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 The cash disbursements journal also is called the a)      Voucher register. b)      Purchases journal. c)      Check register. d)      Accounts payable subsidiary ledger.   In assessing control risk for purchases, an auditor vouches a sample of entries in the voucher register to the supporting documents.  Which assertion would this test of controls most likely support? a)      […]

Managerial Accounting 1B Financial and Managerial Accounting Chapter 12 Exercise 12-5B Computation of cash flows (direct) L.O. P5          Case A:  Compute cash received from customers:        Sales $ 510,000      Accounts receivable, December 31, 2011   2 5,200      Accounts receivable, December 31, 2012   34,800   […]

Mini Case Study Week 3; Assignment One Data: In parts “a” and “b” clearly label the calculation of the required ratios and solve using Excel. Use formulas to calculate the ratios and format the cells to insert a comma if there is more than three numbers. Round to two decimal places. No narrative analysis is […]

Managerial Accounting 1B Financial and Managerial Accounting Chapter 24 1.Exercise 24-1 Payback period computation; even cash flows L.O. P1 Compute the payback period for each of these two separate investments:   a. A new operating system for an existing machine is expected to cost $2 60,000 and have a useful life of five years. The […]

 The annual sales for Salco Inc. were $4.5 million last year. The firm’s end-of-year balance sheet was as follows: Current assets $  500,000   Liabilities $1,000,000 Net fixed assets 1,500,000   Owners’ equity 1,000,000   $2,000,000     $2,000,000 The firm’s income statement for the year was as follows: Sales $ 4,500,000 Less cost of goods […]

1.Suppose that a couple will have three children. Letting B denote a boy and G denote a girl:     a. Draw a tree diagram depicting the sample space outcomes for this experiment                   b. List the sample space outcomes that correspond to each of the following events:                  1) All 3 children will […]

Managerial Accounting 1B Financial and Managerial Accounting Chapter 23   1. Exercise 23-2 Scrap or rework L.O.A1 A company must decide between scrapping or reworking units that do not pass inspection. The company has 15,000 defective units that cost $6.00 per unit to manufacture. The units can be sold as is for $2.50 each, or […]

Better Food Company recently acquired an olive oil processing company that has an annual capacity of 2,000,000 liters, and that processed and sold 1,400,000 liters last year at a price of $4 per liter.  The purpose of the   acquisition was to furnish oil for the Cooking Division.  The Cooking   Division needs 800,000 liters […]

A balance per the bank on May 31, $8,000. 2. Deposits in transit not recorded by the bank, $975. 3.Bank error; check written by Allen Supply was charged to superior Auto Supplies account, $650. 4.The following checks written and recorded by superior Auto Supply were not included in the bank statement: 5.Note collectes by the […]

B2. (Dividend policy) A firm has 20 million common shares outstanding. It currently pays out $1.50 per share per year in cash dividends on its common stock. Historically, its payout ratio has ranged from 30% to 35%. Over the next five years it expects the earnings and discretionary cash flow shown below in millions. a. […]