Entries by Munene david

Dorchester Company had the following balances at the end of 2018 and 2019

May 5, 2020 in /by

Dorchester Company had the following balances at the end of 2018 and 2019 respectively: Net Credit Sales – $860,000 for 2018 and $912,000 for 2019. Accounts Receivable – $84,000 for 2018 and $107,000 for 2019. Allowance for Doubtful Accounts – $6,000 for 2018 and 6,500 for 2019 Calculate the accounts receivable turnover ratio to one […]

 

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Dorchester Company, on March 1, 2019 has a beginning Work in Process

May 5, 2020 in /by

Dorchester Company, on March 1, 2019 has a beginning Work in Process inventory of zero. All materials are added into production at the beginning of its production. There is only one production WIP inventory. On March 1, Dorchester started into production 14,500 units. At the end of the month there were 10,000 units completed and […]

 

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A new auditor is assigned to the allowance for doubtful accounts

May 5, 2020 in /by

A new auditor is assigned to the allowance for doubtful accounts and perform the analytical procedures detailed in the chart. There have been no significant changes during the year in either the client’s credit policies or customer base. Are there any auditing concerns about adjusting the allowance for doubtful accounts based on the information shown […]

 

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Charlie Corporation’s adjusted trial balance included the following items

May 5, 2020 in /by

Charlie Corporation’s adjusted trial balance included the following items (all account balances are normal): Accounts payable $65,000, Accounts receivable $31,000, Capital stock $100,000, Cash $50,000, Dividends $10,000, Goodwill $47,000, Interest expense $4,000, Interest payable $2,000, Inventory $37,000, Notes payable $80,000, Prepaid expenses $5,000, Property, plant & equipment $123,000, Retained earnings $46,000, Rent expense $18,000, Revenues […]

 

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