Accountancy
MR. A purchased goods (500 units @ 10 each) from ABC Ltd $ 5000, (450 units @ 20 each) from DEF Ltd $ 9000 and received invoices numbered as 008785 & 056478 respectively. He sold goods to Mr. Baljeet (150 units @6 each) $ 900 and Mr. Muhammad (50 units @ 16 each) $ 800 and issued invoices numbered as 889875 & 889876 respectively. Required: (a) Steps to create vendors accounts (b) Steps to create customers accounts (c) Steps to create invoices for every vendor & customer (d) Steps to crate items of inventory * Your answer
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INTERNAL CONTROL ANALYSIS A company that produces component parts for automobile manufacturers has
INTERNAL CONTROL ANALYSIS A company that produces component parts for automobile manufacturers has grown rapidly since its incorporation several years ago. Management is concerned about internal controls over the purchasing cycle because the cost of goods sold percentage has continued to rise even though it seems that many of the raw materials and supplies used in production are costing less. The following description of the purchasing process is available: Pre-numbered purchase requisitions are used to order ...
INTERNAL CONTROL ANALYSIS A company that produces component parts for automobile manufacturers has grown rapidly since...
INTERNAL CONTROL ANALYSIS A company that produces component parts for automobile manufacturers has grown rapidly since its incorporation several years ago. Management is concerned about internal controls over the purchasing cycle because the cost of goods sold percentage has continued to rise even though it seems that many of the raw materials and supplies used in production are costing less. The following description of te purchasing process is available. (1).Pre-numbered purchase requisitions are used to order most goods, except...
ABC distribution does delayed differentiation of products for a customer at its distribution facility. The forecasted...
ABC distribution does delayed differentiation of products for a customer at its distribution facility. The forecasted demand for one of these products during the next five months is 420, 580, 310, 450 and 540 400 respectively. The per unit costs and the capacity availability for producing these items are given below. Month 1 2 3 4 5 Customization Cost $24 $40 $36 $54 $60 Capacity 500 520 450 550 400 The inventory costs is $0.55 per month for...
Background Spyglass is the 10th largest company in the security services industry. Spyglass is a publicly traded...
Background Spyglass is the 10th largest company in the security services industry. Spyglass is a publicly traded company. The company's current annual revenues are $150 million. Elvis McGraw became the company's Chief Executive Officer (CEO) eight years ago. Mr. McGraw is a "hands-on" executive who was eventually given the additional title of Chairman of the Board. Branch operations are conducted in all states east of the Mississippi. The company’s philosophy is primarily one of decentralization. However, corporate accounting, accounts payable and payroll systems represent...
Each of the points listed next represents an internal control that may be implemented within a...
Each of the points listed next represents an internal control that may be implemented within a company’s accounting information system to reduce various risks. For each point, identify the appropriate business process (revenue, expenditure, conversion, administrative). (Hint: Review study objective 1,2,7 in Chapter 1). Customer credit must be authorized before a business transaction takes place. An authorized price list of goods for sale is provided. A shipping report is prepared for all shipments of goods so that customers may be...
Billing When Mr. Harris receives a delivery advice he matches them with the open sales orders and...
Billing When Mr. Harris receives a delivery advice he matches them with the open sales orders and reviews them for agreement in products and quantities ordered and delivered. If they match, Mr. Harris initials the delivery advice and enters the date of delivery into the open sales order file on the PC. The computer automatically prices the products, calculates product amounts, totals the invoice, and calculates the cash discount, which is 2/10 net 30. The computer then prints a sequentially...
help 1.8. Classify each of the following items as belonging in the revenue, expendi resources/payroll, production,...
help
1.8. Classify each of the following items as belonging in the revenue, expendi resources/payroll, production, or financing cycle. a. Purchase raw materials b. Pay off mortgage on a factory c. Hire a new assistant controller d. Establish a $10,000 credit limit for a new customer e. Pay for raw materials f. Disburse payroll checks to factory workers g. Record goods received from a vendor h. Update the allowance for doubtful accounts i. Decide how many units to make next...
40&41 please 39. Preparing a trial balance: Barnes Company showed the following balances at the end...
40&41 please
39. Preparing a trial balance: Barnes Company showed the following balances at the end of the reporting period: Cash $7,000 Prepaid insurance Accounts receivable Accounts payable Notes payable Common stock 700 3,500 2,800 4,200 1,400 Dividends 700 Revenues 21,000 17,500 Еxpenses What did Barnes Company show as total credits in dollars on its trial balance? A) $30,800 B) $29,400 C) $30,100 D) $28,700 A company sells 150 units to their custo.ner at S10.00 each. If each unit of...
Case Inc. is a construction company specializing in custom patios. The patios are constructed of concrete,...
Case Inc. is a construction company specializing in custom patios. The patios are constructed of concrete, brick, fiberglass, and lumber, depending upon customer preference. On June 1, 2020, the general ledger for Case Inc. contains the following data. $4,600 Manufacturing Overhead Applied $35,000 Work in Process Inventory $5,425 Manufacturing Overhead Incurred $29,800 Raw Materials Inventory Subsidiary data for Work in Process Inventory on June 1 are as follows. Job Cost Sheets Customer Job Cost Element Rodgers Stevens Linton $700 Direct...
Required information [The following information applies to the questions displayed below.) ABC Merchandisers was organized on...
Required information [The following information applies to the questions displayed below.) ABC Merchandisers was organized on May 1. MNM Co. is a major customer (buyer) of ABC (seller) products. May 3 ABC made its first and only purchase of inventory for the period on May 3 for 3,000 units at a price of $10 cash per unit (for a total cost of $30,000). 5 ABC sold 1,500 of the units in inventory for $14 per unit (invoice total: $21,000) to...
help
1.8. Classify each of the following items as belonging in the revenue, expendi resources/payroll, production, or financing cycle. a. Purchase raw materials b. Pay off mortgage on a factory c. Hire a new assistant controller d. Establish a $10,000 credit limit for a new customer e. Pay for raw materials f. Disburse payroll checks to factory workers g. Record goods received from a vendor h. Update the allowance for doubtful accounts i. Decide how many units to make next...
40&41 please
39. Preparing a trial balance: Barnes Company showed the following balances at the end of the reporting period: Cash $7,000 Prepaid insurance Accounts receivable Accounts payable Notes payable Common stock 700 3,500 2,800 4,200 1,400 Dividends 700 Revenues 21,000 17,500 Еxpenses What did Barnes Company show as total credits in dollars on its trial balance? A) $30,800 B) $29,400 C) $30,100 D) $28,700 A company sells 150 units to their custo.ner at S10.00 each. If each unit of...
Case Inc. is a construction company specializing in custom patios. The patios are constructed of concrete, brick, fiberglass, and lumber, depending upon customer preference. On June 1, 2020, the general ledger for Case Inc. contains the following data. $4,600 Manufacturing Overhead Applied $35,000 Work in Process Inventory $5,425 Manufacturing Overhead Incurred $29,800 Raw Materials Inventory Subsidiary data for Work in Process Inventory on June 1 are as follows. Job Cost Sheets Customer Job Cost Element Rodgers Stevens Linton $700 Direct...
Required information [The following information applies to the questions displayed below.) ABC Merchandisers was organized on May 1. MNM Co. is a major customer (buyer) of ABC (seller) products. May 3 ABC made its first and only purchase of inventory for the period on May 3 for 3,000 units at a price of $10 cash per unit (for a total cost of $30,000). 5 ABC sold 1,500 of the units in inventory for $14 per unit (invoice total: $21,000) to...
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