Questions to be Answered:  Why is it important to closely monitor the company’s accounts receivable balance? Why could a large balance lead to cash flow problems?

Q: With the goal of attracting as many customers as possible in the CAR region, LISA Appliance Co.…

A: Working note: Computation of warranty expense for the year:

Q: a) On June 15th, a company sells $1mm of clothing that cost them $600k to Macy’s with 30 day terms.…

A: AFFECT UNDER BALANCE SHEET ON JUNE 30TH : THE COMPANY'S ACCOUNT RECEIVABLE WILL INCREASE WITH $1MM…

Q: Suppose you have been given a job as an Accounting Clerk in a retail store and have been asked by…

A: There are two types of accounting systems, one is Cash basis accounting and Accrual basis…

Q: Critically discuss the challenges in migrating from manual accounting records to accounting…

A: An accounting Information system refers to the process of accounting under which all the data is…

Q: 4 Clark Co.'s advertising expense account had a balance of P146.000 at December 31, 20x3, before any…

A: Note:“Since you have asked multiple questions, we will solve the first question for you. If you want…

Q: Compute for the following: a. Cost of sales b. Gross profit c. Operating Expenses

A: Cost of Sales: It represents the cost of manufacturing the service or goods sold. It is also known…

Q: With the goal of attracting as many customers as possible in the CAR region, LISA Appliance Co.…

A: Premium expenses meaning in the context of sales promotion are those expenses which are given free…

Q: 1. Al Mohsin LLC expects to have RO 8,000 cash balance at the beginning of April. 2. Period of…

A: Cash Budget A cash budget provides the idea of cash inflows and outflows of a company for a…

Q: Ultra Day Spa provided $93,650 of services during Year 1. All customers paid for the services with…

A: The balance sheet includes the assets, liabilities, and stockholders' equity of the company.…

Q: Gingerbread Corp received an advance cash payment from a customer for 40 gingerbread kits at $10 per…

A: Revenue unearned is a liability. Advance cash payment received is a unearned revenue. Increase in…

Q: The net income of Cruz', a department store, decreased sharply during 20X5. Mark Cruz, owner of the…

A: The income represents the earnings after subtracting the expenses in the period in which these are…

Q: E5-33. Assessing Revenue Recognition Timing Explain when each of the following businesses fulfills…

A: The question is related to Revenue Recognition. Revenue Recognition deals with tfhe timing when…

Q: 8. The company sold P250,000 goods for P300,000, on account. Terms: 5%, 3/10, 9. In connection with…

A: The journal keeps the record for day to day transactions of the business on regular basis. The…

Q: 3) A large retailer obtains merchandise under the credit terms of 3/10, net 30, but routinely takes…

A: Discount Rate = 3% Discount Period = 10 days Credit Period = 50 days

Q: Lacoste Inc. receives a 90 day 6% note receivable from a client for the repair of 5 sets of…

A: Note receivable amount (P) = P 25,000 Period = 90 days Period from 31 October to 31 December (D) =…

Q: Dress-for-Success, Inc. is a successful C Corporation in its sixth year of business and already has…

A: Introduction:- Dress-for-Success, Inc. is a successful C Corporation with total revenues of $5…

Q: Our company operating in the food sector rented the van belonging to the business on 01.12.2021 for…

A: Journal Entry Business transactions are recorded through journal entry in the accounting system for…

Q: Secure Home provides house-sitting for people while they are away on vacation. Some of its customers…

A: Accrual basis of accounting: Accrual basis of accounting refers to recognizing the expenses and…

Q: Dress-for-Success, Inc. is a successful C Corporation in its sixth year of business and already has…

A: The Generally Accepted Accounting Principles (GAAP or US GAAP) are a set of accounting rules and…

Q: 24 Paid the shop assistant for the one week salary, P3,600. 25 Cash service income for the week,…

A: Statement of Owner's Equity - Statement of owner's equity includes amount contributed by the owner…

Q: Applying the revenue recognition principle Seacoast Magazine  sells subscriptions for $36 for 18…

A: a. As per the principal of revenue recognition, revenue should be recognized/recorded when it is…

Q: Dress-for-Success, Inc. is a successful C Corporation in its sixth year of business and already has…

A: Dress for success inc. should use GAAP.   ACCRUAL BASIS METHOD   IT IS A METHOD RECORDS REVENUE WHEN…

Q: The sales clerks of Teresa's Treasures are paid a salary of $225 per week plus a commission of 8% on…

A: 1. Tina Valendez Commission = $ 2,392.50 x 8% = $ 191.4 2. Jan Yarrow  Commission = $ 3,480.75 x 8%…

Q: What are the ethical considerations George Green faces as a result of the recent events?

A: Ethics It is a morality of doing or not doing an act for the sake of maintaining value. All sorts…

Q: 2. Tortellini Inc. payables policy is being revised. It has an annual c P50,735,000, an inventory…

A: The inventory management will include ordering of goods, storing/holding of goods, work in progress…

Q: a. RealMoney.Com, a division of TheStreet Inc., provides investment advice to customers for an up c.…

A: The question is related to Revenue Recognition.  The recognition of revenue arising in the course of…

Q: ick Depot buys tools from a supplier with an invoice amount of $19,700. The terms of the sale are…

A: Working capital finance is a type of business financing that is used to increase a company's working…

Q: The net income of Cruz', a department store, decreased sharply during 20X5. Mark Cruz, owner of the…

A:

Q: All of this makes sense, thank you, except for Sept 22nd the Cost of Sales is missing. (On Sept 22,…

A: Cost of sale refers to the cost incurred in producing a product in the manufacturing unit which…

Q: An accountant recommends a local computer company to a client that is trying to upgrade its…

A: Commission is a percentage fees charged for professional services in connection with executing a…

Q: Selam Eatery operates a catering service specializing in business luncheons for large corporations.…

A: Given, Selam Eatery operates a catering service specializing in business luncheons for large…

Q: You have just been hired as a financial manager for BEE Inc. Management has provided you with the…

A: Please note that as per the guidelines, we are required to answer only the first three questions.…

Q: On 9/1, Bugsy Pest Control receives $12,000 in advance to provide provide pest control services to a…

A: Receipt of advance increases unearned revenue and increases cash on 9/1.

Q: 4. Mr.Wang plans to leave his job as a professor of a college to open his own outdoors goods store.…

A: Explicit costs are the costs that are paid out of the pocket and results in actual outflow of cash.…

Q: The credit terms offered to a customer by a business firm are 2/10, n/30, which means that the…

A: Credit term refers to a payment term mentioned in the invoice which stated the timing and payment of…

Q: The net income of Cruz', a department store, decreased sharply during 20X5. Mark Cruz, owner of the…

A: Solution Net income refers the income which ia generated after deducting costs , allowances and…

Q: Selane Eatery operates a catering service specializing in business luncheons for large corporations.…

A: Revenue recognition principle states that the revenue must be recognized when it is earned,…

Q: 24 Paid the shop assistant for the one week salary, P3,600. 25 Cash service income for the week,…

A: Income Statement - This statement shows the income earned and loss incurred by the organization in…

Q: Erin's Hair Styling files GST returns quarterly. During the first quarter of the year, Erin billed…

A: In 2021 year, GST Rates in Canadian Provinces and Territories is 5%

Q: The sales clerks of Teresa's Treasures are paid a salary of $225 per week plus a commission of 8% on…

A: In this question we have been asked to calculate the total earning of sales men. For which we have…

Management Information Systems

While undertaking any business decisions, data is the most important aspect. An information system (IS) is a set of data, computing devices and management methods that support routine company operations. A management information system (MIS) is a specific subset of IS.