Sandra Wilson Week 2 Discussion 1 Dreams Do Come True Imagine that you have decided you need a new car‚ but not any car will do; you have decided to purchase the car of your dreams. Conduct some research as to the cost of this car. You have determined in this imagined scenario that you could afford to make a 10% down payment. You can borrow the balance either from your local bank using a four-year loan or from the dealership’s finance company. If you purchase from your dealership’s finance
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Week 1‚ DQ 1: How would you describe the entries to record the disposition of accounts receivables? What is their function? Since the majority of US thrive on the use of credit cards‚ the accounts receivables for a company may no longer be on a cash-to-cash basis. A company may need to sell these accounts to other companies who specialize in handling accounts receivables if they need cash more quickly or if it would be too costly to perform the necessary billing to collect on the account. The
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Ethics ACC/291 August 4‚ 2012 Ethics The Sarbanes-Oxley Act of 2002 was approved in order to keep corporations form scamming the government. The law was a consequence of many corporate scams. This law was to protect the investors and give them the correct information and to make the corporations reveal all information which may impact an investor’s judgment of the corporation. This act/law will make corporations complete an internal audit from time to time as to keep all the information correct
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Direct and Indirect Cash Flow Cassandra Stewart ACC 291 June 18‚ 2014 Susan Schulz / Direct and Indirect Cash Flow Differences between direct and indirect cash flow are just what they seem. Direct statement of cash flow identifies a company’s sources and uses of cash. This cash flow has three sections that include operating‚ investing‚ and financing activities. Operating activities includes receipts and payments from normal business operations. Investing activities include the purchase
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Transactions Accounting Principles General Journal Cash Account Purchases ledger Sales ledger General ledger Trail Balance Jan 1 Started business by borrowing a loan of $50 000 from the Centrex Commercial Bank which was invested into the business along with his personal savings of $50 000. The loan carries an interest rate of 12% per annum. The following transactions took place during the year. 1 Purchased the following assets and paid for them by cash: Furniture and Fittings
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supplies on account is recorded as a debit to the Purchases account and a credit to the Accounts Payable account. A) True B) False 4. A subsidiary ledger containing only creditors’ accounts is called the accounts payable ledger. A) True B) False 5. Fast Lane Automotive received merchandise that had an invoice value of $6‚500. The journal entry to record the receipt of these goods is A) debit Purchases $6‚500
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The property in Pete’s area is assessed at 40% of the market value. The tax rate is $105.10 per $1‚000 of assessed value. What is Pete’s property tax? 17.Jim Smith‚ who lives in Territory 5‚ carries 10/20/5 compulsory liability insurance along with optional collision that has a $200 deductible. Jim was at fault in an accident that caused $1‚800 damage to the other auto and $600 damage to his own. Also‚ the courts awarded $13‚000 and $8‚000 respectively
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P9-7A The intangible assets section of Redeker Company at December 31‚ 2011‚ is presented below. Patent ($70‚000 cost less $7‚000 amortization) $63‚000 Franchise ($48‚000 cost less $19‚200 amortization) 28‚800 * Total $91‚800 * The patent was acquired in January 2011 and has a useful life of 10 years. The franchise was acquired in January 2008 and also has a useful life of 10 years. The following cash transactions may have affected intangible assets during 2012. Jan. 2 Paid $45‚000
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E13-1 Pioneer Corporation had these transactions during 2011. (a) Issued $50‚000 par value common stock for cash. (b) Purchased a machine for $30‚000‚ giving a long-term note in exchange. (c) Issued $200‚000 par value common stock upon conversion of bonds having a face value of $200‚000. (d) Declared and paid a cash dividend of $18‚000. (e) Sold a long-term investment with a cost of $15‚000 for $15‚000 cash. (f) Collected $16‚000 of accounts receivable. (g) Paid $18‚000 on accounts payable
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the file ACC 291 Week 3 Reflection Summary you will find overview of the following parts: Calculating stock‚ dividends‚ and stock splits Differentiate types of stocks issued by corporations. Reference Business - Accounting ACC 291 All Week 3 Assignments - Individual WileyPlus Assignment Includes: Week 3 Chapter 11 practice quiz 1 Week 3 Chapter 12 Practice quiz 1 Week 3 reflection summary Week 3 Discussion questions 1 and 2 Week 3 Individual
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