Find the last date the cash amount is available and the date on which the net amount is due. Invoice date= April 14 Terms 2/10 , n/30 Date goods received= April 16
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Find the last date the cash amount is available and the date on which the net amount is due.
Invoice date= April 14
Terms 2/10 , n/30
Date goods received= April 16
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- On December 31, 2019, the unadjusted trial balance of Tarzwell Services showed the following balances: Accounts receivable Allowance for doubtful accounts Sales $200,000 1,000 Cr. 700,000 The business has given up trying to collect $5,000 of its accounts receivable but has not yet recorded the write-off entry. The firm uses the allowance method to estimate bad-debt expense. Required a) Provide the entry for the write-off. b) If the firm uses the percent-of-sales allowance method for recording bad-debt expense, and has experienced an average 6% rate of non-collection based on sales, provide the entry to record bad-debt expense for 2019. c) Assume that after the firm recorded the $5,000 of write-offs, it determined that 18% of its remaining accounts receivable will be uncollectible under the aging method. Provide the entry to record bad-debt expense. Don't give answer in image formatA company is planning to purchase 10,000 units of a particular item in the year ahead. The item is purchased in boxes each containing 10 units of the item, at a price of €400 per box. The cost of holding an item in inventory for a year (including insurance, interest and space costs) is 10% of the purchase price. The cost of placing and receiving orders is to be estimated from cost data collected relating to similar orders, where costs of €7,000 were incurred on 25 orders. It should be assumed that ordering costs change in proportion to the number of orders placed. 5% should be added to the above ordering costs to allow for inflation. Assume that usage of the item will be even over the year. Required: (a) Calculate the economic order quantity (EOQ) in boxes which minimises total costs (b) Outline when and why it is appropriate to use economic batch quantity (EBQ)What-If Analysis As the management accountant for the Tyson Company you have been askedto construct a financial planning model for collection of accounts receivable and then to performa what-if analysis in terms of the assumption regarding estimated uncollectible accounts. You areprovided with the following information:Collection Pattern for Credit Sales: 65% of the company’s credit sales are collected in the monthof sale, 30% in the month following the month of sale, and 5% are uncollectible.Credit Sales: January 2019, $100,000; February 2019, $120,000; March 2019, $110,000.Required1. Generate a spreadsheet model regarding estimated bad debts expense under the following assumptionsregarding the rate of uncollectible accounts: 1%, 3%, 5% (base case), and 8%. Prepare an estimate of baddebts expense for each of three months, January through March, and for the quarter as a whole.2. What is the value to Tyson Company of creating a model and then performing the what-if analysis?
- In testing the cutoff of accounts payable at the balance sheet date,explain why it is important that auditors coordinate their tests with the physical observation of inventory. What can the auditor do during the physical inventory to enhancethe likelihood of an accurate cutoff?Assume that a company provided the following information and assumptions from its master budget: Sales budget: Unit sales in June, July, and August are 20,000, 18,000, and 17,000, respectively. The selling price per unit is $80. All sales are on account. 20% of sales are collected in the month of sale and 80% are collected in the next month. What are the budgeted sales for July? Multiple Choice $1,440,000 $1,600,000 $288,000 $1,152,000Evaluate the following statements:S1. Any investment income of general borrowing is deducted from capitalizable borrowing cost.S2. If the asset is financed by specific borrowing but a portion is used for working capital purposes, the borrowing shall be treated as general borrowing in determining capitalizable borrowing cost. a.False, False b.False, True c.True, True d.True, False