B. C. D. 2 4. A summary of Max Company’s December 31, 2009, accounts receivable aging schedule is presented below: Age Group 0 - 60 days 61 - 90 days 91 - 120 days over 120 days Amount $60,000 22,000 3,000 1,000 Estimated Percentage Uncollectible 0.5% 1% 10% 50% On January 1, 2009, the allowance for uncollectible accounts had a credit balance of $1,000. During 2009, $950 of accounts receivable were written off as uncollectible. What is Max Company’s uncollectible accounts expense for 2009? A.
Due to the company’s weak controls, the accountants did not take the time to review each invoice or study the signatures that were most definitely forged in an unmistakable font immediately recognizable to the person who had been forged. According to the 2010 Global Survey, 42.1 percent of perpetrators were employees, accounting for most of the perpetrators of that year. It was a close first to the upper management who held second at 41 percent. They state that more than 80 percent of frauds are committed by individuals in six departments including accounting, operations, sales, upper management, customer service and purchasing. Miano was involved with the operation of the project therefore enabling him to the opportunity of such easy access to committing the actual crime (ACFE,
A. 50,000 units B. 120,000 units C. 60,000 units D. 100,000 units 46. Data concerning Reynolds Corporation's single product appear below: [pic] The company is currently selling 6,000 units per month. Fixed expenses are $424,000 per month.
Grueber main responsibility was to communicate the company’s information to the investors; action that was not performed well after the company went public on February 18, 1998. Grueber is the new leader of the IR department. “A leader guides others to explore and discover new things. This is done by touching on many of the concepts covered in these essays and in my book: getting people to be curious and ask questions; getting them to review results skeptically; getting them to think inno- vatively and not along the well-trodden paths that others have already followed; getting them to operate without disciplinary or interpersonal barriers; getting them to be thorough and meticulous; and getting them to aim as one while thinking as many” (Fetzer 2005) I believe Grueber should have asked for more communication between management and their constituencies. The Company were not used to sharing their strategic vision with public.
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.
After that time, the truck (with an expected life of eight years) will be returned to the lessor. Ace has an incremental borrowing rate of 6 percent. The lessor has an implicit annual interest rate of 8 percent built into the contract. Ace is aware of this implicit rate. The present value of a four-year annuity due of $10,000 at a 6 percent annual rate is $36,700.
Summarize the case in five sentences Because there are many porcelain makers in Jingdezhen, the quality of products are low,the styles are limited, and the productivity are low. Most porcelain makers set minimal profit margin goals to pursue volume pricing strategies in the mass market, that cause their works could be mediocre quality and customers could shift to other suppliers. JCAC want to differentiated itself from its rivals by quality and artistic style of its products, and produce high-end product. What are the problems (and the origins of these problems) facing the porcelain/ceramics industry in Jingdezhen? Most of the porcelain makers in Jingdezhen unable to offer uniquely designed products and differentiate themselves from their competitors.
ACC/291 Week 1 Discussion Questions 1. How are bad debts accounted for under the direct write-off method? What are the disadvantages of this method? The direct write-off method is when a company determines that an account is uncollectible and it charges the loss to the Bad Debts Expense. An example of this would be when a customer is not able to pay their bill because due to a downturn in the economy, money may be tight if they have been laid off from their jobs or faced with unexpected hospital bills.
It cost a lot more then the government expected they thought it would cost 6.5 millions but it cost 8 million in the first year. If you got poor relief you could not receive a pension also if you had been in prison in the last ten years you could not get it. For the first time help had been given as a right not a charity and the government was addressing needs which in the past had been left to charities or the individual to sort out themselves. Another area the liberals helped was the
However, this foray has proven to be challenging. Sales are low (under 5 per week), due to the passive approach of selling. To understand the benefits of the Mark Maker, a catalog would not suffice. To test this theory, Sterling offered one dollar for each Mark Maker sold – sales increased to 70 per week. Blumberg felt the approach was too direct and halted it.