In Class #6.1 – Identify items in inventory Shippers Ltd. had the following inventory situations to consider at January 31, its year end: 1. 2. 3. 4. 5. 6. Goods held on consignment for Boxes Unlimited since December 22 Goods shipped on consignment to Rinehart Holdings Ltd. on January 5 Goods that are still in transit and were shipped to a customer FOB destination on January 29 Freight costs due on goods in transit from item 3 above Goods that are still in transit and were shipped to a customer FOB shipping point on January 29 Goods that are still in transit and were purchased FOB destination from a supplier on January 25 7. Goods that are still in transit and were purchased FOB shipping point from a supplier on January …show more content…
Required 2 List other items that must be included in the bank reconciliation. Describe the impact of each on the reconciliation. ACC300 Page6 In Class #7.2 – Calculate outstanding cheques At April 30, the bank reconciliation of Frobisher shows three outstanding cheques: No 254, $1,120; No. 255, $1,600; and No. 257, $820. A list of cheques recorded by the bank and the company in the month of May follows: FROBISHER LIMITED Bank Statement (partial) Amounts Deducted from Account Date Cheque No. Amount May 2 254 $1,120 4 257 820 12 258 318 17 259 550 20 260 1,000 29 263 1,680 30 262 1,500 31 Service Charge 108 FROBISHER LIMITED Accounting Records “Bank” Cheques Written Date Cheque No. Amount May 2 258 $318 5 259 550 10 260 1,000 15 261 1,734 22 262 1,500 24 263 880 29 264 1,300 Additional information: 1. The bank did not make any errors. 2. The company made one error. Required 1 List the outstanding cheques at May 31. Required 2 List other items that must be included in the bank reconciliation. Describe the impact of each
• Reason - Tellers must have examined the check carefully, considered legal and Credit Union requirements,
On December 31, MD purchased lumber costing $4,410 which was received that day; however, it was not included in the inventory count or in accounts payable. The issue is whether the inventory should be included in the December 31, 2014 year end or not until the lumber was put into production in January.
i. With regards to suppliers delivering goods, they simply sent the goods without any prior notification. This led to a variable rate of arrival of stock in the ware houses.
1. On november 1, 2009 Broom company received a bank statement that showed a $2,950 balance. Broom showed a $4,010 checking account balance. The bank did not return the check No. 124 for $1,080 and check No 138 for $720. A $3,200 deposit made on October 30 was in transit. The bank charged Broom $12 for check
III. If the arrangement includes a general right of return relative to the delivered item, delivery or performance of the undelivered item or items is considered probable and substantially in the control of the vendor.
Please note that although the testing of the bank reconciliation provides further audit evidence over management’s
All goods purchased pass through a receiving department under the direction of the chief purchasing agent. The duties of the receiving department are to unpack, count, and inspect the goods. The quantity received is compared with the quantity shown on the receiving department’s copy of the purchase order. If there is no discrepancy, the purchase order is stamped “OK—Receiving Dept.” and forwarded to the accounts payable section of the accounting
1. ?Reserved Inventory? table ? this table will be a transaction table that will ?reserve? the items by removing them from inventory and holding them in the reserved table until one of the following conditions is met:
First Destination Transportation (FDT), the movement of material from suppliers to the first military depot or direct to military customer, is about to change from FOB destination to FOB origin. Slated to begin with solicitations and awards in late October 2013, FDT requires the removal of transportation related cost from contractor bids. Contractors need only be concerned with quoting the associated costs of manufacturing their products. Products affected by the October roll out will be those labeled as Class IX consumables and some Class IV and VII materials to CONUS destinations. Supply Chains included in the FDT initiative are: Aviation, Land and Maritime, Construction and Equipment, and Industrial Hardware. Then you also have Second Destination Transportation (SDT). This is where the cost comes into play to ship Army Post Office mail, transportation of organizational equipment, permanent change of station, temporary duty cost, depot maintenance, and any cost that is not funded through FDT. Once these items, equipment, or other materials that have been contracted and sent to the first destination and the items need to be moved to another location SDT picks up that bill. (Defense Logistics Agency, 2014)
a. in CIF, the goods are delivered past the ship’s rail, but S does not possess them until the port of destination. This is distinct from the FOB where delivery and possession occur at same time.
As you know, we have a big amount of PNC checks that were not processed in the system for a double payment. Per our conversation you are almost done updating BOA void checks in the system. Could you please send me and excel sheet with all BOA void checks numbers so we can go through the invoices and process PNC.
b. Trace the line item “Balance per Bank Statement” – Accuracy and Existence (AU-C 315.A114 a-iii, b-i)
Outbound logistics refers to physical distribution activities such as collecting, storing, and distributing products to buyers and involves (finished goods) warehousing, materials handling, network planning and management, order processing, and
The furniture are received from manufacturer because of wholesale liquidations, retail chain buyouts and factory closeouts. Unclaimed Freight receives products directly from the manufacturer,