Reference no: EM131256771
1) What data will you need to prepare an accounts receivable aging report
2) Where will you collect the data you need to prepare the report?
3) How will you collect the necessary Data for the report?
4) What will the report look like? How you will organize the data collected to create the information your supervisor needs for the audit? Prepare an accounts receivable aging report in Excel or another spreadsheet package.
5) How will you distribute the report? How many copies will you make? Who should receive the copies? What security features will you implement?
The Howard Leasing Company is a privately held, medium-sized business that purchases school busses and leases them to school districts, churches, charitable organizations, and other businesses. To better serve its customers. and more important, to maintain and repair leased vehicles. Howward's annual sales for last year were $37 million, with a net income of $2.9 million. Howard employs approximately 150 people.
You were recently hired by Howard, and you are eager to prove your worth to the company. Your supervisor just called you into her office and asked you to prepare an accounts receivable aging report as of the end of the year for use in the upcoming audit of the company's financial statements.
|
Should the advertising budget be increased
: The marketing manager argues that a $9,500 increase in the monthly advertising budget would increase monthly sales by $22,500. Calculate the increase or decrease in net operating income. Should the advertising budget be increased?
|
|
What pretax amounts related to the lease
: On June 30, 2016, Georgia-Atlantic, Inc., leased a warehouse facility from IC Leasing Corporation. The lease agreement calls for Georgia-Atlantic to make semiannual lease payments of $463,866 over a four-year lease term, payable each June 30 and Dece..
|
|
The payment of interest and the related amortization
: McGee Company issued $400,000 of 8%, 20-year bonds on January 1, 2014, . Interest is payable semiannually on July 1 and January 1. McGee Company uses the effective interest method of amortization for bond premium or discount. Assume an effective yiel..
|
|
Prepare cook company journal entries related to the lease
: On January 1, 2016, Cook Textiles leased a building with two acres of land from Peck Development. The lease is for 10 years at which time Cook has an option to purchase the property for $130,000. The building has an estimated life of 20 years with a ..
|
|
What security features will you implement
: What data will you need to prepare an accounts receivable aging report. Where will you collect the data you need to prepare the report? How will you collect the necessary Data for the report? How will you distribute the report? How many copies will y..
|
|
More accurately represent the value of its assets
: A company uses depreciation to more accurately represent the value of its assets. Discuss how you would determine the life of an asset and what the implications would be if the life you select is too long or too short. How would you correct this?
|
|
Determine depreciation that should be on income statement
: Merton Company purchased a building on January 1, 2013, at a cost of $364,000. Merton estimated that its life would be 25 years and its residual value would be $14,000. On January 1, 2014, the company made several expenditures related to the building..
|
|
Interest charges were earned for current and preceding years
: The following data were taken from recent annual reports of Caliber Company, which operates a low-fare company service to over 50 cities in the United States. Current Year Preceding Year Interest expense $42,000 $46,000 Income before income tax 247,8..
|
|
What are the best-case and worst-case scenarios
: You are considering a new product launch. The project will cost $2,300,000, have a four-year life, and have no salvage value; depreciation is straight-line to zero. The unit sales, variable cost, and fixed cost projections given above are probably ac..
|