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SSR-Save is a national discount retail store chain with annual revenues of more than $1 billion. It's a typical bricks-and-mortar operation with accounting software that records sales transactions in real time and tracks inventories on a perpetual basis. Management is considering an online store and will sell the same products as in the stores. Customers will be able to use credit cards only for online payments (versus cash, credit card, or debit card in the stores). The marketing manager is interested in learning about customers and using the information to improve both in-store and online sales. a. Contrast the sales process of their retail store operation with the sales process in an online store environment. Would any of the events in the process change? b. At what points do you collect data about customers and sales transactions in the retail store? In the online environment? c. What data might you collect about retail stores and online customers to improve your profitability? What data might you collect to improve customer satisfaction? d. How is the sales process different for a public accounting firm? What data can they collect to improve customer relationships and grow revenues?
Partners A and B have a profit and loss agreement with the following provisions: salaries of $41,600 and $38,400 for A and B, respectively; a bonus to A of 10% of net income after salaries and bonus; and interest of 10% on average capital balances..
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.
using securities worth $3 million, Daniel would like to create a trust, life estate to Marcia, remainder to her children. he is hesitant to do so because of the tax generationskipping transfers. write a letter to daniel advising him on this matter..
Assume that you must make a presentation to the marketing staff explaining the difference between product and period costs. Your supervisor tells you the marketing staff would also like clarification regarding prime and conversion costs and an exp..
Prepare a new income statement for the year using variable costing. Comment on the differences between the absorption costing and the variable costing income statements.
Visit a local movie theater and check out both its concession area and its showing areas. The manager of a theater must confront questions such as: How much return do we earn on concessions?
Discuss and explain the role of the financial accounting and managerial accounting functions in organizations and some of their job responsibilities.
During the course of the audit of FF Financial, you find that some accounting entries have been altered. You believe this may be the result of management fraud and you have determined that the effect of this could be material to the financial stat..
Trade Credit Discount. Compute the annual approximate interest cost of not taking a discount using the following scenarios. What conclusion can be drawn from the calculations?
Is it appropriate to use a hybrid of the percentage of sales and the percentage of receivables methods of calculating the allowance for doubtful accounts?
The payroll register of Lowry Landscaping Co. indicates $1,260 of social security withheld and $315 of Medicare tax withheld on total salaries of $21,000 for the period. Federal withholding for theperiod totaled $3,822. Provide the journal entry f..
Was the painting used in a trade or business? Was the painting depreciable (not held for sale in the ordinary course of the taxpayers business and not held for investment)?
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