The employee is paid semi-monthly with an annual salary of $52,000. What should the employee’s wages be on the 9/30/12 payroll? (52,000/2080=$25, 86.67*80%=69.33hrs, $25*69.33=$1,733.33) 5. A FT-salaried employee making $60,000 per year receives a salary increase of $5,000 retroactive to 1/1/2012. The employee is paid on a semi-monthly basis.
• debit to Allowance for Doubtful Accounts for $3,300. Multiple Choice Question 182 The financial statements of the Melton Manufacturing Company reports net sales of $300,000 and accounts receivable of $50,000 and $30,000 at the beginning of the year and end of year, respectively. What is the average collection period for accounts receivable in days? • 60.8 • 96.1 • 36.5 • 48.7 Find the final exam answers here ACC 291 Final Exam Answers Multiple Choice Question 119 Stine Company purchased machinery with a list price of $64,000. They were given a 10% discount by the manufacturer.
| cash conversion cycle | b. | inventory conversion period | c. | receivables collection period | d. | payables deferral period | e. | days sales outstanding | 6. The average length of time between the purchase of raw material and labor and the payment of cash for them is called the ____. a. | cash conversion cycle | b.
During 2007 and 2008, Browser reported net income of $90,000 and $50,000 and paid dividends of $40,000 and $60,000, respectively. Fire wire reported a balance in its investment account of $230,000 on December 31, 2008. It uses the equity method in accounting for this investment. g. What is the annual amount of amortization of differential over the ten year period? h. In 2007, will Fire Wire report and increase or a decrease in the investment account balance?
Prepare the trial balance of Gordon Construction, Inc., at June 30, 20xx. * 4. The manager asks you how much in total resources the business has to work with and, how much it owes. Case Study 1 (Part B) Requirement 1 (Learning Objectives 3, 4: Adjust the accounts; construct the financial statements) Record the following month end adjusting entries for Gordon Construction, Inc. at June 30, 20xx Month end accruals at June 30, 20xx: * a. Accrued advertising revenue at June 30, $3,100.
Understanding Accrual Basis and Cash Basis Accounting Suzanne A.Rivers ACC290 May 21, 2012 Wayne Moore Understanding Accrual Basis and Cash Basis Accounting Accrual basis and cash basis accounting are the primary methods of accounting in use, accrual basis is the method most commonly used by commercial business. This is also the method generally accepted accounting principles (GAAP), accepts. The following is a brief summary of accrual and cash basis accounting and their differences. Accrual Basis Accounting In accrual accounting the period that events occur determines the recording of transactions. Recognition of revenue occurs when earned as opposed to the receiving of cash; this is the revenue recognition principle.
ACCT 3001 Job Order Costing The December 31, 2009, balance sheet of Danko Corp. is presented below: Danko Corp. Balance sheet December 31, 2009 Cash $12,000 Accounts Payable $5,000 Building & Equip. 20,000 Common Stock 10,000 Accum. Deprec. (4,000) Retained Earnings 13,000 $28,000 $28,000 During 2010, the following events occurred: 1. Danko purchased, on account, raw materials for $1,600, and used $1,300 in production.
What is its return on investment? 2. A firm has an earning before taxes of Tk.200,000. It has debt of Tk.500,000 at 10 percent interest compounded semi-annually. To what extent can its operating income decline before it is unable to meet its interest obligations?
Introduction Once the first stage of the capital budgeting methodology (covered in the previous chapter) has linked capital projects with an enterprise's vision and strategy, and estimated the quantity and timing of cash flows, the data are subjected to financial analysis. Using financial analysis methods (the second stage of the capital budgeting methodology), managers evaluate and compare alternative projects included in the Capital Projects Portfolio Statement. Such candidate capital projects will usually differ in the amount of initial investment required, terms of useful life, amount and timing of cash flows, salvage value, and cost of capital. Two types of capital budgeting financial analysis methods are covered in this chapter: * Discounted cash flow methods * Nondiscounted cash flow methods . Discounted Cash Flow Methods The main methods that managers use to financially analyze capital projects are called discounted cash flow (DCF) methods, which include the following: * Net present value (NPV) method * Internal rate of return (IRR) method * Present value index (PVI) method These methods rely on the time value of money, a concept that
3-1 Days Sales Outstanding Greene Sisters has a DSO of 20 days. The company’s average daily sales are $20,000. What is the level of its accounts receivables? Assume there are 365 days in a year. $20,000*20 days outstanding= AR $400,000 3-2 Debt Ratio Vigo Vacations has an equity multiplier of 2.5.