- LOOK TIM NY AG OBAMA NECBIRNBAUMPROTOCOL SKIN
- LOOK TIM NY AG OBAMA NECBIRNBAUMPROTOCOL SOFTWARE
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INSTRUCTION Indicate in each case whether the item has been handled in accordance with generally accepted accounting princi The items pertain to unrelated businesses. > The accounting treatment or statement presentation of various items is discussed below. An accountant who looked at the income statement told Carter
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The business is a sole proprietorship that sells skin and hair care products. > The income statement shown below was prepared by Karen Carter, owner of Karen†™ s Beauty Supplies. > What major safeguards should be built into a system of internal control for purchases of goods? She wants to expand her business and has submitted the following balance sheet to her bank as part of the business loan application. > Country Cooking Prepared Meals is a retail shop owned by Beatrice Wilson. If you believe that the treatment is in accordance with GAAP, state this as your position a > For each of the unrelated situations below, identify the accounting principle or concept violated (if a violation exists) and explain the nature of the violation. The company†™ s experience has been that each ty The company records sales for the two types of customers in separate Sales accounts. > Lord Taylor Plumbing Company provides plumbing installations for both business and individual customers. Compute the estimated uncollectible accounts at the end of the year u
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> The schedule of accounts receivable by age shown below was prepared for the Custom Windows Shop at the end of the firm†™ s fiscal year on July 31, 20X1: INSTRUCTIONS 1. Accounts Receivable $905,0000 Allowance for Doubtful Accounts 1 The returns and allowances on these sales were $55,000. > The balances of selected accounts of Greece Sportswear Company on December 31, 20X1, are given below. The accounts involved are Accounts Receivable, Notes Receivable, and Uncollectib Selected transactions for 20X1 and 20X2 follow.
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> Interactive Planning Software uses the direct charge-off method to account for uncollectible accounts expenses as they occur. An $80,000 note at 7.5 percent for 6 months, issued o A $60,000 note at 6 percent for 30 days, issued on August 21. A $30,000 note at 10 percent for 90 days, issued on June 15. > The notes listed below were issued by Louisiana Company during 20X1: 1. Huddleston Company paid the June 3 note when it became d On June 3, 20X1, Huddleston Company issued a 120-day, 9 percent note for $36,000 to purchase new office equipment. > Give the general journal entry to record each of the following transactions: 1. Analyze: Assuming all notes are paid when due, what would be the balance in Notes Receivable on July 31? Compute the interest to be paid and the maturity value of each note. > Ferrier Company received the notes listed below in 20X1. Compute the net proceeds the firm received from disc On January 2, 20X1, Rodriguez discounted all of these notes at First National Bank at a discount rate of 10 percent. > The following notes receivable are held by the Rodriguez Company on January 1, 20X1. > What is the purpose of a credit memorandum? We certainly don’t want any other auditors getting a foothold in the Diamond Group, do we? What are you proposing, anyway: a fee that’s at a lower margin than normal or one that’s below the projected cost for this job? Either way, it’s unethical, isn’t it?” Question 1. What’s the matter? Don’t you think I can get the job done?” “Well, Anne, I suppose there would be some overall saving to our firm because this audit is the only one of six companies in the Diamond Group that we don’t audit.
Now, are we in or not? I plan to put our best staff on the job. Anyway, you don’t know what problems we may meet, so you should build in a cushion on the front end of the job.” “But, Tim, if we quote this job the usual way-on an hourly rate and estimated total time basis-we are going to miss it! The CFO as much as told me we would have to be lower than the current auditor, and we would have to guaranty the fee for two years. After all, we have to make a reasonable profit or we’re not pulling our weight. Let’s quote the job really competitively and get it.” “I’m not sure, Anne. You would be a sure bet for the Executive Committee, and I would take over some new audit responsibility as your backup partner. Look, Tim, I’ve been told that the competition for the audit of Diamond Health Services is really competitive, and you know what it would mean to the both of us to bring this one in.
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