To: xxxxxxx From: xxxxxxx Date: October 9, 2013 Subject: Notes receivable from related parties While testing accounts receivable, it has come to my attention that there are some issues regarding notes receivable owed by family members of Mr. Sigar. Because these notes were issued to individuals directly related to Mr. Sigar, there are some additional considerations that must be taken into account when recording and classifying these notes. According to FASB accounting standards codification
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Business Accounting 10 Key concepts of accounting Done by-Bemnet A.Mamo ID number-B0129FSFS0813 School of Business and Law 10/15/2013 Contents * Introduction……………………………………………. 2 Going concern……………………………………….. 3 Consistency……………………………………………. 3 Prudence……………………………………………….. 4 Accruals…………………………………………………. 4 Objectivity……………………………………………… 5 Realization…………………………………………….. 5 Dual aspect……………………………………………
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Financial Statement Ratios Activity ratios: Indicate efficiency and effectiveness of operations and asset management Asset Turnover: Sales Average Total assets Inventory Turnover: COGS Average Inventory Days in inventory: 365 Inventory turnover Accounts Receivable turnover: Credit sales Average accounts receivable Days in Receivables: 365 A/R Turnover Accounts payable turnover: Credit purchases Average Accounts payable
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Bit Inc. and above shows their cash inflow and out flow from operating, financing and investing activities. First of all as you can see their cash increase was more than their cash outflow of $16,000 which did resulted in the end of a cash closing balance of $40,000. They are being supported directly by long term debt and the sale of common stock that is a combine total of $32,000. Their debt will get bigger if they don’t
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Management ACCT 551 Course Project Notes to Financial Statements Table of Contents I. Cover Page 1 II. Table of Contents Page 2 III. Tropical Pool Cleaning Income Statement Page 3 IV. Tropical Pool Cleaning Balance Sheet Page 4 V. Notes to Financial Statements Page 5 VI. Reference Page 9 Notes to Consolidated Financial Statements NOTE 1 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES 1. Nature of Operations Tropical
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CENTRE FOR CONTINUING EDUCATION EXECUTIVE MBA (POWER MANAGEMENT) BATCH: _______________________ SEMESTER: _______________________ NAME: _______________________ SAP NO/REGN NO: _______________________ ASSIGNMENT – 1 FOR Power Industry Accounting MBPF 911 Last date for submission: 15th Mar.2013 UNIVERSITY OF PETROLEUM & ENERGY STUDIES [pic] Section A Write
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Custom Snowboards Inc. A1: Key Points Looking at the Balance Sheet Horizontal Analysis for Custom Snowboards, the Total Current Assets increased from year 12 to year 13 by $178,080 or 23.6%. This includes Cash and Cash Equivalent increasing by $138,171. This shows there was an increase in Sales and some Accounts Receivable being collected. Bankers are interested in this account as it shows them how the company is doing in Sales. Short Term Investments increased by $30,000, which tells me
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CASE STUDY 1: FLAT CARGO BERHAD: AN AUDITOR’S CONUNDRUM A. INTRODUCTION OF THE CASE There are many puzzling issues that could occur in the process of auditing a listed company. These issues could be created either intentionally or the other way around. Therefore, an objective analysis is needed to clear the puzzles especially if the auditors wish to curb fraud cases among their clients. In the case of Flat Cargo Berhad (FCB), the auditor has found some inconsistencies in
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Financial Statements Review Financial Statements Review The following paper will address the Patton-Fuller Community Hospitals financial statements including the differences between the audited and unaudited financial statements, the effect that revenue sources had on the financial reporting for the hospital and how the hospitals revenue and expenses were grouped for planning and control. When organizations report unaudited financials it is important to realize there may be changes in the audited
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“manufacturing overhead,” being accounted for as period costs that are being expensed as incurred. This accounting policy has the effect of understating inventory balances at period end and as well as understating the cost of goods sold and overstating operating expenses for the period. P&P is a private company. Prior to undertaking tests of inventory balances, we determined that a review of P&P’s inventory accounting policy was warranted. The subject of this review is to research whether P&P’s treatment of
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