All of the following functions are normally found within an organization's sales/collection except: O A order entry. O B. shipping. OC. matching/vouchering. O D. billing.
Q: 2022, its inventory records for one brand of designer jeans were as follows: Beginning Inventory…
A: Under FIFO (First in first out) method goods purchased first are sold first.
Q: The T-account below shows the balance sheet of Santander. Assets Reserves Loans Securities $200…
A: Introduction Net worth is the difference between what is owned and what is owed, that is it is total…
Q: Otto Company borrows money on January 1 and promises to pay it back in four semiannual payments of…
A: Introduction: The concept of present value implies that money today is worth more than money…
Q: Magnolia, Inc., manufactures bedding sets. The budgeted production is for 25,100 comforters this…
A: The budget is prepared to estimate the requirements for the period for finished products, raw…
Q: We discussed contingent liabilities in class. Describe the conditions for when a contingent…
A: A liability whose occurrence depends upon the happening or non happening of future uncertain events…
Q: ABC Company was organized on January 1, 2022 with 100,000 authorized shares of P100 par value.…
A: Share premium account shows the difference between the par value of shares issued and the issue…
Q: a different technologies acturing. Determine the mpanys MARR = 14.5%. B. C 900
A: Given as,
Q: Perit Industries has $175,000 to invest. The company is trying to decide between two alternative…
A: Net present value(NPV) is the difference between present value of all cash inflows and initial…
Q: Sales (20,000 units @ 60 per unit) $1,200,000 Less: Variable cost 20,000@ $45 900,000 Contribution…
A: Formulas: No. of units to be sold in next year = Current units sales + (1 + 0.20) Variable costs per…
Q: 2021 and payable to an overseas supplier, was overlooked and not paid or provided for in the…
A: Where any expense which was omitted to be recorded in prior period financial statement, it should be…
Q: exeter has a materials standard of 1 pound per unit of output. Each pound has a standard price of…
A: Direct material price variance = (Standard Price - Actual price) x Actual Quantity = (Standard…
Q: We discussed two methods for amortizing bond premium and bond discounts. One was the effective…
A: Bond Amortization The amortization of excess fee paid beyond the face value of the Bond is referred…
Q: If this was a BELO plan with a pay rate of $23.45 per hour and a maximum of 48 hours, how much would…
A: Payroll costs refers to the costs which involves the employees salaries and the wages involving the…
Q: Alpha Security Ltd commenced operations on 1 July 2021. By the end of the first year of operations,…
A: Provision for doubtful debts account is a provision created for those customers, whose receipt is…
Q: 3. Danielle Curtain files as married fing jointly on her tax retum and earned weekly gross pay of…
A: The wage bracket method can be used by employees who are claiming a maximum of 10 allowances. The…
Q: de Manulacturers Inc. is approached by a potential customer to fulfill a one - time - only special…
A: The minimum transfer price to be charged for special order is total variable cost. Since fixed cost…
Q: Howard has an ROI of 26% based on revenues of $408,000. The investment turnover is 2. What is the…
A: Residual Income: When used in a business context, the term "residual income" refers to the amount of…
Q: Refer to the World View to answer two questions. WORLD VIEW Zimbabwe Raises Key Interest Rate to 70%…
A: From the world's view, the world interest rate can be calculated using the following two…
Q: Nintendo Company, Ltd., recently reported the following financial information (amounts in millions).…
A: Through the evaluation of financial accounts such as the financial statement, ratio analysis…
Q: P8.6 (LO 3) (Compute FIFO, LIFO, Average-Cost—Periodic and Perpetual) Ehlo Company is a multi…
A: The inventory can be valued using various methods as LIFO, FIFO and weighted average method.
Q: Discuss two different criteria Mr. Smith can use to determine the sequence for allocating support…
A: Maintenance Services cost is higher compare to Administrative Services cost so, first allocate the…
Q: Mary's Baskets Company expects to manufacture and sell 23,000 baskets in 2019 for $7 each. There are…
A: A company's sales revenue is the total amount it earns from the selling of goods or services.…
Q: tatement of Cost of Goods Manufactured for a Manufacturing Company Cost data for Johnstone…
A: Costs of Goods manufactured: - Cost of Goods manufactured is the amount which arises due the…
Q: Santol Company retired 50,000 ordinary shares, P5 par value, which it held in the treasury at an…
A: Ordinary shares are those shares which are held in the form of common stock. These stock have voting…
Q: Equipment with a cost of $504,200 has an estimated residual value of $62,600, has an estimated…
A: Depreciation: Depreciation means the reduction in the value of an asset over the life of the assets…
Q: On December 30, 2020, Aloha Company, an entity with no subsidiary, purchased 10,000 ordinary shares…
A: Using equity method, the investment value is decreased with receipt of dividend and increased with…
Q: Explain the role and limitations of budgeting in business organizations. Support your answer with…
A: The answer is stated below:
Q: 50,000 by November 30 and will have no other gross income. In addition, it will have no deductions…
A: The comparison of overall taxes as,
Q: P7,000,000 3,000,000 4,335,000 650,000 Preference share capital, P300 par Share premium - preference…
A: Contributed Capital is the total amount contributed by the owners and also includes shares premium.…
Q: Holiday, Inc. had the following transactions in the ordinary shares of May Corporation: January 5…
A: Bonus issue means additional shares are issued by the company to the current shareholders free of…
Q: Simon Company’s year-end balance sheets follow. At December 31 Current Yr 1 Yr Ago 2 Yrs Ago…
A: Formulas: Days' sales uncollected = 365 x Average Accounts receivable / Sales where, Average…
Q: 2. Leonard has been invited by Jane and Tarik to join their partnership. Total partnership profits…
A: Price- Price is the monetary value of a product or compensation for a service that one person or…
Q: is computed using the straight line method. i useful life of the equipment is five years with alue.
A: Unrealized gain refers to the profit made on the sale of an asset that has not been realized yet.…
Q: Value in use is a) © Discount rate b) © Present value of future cash if flows c) © Uncertainty of…
A: The monetary value of an asset or liability is referred to as its value. The most accurate…
Q: Ralston Dairy gathered this data about the two products that it produces: Current Sales Estimated…
A: Lets understand the basics. When there is requirement to choose between sale currently or sale after…
Q: 10. Company K has several checking accounts with Bank J. Which of the following will require…
A: Ideally cash balance as per books and bank balance as per bank statement must reconcile with each…
Q: Currently, a three-year Treasury note pays 10.0%. Assuming that your tax rate is 15%, what is the…
A: For tax free municipal bond, interest rate should be equal to the after tax interest rate of…
Q: Define cash flow statement
A: The financial statement is prepared by the companies to summarize the reports for a company and…
Q: On January 1, Bramble Corp. issued 10 year, S6,000,000, 9% bonds for $6,842,830. The market rate of…
A: Introduction: An amortizing loan is one with monthly payments that go toward the principle. Payment…
Q: Sales (20,000 units @ 60 per unit) $1,200,000 Less: Variable cost 20,000@ $45 900,000 Contribution…
A: Profit commonly known as net operating income is the excess of revenue over expenses .
Q: 1. which of the following transactions and events would result in a deterioration in EBIT Profit…
A: Solution Note : Dear student as per the Q&A guideline we are required to answer the first…
Q: iscuss the relationship between the market or effective interest rate of a bond and the stated…
A: The market value of a bond is inversely related to market rate of interest. If the Market interest…
Q: Required: 1. If we assume that the total time available on the plastic injection molding machine is…
A: Contribution per unit, is the selling price per unit minus the variable cost per unit."Contribution"…
Q: JUDOS por day. FIXBU COSIS are $29,000 and thế variable costs for manufacturing 60 bottles are…
A: The contribution margin is calculated as difference between sales and variable costs. The fixed…
Q: Bernard Company shows the following manufacturing costs for the first six months of the year:…
A: Solution... Highest point Production in units = 2,600 Costs = $47,900 Lowest point…
Q: If sales equal $320,960, variable expenses equal $200,000, and the degree of operating leverage is…
A: Solution.. Sales revenue = $320,960 Variable cost = $200,000 Contribution margin = Sales -…
Q: ec. 1245 property acquired in 1983 for $850.000 have been claimed. Martha inherits the me amount of…
A: The answer has been mentioned below.
Q: Problem no. 2 Ray Corp. declared a 5% stock dividend on its 10,000 issued and outstanding shares of…
A: 5% stock dividend on 10000 shares @P2 par value = 5% x 20000 = P1000
Q: The bank statement for Clive Company indicates a balance of $30,000 on September 30, 2021. After the…
A: Bank reconciliation Statement: It is a statement drawn up by the business to verify the cash book…
Q: Mr B aged 63 years, has earned rupees 75,00,000 out of his business . His ex- wife gifted him cash…
A: The taxable income of taxpayers is the income liable to tax and it is the income used to determine…
1
Trending now
This is a popular solution!
Step by step
Solved in 2 steps
- Which of the following activities would use number of customer orders as an activity base? A. Order shipping B. Invoicing & collecting C. Customer return processing D. Both A & BDescribe briefly the processing of transactions, including internal control features, in the following functions under the sales and collection cycle:a. order entryb. customer billingIdentify which department has stewardship over the following journals, ledgers, and files. a. Customer open order file b. Sales journal c. Journal voucher file d. Cash receipts journal e. Inventory subsidiary ledger f. Accounts receivable subsidiary ledger g. Sales history file h. Shipping report file i. Credit memo file j. Sales order file k. Closed sales order file
- Identify which department has stewardship over the following journals,ledgers,and files. a.customer open order file b.sales journal c.cash receipts journal d.cash receipts journal e.Inventory subsidiary ledger f.Accounts receivable subsidiary ledger g.Sales history file h.Shipping report file I.credit memo filr j.sales order file k.closed sales order fileFor each of the following processes, state whether OLTP or OLAP is appropriate, and why. a. An order entry system that retrieves customer information, invoice information, and inventory information for local sales. b. An order entry system that retrieves customer information, invoice information, inventory information, and several years of sales informa- tion about both the customer and the inventory items. c. An order entry system that retrieves customer information, invoice information, inventory infor- mation, and information to compare the current sale to sales across several geographic regions. d. An order entry system that retrieves customer information, invoice information, inventory information, and accounts receivable informa- tion for sales within one marketing region. e. An insurance company requires a system that will allow it to determine total claims by region, whether a relationship exists between claims and meteorological phenomena, and why one region seems to be more…(A) Explain the fundamental purpose of the sales and collection process. (B) Differentiate between a remittance advice and a customer invoice within the sales process of an organisation
- OLTP VERSUS OLAP SERVERS For each of the following processes, state whether OLTP or OLAP is appropriate, and why. An order entry system that retrieves customer information, invoice information, and inventory information for local sales. An order entry system that retrieves customer information, invoice information, inventory information, and several years of sales information about both the customer and the inventory items. An order entry system that retrieves customer information, invoice information, inventory information, and information to compare the current sale to sales across several geographic regions. An order entry system that retrieves customer information, invoice information, inventory information, and accounts receivable information for sales within one marketing region. An insurance company requires a system that will allow it to determine total claims by region, whether a relationship exists between claims and meteorological phenomena, and why one region seems to be…For each of the following processes, state whether OLTP or OLAP is appropriate and why.a. An order entry system that retrieves customer information, invoice information, and inventory information for local sales.b. An order entry system that retrieves customer information, invoice information, inventory information, and several years of sales information about both the customer and the inventory items.c. An order entry system that retrieves customer information, invoice information, inventory information, and information to compare the current sale to sales across several geographic regions.d. An order entry system that retrieves customer information, invoice information, inventory information, and accounts receivable information for sales within one marketing region. e. An insurance company requires a system that will allow it to determine total claims by region, determine whether a relationship exists between claims and meteorological phenomenon, and why one region seems to be more…1. SEGREGATION OF FUNCTIONSWhich, if any, of the following situations representsimproper segregation of functions? Explain youranswer.a. The billing department prepares the customers’invoices and records the sale in the salesjournal.b. Mail room clerk opens cash receipts envelopesfrom customers and also prepares the remittancelist.c. Accounting clerk receives journal vouchers fromvarious departments and also posts to the GLaccounts.d. The sales department approves sales credit memosas the result of product returns and forwards these to the AR department, which adjusts the customeraccounts to reflect the return.
- Compare and contrast a manual accounting system for processing customer transactions. Include an explanation of how the accounts receivable subsidiary ledger compares with the Customer Center.The functions of and documents generated by which of the below departments determine when a wholesaler that ships goods to customers has the right to record a sale? Question options: The receiving department The credit department The customer order department The shipping department
