Entries by mary WAMBUGU

On January 1, Easton Company had cash on hand of $90,000. All of January’s $200,000 sales were on account. December sales of $242,000 were also all on account.

August 30, 2019 in /by

On January 1, Easton Company had cash on hand of $90,000. All of January’s $200,000 sales were on account. December sales of $242,000 were also all on account. Experience has shown that Easton typically collects 25% of receivables in the month of the sale and the balance the following month. All materials and supplies are […]

 

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On June 1, 2019 Adelphi Corporation issued $130,000 of 6%, 5-year bonds. The bonds which were issued at 101, pay interest on January 1 and June 1.

August 30, 2019 in /by

Question 1) On June 1, 2019 Adelphi Corporation issued $130,000 of 6%, 5-year bonds.  The bonds which were issued at 101, pay interest on January 1 and June 1. Use this information to calculate the amount of bond discount or premium that is amortized with each interest payment. If this is discount amortization enter as a positive number. If this is […]

 

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On January 1, Easton Company had cash on hand of $95,000. All of January’s $204,000 sales were on account. December sales of $222,000 were also all on account.

August 30, 2019 in /by

Question 1) On January 1, Easton Company had cash on hand of $95,000. All of January’s $204,000 sales were on account. December sales of $222,000 were also all on account. Experience has shown that Easton typically collects 20% of receivables in the month of the sale and the balance the following month. All materials and supplies are purchased on […]

 

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Gartland (2016) suggests that governmental and not-for-profit entities account for approximately 8-12% of all claims reported to the AICPA Professional Liability Insurance Program, the claims for audit errors in

August 30, 2019 in /by

Question Gartland (2016) suggests that governmental and not-for-profit entities account for approximately 8-12% of all claims reported to the AICPA Professional Liability Insurance Program, the claims for audit errors in governmental and not-for-profit audits result in the highest defense and settlement costs paid by CPA firms. Why do you think that is possible? What can […]

 

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