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BBA 2201 Columbia Southern University Cookie Creations Case Study
Instructions Cookie Creations (Chapters 11 and 15) This assignment is a continuation of the Cookie Creations case study ...
BBA 2201 Columbia Southern University Cookie Creations Case Study
Instructions Cookie Creations (Chapters 11 and 15) This assignment is a continuation of the Cookie Creations case study and focuses on Cookie Creations' liabilities (current and long-term). From the information gathered from the unit lesson, required unit resources, and suggested unit resources, read the Cookie Creations case study below, which is also available on p.11-37 (Chapter 11) and p. 15-38 (Chapter 15) in the textbook. The case study allows you to apply what you have learned about liabilities and the accounting process. This assignment will allow you to practice what you have learned so far. Part I Recall that Cookie Creations sells fine European mixers that it purchases from Kzinski Supply Company. Kzinski warrants the mixers to be free of defects in material and workmanship for 1 year from the date of original purchase. If the mixer has such a defect, Kzinski will repair or replace the mixer free of charge for parts and labor. The product must be shipped prepaid to an authorized Kzinski service center. The consumer pays the cost to ship the mixer. The cost to return the product to the consumer is paid by Kzinski. The authorized service center is located in Boston. Because Cookie Creations values serving its customers, it pays the shipping to Boston for any mixers needing repair under Kzinski’s warranty terms. Based on past experience, Kzinski has found that approximately 10% of mixers are returned for repair or replacement. The average cost to ship a mixer to Boston is $60. The following transactions take place in 2020 and 2021. A total of 30 mixers are sold in 2020.Four of the mixers sold in 2020 are returned for repair in 2021. The total shipping cost for returning these four mixers to Boston is $210. A total of 40 mixers are sold in 2021.Two of the mixers sold in 2021 are returned for repair in 2021. The total shipping cost for returning these two mixers to Boston is $55. For Part I of the assignment, complete the tasks listed below using Excel. Calculate Cookie Creations’ warranty liability for the shipping costs at December 31, 2020.Record the estimated warranty liability at December 31, 2020.Prepare the summary journal entry (or entries) to record the shipment of the six mixers (four from the 2020 sales and two from the 2021 sales) for warranty repair in 2021. d. Calculate Cookie Creations’ warranty liability at December 31, 2021. (Hint: Note that there is no liability outstanding for the mixers sold in 2020. The 1-year warranty period has expired.)Record the estimated warranty liability at December 31, 2021. (Hint: Similar to accounting for bad debts, consider any existing balance in the warranty liability account when you prepare your entry. You will find it helpful to prepare a general ledger account for the warranty liability and to post the above transactions.) Part II Natalie and Curtis have been experiencing great demand for their cookies and muffins. As a result, they are now thinking about buying a commercial oven. They know which oven they want and that it will cost $17,000. The company already has $5,000 set aside for the purchase and will need to borrow the rest. Natalie and Curtis met with a bank manager to discuss their options. She is willing to lend Cookie & Coffee Creations Inc. $12,000 on November 1, 2020, for 3 years at a 5% interest rate. The terms provide for fixed principal payments of $2,000 on May 1 and November 1 of each year plus 6 months of interest. For Part II of the assignment, complete the tasks listed below. Prepare a payment schedule for the life of the note. Prepare the journal entry for the purchase of the oven and the issue of the note payable on November 1, 2020. Prepare the journal entries on May 1 and November 1 for the note.Determine the current portion of the note payable and the long-term portion of the note payable at October 31, 2021. Parts I and II should be submitted in a single Excel spreadsheet. You will use a new tab to complete each transaction for both Parts I and II for a total of nine separate tabs or sheets. Submit the Excel spreadsheet in Blackboard.
2 pages
Law Enforcement Recruiting
When it comes to a police department recruiting new officers a lot of things have to be taken into consideration in order ...
Law Enforcement Recruiting
When it comes to a police department recruiting new officers a lot of things have to be taken into consideration in order for success. Training and ...
ACC 403 Auditing Assignment 2. Audit Planning and Control
Assignment
2: Audit Planning and Control
It is common industry
knowledge that an audit plan provides the ...
ACC 403 Auditing Assignment 2. Audit Planning and Control
Assignment
2: Audit Planning and Control
It is common industry
knowledge that an audit plan provides the specific guidelines
auditors must follow when conducting an external audit. External
public accounting firms conduct external audits to ensure outside
stakeholders that the company’s financial statements are prepared
in accordance with generally accepted accounting principles (GAAP) or
International Financial Reporting Standards (IFRS) standards.
Use the Internet to select
a public accounting company that appeals to you. Imagine
that you are a senior partner in a public accounting firm hired to
complete an audit for the chosen public company.
Write a four to six (4-6)
page paper in which you:
Outline the critical
steps inherent in planning an audit and designing an effective audit
program. Based upon the type of company selected, provide specific
details of the actions that the company should undertake during
planning and designing the audit program.
Examine at least two
(2) performance ratios that you would use in order to determine
which analytical tests to perform. Identify the accounts that you
would test, and select at least three (3) analytical procedures that
you would use in your audit.
Analyze the balance
sheet and income statement of the company that you have selected,
and outline your method for evidence collection which should
include, but not be limited to, the type of evidence to collect and
the manner in which you would determine the sufficiency of the
evidence.
Discuss the audit risk
model, and ascertain which sampling or non-sampling techniques you
would use in order to establish your preliminary judgment about
materiality. Justify your response.
Assuming that the end
result is an unqualified audit report, outline the primary
responsibilities of the audit firm after it issues the report in
question.
Use at least two (2)
quality academic resources in this assignment. Note:
Wikipedia and other Websites do not qualify as academic resources.
Your assignment must follow
these formatting requirements:
Be typed, double
spaced, using Times New Roman font (size 12), with one-inch margins
on all sides; citations and references must follow APA or
school-specific format. Check with your professor for any additional
instructions.
Include a cover page
containing the title of the assignment, the student’s name, the
professor’s name, the course title, and the date. The cover page
and the reference page are not included in the required assignment
page length.
The specific course
learning outcomes associated with this assignment are:
Plan
and design a generalized audit program.
Determine
the nature and extent of evidence accumulated to conduct an audit
after considering the unique circumstances of an engagement.
Evaluate
a company’s various risk factors and the related impact to the
audit process.
Evaluate effective
internal controls that minimize audit risk and potentially reduce
the risk of fraud.
Use
technology and information resources to research issues in auditing.
Write clearly and
concisely about auditing using proper writing mechanics.
9 pages
Reviewed Paper
The images of change highlight the various assumptions which are made about change by the change managers which draw atten ...
Reviewed Paper
The images of change highlight the various assumptions which are made about change by the change managers which draw attention to the images of change ...
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BBA 2201 Columbia Southern University Cookie Creations Case Study
Instructions Cookie Creations (Chapters 11 and 15) This assignment is a continuation of the Cookie Creations case study ...
BBA 2201 Columbia Southern University Cookie Creations Case Study
Instructions Cookie Creations (Chapters 11 and 15) This assignment is a continuation of the Cookie Creations case study and focuses on Cookie Creations' liabilities (current and long-term). From the information gathered from the unit lesson, required unit resources, and suggested unit resources, read the Cookie Creations case study below, which is also available on p.11-37 (Chapter 11) and p. 15-38 (Chapter 15) in the textbook. The case study allows you to apply what you have learned about liabilities and the accounting process. This assignment will allow you to practice what you have learned so far. Part I Recall that Cookie Creations sells fine European mixers that it purchases from Kzinski Supply Company. Kzinski warrants the mixers to be free of defects in material and workmanship for 1 year from the date of original purchase. If the mixer has such a defect, Kzinski will repair or replace the mixer free of charge for parts and labor. The product must be shipped prepaid to an authorized Kzinski service center. The consumer pays the cost to ship the mixer. The cost to return the product to the consumer is paid by Kzinski. The authorized service center is located in Boston. Because Cookie Creations values serving its customers, it pays the shipping to Boston for any mixers needing repair under Kzinski’s warranty terms. Based on past experience, Kzinski has found that approximately 10% of mixers are returned for repair or replacement. The average cost to ship a mixer to Boston is $60. The following transactions take place in 2020 and 2021. A total of 30 mixers are sold in 2020.Four of the mixers sold in 2020 are returned for repair in 2021. The total shipping cost for returning these four mixers to Boston is $210. A total of 40 mixers are sold in 2021.Two of the mixers sold in 2021 are returned for repair in 2021. The total shipping cost for returning these two mixers to Boston is $55. For Part I of the assignment, complete the tasks listed below using Excel. Calculate Cookie Creations’ warranty liability for the shipping costs at December 31, 2020.Record the estimated warranty liability at December 31, 2020.Prepare the summary journal entry (or entries) to record the shipment of the six mixers (four from the 2020 sales and two from the 2021 sales) for warranty repair in 2021. d. Calculate Cookie Creations’ warranty liability at December 31, 2021. (Hint: Note that there is no liability outstanding for the mixers sold in 2020. The 1-year warranty period has expired.)Record the estimated warranty liability at December 31, 2021. (Hint: Similar to accounting for bad debts, consider any existing balance in the warranty liability account when you prepare your entry. You will find it helpful to prepare a general ledger account for the warranty liability and to post the above transactions.) Part II Natalie and Curtis have been experiencing great demand for their cookies and muffins. As a result, they are now thinking about buying a commercial oven. They know which oven they want and that it will cost $17,000. The company already has $5,000 set aside for the purchase and will need to borrow the rest. Natalie and Curtis met with a bank manager to discuss their options. She is willing to lend Cookie & Coffee Creations Inc. $12,000 on November 1, 2020, for 3 years at a 5% interest rate. The terms provide for fixed principal payments of $2,000 on May 1 and November 1 of each year plus 6 months of interest. For Part II of the assignment, complete the tasks listed below. Prepare a payment schedule for the life of the note. Prepare the journal entry for the purchase of the oven and the issue of the note payable on November 1, 2020. Prepare the journal entries on May 1 and November 1 for the note.Determine the current portion of the note payable and the long-term portion of the note payable at October 31, 2021. Parts I and II should be submitted in a single Excel spreadsheet. You will use a new tab to complete each transaction for both Parts I and II for a total of nine separate tabs or sheets. Submit the Excel spreadsheet in Blackboard.
2 pages
Law Enforcement Recruiting
When it comes to a police department recruiting new officers a lot of things have to be taken into consideration in order ...
Law Enforcement Recruiting
When it comes to a police department recruiting new officers a lot of things have to be taken into consideration in order for success. Training and ...
ACC 403 Auditing Assignment 2. Audit Planning and Control
Assignment
2: Audit Planning and Control
It is common industry
knowledge that an audit plan provides the ...
ACC 403 Auditing Assignment 2. Audit Planning and Control
Assignment
2: Audit Planning and Control
It is common industry
knowledge that an audit plan provides the specific guidelines
auditors must follow when conducting an external audit. External
public accounting firms conduct external audits to ensure outside
stakeholders that the company’s financial statements are prepared
in accordance with generally accepted accounting principles (GAAP) or
International Financial Reporting Standards (IFRS) standards.
Use the Internet to select
a public accounting company that appeals to you. Imagine
that you are a senior partner in a public accounting firm hired to
complete an audit for the chosen public company.
Write a four to six (4-6)
page paper in which you:
Outline the critical
steps inherent in planning an audit and designing an effective audit
program. Based upon the type of company selected, provide specific
details of the actions that the company should undertake during
planning and designing the audit program.
Examine at least two
(2) performance ratios that you would use in order to determine
which analytical tests to perform. Identify the accounts that you
would test, and select at least three (3) analytical procedures that
you would use in your audit.
Analyze the balance
sheet and income statement of the company that you have selected,
and outline your method for evidence collection which should
include, but not be limited to, the type of evidence to collect and
the manner in which you would determine the sufficiency of the
evidence.
Discuss the audit risk
model, and ascertain which sampling or non-sampling techniques you
would use in order to establish your preliminary judgment about
materiality. Justify your response.
Assuming that the end
result is an unqualified audit report, outline the primary
responsibilities of the audit firm after it issues the report in
question.
Use at least two (2)
quality academic resources in this assignment. Note:
Wikipedia and other Websites do not qualify as academic resources.
Your assignment must follow
these formatting requirements:
Be typed, double
spaced, using Times New Roman font (size 12), with one-inch margins
on all sides; citations and references must follow APA or
school-specific format. Check with your professor for any additional
instructions.
Include a cover page
containing the title of the assignment, the student’s name, the
professor’s name, the course title, and the date. The cover page
and the reference page are not included in the required assignment
page length.
The specific course
learning outcomes associated with this assignment are:
Plan
and design a generalized audit program.
Determine
the nature and extent of evidence accumulated to conduct an audit
after considering the unique circumstances of an engagement.
Evaluate
a company’s various risk factors and the related impact to the
audit process.
Evaluate effective
internal controls that minimize audit risk and potentially reduce
the risk of fraud.
Use
technology and information resources to research issues in auditing.
Write clearly and
concisely about auditing using proper writing mechanics.
9 pages
Reviewed Paper
The images of change highlight the various assumptions which are made about change by the change managers which draw atten ...
Reviewed Paper
The images of change highlight the various assumptions which are made about change by the change managers which draw attention to the images of change ...
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