Statement of Cash Flows STATEMENT OF CASH FLOWS 1 The Statement of Cash Flows is a very viable and helpful resource. Decision makers use the Statement of Cash Flows in many instances to assess the viability of a firm. Within the statement are many types of elements that are incorporated to create the complete Statement of Cash Flows. Also within the statement is what is known as the inflows and outflows. In some cases‚ activity notes may be incorporated to help complete
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Last four digits of student ID #: Name of the business: Dawson Lumber Company Nature of the business: Wholesale Lumber Business Marketing Analysis: The Dawson Lumber Company was founded in the 1870s by the Dawson family to market the lumber on their land. In 1950‚ Dawson Lumber owned four small lumber yards in the Corn wall area‚ each operating as a separate company. However‚ in 1965‚ J.H. Dawson became president and amalgamated the four companies into the Dawson Lumber Company. The
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Phase 1: DB 2—Financial Reporting Model Colorado technical University ACCT300-1202B-01: Intermediate Accounting I I am a coworker and friend to Mr. Ethics. This morning at break‚ he appeared to look worried and under a lot of stress. Being his friend‚ I ask if he needed to talk. He told me that Mr. Fraud‚ the CEO of the company for which we work‚ called him into his office and asked him to adjust the books so that a spot of land purchased is recorded at book value of $50‚000 rather than the price
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CASE DESCRIPTION The primary subject matter of this case concerns receivables management. Secondary issues examined include the impact of a client’s financial distress on a firm’s cashflows; the use financial accounting data to challenge a firm’s going concern principle and the formulation of new business strategies when the unexpected happens to a firm. The case is appropriate for first year graduate level. The case is designed to be taught in two class hours and is expected to require five
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The profession of accounting includes many different job settings. The main fields for accounting include public‚ private‚ and government accounting. Public accountants work on a fee for service basis‚ either independently or as a member of an accounting firm. They are then hired by individuals or businesses for the purposes of preparing financial statements‚ auditing‚ tax preparation‚ and investigations. (1) Private accountants are employed by companies‚ for which they develop and maintain the
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Sears Vs. Walmart Financial Performance Comparison Profit Margin Profit Margin‚ Sears Co. | | 1997 | | 1996 | | 1995 | Net income | 1‚188 | -6.53% | 1‚271 | -29.43% | 1‚801 | Total revenues | 36‚371 | 7.76% | 33‚751 | 8.41% | 31‚133 | Profit Margin | 3.27% | | 3.77% | | 5.78% | This Profit Margin ratio is acceptable‚ though not high. The result means that for each dollar of sales at Sears Co.‚ the company earns only 3.27 cents in 1997‚ compared to 3.77 cents and 5.78 cents in 1996 and 1995 respectively
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Allowance for Doubtful Debts account and the Bad Debts Expense account for years ending 30 June 2013 and 30 June 2014. B. Prepare the necessary general journal entries to bring the allowance for doubtful debts to the appropriate amount at 30 June 2013 and 30 June 2014. A. Allowance for Doubtful Debts 2013 30/6 2012 Accounts Receivable $33 120 1/7 Balance $16 200 2013 Balance 25 000 30/6 Bad Debts Expense $58 120 41 920 $58 120 2013 2014 Accounts Receivable 23 380 1/7 June 30 Balance
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1/2/20X3 Purchases on account: 500 units @ $6 = $3‚000 Dr Merchandise Inventory 2‚000 Cr Accounts Payable 2‚000 • 1/15/20X3 Sales on account: 300 units @ $8.50 = $2‚550 Dr Accounts Receivable 2‚550 Cr Sales 2‚550 Dr Cost of Goods Sold 1‚200 (300 x $4) Dr Merchandise Inventory 1‚200 • 1/20/20X3 Purchases on Account: 200 units @ $5 = $1‚000 Dr Merchandise Inventory 1‚000 Cr Accounts Payable 1‚000 • 1/25/20X3 Sales on Account: 300 units @ $8.50 = $2‚550 Dr Accounts Receivable 2‚550 Cr Sales
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$2.63 in current asset relative to every $1 in current debt‚ compared to $2.5 in the average industry. And the firm has $1.64in cash and account receivables per $1 of current debt‚ compared to $1.35 for the industry average. The company has days in account receivable of 84.23 days‚ compared to an industry norm of 62.9 days. Thus‚ Asbil collects its receivables much slower than the average industry‚ which indicates that the firm is less liquid than the average firm in the industry. Also‚ for Asbil
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6. Wages of $1‚000 were paid as well as an account for electricity‚ $540. 7. Jeff paid for the supplies purchased in (5) above. 8. Supplies used during August amounted to $1‚280. Required: A. Prepare a schedule. List the following assets‚ liabilities and equity as column headings: Cash at Bank; Supplies; Equipment; Loan Payable; Accounts Payable; J. Drain‚ Capital. B. Show the effects of each of the transactions on the accounts listed. Indicate totals after each transaction
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