Core Concepts Of Accounting Information Systems, 14th Edition
14th Edition
ISBN: 9781119441465
Author: Mark G. Simkin
Publisher: WILEY
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Question
Chapter 7, Problem 10DQ
To determine
Identify the way by which the below given items are used in controlling input, processing or output of accounting data.
- a) Edit test
- b) Check digits
- c) Passwords
- d) Activity listing and
- e) Control totals
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QUESTION 1 Rentokil Limited issued a 10-year bond on January 1 2011. It pays interest on January1. The below amortization schedule and interest schedule reflects this. Its year end isDecember 31.
Requirements: a) Indicate whether the bonds were issued at a premium or a discount and explainhow you came to your decision.
b) Compute the stated interest rate and the effective interest rate
c) Prepare the journal entries for the following years:I. 2011, 2012 & 2018.
Blueberry Corp. plans to tighten its credit policy. The new policy will decrease the average number of days in collection from 65 to 45, as well as reduce the ratio of credit sales to total revenue from 80% to 70%. The company estimates that projected sales will be 8% less if the proposed new credit policy is implemented. The firm’s short-term interest cost is 8%. Projected sales for the coming year are $32,000,000. Assuming a 360-day year, calculate the dollar impact on accounts receivable of Blueberry Corp. of this proposed change in credit policy.
Crane Company accumulates the following data concerning a mixed cost, using units produced as the activity level.
Units Produced
Total Cost
March
9,970
$20,005
April
8,930
18,154
May
10,500
20,538
June
8,710
17,674
July
9,370
18,604
Using the information from your answer to above part, write the cost equation. (Round per unit produced answer to 2 decimal places
(e.g., 2.25).)
+A
+$
per unit produced ×
Total cost
Chapter 7 Solutions
Core Concepts Of Accounting Information Systems, 14th Edition
Ch. 7 - Prob. 1TYCh. 7 - Prob. 2TYCh. 7 - Prob. 3TYCh. 7 - Prob. 4TYCh. 7 - Prob. 5TYCh. 7 - Prob. 6TYCh. 7 - Prob. 7TYCh. 7 - Prob. 8TYCh. 7 - Prob. 9TYCh. 7 - Prob. 10TY
Ch. 7 - Prob. 11TYCh. 7 - Prob. 1DQCh. 7 - Prob. 2DQCh. 7 - Prob. 3DQCh. 7 - Prob. 4DQCh. 7 - Why are business continuity planning and disaster...Ch. 7 - What is backup, and why is it important when...Ch. 7 - Prob. 7DQCh. 7 - Prob. 8DQCh. 7 - Prob. 9DQCh. 7 - Prob. 10DQCh. 7 - Prob. 11DQCh. 7 - Discuss the following statement: “The separation...Ch. 7 - Prob. 13PCh. 7 - Prob. 14PCh. 7 - Prob. 15PCh. 7 - Prob. 16PCh. 7 - Prob. 17PCh. 7 - Prob. 18PCh. 7 - Prob. 19PCh. 7 - Prob. 20PCh. 7 - Prob. 21CA
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- On the 5th of the month, Greg Marketing pays its field sales personnel a 3% commission on the previous month's sales. Sales for March 2016 were $1,200,000. What is the entry at the end of March to record the commissions? A. Debit Sales - 36,000$; Credit Sales Commission Expense - 36,000$ B. Debit Sales Commission Expense - 36,000$; Credit Sales Commissions Payable - 36,000$ C. Debit Sales Commission Expense - 36,000$; Credit Accounts Receivable - 36,000$ D. Debit Sales -36,000$; Credit Sales Commission Income - 36,000$arrow_forwardNet profit is calculated in which of the following account? A) Profit and loss account B) Balance sheet C) Trial balance D) Trading accountarrow_forwardThe debts which are to be repaid within a short period (a year or less) are referred to as, A) Current Liabilities B) Fixed liabilities C) Contingent liabilities D) All the abovearrow_forward
- Solution this questionarrow_forwardQuestion 2 Long term assets without any physical existence but, possessing a value are called A) Intangible assets B) Fixed assets C) Current assets D) Investmentsarrow_forwardResources owned by a company (such as cash, accounts receivable, vehicles) are reported on the balance sheet and are referred to asarrow_forward
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