Case 11-1: Medieval Adventures Company Questions: 1.) Prepare monthly income statements‚ balance sheets‚ and cash budgets based on sales increases of 500 units per month and a 30-day advance production for January through September. When will the company need extra funds? How much will be needed? When can a short-term loan to cover the need be repaid? Please see the attached financial statements that follow. A projected analysis of the Cash Budget for Medieval Adventures yields a negative
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Question 1: Income Statement 31-Jan 28-Feb 31-Mar 30-Apr 31-May 30-Jun 31-Jul 31-Aug 30-Sep 31-Oct Sales 55000 82500 110000 137500 165000 192500 220000 247500 275000 302500 Cost of Goods Sold (35000) (52500) (70000) (87500) (105000) (122500) (140000) (157500) (175000) (192500) Gross Profit 20000 30000 40000 50000 60000 70000 80000 90000 100000 110000 Being in Business Cost (10000) (10000) (10000) (10000) (10000) (10000) (10000) (10000)
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Exposure Draft Accounting Standard (AS) 9 (Revised 20XX) (Corresponding to IAS 18) Revenue (Last date for Comments: June 07‚ 2010) Issued by Accounting Standards Board The Institute of Chartered Accountants of India 2 Exposure Draft Accounting Standard 9 (Revised 20XX) (Corresponding to IAS 18) Revenue Contents Objective Scope Definitions Measurement of revenue Identification of the transaction Sale of goods Rendering of services Interest‚ royalties and dividends Disclosure Effective
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1. Why is important to include operating employees (non-managers) in the development and use of incentive programs? It is important to include operating employees (non-managers) in the development and use of incentive programs in order to disseminate the desired business goals. This is especially true for manufacturing companies where the operating employees play a major role in the organization reaching preset goals. Operating employees (non-managers) are able to contribute information or
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Question 1 Suppose Nike‚ Inc. reported the following plant assets and intangible assets for the year ended May 31‚ 2014 (in millions): other plant assets $965.8; land $221.6; patents and trademarks (at cost) $515.1; machinery and equipment $2‚094.3; buildings $974; goodwill (at cost) $193.5; accumulated amortization $47.7; and accumulated depreciation $2‚298. Prepare a partial balance sheet for Nike for these items. (List Property‚ Plant and Equipment in order of Land‚ Buildings and Equipment
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Acquisition of legal subsidiary in bankruptcy According to the fact of this case‚ Parent Co. (Parent) wholly owns Poor Son Co. (Poor Son) as a legal subsidiary‚ and both of them all nonpublic companies. However‚ in January 2007 Poor Son filed a voluntary bankruptcy under Chapter 11 of the U.S. bankruptcy code because of its inability of meet obligations as they became due. Then‚ Parent claimed the loss of control of Poor Son and deconsolidated Poor Son from its financial statement. Through the
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Review of Accounting Fundamentals The Accounting Equation Assets = Liabilities + Equity Equity = Contributed Capital + Retained Earnings Retained Earnings = Beginning Retained Earnings + Net Income for the Period – Dividends Net Income = Revenues – Expenses + Gains – Losses Assets ( Probable future economic benefits obtained or controlled by a particular accounting entity as a result of past transactions or events Liabilities ( Probably future sacrifices of economic benefits
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The American University in Cairo School of Business Department of Management MOIS 508 DR. Sami Akabawy Spring 2012 Assignment #1 (Chap. 1‚2 &3) Hadil Kamel 900-04-0195 Chapter 1: * Why would Carl Williams ask a non-technical manager to assume the CIO position? * For a CIO to be successful‚ especially at times when IT presents a problem area‚ he or she has to have more than just solid IT background. The CIO needs to have good management skills; they need to be a fixer
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Horngren‚ C.T.‚ Datar‚ S.M. and Foster‚ G. (2003) Cost Accounting - A Managerial Emphasis‚ Pearson Education‚ Inc.‚ New Jersey‚ Eleventh Edition CHAPTER 11 DECISION MAKING AND RELEVANT INFORMATION 11-1 The five steps in the decision process outlined in Exhibit 11-1 of the text are: 1. 2. 3. 4. 5. Obtain information Make predictions about future costs Choose an alternative Implement the decision Evaluate performance to provide feedback 11-2 Relevant costs are expected future costs that differ
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Chapter 11 THE STATEMENT OF CASH FLOWS Problems Problem 11-1 |2003 sales |$8‚743‚000 | |Less: Change in accounts receivable | (70‚000) | |Cash generated from sales during 2003 |$8‚673‚000 | Problem 11-2 a. Issuance of a 12-month note in return for $2 million cash is a financing source of cash. Use
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