Current account

Provided $1,000 of services to Jason Ratchford, a client, on account. Account receivable $1,000 Revenue $1,000 9 Paid $1,250 of salaries to an employee. Salary Expensive $1,250 Cash $1,250 14 Acquired a new computer for $4,200, on account. Computer $4,200 Accounts payable $4,200 Purchased computer on account 20 Collected $800 from Jason Ratchford for services provided on May 5. Cash $800 Account receivable $800 Received $1,000 by Jason…

contacted a young auditor from E&Y and set up an interview with her. During the interview, the auditor provided me information about how she obtained her current position and what the accounting profession demands. She also gave me some advice about how to enter and remain competitive in Accounting. The following are specific details from the interview. Current position Ms. Chau Nguyen, the auditor I interviewed, was a graduate from Georgia State University. She was a foreign exchange student…

cash flow statement is comprised of three main areas; operating activities, investing activities and financial activities. Cash flow from operating activities includes Net Income, Depreciation, Extraordinary gains/losses/write-offs, Accounts Payable, Inventory, and Accounts Receivable. The sum of losses or profits in each of these sections will total the net cash from operations. The analysis will cover three years’ worth of data outlining high, lows, and/or trends. The comparison of our…

Accounting for cash. 1, 2, 3, 4, 21 1 1, 2 1 2. Accounting for accounts receivable, bad debts, other allowances. 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15 2, 3, 4, 5 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 18, 19 2, 3, 4, 5, 6, 10, 11 1, 2, 3, 4, 5, 10, 11 3. Accounting for notes receivable. 13, 14 6, 7, 8 18, 19 8, 9 6, 7, 8, 9 4. Assignment and factoring of accounts receivable. 16, 17, 18, 19 9, 10, 11, 12 13, 14, 15, 16,…

Jibriel Mijalli T/TH 9:30AM Steinke First Citizens Bank was founded in 1979 by a group of local businessmen with one purpose in mind: to provide a healthy banking environment for local business and individuals. The doors first opened on July 8, 1980, operating underling a local management and conservative governing philosophy. First Citizens Bank mission is to be able to continually improve in management and technological improvements so they can always offer the same or better support…

Texas A&M-Commerce M.S. Accounting Comprehensive Exam Matthew Naab CWID: 50112666 October 2, 2014 1.) #1 – Advanced Management Accounting If three businesses show cash increases of $15 million on their balance sheets, they will likely have very different financial positions depending on the source or destination of cash during the period. One should ask generates that cash flow. The flow of cash is a strong indicator of the health of a business. To identify and understand these sources of…

Accounts Receivable in a medical facility is the amounts owed by patients and their third-party payers for the services provided and billed to patients. An AR aging analysis report categorizes the facilities accounts receivable in terms of the length of time since billed. In most cases, an account that is less than 30 days old is considered to be current. The AR aging analysis report is categorized in terms of 30-day increments, for example, 0 to 30 days, 31 to 60 days, 61 to 90 days, 91 to 120…

BALANCE SHEET ANALYSIS SECURITIES, INVESTMENTS, AND OTHER Securities, Investments, and Other 2016 2015 2014 2013 Change Balance Sheet 9,069,209 8,360,290 7,737,748 7,118,504 1,950,705 Vertical Analysis 54.69% 52.80% 50.46% 50.09% 4.30% Horizontal Analysis 127.40% 117.44% 108.70% 100.00% 27.40% When looking at the vertical analysis of Sony’s balance sheets, the biggest change is in securities, investments, and other, which encompasses the company’s investments, as well as their sales and…

The truck has a useful life of 3 years and a salvage value of $3,000. 245,000 . Further adjustments and information: 24,500 Accumulated Depreciation - Building i-v-e ry Truck*** Collections: Accounts Receivable $21,000; Interest on Bonds $6,000; Cash Sales $95,000 . 50,000 Allcw--ance for Doubtful Debts 110 110 Credit 48,000 1102 1103 , Debit 18,000 i. Bad debt expense is estimated at 1% of credit sales 10,000 ccumulated Depreciation -…

Under GAAP, accounts receivable should be reported at their net realizable value. The net realizable value can be found by subtracting the allowance for bad debts from accounts receivable. Currently, GAC does not have an established allowance for bad debts. GAC currently uses the direct write off method and only accounts for the specific items they know they will not receive. However, with the change in customer base, this is especially important. The new customers are not as reliable as the…