Reference no: EM13785177
The Chocolate Company had the following transactions during January 2014:
1. A customer that had an account receivable with the company in the amount of $10,000 called and said they could not pay on time. You, the CFO, told them they could pay it all back in 120 days, but they would need to pay it back with 5% interest. How does this impact The Chocolate Company's net income, and by how much?
2. A supplier's invoice stated "8/10, n30". What does this mean? Should you take the supplier up on this deal when paying bills this month?
3. Prices of chocolate are going up. Would it be better for the company's net income if they used FIFO or LIFO to value their inventory?
4. The company paid $120,000 for 12 months of rent (January 2014 to December 2014) on the chocolate-making facility. How does this impact the company's January net income? How about its net income for the year ended December 31, 2014?
5. Another customer told you they were going bankrupt and could not pay $500 of their accounts receivable. How does this impact net income if your company uses the allowance method? What if they use the direct write-off method instead?
6. You received your bank statement for January and noticed there was a service charge because the bank had printed a new box of checks for you. You had not previously recorded this transaction in your books. How does this impact net income?a
|
Write an irac-style essay
: Write an IRAC-style essay explaining whether California is likely to have personal jurisdiction over Mary. Assume that Froogle, Inc. is a corporation with its principal place of business in California
|
|
Sexual preferences and orientation
: Most psychologists believe that our sexual preferences and orientation are largely determined by our biology. Explore the biological and psycho-social aspects of sexual preference by completing the following items.
|
|
Masking poor communication
: Have you ever had a miscommunication with someone close to you simply because you assumed that they understood you? What happened?
|
|
Why are security programs relevant
: Why are security programs relevant? What is the single most important asset of a security program? What could be the primary target of a potential terrorist in the United States? If you are asked to provide the risk and compliance manager one suggest..
|
|
Chocolate company net income
: A customer that had an account receivable with the company in the amount of $10,000 called and said they could not pay on time. You, the CFO, told them they could pay it all back in 120 days, but they would need to pay it back with 5% interest. ..
|
|
What is the z-score for a state score of 226
: What percentage of the students scored below student in Verbal Skills - What percentage of the students scored above student in Mathematics?
|
|
Consist of legal and fiduciary-oversight-fund-raising
: Responsibilities of a non profit organization's governing board consist of legal and fiduciary, oversight, fund-raising, and representation of constituencies and viewpoints. Address the fund-raising duties of the governing board
|
|
Meaning of the expression dress for success
: Research, examine, and discuss five positive work habits that are essential to long-term career success. Also, discuss the meaning of the expression "Dress for success." What does this mean to you, and how should you dress for work?
|
|
Write a bluej project- birthday paradox
: The birthday paradox states that if there are 23 people in a room then there is a slightly more than 50:50 chance that at least two of them will have the same birthday.
|