Accounts receivable

was the receivable collection period (days). Retail grocery chains have a low collection period because they are paid by cash or by card. Either method of payment is received within a few days. Also, the high revenue/total assets indicates the high volume of sales a retail grocery chain would have. J. Department Store Chain J reflects department store chain. This industry is a retail business; therefore, there is a large amount of inventories. This industry also has high accounts receivable because

strategies are efficient in a financial standpoint. While I calculated all of the required metrics, only a few stood out to me as useful when evaluating the companies. Some of the key performance metrics that I computed are revenue per employee, accounts receivable turnover, current ratio, and return on assets. Revenue per employee Revenue per employee is a calculation that allows you see if the company is effectively utilizing its resources and also what their level of productivity is. Revenue per

Billed customers for services performed- Increase in assets (accounts receivable) and increase in owner’s equity (service revenue) 5. Withdrew cash for owners personal use – Decrease in cash, decrease in owner’s equity 6. Received cash form customers billed in (4)-Change in composition of assets: decrease in accounts receivable (asset) and increase in cash (asset) 7. Incurred advertising expense on account- Decrease in owner’s equity (expense) and increase in liabilities 8. Purchased

the company's viewpoint. Also indicate the normal account balance of each item. a. The albums, tapes, and CDs held for sale to customers. * Asset; Normal account balance is debit b. A long-term loan owed to Citizens Bank. * Liability; Normal account balance is credit c. Promotional costs to publicize a concert. * Expense; Normal account balance is debit d. Daily sales of merchandise sold, * Revenue; Normal account

Corporation reports the following balance sheet information for 2011 and 2012. JUST DEW IT CORPORATION 2011 and 2012 Balance Sheets Assets 2011 Current assets Cash Accounts receivable Inventory Total Liabilities and Owners’ Equity 2011 2012 $ 11,000 27,000 75,000 $ 14,250 36,750 96,250 $ 113,000 $147,250 Current liabilities Accounts payable Notes payable 2012 $ 54,000 14,800 $ 63,750 20,500 $ 68,800 $ 84,250 Long-term debt Owners’ equity Common stock and paid-in surplus Retained earnings

PART 1: AUDIT PLANNING Appendix 6C Problems 6C/1. The audit plan for Keystone Computers & Networks, Inc. Section | Purpose | Content | Objectives of the Engagement | To describe the services that are to be rendered to the client | The objectives are (1) audit of KCN’s financial statements for the year ended 12/31/05, and (2) issuance of a letter on compliance with covenants of the client’s letter of credit agreement. | Business and Industry Conditions | To describe the nature of KCN’s

different. The company that ships all of its products in the last two weeks of the quarter will have a higher account receivable balance and lower cash than the company that ships its product evenly throughout the quarter. Accounts Receivable Turnover [= Sales / Accounts Receivable] The company who ships its product in the last two weeks of the quarter will have a lower accounts receivable turnover ratio compared to the company which ships its product evenly throughout the quarter. Cash Ratio [=

(2) Received $1,500 cash from Barbara Hanson, the owner of the business. (3) Received $800 from a customer in partial payment of his account receivable which arose as a result of sales during June. (4) Rendered photography services to a customer on credit, $500. (5) Borrowed $2,500 from the bank by signing a promissory note. (6) Received $1,000 from a customer in payment for services

growing company that unlike most airline companies sees a return on your investment. When deciding whether or not to invest in this company each ratio category was taken into account, by comparing & analyzing the 2013 and 2014 fiscal years. The ratios given the most attention include the Total Assets Turnover Ratio, Accounts Receivable Turnover Ratio, Net Profit Margin, Operating Profit Margin, Current Ratio, Quality of Income Ratio, Cash Flow to Capital Expenditures Ratio, and the PE Ratio. Southwest

Sheppard observed the demand of foundation far outstripped supply in the region and long waits for foundation construction had become standard. ori Norm Sheppard have requested on July 30, 2007 an amount of $350,000 loan from Mr. Brad Mac Dougall, account manager at the Canadian Commercial Bank (CCB). To know whether or not this amount needs to be passed depends on several factors thus for this purpose there are several questions that are needed to be answered before this decision