Account of profits

Chapter 10 LO 10-3 12. What are the penalties for not making timely payroll deposits? After reading I came to the realization that "If payroll taxes are not paid on a timely basis, the employer is subject to penalty. The penalty is based on the amount not properly or timely deposited. The penalties are as follows: 2% for deposits made 1 to 5 days late. 5% for deposits made 6 to 15 days late. 10% for deposits made 16 or more days late. 10% if electronic deposit is required but not used. 10% if…

keep a strong cash flow. These benefits include a simpler application process, a much higher approval rating then bank loans, competitive rates, and faster funding overall. Invoice factoring, for those who are unfamiliar with the term, is a type of accounts receivable financing that allows you to sell outstanding invoices due within 90 days to a third-party factoring company for immediate cash for your small business. The factoring company will then typically grant you an advance of roughly 80…

Logos, or logic, involves looking for arguments that make sense in a piece. Amy Tan’s essay is very logical. It makes complete sense, and is simple to understand. Being that it is a narrative, she uses examples to back up her statements about English. She tells the stories of her mother dealing with the stockbroker and the hospital as means to make her point clearer. Ethos looks at the author’s credibility. Tan is a well-known writer, and does a lot of public speaking. We can trust her…

would incorporate a few tactics to strengthen their internal controls they could prevent this type of fraud within their business. Stefan used multiple types of skimming in order to carry out his crimes. The majority include Skimming and lapping of Accounts receivable, which are a result from poor collection procedures and poor supervision from higher management. By applying the basics of Cressey’s study to analyze winkers…

money, because she can deal with vendors and customer and the associated accounts payable and accounts receivable, while entering all data into the accounting system, writing checks, and reconciling the company bank accounts and line of credit balances. Another example is that the repair technicians are free to order whatever parts they need to perform their repair…

An accountant is defined as a person whose job is to keep or inspect financial accounts. The role of an accountant can vary from company to company. To most being an accountant seems like a pretty boring job, but it involves much more than you may think. If your goal in life is to become an accountant there are certain requirements and skills needed to get into this profession. The first step is having the right degree. The five most accepted degrees are Accounting, Auditing, Business, Finance…

To measure a firm’s health within its industry, there is also a need to analyze their short-term financing policies. By measuring these, one can determine what portion of the company’s sales cycle needs to be financed by cash. For obvious reasons, shorter cash cycles are more healthy for a company. To minimize cash cycle, there should be initiative on the corporate level to minimize inventory and receivables periods and maximize payable periods. Short-term financing Ex-1 As seen in the table…

Award-winning author and feminist Ursula K. Le Guin delivered a rhetorically complex speech to the Mills College graduating class of 1983, comprised almost entirely of women. Her speech came at a challenging time for women, as second-wave feminism began to dissolve into a myriad of disagreeing factions. The title of the speech, the “Left-Handed Commencement Address,” is a reference to her book The Left Hand of Darkness, which follows an androgynous race of space aliens. This foreshadows the…

to financial reporting for uncollectible accounts? Management’s objective was to find alternatives to better manage the way credit card charges were collected. The new system that was being used allowed the company to charge off customers’ accounts that neglected to make a payment within eight billing cycles. The intention of the new system was to assist the company in better managing their collection efforts giving them the ability to identify accounts that could or would become delinquent…

In 1990, Oxfam – Quebic in Cambodia had a micro loan project to provide small and medium loan to the people in rural areas. Vast loan growing in amount and number of borrowers forced the project commenced as private company in 1995. In 1999, the company had the loan outstanding about 20 million USD, 65,000 customers, 10 branches and 150 employees. The main product of the company was providing loan and collecting saving. The vision of the company was to be a first micro finance institution that…