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Assume the following information for the month of August. June sales = $40,000; July sales = $65,000; August sales = $52,850. All sales are on account and are collected as follows: 20% in the current month, 50% in the month following, 25% in the second month following, and 5% uncollectible. The beginning cash balance is $14,670, with cash payments of $24,653. If the minimum cash balance is $50,000, what is the amount needed by the bank, or how much is available to pay towards the bank loan? Show the amount needed as a positive number and the amount to repay a loan as a negative number.
Role of a consultant and conduct an 'ethical health check' of the organisation incorporating the above elements.
Beech Corporation, an accrual basis taxpayer, was organized and began business on July 1, 2014. During 2014, the corporation incurred the following expenses:
Consider the conflict between Adams and Schmidt. Assuming that Schmidt believes the inventory adjustment and vacation pay accrual must be made and that she does not want to lose MPI as a client, what should she do?
The following accounts were taken from ABC Company’s unadjusted trial balance at December 31, 2014: ABC Company has not yet recorded adjusting entries related to the following four items: The prepaid insurance in the unadjusted trial balance relates ..
Calgary Lumber has a raw lumber division and a finished lumber. Should Calgary Lumber process raw lumber into it's finished form? Show your calculations
Preparation of income statement and deriving operating cash flows and For the month of August, 2006, net cash flows from operating activities for Waldorf were?
Total overhead incurred amounted to $508,400. Budgeted fixed overhead totals $1.8 million and is spread evenly throughout the year.
The 100-room limited service Pepper Inn has an ADR of $80 and variable cost per room sold of $15. Assume there is no other sales activity. Its monthly fixed cost total $100,000. How many rooms must be sold to break even?
question 1suppose that wal-mart stores inc. has decided to surface as well as maintain for 10 years a vacant lot next
For each of the following pairs, indicate how the first individual is related to the second by riting (L) line authority, (S) staff authority, or (N) no authority.
Review the Chapter opener. Johnny Cupcakes, launched by entrepreneur John Earle, produces t-shirts in unique styles and limited quantities. Selling prices typically range from $40 per shirt to $70 per shirt.
You are the accountant for the I love Accounting company. You have to perform the month end procedures for the Accounts Receivable and Allowance for Doubtful Account. show the adjusting entry to show the receipt of the previously written off account?..
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