Accounting

One section of the report relates to content creation and distribution. Review this section on pages 19-28. Summarise 5 key findings. Why is this important to know?

One section of the report relates to content creation and distribution. Review this section on pages 19-28. Summarise 5 key findings. Why is this important to know? EXPERT ANSWER A strong digital marketing strategy is made up of many different components. From social media to search engines, it can be difficult to know where you …

One section of the report relates to content creation and distribution. Review this section on pages 19-28. Summarise 5 key findings. Why is this important to know? Read More »

Write one paragraph describing the profession you would like to enter once you graduate from college?

Write one paragraph describing the profession you would like to enter once you graduate from college? My degree is in Finance. My goal is to become a Forensic Accountant for the FBI / IRS. I need help describing the profession as well as expanding it enough to fill the paragraph requirement. Thank you in advance …

Write one paragraph describing the profession you would like to enter once you graduate from college? Read More »

Prepare a Cash budget for the Quarter April to June based on the following data and additional information. Month Sales($) Purchase($) Wages($) Overheads($) Jan 70,000 38,000 7,000 12,000 Feb 52,000 40,000 8,000 5,500 Mar 59,000 42,000 10,000 13,500 Apr 63,000 44,000 11,500 7,400 May 56,000 46,000 9,000 9,500 65,000 48,000 8,000 9,000 Jun Additional Information : 1. Cash balance at 1st April is $720,000 2. Sales is 30% cash sales and 70% is collected in the following month. 3. All purchases of a month are paid after 2 months. 4. Land was purchased in April for $105,000 5. Wages of a month are paid the following month. All overheads are paid the same month. 6. Loan repaid in May $56,000

EXPERT ANSWER Answer:                                                     Cash budget                                                                   April                      May                      June Opening balance                                              $720,000            $617,800              $557,700 Add:Receipts Cash sales                                                        $18,900              $16,800                 $19,500 Colloction from credit sales                               $41,300              $44,100                 $39,200                                                                        —————-        ————-             ————– Cash available for payments                           $780,200           $678,700              $616,400 Less: Payments Payment for credit purchases                           $40,000            $44,000                $46,000 Payment for …

Prepare a Cash budget for the Quarter April to June based on the following data and additional information. Month Sales($) Purchase($) Wages($) Overheads($) Jan 70,000 38,000 7,000 12,000 Feb 52,000 40,000 8,000 5,500 Mar 59,000 42,000 10,000 13,500 Apr 63,000 44,000 11,500 7,400 May 56,000 46,000 9,000 9,500 65,000 48,000 8,000 9,000 Jun Additional Information : 1. Cash balance at 1st April is $720,000 2. Sales is 30% cash sales and 70% is collected in the following month. 3. All purchases of a month are paid after 2 months. 4. Land was purchased in April for $105,000 5. Wages of a month are paid the following month. All overheads are paid the same month. 6. Loan repaid in May $56,000 Read More »

Which of the following sequences is correct? A) Sales budget – production budget – direct materials budget – budgeted income statement B) Budgeted income statement – direct materials budget – production budget – sales budget C)Cash receipts budget – sales budget – production budget – budgeted income statement D)Inventory budget – production budget – sales budget – selling and administrative budget

Which of the following sequences is correct? A) Sales budget – production budget – direct materials budget – budgeted income statement B) Budgeted income statement – direct materials budget – production budget – sales budget C)Cash receipts budget – sales budget – production budget – budgeted income statement D)Inventory budget – production budget – sales …

Which of the following sequences is correct? A) Sales budget – production budget – direct materials budget – budgeted income statement B) Budgeted income statement – direct materials budget – production budget – sales budget C)Cash receipts budget – sales budget – production budget – budgeted income statement D)Inventory budget – production budget – sales budget – selling and administrative budget Read More »

Question 5 (1 point) Saved A company uses a perpetual inventory system. Inventory previously purchased from a supplier for $500 on account is returned, before it is paid for. Which account(s) would decrease as a result of the return transaction? a) Accounts Receivable only b) Purchase Returns c) Both Inventory and Accounts Receivable d) Both Inventory and Accounts Payable e) Sales Returns f) Accounts Payable 8) None h) Inventory only

EXPERT ANSWER Hi There, Here is my answer to the given question Option D is the correct answer A purchase return occurs when a buyer returns inventory to a seller. Returns reduce the buyer’s debt to the seller (accounts payable) and decrease the cost of the goods purchased (inventory). We will debit Accounts Payable and credit Inventory. …

Question 5 (1 point) Saved A company uses a perpetual inventory system. Inventory previously purchased from a supplier for $500 on account is returned, before it is paid for. Which account(s) would decrease as a result of the return transaction? a) Accounts Receivable only b) Purchase Returns c) Both Inventory and Accounts Receivable d) Both Inventory and Accounts Payable e) Sales Returns f) Accounts Payable 8) None h) Inventory only Read More »

Your friend Lisa plans to open a nail salon. Lisa states that she does not have time to develop and implement a system of internal controls. (a) Explain to Lisa the components of internal control. (10 points) (b) Explain to Lisa at least five internal control procedures she must establish to protect herself against fraud. You should state specific internal control procedures from the textbook, and relate your answer to her nail salon business. (15 points)

Your friend Lisa plans to open a nail salon. Lisa states that she does not have time to develop and implement a system of internal controls. (a) Explain to Lisa the components of internal control. (10 points) (b) Explain to Lisa at least five internal control procedures she must establish to protect herself against fraud. …

Your friend Lisa plans to open a nail salon. Lisa states that she does not have time to develop and implement a system of internal controls. (a) Explain to Lisa the components of internal control. (10 points) (b) Explain to Lisa at least five internal control procedures she must establish to protect herself against fraud. You should state specific internal control procedures from the textbook, and relate your answer to her nail salon business. (15 points) Read More »

Question 16 (2 points) Why might the Allowance for Doubtful Accounts have a positive balance before recording the year’s bad debt expense? Select all that apply. a) Write-offs in the year were lower than expected. b) The previous allowance was underestimated. c) Write-offs in the year were higher than expected. d) There were more cash sales and fewer credit sales in the year than expected. e) The previous allowance was overestimated.

EXPERT ANSWER Usually the allowance for doubtful accounts will have a credit balance. It will have a debit balance when the estimated allowance is lower than the actual write off. In simple words, allowance for doubtful account have debit balance when write off during the year were more than the expected or last year’s allowance …

Question 16 (2 points) Why might the Allowance for Doubtful Accounts have a positive balance before recording the year’s bad debt expense? Select all that apply. a) Write-offs in the year were lower than expected. b) The previous allowance was underestimated. c) Write-offs in the year were higher than expected. d) There were more cash sales and fewer credit sales in the year than expected. e) The previous allowance was overestimated. Read More »

Question 9 (2 points) Which of the following transactions does NOT change the net realizable value of accounts receivable? Select all that apply. a) recording bad debt expense b) cash sales c) receiving a cheque from a customer whose account receivable was previously written off d) a sales return, where the original sale was on account e) writing off an account receivable

EXPERT ANSWER Ans) Option b; Cash sales Cash sales will not change the Net Realisable Value of Accounts receivables, as there is no credit sales involved. Whereas, All the other options will change the Net Realisable Value of Accounts receivables. Bad debt Expense will reduce Account receivables. Received cheque from Account receivables which was earlier …

Question 9 (2 points) Which of the following transactions does NOT change the net realizable value of accounts receivable? Select all that apply. a) recording bad debt expense b) cash sales c) receiving a cheque from a customer whose account receivable was previously written off d) a sales return, where the original sale was on account e) writing off an account receivable Read More »

On October 15 your business sold inventory worth $18000 to a customer for $40000. You shipped it FOB shipping point and the terms were 2/10,n/30. The next day, the appropriate party paid the freight company $600. Four days later the customer returned 25% of his order. You received payment on October 24. How much did the customer pay you?

EXPERT ANSWER Net purchases made by customer = 40,000 – return of 25% = 40,000 – (40,000*25%) = 30,000 Amount to be paid by customer = (30,000 – 2% discount) + Shipping costs 600 = 29,400 + 600 = 30,000