Reference no: EM13775646
The following responses, A-E, were received from a positive confirmation effort for balance sheet dated December 31, 2013, related to accounts receivable. State for each (a) whether it represents an exception, and (b) how you would clear the exception or propose an adjustment, where necessary.
1) We cannot answer your request for confirmation; we use an accounts payable voucher system and can only confirm individual invoices.
2) We do not have an accounts payable balance at 12/31/2013. The invoice was billed on December 30, 2013, but the merchandise was shipped FOB destination and was received on January 5, 2014.
3) We do not owe any balance. The merchandise amount agrees with the invoice dated December 12, 2013, for $8,564, but according to the sales terms we do not owe for merchandise unless we sell it, and we can return all unsold merchandise by March 31, 2014 without owing any money.
4) The balance of $8,912 was paid on December 30, 2013, and our cancelled check cleared our bank on January 7, 2014.
5) The merchandise was returned on December 27, 2013, FOB shipping point per our bill of lading, and we received a credit memo on January 12 for this merchandise.
|
Capitalized in the cost of the new warehouse
: Bee Wood, Inc., a construction company, decides to build a new warehouse. The following information is applicable to the project: Construction will begin January 1, 2016, and is expected to end December 31,2017. How much interest must be capitalized ..
|
|
Amino acid sequence from the data
: Determine the amino acid sequence from the data - Determine the amino acid sequence from the data.
|
|
Life-threatening illnesses issues
: What were the most common medical care structures of the first half of the twentieth century?
|
|
Several transactions related to accounts receivable occurred
: Several transactions related to accounts receivable occurred during 2014. What is the ending balance in accounts receivable and allowance for bad debts accounts at December 31, 2014 (after adjustment)?
|
|
Positive confirmation effort for balance sheet
: The following responses, A-E, were received from a positive confirmation effort for balance sheet dated December 31, 2013, related to accounts receivable. We cannot answer your request for confirmation; we use an accounts payable voucher system and c..
|
|
Review the captain edith strong case study
: Review the Captain Edith Strong case study
|
|
Write a paper on labour market situation in european region
: Write a paper on The Labour Market Situation in the Central-Eastern European Region- Towards a New Labour Paradigm and Views on the Process of Globalization and its Effects on Human Beings.
|
|
Net operating income under absorption costing
: Blake Company produces a single product. Last year, Blake's net operating income under absorption costing was $3,600 lower than under variable costing. The company sold 10,000 units during the year, and its variable costs were $9 per unit which inclu..
|
|
Determine the heat of combustion of mg
: Determine the heat of combustion of Mg, first three empty Styrofoam cups were weighed with an electronic balance. The results were recorded.
|