What are the three sections of a cash budget, and what is included in each section? | | The three sections of a cash budget are: cash receipts, cash payments, and financing. The cash receipts section includes items that the company received payment for ranging from: collections from customers for work provided, sales from items sold, interest from bonds/investments, and dividends from investments. The cash payment section includes items that the company paid for ranging from: purchases of inventory
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Running Head: INTERNAL CONTROL Internal Control Ashley Pognant Keller Graduate School of Management Professor Hope August 10, 2014 Table of Contents Abstract 3 Internal Control 4 Internal Control Requirements 4 What the Company is Doing Right 5 What the Company Needs to Improve 6 Conclusion 7 References 9 Abstract The purpose of this case study is to analyze a company’s system of internal control. We will discuss if there
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Prepared For ACCT405: Financial Accounting Instructor Tim Vantuyl 6/8/2014 Case Study 2: LBJ Company Internal Control Assessment By Brian Tucker Student ID D40318643 Table of Contents Preface …..3-5 Body of Report Page …..6 Objectives of Internal Control …..6 Components of Internal Control …..6 Strengths …..7-8 Weaknesses Summary and Conclusion Preface With its introduction in 2002 the Sarbanes Oxley Act was meant to slow and detour the accounting infractions and criminal
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Midterm Study Guide • Be sure to review the Chapter 1 & 2 summary document • Be sure to review the Funds summary document • The exam covers TCOs A, B, C, D, and E. • The exam is worth 150 points, including ten multiple-choice questions at five points each, two essay questions at 30 points each, and one essay question at 40 points. • There are two pages to the exam. You do not have to complete the questions or the pages in order. • You will have 2 hours and 30 minutes to take the exam.
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E13-11 a. Cash 3,000,000 Sales 3,000,000 (To record the sale of 500 Rollomatics at $6,000 each) Warranty Expense 20,000 Cash 20,000 Warranty Expense 100,000 Estimated Liability Under Warranties 100,000 ($120,000 - $20,000 = $100,000) b. Cash 3,000,000 Sales 2,850,000 Unearned Warranty Revenue 150,000 Warranty Expense 20,000 Cash 20,000 Unearned Warranty
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Chapter 7 Individual Income Tax Computation and Tax Credits INSTRUCTOR’S MANUAL Learning Objectives 1. Determine a taxpayer’s regular tax liability and identify tax issues associated with the process. 2. Compute a taxpayer’s alternative minimum tax liability and describe the tax characteristics of taxpayers most likely to owe the alternative minimum tax. 3. Calculate a taxpayer’s employment and self-employment taxes payable and explain tax considerations relating to
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EXERCISE 6–7 Variable and Absorption Costing Unit Product Costs and Income Statements [LO1, LO2] Maxwell Company manufactures and sells a single product. The following costs were incurred during the company's first year of operations: During the year, the company produced 20,000 units and sold 16,000 units. The selling price of the company's product is $50 per unit. Required: * 1. Assume that the company uses absorption costing: * a. Compute the unit product cost. * b. Prepare
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LBJ Company: Internal Control Evaluation Accounting 504: Managerial Use & Analysis Case Study 2 Written by: 8/10/13 This evaluation is being presented as an assessment of the preparedness of the LJB Company to go public at a future date. By researching current regulations regarding publicly traded firms we hope to prepare for a smooth transition into the trading market. The Sarbanes-Oxley Act of 2002 (SOX) has established the following guidelines for publicly traded corporations
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P8-6A Jan 1,2012 Accounts Receivable – Sather Company 54,200 Sales Revenue 54,200 (to record sales on account) Jan 1,2012 Bad Debt Expense 3,700 Allowance for Doubtful Accounts 3,700 (adjust account to estimate uncollected monies) Jan 5,2012 Accounts Receivable – Noel Company 4,000 Sales Revenue 4,000 (record sales on account) Feb 2, 2012 Note Receivable 4,000 Accounts Receivable – Noel Company 4,000 (record acceptance of Noel
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Error Report For Lori Corp: o 1120 Warning: This Corporation should file forms for Tax Year 2011. o 1120 Error: The Business activity code no. is not valid; must be between 111100 and 813000 OR if applicable, enter "Inactive". o 1120 Warning: Determine whether the IRS may discuss this return with the preparer and select appropriate response box. o 1120 Warning: The amount entered as buildings and other depreciable assets at the end of tax year on Sch L does not equal the amount
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