Wiley & Sons Australia, Ltd Current Assets and Internal Control Learning objectives Define the term cash as it is used in accounting ; Explain internal control procedures relevant to the control of cash receipts and cash payments; Identify the purpose and control features in maintaining a bank account and prepare a bank reconciliation statement; Explain the purpose of a petty cash fund, understand how one operates, and account for petty cash; Identify the purpose and control
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Chapter 4 Financial Forecasting Discussion Questions |4-1. |What are the basic benefits and purposes of developing pro forma statements and a cash budget? | | | | | |The pro-forma financial statements and cash budget enable the firm to determine its future level of asset needs and the| |
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CASE STUDY ANXIOUS, DESPERATE & CANSINO (Elements of the Balance Sheet) 1.Anxious SA, a company which sells pins, has recorded the following items belonging to the Balance Sheet: Suppliers, trade bill payables 3.600 Capital ??? Trade receivables, trade bill receivables 3.200 Money in cash
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Are you thinking about making a purchase? Among the payment choices tucked away in a consumer's a wallet is the credit card. Its popularity since its debut in the late 1950s has skyrocketed. Many people enjoy the convenience and protections it offers, such as the ability to defer payments and keep records of purchases. However, credit cards can either help to improve your lifestyle by offering convenient payment and helping you build credit, or they can leave you with a pile a of
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| | | | | | | | | | | | | | | | July 3 | x | Purchased landscaping equipment from Brookwood Company, $8,800. Paid $1,200 down and the balance was | | | | | placed on account. Payments will be $400.00 per month for nineteen months. The first payment is due 8/1. | | | | | Note: Use Accounts Payable for the Balance Due. | | | | | | | | | | | | | | | | | | | | | | | July 8 | x | Purchased landscaping supplies from Lakeside Company on credit
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but also on the accumulated interest in previous periods. Example: Assume we will save $1,000 for three years and earn 6% interest compounded annually. Original balance First year interest Balance, end of year 1 Balance, beginning of year 2 Second year interest Balance, end of year 2 Balance, beginning of year 3 Third year interest Balance, end of year 3 $ 1,000.00 60.00 $ 1,060.00 $ 1,060.00 63.60 $ 1,123.60 $ 1,123.60 67.42 $ 1,191.02 Time value of Money: 1. A single sum: Assume we will save
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(1-888-438-2427) Summary Service from 11/18/13 through 12/17/13 details on following pages Previous Balance Payments Received -Thank You! Remaining Balance Charter TV ® Charter Internet ® One-Time Charges Taxes, Fees and Charges Current Charges Credit Balance - Do Not Pay 150.98 -308.67 -157.69 70.99 54.99 5.99 12.30 144.27 -$13.42 Thank you for choosing Charter. We appreciate your prompt payment and value you as a customer . November 8, 2013 Bill Mcintyre Account: Phone Number: 8413 EXCELSIOR
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Assignment Three Problem One: The 31 May 2014 trial balance of Lee Childs, Chiropractor, Ltd is shown below. Lee Childs, CHIROPRACTOR, LTD Trial Balance as at 31 May 2014 Account Debit Credit Cash Accounts receivable Supplies Prepaid insurance Furniture and equipment Accounts payable Electricity account payable Unearned revenue Share Capital Dividends Services revenue Salary expense Electricity expense Rent expense $ 96 300 43 380 11 160 7 380 236 880
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improve the accounting for leases. In an effort to achieve this objective, the Boards reached a common ground that a customer (lessee) leasing assets should recognise assets and liabilities arising from those leases, including leases that are off balance sheet today. The Boards jointly published a revised Exposure Draft Leases (the 2013 ED) in May 2013. The Boards received extensive feedback on their proposals, and have heard a broad range of views. Since March 2014 the Boards have re-deliberated
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will equal to 62.5%. Thus, based on the professional practice, an asset would classify as finance lease only when it greater than 75% of its economic life of the asset. (NO) d) The present value of the asset and the MLP of Ballarat Ltd lease payment to Monash Ltd is $8000x3.8897 (annuity factor) = $31118. While, the guaranteed residual value of the bulldozer is 50% of $7200 which should also include in MLP, $3600x0.6499 = $4679. So, the total PV of MLP is $35797, which is more than the PV of
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