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You discover that a product sale was made and recorded in December for $128,600; the product had not yet been shipped. The cost

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.

was $7,000,000. If ATW had been using the LIFO method of accounting for its inventory, its beginning

In the year 2016 I inputted an amount of $6400.00 from January through August. From September through December an amount of $2400.00. For a total of $8800.00

In Year 1, Brun Corp. properly accrued $10,000 for an income item on the basis of a reasonable estimate. In Year 2, Brun determined that the exact amount was $12,000. Which of the following statements is true?

In percentage of receivables is based on an aging schedule. The aging schedule compares customer balance with how long they have been unpaid. The aging report is managed daily and the company manages the accounts by age and develops an expected loss. The percentages of loss can change during each period based on the length of time an account is outstanding, so there are adjusting entries that will have to be made to accurately record the losses.

f) To evaluate the material misstatement in the accounts, I think both of the consolidated income statement and the three financial statements are useful. We need to use the information properly from all the financial statements. However the consolidated income statement is the most useful one. If there is a significant change in an account balance comparing with preceding two years, the auditor will examine whether there a material misstatement exists. For instance, the bad debt expense as a percent of net sales in 2011, 2010 and 2009 are 0.56%, 0.70% and 0.69%, respectively. There should

How much did the pre-tax income increase as a result of the changed ratio in 1984?

b. The inventory write down recorded, as an expense by the company is $4.4 million. It is measured at lower of cost and net realizable value. Cost is measured by weighted average using standard cost method or

Moreover, from the analyse tab and the function “Age”, an aging of the Accounts Receivable was performed.

Account receivables accounts for purchases which consumers have not yet aid for. This takes cares of any losses that the firm might incur due to allowing credit to certain clients. Bad debts are recorded in the income statement and they represent the des which the company doesn’t expect to be paid back. The account

Support: The Company’s revenues increased considerably (19%). However, the Accounts receivables also increased significantly (38%). Increase in revenues are generally associated with a proportional increase in the allowance for doubtful debts. By not reporting a significant ‘allowable for bad debt accounts’, the company is able to overstate its profits and could be a cause for concern in the long run, if the receivables turn out to be bad.

What is the amount of uncollectible accounts expense recognized in VIP's income statement for January?

Caterpillar, obviously, has taken on a large amount of risk to itself because of this. If Caterpillar were forced to liquidate its assets and pay off its debt, it would have a very hard time trying. Therefore, Caterpillar’s receivable account is a real weakness to the corporation as a whole.

Assets in the financial statement are always required and show useful information to investors and understand where the information comes from. For instance, accounts receivable net which the organization does not expect to collect all of the money it is due from all patients and insurers, (Finkler, S.A., Ward, D.M. & Calabrese, I.D., 2013). The bad debts become about of the money due. Furthermore, accounts receivables, net represents gross charges less an allowance for poor debts, and many contractual allowances established with those third party payers. Typically, an example of a bad debt would show charges of a large sum of money delivered from a hospital. Then, the contractual allowances from