2.9 0 18.6 0 0 0 0 0 0 3 0 0 0.7 0 Total Asset 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 Liabilities & Equity Accounts Payable 9.8 2.2 7.4 9.1 38.3 18 35.1 22.6 6.7 8.5 8.4 8.5 18 17.9 1.4 4.8 Debt in Current Liabilities 0.5 9.1 0 0 0 0 0.1 0 1.5 0 3.5 5.6 6.5 1.6 0.8 14.9 Income Taxes Payable 2.8 1.6 0.9 1.7 0 0 0 0 0 1.2 0.9 1 1.1 0.9 0.3 nmf Current Liabilities - Other 13 8.5 3.8 13.7 22.6 15.3 14.7 17.6 6.1 7.1 19.5 14.4 10.1 5.1 5.1 8.7 Current
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• Sentenced to 20 years in prison • Monus and Patrick Finn his CFO • Manipulated I.S. accounts (understate cost of goods sold and overstated inventory) for 6 years • Inventory went from $11 million in 1989 to $153 million in 1991!! • Investors lost over $1.1 billion after Stk. Equity overstated by $500 million. • Problems: Poor MIS‚ poor internal control (bypass accounts payable controls by having a supply of blank checks)‚ hands off management style of CFO‚ inadequate internal
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Break question – Chapter 13‚ lecture #1 Wilk Co. reported the following liabilities at December 31 of the current year: Accounts Payable – trade 750‚000 Short-term borrowings 400‚000 Bank loan‚ current portion $100‚000 3‚500‚000 Other bank loan 1‚000‚000 The bank loan of $3‚500‚000 was in violation of the loan agreement. The creditor had not waived the rights for the loan. Half the other bank loan will mature on June 30 next year‚ and the other half in the year following
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integrated into one another by way of data integration capabilities and a few modules to the extent of process integration. RYOT registration‚ Plot registration‚ Cutting permits‚ Cane weighment – interface with weigh bridge‚ Automatic cane account payable‚ Statutory reports‚ Recovery analysis etc. Interfaces to other Tools & Utilities such as Smart Card SMS MIS Dashboard Sugar industry is unique in its working process. Sugar industry’s production activity is seasonal in nature and
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communities D. Political forces Question Four: Which of the following people do NOT represent an example of a front-line manager? A. Sari‚ officer manager at Surrey Texts‚ a very large publisher B. Nathaniel‚ director of the Best Little Gym’s accounts payable department C. Maya‚ chief operating officer at Yulu‚ a small company that makes candles D. Susan‚ a crew chief for Skyway Airline Question Five: Which of the following statements is TRUE about an organization’s strategic vision statement? A
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approved for payment‚ and that receiving reports and purchase orders are all attached (occurrence). 3. To determine that postings to the cash disbursements journal are properly summarized and posted to the general ledger and are posted to the accounts payable master file (posting and summarization) 4. To determine that all check numbers are included to the cash disbursements journal‚ no check number is included more than once and voided checks are accounted for (completeness and occurrence).
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The Following procedure should be adopted for verifying bills payable: 1. The auditor should obtain a schedule of the bills payable which are outstanding as on the date of the balance sheet and tally the total of this schedule with the bills payable Book and bills payable account 2. The bills on which a payment has been made are received back in to the business. Therefore the amount of bills payable can be verified with respect to the bills received back into the
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Herrington‚ Jenifer Speckhard‚ Carmen Rowe‚ Dustin Sensabaugh September Minutes: Nikki moved to approve minutes as written‚ John 2nd‚ motioned carried. Treasurers Report: September standings are as follows; Checking balance $21‚904.28‚ accounts payable balance $24‚782.60‚ cash on hand -$2‚878.32‚ time certificates in the amount of $25‚475.67 which leaves a balance able to disburse of $22‚597.35. Dawn motioned to accept the treasurers report as written‚ Nikki 2nd‚ motion carried. Old Business:
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Company Overview The ABC Parts Company (ABC) is a company that distributes parts to consumers and automobile dealers. The company is more that 1‚000 dealerships strong within the western United States. ABC sells automobile parts and accessories‚ retail to consumers and wholesale to dealerships. Currently ABC ’s parts catalog is either hard copy or on a monthly distributed CD. Defining the Problem As new parts are added to the catalog‚ ABC is not aware of their availability until the new catalog
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in and out of a business 4. How is a company’s gross profit calculated? (0.5 points) Gross profit is calculated as the difference between revenues from selling products and services and the cost of goods sold 5. What are a company’s accounts payable? (0.5 points) The money the company owes to other people Lesson 2 (3.0 points) 1. What is an invoice? (0.5 points) A bill of the debts you owe later 2. What is an income statement? (0.5 points) Financial statement for results
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