf course to be paid from pledged fees collected from golf course users. Illustrate how much should be accounted for through debt service funds for payments of principal over the life of the bonds
Assume that the company uses the weighted-average method. Determine the costs per equivalent unit for June for the first process.
What caused the change of Bank of America Corporation's percentage of the accounts receivable balance to total assets for the last two years?
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