2-2 to 5b(Almond Dalton)

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When analyzing financial statements, what can you conclude when the accounts receivable turnover ratio decreases from 9.0 to 6.0 over a three year period. Group of answer choices None of the above b. The collection period has increased over time a. Collections are within standard terms c. The collection period has decreased over time

PROBLEM 1 (ftg)   Your audit of IVERMET Company’s trial balance of income statement accounts for 2020 included the following:     Debit Credit Sales               5,720,000 Cost of sales            2,400,000   Administrative expenses               700,000   Loss on sales of equipment               100,000   Sales commissions               500,000   Interest revenue                   250,000       Freight out               150,000   Loss on early retirement of long-term debt               200,000   Uncollectible accounts expense               150,000     4,200,000 6,000,000   Finished goods inventory: January 1           (Physical count)                                                4,000,000 December 31    (Per record)                                                       3,000,000                         (In transit to customer fob destination)               600,000   Work in process inventory…

QUESTIONS. A. Based on the above and the result of your audit, answer the following(Round off present value factors to four decimal places and final answers to nearest hundred) 1. The consultation service fee revenue that should be recognized in 2022 is 2. The gain on We of equipment that -should be recognized in 2022 is 3. The noncurrent notes receivable as of December 31, 2022 is 4. The current-portion of long-term notes receivable as of December31, 2022 is 5. The interest income to be recognized in 2022 is B. Show the amortization schedule for December 31, 2022.

View Policies Current Attempt in Progress Vaughn Manufacturing has outstanding accounts receivable totaling $ 6.47 million as of December 31 and sales on credit during the year of $ 24.5 million. There is also a credit balance of $ 11500 in the allowance for doubtful accounts. If the company estimates that 6% of its outstanding receivables will be uncollectible, what will be the amount of bad debt expense recognized for the year? O $388200. O $ 399700. O $ 376700. O $1470000. Save for Later Attempts: 0 of 1 used Submit Answer

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As a result of analytical procedures an auditor determines that gross profit has declined from 30% to 15% in the current year.  The auditor should.. A. Document manamgent intentions with respect to reversing the trend. B. Evaluate managment's performance in causing the deline C. Require a footnote disclosure D. Consider the possibility of an error in the financial statements.

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Denger

Problem 11-15 (Algo) Review problem-understanding liquidity measures LO 11-1 Assume that the current ratio for Arch Company is 3.0, its acid-test ratio is 1.5, and its working capital is $360,000. Answer each of the following questions independently, always referring to the original information. Required: a. How much does the firm have in current liabilities? Note: Do not round intermediate calculations. b. If the only current assets shown on the balance sheet for Arch Company are Cash, Accounts Receivable, and Merchandise Inventory, how much does the firm have in Merchandise Inventory? Note: Do not round intermediate calculations. c. If the firm collects an account receivable of $118,000, what will its new current ratio and working capital be? Note: Round "Current ratio" to 1 decimal place. d. If the firm pays an account payable of $57,000, what will its new current ratio and working capital be? Note: Do not round intermediate calculations. Round "Current ratio" to 1 decimal place. e.…

While spotting red flags is difficult, vertical and horizontal financial statement analysis introduces a straightforward approach to fraud detection. Evaluate Company A’s Five Year Financial Data, please see the attached. (a)  Perform horizontal analysis of the above data to indicate any potential red flags regarding possible overstatement of sales. (b)  Perform vertical analysis of the above data to indicate any potential red flags regarding possible overstatement of the COGS.

USE TGHE FOLLOWING TO SOLVE FOR QUESTION7  ONLY    Tooele Company’s controller estimated bad debt expense using the percentage of accountsreceivable method. Total sales for the year were $500,000 of which 250,000 are on account.The ending balance in accounts receivable was $100,000. An examination of the outstandingaccounts at the end of the year indicates that approximately 12 percent of these accounts willultimately prove to be uncollectible. Before any adjusting entries, the balance in theAllowance for Doubtful Accounts is $700 (CREDIT). Which is part of the correct adjustingentry to record bad debt expense for the year?(The Allowance for Doubtful Accounts is also known as the Allowance for Bad Debts or theAllowance for Uncollectible Accounts.)a. CREDIT Allowance for Bad Debts for $11,300b. DEBIT Allowance for Bad Debts for $11,300c. CREDIT Allowance for Bad Debts for $12,000d. CREDIT Allowance for Bad Debts for $12,700e. DEBIT Allowance for Bad Debts for $14,700 5. Use the…

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8

View Policies Show Attempt History Current Attempt in Progress Sarasota Limited had net sales in 2023 of $2.3 million. At December 31, 2023, before adjusting entries, the balances in selected accounts were as follows: Accounts Receivable $236,900 debit; Allowance for Expected Credit Losses $2,300 credit. Assuming Sarasota has examined the aging of the accounts receivable and has determined the Allowance for Expected Credit Losses should have a balance of $29,700, prepare the December 31, 2023 journal entry to record the adjustment to Allowance for Expected Credit Losses. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry for the account titles and enter O for the amounts. List all debit entries before credit entries.) Account Titles and Explanation eTextbook and Media Debit Credit

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You have been asked to carry out an investigating by the management of Adepa Ltd. One of the company’s subsidiaries, Papa Engineering Ltd, has been making losses for the past years. Adepa’s management is concerned about the accuracy of Papa Engineering’s most recent quarter’s management accounts. The summarized income statements for the last three quarters are as follows: Quarter to                                                       30/09/17          30/06/17          31/03/17                                                                                                GHS000          GHS000            GHS000 Revenue                                                          860                  668                  686 Opening inventory                                          360                  326                  331 Materials                                                         636                  468                  475 Direct wages…

Problem 11-11 (Algo) Review problem—understanding liquidity measures LO 1 Assume that the current ratio for Arch Company is 2.5, its acid-test ratio is 1.5, and its working capital is $390,000. Answer each of the following questions independently,always referring to the original information.Required: How much does the firm have in current liabilities? (Do not round intermediate calculations.) If the only current assets shown on the balance sheet for Arch Company are Cash, Accounts Receivable, and Merchandise Inventory, how much does the firm have in Merchandise Inventory? (Do not round intermediate calculations.) If the firm collects an account receivable of $117,000, what will its new current ratio and working capital be? (Round "Current ratio" to 1 decimal place.) If the firm pays an account payable of $53,000, what will its new current ratio and working capital be? (Do not round intermediate calculations. Round "Current ratio" to 1 decimal place.) If the firm sells inventory that…

Problem 11-11 (Algo) Review problem-understanding liquidity measures LO 1 Assume that the current ratio for Arch Company is 2.5, its acid-test ratio is 1.5, and its working capital is $390,000. Answer each of the following questions independently, always referring to the original information. Required: a. How much does the firm have in current liabilities? (Do not round intermediate calculations.) b. If the only current assets shown on the balance sheet for Arch Company are Cash, Accounts Receivable, and Merchandise Inventory, how much does the firm have in Merchandise Inventory? (Do not round intermediate calculations.) c. If the firm collects an account receivable of $117,000, what will its new current ratio and working capital be? (Round "Current ratio" to 1 decimal place.) d. If the firm pays an account payable of $53,000, what will its new current ratio and working capital be? (Do not round intermediate calculations. Round "Current ratio" to 1 decimal place.) e. If the firm sells…

Current Attempt in Progress Bridgeport Limited had net sales in 2023 of $2.2 milion. At December 31, 2C23, before adjusting entnes, the balances in selected accounts were as follows: Accounts Receivable $231,300 debit: Allowance for Expected Credit Losses $3.000 detit. Assuming Bridgeport has examined the aging of the accounts receivable and has determined the Alowance for Expected Credit Losses should have a balance of $25,900, prepare the December 31, 2023 journal entry to record the adjustment toAllowance for Expected Credit Losses. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry s required, select "To Entry" for the account titles and enter O for the amounts. List debit entry before credit entry) Account Titles and Explanation Debit Credit eTextbook and Media

Providing for Doubtful Accounts At the end of the current year, the accounts receivable account has a debit balance of $2,700,000 and sales for the year total $32,400,000. a. The allowance account before adjustment has a debit balance of $27,100. Bad debt expense is estimated at 2 of 1% of sales. b. The allowance account before adjustment has a debit balance of $27,100. An aging of the accounts in the customer ledger indicates estimated doubtful accounts of $128,000. c. The allowance account before adjustment has a credit balance of $17,900. Bad debt expense is estimated at 4 of 1% of sales. d. The allowance account before adjustment has a credit balance of $17,900. An aging of the accounts in the customer ledger indicates estimated doubtful accounts of $279,000. Determine the amount of the adjusting entry to provide for doubtful accounts under each of the assumptions (a through d) listed above. a. $ b. $ c. $ d. $

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Domestic

Suppose you are conducting an analysis of the financial performance of Cold Goose Metal Works Inc. over the past three years. The company did not issue new shares during these three years and has faced some operational difficulties. The company has thus pilot tested some new forecasting strategies for better operations management. You have collected the company's relevant financial data, made reasonable assumptions based on the information available, and calculated the following ratios. Ratios Calculated Year 1 Year 2 1.00 1.30 2.40 Inventory turnover 2.00 Debt-to-equity Price-to-cash-flow Year 3 1.46 2.69 0.30 0.32 0.38 Based on the preceding Information, your calculations, and your assumptions, which of the following statements can be included in your analysis report? Check all that apply. Cold Goose Metal Works Inc.'s ability to meet its debt obligations has worsened since its debt-to-equity ratio Increased from 0.30 to 0.38. The company's creditworthiness has improved over these…

Providing for doubtful accounts At the end of the current year, the accounts receivable account has a debit balance of $1,243,000 and sales for the year total $14,100,000. a. The allowance account before adjustment has a debit balance of $16,800. Bad debt expense is estimated at 1/2 of 1% of sales. b. The allowance account before adjustment has a debit balance of $16,800. An aging of the accounts in the customer ledger indicates estimated doubtful accounts of $53,800. c. The allowance account before adjustment has credit balance of $5,500. Bad debt expense is estimated at 3/4 of 1% of sales. d. The allowance account before adjustment has a credit balance of $5,500. An aging of the accounts in the customer ledger indicates estimated doubtful accounts of $45,700. Determine the amount of the adjusting entry to provide for doubtful accounts under each of the assumptions (a through d) listed above. 70,500 ✓ 70,600 ✓ 111,250 X a. b. C. d. Feedback Check My Work An estimate based on a percent…

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Aging Analysis of Accounts Receivable Cowen’s, a large department store located in a metropolitan area, has been experiencing difficulty in estimating its bad debts. The company has decided to prepare an aging schedule for its outstanding accounts receivable and estimate bad debts by the due dates of its receivables. This analysis dis-closes the following information: Balance:               Age of receivable:       Estimated Percentage Uncollectible: $193,000               Under 30 days                     0.8% 114,000                 30-60 days                          2.0% 73,000                   61-120 days                        5.0% 41,000                   121-240 days                      20.0% 25,000                   241- 360 days                    35.0% 19,000                   Over 360 days                    60.0% $465,000 Required: 1. Use the preceding analysis to compute the estimated amount of uncollectible receivables. 2. What is the net realizable value of Cowen’s…

8.3 At the end of the current year, the accounts receivable account has a debit balance of $1,935,000 and sales for the year total $26,710,000. The allowance account before adjustment has a debit balance of $10,200. An aging of the accounts in the customer ledger indicates estimated doubtful accounts of $175,000. Determine the amount of the adjusting entry to provide for doubtful accounts under each of the assumptions c listed above.

Receivables and inventory turnover Thornby Inc. completed its fiscal year on December 31. The auditor, Kim Holmes, has approached the CFO, Brad Potter, regarding the year-end receivables and inventory levels of Thornby Inc. The following conversation takes place: Kim: We are beginning our audit of Thornby Inc. and have prepared ratio analyses to determine if there have been significant changes in operations or financial position. This helps us guide the audit process. This analysis indicates that the inventory turnover has decreased from 5.1 to 3.8, while the accounts receivable turnover has decreased from 12.5 to 9. I was wondering if you could explain this change in operations. Brad: There is little need for concern. The inventory represents computers that we were unable to sell during the holiday buying season. We are confident, however, that we will be able to sell these computers as we move into the next fiscal year. Kim: What gives you this confidence? Brad: We will…