d. Recreate the journal entries Callaway prepared to record the activity in the reserve for obsolete inventory account during 2007 (in thousands). Cost of Sales $12,182.00 Provisions for obsolete inventory 12,182.00 Provision for obsolete inventory 9,368.00 Inventory
3.1.10 Cash Budget The cash budget is “an estimation of the cash inflows and outflows for a business for a specific period of time. Cash budget are used to assess whether the entity has sufficient cash to fulfil regular operations and whether too much cash is being left in unproductive capacities”. (Reference 2) The cash budget is prepared in advance for the first 6 months, and a cash deficit of £20,364 and £2,228 were incurred in January and February. A second-hand bottling plant was purchased in January which cost £420,000. The business required £30,000 cash for working capital.
• What amount of accounts payable did the company have at the end of its 2 most recent annual reporting periods? Accounts payable are the obligation the organization has to its creditors. Any money that is owed, invoices, bills, and statements that are owed to by outside contractors are accounts payable. In June 11, 2011, the accounts payable amounts for PepsiCo were 3,865.00. In March 19, 2011 the accounts payable were 2,881.00.
Restatement of Financial Results ACC/537 This paper reviews the restatement of financial results of Kodiak Energy, Inc. for the fiscal quarter ended September 30, 2007 and the year ended December 1, 2007. The company was forced to issue a restatement because of financial accounting errors in measurement and in the application of Generally Accepted Accounting Principles in the September 2007 acquisition of the Thunder River assets. On the original financial statement, Kodiak Energy reported issuing seven million common stocks of its company in order to acquire assets owned by Thunder River Energy. In their 10-k and 10-Q statements, Kodiak Energy reported a value of $2 per share at the time of the transaction. However, an investigation by the Securities and Exchange Commission (SEC) revealed
11. Question : (TCO 2) In the first month of operations, the total of the debit entries to the cash account amounted to $700 and the total of the credit entries to the cash account amounted to $300. The cash account has a ____ 12. Question : (TCO 2) A trial balance would only help in detecting which one of the following errors? 13.
Total asset turnover for SciTronics in 2008 can be calculated by dividing $ 244,000 into $ 159,000. The turnover deteriorated from 1.58 times in 2005 to 1.53 times in 2008. 2. SciTronics had $ 66,000 in accounts receivables at year/end 2008. Its average sales per day were $ 668.49 during 2008 and its average collection period was 99 days.
Ratios include the current ratio, the current cash debt coverage ratio, the receivables turnover ratio, the average collection period, the inventory turnover ratio, and average days in inventory. Current Ratio - Expresses the relationship of current assets to current liabilities. Calculate the current ratio for Kellogg for 2007 and 2006 What do the measures tell us? A current ratio of .67 means that for every dollar of current liabilities, Kellogg has $0.67 of current assets. Cash Debt Coverage Ratio - Because it uses cash provided by operating activities, it may provide a better representation of liquidity.
CH8 AP8-1A CORRECT At December 31, 2010, Leis Co. reported the following information on its balance sheet. | Accounts receivable | $915,300 | Less: Allowance for doubtful accounts | 78,000 | During 2011, the company had the following transactions related to receivables. 1. | Sales on account | $3,289,500 | 2. | Sales returns and allowances | 51,100 | 3.
Accounting Assignment 2013 By : David Step One ….. all calculations are in $000’s $000’s | 2012 | 2011 | 2010 | 2009 | REVENUE | 419,812 | 413,131 | 373,144 | 344,150 | SALES | 418,981 | 411,652 | 372,120 | 343,078 | GROSS PROFIT | 418,981-175,843 = 243,138 | 411,652-171,256 = 240,396 | 372,120-164,789 = 207,331 | 343,078-145,275 = 197,803 | EBIT* | 19,491 | 21,532 | 16,667 | 21,164 | NET PROFIT | 16,103 | 18,218 | 12,331 | 15,649 | -TREND ANALYSIS- | | | | | SALES | 418,981/343,078 *100 = 122.1 | 413,131/343,078 *100 = 120.4 | 373,144/343,078 *100 = 108.8 | 100 | EBIT | 19,491/21,164 *100 = 92.1 | 21,532/21,164 *100 = 101.7 | 16,667/21,164 *100 = 78.8 | 100 | PROFIT | 16,103/15,649 *100 = 102.9 | 18,218/15,649
In 2003 Jeffrey Immelt received a total of 7403435 in annual compensation as well as 4176576 worth of exercised SAR’s, totaling 11580011 of cash. Out of that, 4.325 million (cash bonus) came as subjective compensation. Both, subjective award and a prespecified performance-based award schemes have their upsides and downsides. But in one particular aspect, a subjective award has an advantage. Imagine a manager, who knows that things are not going to be good this year for the company.