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Identify items to be included in the total of cash and explain why the items not included in cash on the balance sheet are not as liquid as cash.
What are the amount and the direction of change in cash and cash equivalents for 2008?
What is your main concern in the design of internal control for the snow-cone stands? How did you address that concern? Be specific.
Design a purchase requisition form and a receiving report to be used by the housekeeping departments and the warehouse.
List some problems with the proposed personnel situations in the accounting department.
Your memo should suggest an alternative method of internal control for cash receipts.
What is the theoretical justification for the allowance method of accounting for bad debts?
When estimating bad debts on the basis of a percentage of accounts receivable, what is the advantage of using an aging schedule?
What is the appropriate treatment of any fees or commissions paid to purchase stock in another company?
Write a brief memo, in your own words, to explain to the managers of Kobe, Inc., the purposes of the statement of cash flows.
Show how IFT should report cash flows from operating activities for 2014. IFT uses the indirect method.
Define a "segment" of a business. What would be a logical way for Worldwide Electronics Corporation to segment its business for financial reporting purposes?
On August 31, Merridian received cash of $3,600 in advance for service revenue. This revenue will be earned evenly over six months.
Compare the three lists to identify the liabilities that the three businesses have in common.
What are two main advantages that a corporation has over a proprietorship and a partnership?
What privileges do preferred stockholders have over common stockholders?
Show what the company would report for liabilities on its balance sheet at April 30, 2015, and on its income statement for the year ended on that date.
The beginning balance was $14,000. At the end of 2014, how much in estimated warranty payable does Tires USA owe to its customers?
Explain the relevant accounting principle as it applies to measuring warranty expense.
Show what Southwest will report for the foregoing on its income statement for the year and on its year-end balance sheet.
Sales of $1,800,000 are subject to estimated warranty cost of 4%. The estimated warranty payable at the beginning of the year was $41,000.
Northeast Talent Search has an annual payroll of $168,000. In addition, the company incurs payroll tax expense of 8%.
On June 1, Pippin Electronics signed a $42,000 note payable that requires annual payments of $10,500 plus 4% interest on the unpaid balance each June 2.
Through an accounting error, TEP expensed the entire cost of the equipment at the time of purchase.
The manager of Carpet World regularly debits the cost of repairs and maintenance of plant assets to Plant and Equipment.