Using a flowchart, prepare the high-level process of the following: 1. Procure to Pay 2. Order to Cash 3. Record to Report
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Using a flowchart, prepare the high-level process of the following:
1. Procure to Pay
2. Order to Cash
3. Record to Report
Step by step
Solved in 3 steps with 3 images
- what recordkeeping activities are included in the term of:i How does expansion or contraction of an inventory impact such information?Identification. Write the correct answer in each statement. 1. A check merely drawn and recorded but not given to the payee before the end of the reporting period. 2. A check drawn, recorded, and already given to the payee but it bears a date subsequent to the end of reporting period.3. Two accounts having equal or same balances that when one account is debited, the other account is credited or vice versa. 4. These are items not representing deposits credited by the bank to the account of the depositor but not yet recorded by the depositor as cash receipts.5. These are checks deposited but returned by the bank because of insufficiency of fund.6. Examples of these are bank service charges, technically defective checks, and NSF checks.7. A document prepared by the bank detailing the transaction history of the account over the reporting period.8. A document or instrument evidencing time deposit.9. A bank account where the depositor is given a passbook upon the initial deposit.10. A bank…Cash flow; classify the following in the perspective of a business/individual owner. cash in flow cash out flow 1. permits 2.retail sales 3.rents 4.business loan 5.fare 6.water bill 7.salary 8.taxes 9.own professional fee 10.electric bill
- Company XYZ is strictly a service company and does not carry any inventory on its balance sheet. Based on this, which of the ratios below will be of no interest to a financial analyst? Quick Ratio Current Ratio Debt to Equity Ratio Cash Coverage RatioE2-20 (Algo) Recording Manufacturing Costs [LO 2-3, 2-4, 2-5] Reyes Manufacturing Company uses a job order cost system. At the beginning of January, the company had one job in process 201) and one job completed but not yet sold (Job 200). Job 202 was started during January. Other select account balances follo (ignore any accounts that are not listed). During January, the company had the following transactions: a. Purchased $63,000 worth of materials on account. b. Recorded materials issued to production as follows: Job Number 201 Total Cost 202 Indirect materials $ 11,100 21,800 6,000 $ 38,900 c. Recorded factory payroll costs from labor time tickets that revealed the following: Job Number 201 202 Hours 101 392 Total Cost Factory supervision $ 2,600 10,200 4,700 $ 17,500 d. Applied overhead to production at a rate of $27.00 per direct labor hour for 493 actual direct labor hours. e. Recorded the following actual manufacturing overhead costs: Item Factory rent Depreciation Factory…PROBLEM 3-1 Analyzing transactions into debit and credit parts Joan Weber owns a business called Lawns Plus. Lawns Plus uses the following accounts: Joan Weber, Drawing Sales Advertising Expense Miscellaneous Expense Rent Expense Repair Expense Utilities Expense Cash Accounts Receivable-Central Properties Accounts Receivable-Clifton Care Center Supplies Prepaid Insurance Accounts Payable-Davis Office Supplies Accounts Payable-Huff Supplies Joan Weber, Capital Instructions: Use the forms given in the Extra Problems Working Papers. 1. Prepare a T account for each account. 2. Analyze each transaction into its debit and credit parts. Write the debit and credit amounts in the proper T accounts to show how each transaction changes account balances. Write the date of the transaction in parentheses before each amount. Transactions: June 1. Joan Weber invested $8,000.00 cash in the business. 2. Bought supplies and paid $ 120.00 cash. 3. Paid cash for rent, $ 400.00. Sold services for cash, $…
- You are the owner of DDD Company. The company is engaged in providing services to telecommunication companies. It has a multi-million sales. However, on an average collection cycle, you only collect the sales after 6 months. Upon reviewing the company's financial statements, you notice a large number of receivables and a large number of payables. The company is having a hard time paying its debts since it cannot collect promptly the receivables. The sales manager told you that the company cannot stop accepting projects because there are many competitors in the market. On the other hand, the collection manager suggested collecting first the receivables before accepting a new project. If you are the owner of DDD Company, what should you do? Give three reaons and explain whyThe check book balance of Ccc Company on December 31,2020 was P4,000,000. Data about certain cash items follow. • A customer amounting to P200,000 dated January 2,2021 was not included in the December 31,2020 checkbook balance. • Another customer check for P500,000 deposited on December 22,2020 was included in its checkbook balance but returned by the bank for insufficiency of fund. The check was deposited on January 5, 2021 and cleared two days. + A P400,000 check payable to supplier dated and recorded on December 30,2020 was mailed on January 16,2021. * A petty cash fund of P50,000 with the following summary on December 31,2020: Coins and Currencies 5,000 Petty cash vouchers 43,000 Return value of 20 cases of soft drinks 2,000 50,000 • A check of P43,000 was drawn on December 31,2020 payable to petty cash. 3. What is the "cash" balance on December 31,2020?ble X Lorio.com/secured#lockdown habled: Chapter 4 The Art of Model... Saved Help Save & Exit Submit An analyst built the following spreadsheet, complete with named ranges (for example, cell B2 is named "Unit_Price" based on the heading in cell A2). A B 2 Unit Price 15 3. Unit Cost 5.18 Unit Gross Profit Unit_Price Unit Cost 6. Quantity Sold 6,100 = Quantity_Sold x Unit_Price = Quantity_Sold x Unit Cost 3,700 = Gross_Revenue - Variable_Costs - Fixed_Costs = Net Profit/Quantity_Sold 8 Gross Revenue 9 Variable Costs 10 Fixed Costs 11 Net Profit 12 Profit per Unit After entering the data shown below in cells B2, B3, B6, and B10, what values should appear in the following cells? (Round your "Unit Gross Profit and Profit per Unit" answers to 2 decimal places.) Cell Value B4 (Unit_Gross_Profit) B8 (Gross Revenue) B9 (Variable_Costs) B11 (Net_Profit) B12 (Profit_per Unit) 5 of 5 ... < Prev Next Mc Graw Hill 411 F1L F12 FB F9 F10 F6 GO0 F4 F2 F3 % & 3 # 5 6 8 9 2 4 è Ü U Q H. K L é ö à ä D F V…
- S5. AccountN2. Account Jack is married, is paid $6,852 semimonthly, and claims three dependents. What amount of federal income tax is withheld from his gross wages each pay period using the Percentage Method Tables for Automated Payroll Systems?please answer with proper explanation. i will give you upvote. Describe each component. What are the five functions that these components provide?