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(TCO 1) Suppose your company sold $60,000 in merchandise to a customer for cash. How does this transaction impact the accounting equation? (TCO 1) Suppose your company paid $18,000 in cash for its rent. How does this transaction impact the accounting equation? (TCO 1) Suppose your company sold $22,000 in merchandise to a customer for cash. How does this transaction impact the accounting equation? (TCO 2) Suppose your company purchased $50,000 in merchandise from a seller for cash. How does this transaction impact the accounting equation?(TCO 2) Suppose your company paid $10,000 in cash for its advertising. How does this transaction impact the accounting equation?(TCO 2) Suppose your company sold $25,000 in merchandise to a customer for credit. How does this transaction impact the accounting equation?(TCO 3) Opportunity is one of the components of the fraud triangle. How can a company reduce opportunity as a fraud risk? Give an example of how someone could use opportunity to commit fraud and how the company could reduce this risk. (TCO 3) Pressure is one of the components of the fraud triangle. What types of pressures do people face that could lead to fraud? Give an example of how pressure could lead to fraud. TCO 3) Rationalization is one of the components of the fraud triangle. What types of rationalization could a person use to justify misconduct? How can a company protect itself from rationalization as a part of fraud? (TCO 4) What is horizontal analysis of financial statements? How does horizontal analysis differ from vertical analysis? (TCO 4) What is vertical analysis of financial statements? How does vertical analysis differ from horizontal analysis? (TCO 4) How does vertical analysis of financial statements differ from horizontal analysis? Which method do you think is a better analysis tool? TCO 3) Physical control is a key feature in an internal control system. Why is physical control such an important internal control? Example of physical control as an internal control. (TCO 3) Prenumbered documents are a key feature in an internal control system. Why are prenumbered documents such an important internal control? Example of prenumbered documents as an internal control. (TCO 3) Separation of duties is a key feature in an internal control system. Why is separation of duties such an important internal control? Example of separation of duties as an internal control. (TCO 1) Describe the balance sheet. Why is this statement important to the company, creditors, and investors? (TCO 1) Describe the income statement. Why is this statement important to the company, creditors, and investors? (TCO 1) Describe the statement of cash flows. Why is this statement important to the company, creditors, and investors?
Kaiser's Kraft Korner sells a single product. 7,000 units were sold resulting in $70,000 of sales revenue, $28,000 of variable costs, and $12,000 of fixed costs. Contribution margin per unit is:
Gamma Ltd is not expecting to pay dividends for three years, at the end of year four, a dividend of $2.00 is planned and dividends are expected to be constant forever after that. The required rate of return for Gamma Ltd equity is 14% pa.
Prepare the necessary journal entries on the books of Jayhawk Carpet Company to record the following transactions, assuming a perpetual inventory system (you may omit explanations):
On March 1, 2012, Chance Company entered into a contract to build an apartment building. It is estimated that the building will cost $2,193,000 and will take 3 years to complete. The contract price was $3,043,000. The following information pertain..
Discuss the allowance method and the direct write-off method of accounting for bad debts. When is the expense for uncollected accounts receivable recognized under each method? Respond to at least two of your classmates' postings.
A company allows its customers to use bank credit cards to charge purchases. When customers use the credit cards, the net amount is deposited in the company's checking account.
During the first year of partnership operations, JK had net taxable income of $50,000. The partnership distributed $20,000 cash to Julie. Julie's adjusted basis (outside basis) for her partnership interest at year-end is:
Compound interest is computed quarterly on $700 for seven years at 12 percent annual interest. The future value table is used by multiplying the $700 by which factor?
Lowell Company's December 31, 2012, trial balance includes the following accounts: Inventories $120,000; Buildings $207,000; Accumulated Depreciation-Equipment $19,000; Equipment $190,000; Land Held for Investment $46,000; Accumulated Depreciation..
Dirt Bike Co in Japan has a division that manufactures two-wheel motorcycles. Its budgeted sales for Model G in 2003 is 800,000 units. Dirt Bike's target ending inventory is 100,000 units, and its beginning inventory is 120,000 units.
The first copy is sent back to Alan's department; the others are sent elsewhere. Design a system flowchart that documents the accounting data processing described here. Also, draw a data flow diagram showing a logical view of the system.
Sept. 6 Purchased calculators from Green Box Co. at a total cost of $2,441, terms n/30. Journalize the September transactions.
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