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Accounting Questions -
Q1) Ruby Company designated Jill Holland as petty cash custodian and established a petty cash fund of $200. The fund is reimbursed when the cash in the fund is at $15. Petty cash receipts indicate funds were disbursed for office supplies $94 and miscellaneous expense $87. Prepare journal entries for the establishment of the fund and the reimbursement?
Q2) The financial statements of General Mills, Inc. report net sales of $12,442,000,000. Accounts receivable are $912,000,000 at the beginning of the year and $953,000,000 at the end of the year. Compute General Mills' accounts receivable turnover ratio. Compute General Mills' average collection period for accounts receivable in days?
Q3) Arnos Woodcrafters sells $250,000 of receivables to Commercial Factors, Inc. on a with recourse basis. Commercial assesses a finance charge of 5% and retains an amount equal to 4% of accounts receivable. Arnos estimates the fair value of the recourse liability to be $8,000. Prepare the journal entry for Arnos to record the sale?
SocksOnline is an Internet company that sells socks online. Why is the cost of equity higher when debt is used
The company's net income was $500 million in 2013. Determine basic and diluted earnings per share (rounded to two decimal places) for AT in 2013
Explain the tax advantage of allocating too much to the building and too little to the land. Was Western's allocation ethical? If so, state why. If not, why not? Identify who was harmed.
ACCY200 Financial Accounting Question. Discuss how 'Shoes n Socks' will have to account for its internally generated brands
What is an unasserted claim and why would an attorney and/or client be reluctant to disclose an unasserted claim in the financial statements.
Let's suppose you (USA dealer) imported a product from German on Dec 1, 2018 at € 300, What was gross profit for 2018 and 2019, respectively
What else can the company do to reach its goal? Prepare a pro forma income statement illustrating your proposal
At 30 June 2018, Ruby Ltd had net accounts receivable of $180 000. Calculate cash received from customers by Ruby Ltd for the your ended 30 June 2019.
Charla sold the preferred stock to an unrelated third party for the $50,000. What the basis allocated to the common stock as a result of this transaction
What is the purchase price of these bonds? 50 year, $ 500,000 bonds pay interest of 3% every June 30 and December 31. The effective rate of interest for similar
Zimmer Company owns an executive plane that originally cost $1,280,000. How much gain or loss is reported at disposal if the sales price
Write a report on one selected topic associated with logistics processes in ERP that you think will have a major impact in the future. Sample topics would be discussed in the class as a guide for selecting a topic.
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