All sales are made on account at $20 per unit. Sixty percent of the sales are collected in the month of sale; the remaining 40% are collected in the following month. Forecasted sales for the first five months of 20X2 are: January, 1,500 units,- February, 1,600 units; March, 1,800 units; April, 2,000 units; May, 2,100 units. 2. Management wants to maintain the finished goods inventory at 30% of the following month's sales.
ACC 548 Week 5 Learning Team Assignment Reporting Requirements M to purchase http://allmysolution.com/ACC-548_c119.htm Product Description One issue in accounting is the qualifications of an accountant when working for a client. It is expected that a CPA will not engage in an assignment without proper qualifications. Your firm has the ability to bid on two projects: the first is engagement and examination work—not consulting or audit—for a small county hospital. The second is work for a private, not-for-profit nursing home. Prepare a memo of 700-1,050 words for the senior partner.
You find the information on this line of credit in the following table. You inquired at first National Bank and learned that Cogburn Company’s loan agreement specifies payment on the first day of each month for the interest due on the previous month’s outstanding balance at a rate of “prime plus 1.5 percent.” The bank gave you a report that showed the prime rate of interest was 8.5 percent for the first six months of the year and 8.0 percent for the last six months. Cogburn Company Notes Payable Balances Date Balance Jan 1 $150,000 Feb 1 200,000 April 1 225,000 May 1 285,000 June 1 375,000 Aug 1 430,000 Sept 1 290,000 Oct 1 210,000 Nov 1 172,000 Dec 1 95,000 Required a. Prepare an audit estimate of the amount of interest expense you expect to find as the balance of the interest expense account related to these notes payable. See Excel Sheet b.
Research competitors and industry trends to create new ideas and incentives. Compete with competitors – Price matching. With accurate information and efficient communication within the business will ensure business continuance despite possible problems. 4.0 Reports: Identify the types of reports you would be required to review regularly in order to monitor business performance, why is it important to create and use this report and who would the report be written for. 4.1: Performance Report: This report shows how well/poorly a business is doing based on a current revenue, and can identify performance areas that may need improvement.
Part-time customer service employees work four consecutive hours per day and their shifts can start any hour between 7 am and 7 pm. By corporate policy, which is consistent with Mexican labor law, the company limits part-time customer service employees hours to 50% of the day's total required hours. Further, in the interest of proper supervision of employees and employee safety, management has a policy that the actual number of customer service employees on the floor in the store should never exceed 30 during any given time period. Part-time customer service employees earn $500 per day, and full-time customer service employees earn $1100 per day in salary and benefits (here, $ = Moneda Nacional, ie, the Mexican peso). Exercise 1.
According to the Fair Labor Standards Act of 1938, an employee who works more than the maximum of forty hours per weeks must be paid no less than 1.5 times his/her regular pay rate for all hours over forty (Hollowell & Miller, 2012). The FLSA takes concern in child labor laws, minimum wages, and overtime provisions. Overtime is usually referred to as “time and a half”, which means you are paid one and a half times the hourly rate for each hour worked over the forty hour limit. In this case, I only achieved more than forty hours for the first two weeks. Since I am a non-exempt employee, I have to be paid minimum wage: $7.25 as of July 24, 2009 (Hollowell & Miller, 2012).
Task B your work role Bi Describe the terms and conditions of your employment as set out in your contract of employment or employment agreement. Health and safety It is your duty and responsibility to familiarise yourself with, and to comply with the company’s or any third party’s health and safety policies and procedures. Rate of pay Your rate of pay is £7.50 week days and £8.50 weekends per hour; the company will review your pay annually and advise you in writing of any pay change. Hours of work Your working hours are variable and will be organised according to a rota which the company will notify to you in advance. The company does not guarantee to provide you with a minimum or maximum number of hours of work.
| Days sales in receivables=365 days/Receivables turnover | | The days’ sales in accounts receivable ratio, also known as the number of days of receivables, tells you the average number of days it takes to collect an account receivable. Since the days’ sales in accounts receivable is an average, you need to be careful when using it. | NWC turnover=Sales/(Currentassets-Current liabilities) | | The working capital turnover ratio measures how well a company is utilizing its working capital to support a given level of sales. | Fixed asset turnover=Sales/Net fixed assets | | Fixed asset turnover ratio compares the sales revenue a company to its fixed assets. This ratio tells us how effectively and efficiently a company is using its fixed assets to generate revenues.
This makes it easier for employees to budget effectively in their personal lives and provides consistency in income. Base pay allows an organization to budget effectively as well. The organization can forecast labor costs easily. It promotes consistency in pay rates for similar positions throughout an organization which can be seen as a benefit to both employer and employee. Inconsistency in pay rates for equal or similar positions can become a problem when employees discuss pay amount themselves, and a headache for HR and finance offices to keep track of.
The annualizing method is a two-step process to compute a FTE by first computing the paid days worked by an employee per year and then deducting the paid days not worked to calculate the net paid days worked to a factor. The numbers are calculated by computing the totals days in the business year minus the paid time off for holidays, vacations, sick days, education days, and dividing the total days in the business year by the net paid days worked to arrive at a factors. For example, the total days in a business year for a 52 week year is 364 days, minus two day off per week (104) equals 260 days. Subtract 9 holidays, 7 sick days, 15 vacation days and 3 education days equals 226 net days worked. Divide 364/226 and the annual factor is 1.6106195, or