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On 20 March, Batavia's petty cash fund of $100 is replenished when the fund contains $9 in cash and receipts for postage $51, freight-out $25, and travel expense $10. Prepare the journal entry to record the replenishment of the petty cash fund.
Kinnion Medical Clinic has budgeted the following cash flows, Kinnion Medical had a cash balance of $8,000 on January 1. The company desires to maintain a cash cushion of $5,000. Funds are assumed to be borrowed, in increments of $1,000,
How would you describe activity based costing? Also, can you explain why it might result in more accurate product costing information than the product cost derived under the traditional costing approach?
When the analysis is a based on an entire group or in other words all of the members of the group under study then the population is in place. A sample is taken when this population is too large to measure each one of the members.
What does it mean to critically evaluate an economic event or resource in the context of an accounting standard and what is actually being evaluated and how?
Provide the fund level entries in general journal form needed to conform to basically accepted accounting principles. If no entry is needed, so indicate.
Let's talk about donated services. Clearly unique to nonprofits (well, I've never heard of anyone willingly donating their time and efforts to General Motors, but I guess it's possible) - What does FASB say about donated services?
During the fiscal year, the general fund of Phoenix City was legally required to transfer $80,000 to the debt service fund. Only $60,000 was transferred.
Charles River Company has just sold a bond issue with 10 warrants attached. The bonds have a 20-year maturity, an annual coupon rate of 12.0 percent, and they sold at their $1,000 par value.
Prepare a schedule of cost of goods manufactured for Fido Treats for the year ended December 31, 2012. Prepare an income statement for Fido Treats for the year ended December 31, 2012.
Evaluate the effectiveness of the PCAOB's oversight related to both corporate management's and a certified public accountant for addressing a material weakness in internal controls
Discuss some possible reasons for differences between these ratios for the two types of inventories. Round answers to one decimal place.
Use the checklist to outline phases of the internal control evaluation. You may use the (1) components of internal control, or (2) relevant assertions as headers within your checklist.
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