Help... Dual Competency
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Chapter 1 of your text states that accountants need a dual competency-technical proficiency and ethical sensibility. Explain in a couple of paragraphs what this means.
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Colorado State University Cost of Production Worksheet
Vonn Company, a furniture store, prepares its master budget on a quarterly basis. The following data have been assembled t ...
Colorado State University Cost of Production Worksheet
Vonn Company, a furniture store, prepares its master budget on a quarterly basis. The following data have been assembled to assist in preparing the master budget for the quarter:As of the end of the prior quarter, September 30, the company’s general ledger showed the following account balances:Cash $62,000 (debit)Accounts receivable $480,000 (debit)Inventory $78,000 (debit)Buildings and equipment, net $570,000 (debit)Accounts payable $193,000 (credit)Capital stock $300,000 (credit)Retained earnings $619,000 (credit)Actual sales for September and budgeted sales for the next four months are as follows: September $280,000, October $400,000, November $600,000, December $300,000 and January $200,000.Sales are 20% for cash and 80% on credit. All payments on credit sales are collected in the month following sale. The accounts receivable at December 31 are a result of December credit sales.The company’s gross margin is 40% of sales. (In other words, cost of goods sold is 60% of sales.)Monthly expenses are budgeted as follows: salaries and wages, $27,000 per month; advertising, $70,000 per month; shipping, 5% of sales; other expenses, 3% of sales. Depreciation, including depreciation on new assets acquired during the quarter, will be $42,000 per quarter.Each month’s ending inventory should equal 25% of the following month’s cost of goods sold.One half of the month’s inventory purchases is paid for in the month of purchase; the other half is paid in the following month.During November, the company will purchase a new copy machine for $1,700 cash. During December, other equipment will be purchased for cash at a cost of $84,500.During October, the company will declare and pay $45,000 in cash dividends.Management wants to maintain a minimum cash balance of $30,000. The company has an agreement with a local bank that allows the company to borrow in increments of $1,000 at the beginning of each month. The interest rate on these loans is 1% per month and for simplicity we will assume that interest is not compounded. The company would, as far as it is able, repay the loan plus accumulated interest at the end of the quarter.Required tasks:Using the data above, populate the following statements and schedules for the October-December quarter. Submit your responses in an Excel spreadsheet neatly organized. If desired, you may modify the schedule formats as necessary to show your work as long as all of the content is included.Schedule of expected cash collectionsSchedule of Expected Cash CollectionsOctoberNovemberDecemberQuarterCash salesCredit salesTotal CollectionsMerchandise purchases budgetMerchandise Purchases BudgetOctoberNovemberDecemberQuarterBudgeted Cost of Goods SoldAdd desired ending inventoryTotal needsLess beginning inventoryRequired purchasesSchedule of expected cash disbursements for merchandise purchasesSchedule of Expected Cash Disbursements-Merchandise PurchasesOctoberNovemberDecemberQuarterSeptember purchasesOctober purchasesNovember purchasesDecember purchasesTotal disbursementsSchedule of expected cash disbursements for selling and administrative expensesSchedule of Expected Cash Disbursements-Selling and Administrative ExpensesOctoberNovemberDecemberQuarterSalaries and wagesAdvertisingShippingOther expensesTotal disbursementsCash budget:Cash BudgetOctoberNovemberDecemberQuarterCash balance, beginningAdd cash collectionsTotal cash availableLess cash disbursementsFor inventoryFor selling & admin exp.For purchase of equipmentFor cash dividendsTotal cash disbursementsExcess (deficiency) of cashFinancing neededBorrowingsRepaymentsInterestNet borrowingsCash balance, endingSubmit your responses in an Excel spreadsheet, neatly organized. Reference Lynda.com in the CSU-Global Library (Links to an external site.) for Microsoft Excel tutorials or use the Excel Tutorials link found in the classroom if assistance is needed.
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Most Popular Content
Colorado State University Cost of Production Worksheet
Vonn Company, a furniture store, prepares its master budget on a quarterly basis. The following data have been assembled t ...
Colorado State University Cost of Production Worksheet
Vonn Company, a furniture store, prepares its master budget on a quarterly basis. The following data have been assembled to assist in preparing the master budget for the quarter:As of the end of the prior quarter, September 30, the company’s general ledger showed the following account balances:Cash $62,000 (debit)Accounts receivable $480,000 (debit)Inventory $78,000 (debit)Buildings and equipment, net $570,000 (debit)Accounts payable $193,000 (credit)Capital stock $300,000 (credit)Retained earnings $619,000 (credit)Actual sales for September and budgeted sales for the next four months are as follows: September $280,000, October $400,000, November $600,000, December $300,000 and January $200,000.Sales are 20% for cash and 80% on credit. All payments on credit sales are collected in the month following sale. The accounts receivable at December 31 are a result of December credit sales.The company’s gross margin is 40% of sales. (In other words, cost of goods sold is 60% of sales.)Monthly expenses are budgeted as follows: salaries and wages, $27,000 per month; advertising, $70,000 per month; shipping, 5% of sales; other expenses, 3% of sales. Depreciation, including depreciation on new assets acquired during the quarter, will be $42,000 per quarter.Each month’s ending inventory should equal 25% of the following month’s cost of goods sold.One half of the month’s inventory purchases is paid for in the month of purchase; the other half is paid in the following month.During November, the company will purchase a new copy machine for $1,700 cash. During December, other equipment will be purchased for cash at a cost of $84,500.During October, the company will declare and pay $45,000 in cash dividends.Management wants to maintain a minimum cash balance of $30,000. The company has an agreement with a local bank that allows the company to borrow in increments of $1,000 at the beginning of each month. The interest rate on these loans is 1% per month and for simplicity we will assume that interest is not compounded. The company would, as far as it is able, repay the loan plus accumulated interest at the end of the quarter.Required tasks:Using the data above, populate the following statements and schedules for the October-December quarter. Submit your responses in an Excel spreadsheet neatly organized. If desired, you may modify the schedule formats as necessary to show your work as long as all of the content is included.Schedule of expected cash collectionsSchedule of Expected Cash CollectionsOctoberNovemberDecemberQuarterCash salesCredit salesTotal CollectionsMerchandise purchases budgetMerchandise Purchases BudgetOctoberNovemberDecemberQuarterBudgeted Cost of Goods SoldAdd desired ending inventoryTotal needsLess beginning inventoryRequired purchasesSchedule of expected cash disbursements for merchandise purchasesSchedule of Expected Cash Disbursements-Merchandise PurchasesOctoberNovemberDecemberQuarterSeptember purchasesOctober purchasesNovember purchasesDecember purchasesTotal disbursementsSchedule of expected cash disbursements for selling and administrative expensesSchedule of Expected Cash Disbursements-Selling and Administrative ExpensesOctoberNovemberDecemberQuarterSalaries and wagesAdvertisingShippingOther expensesTotal disbursementsCash budget:Cash BudgetOctoberNovemberDecemberQuarterCash balance, beginningAdd cash collectionsTotal cash availableLess cash disbursementsFor inventoryFor selling & admin exp.For purchase of equipmentFor cash dividendsTotal cash disbursementsExcess (deficiency) of cashFinancing neededBorrowingsRepaymentsInterestNet borrowingsCash balance, endingSubmit your responses in an Excel spreadsheet, neatly organized. Reference Lynda.com in the CSU-Global Library (Links to an external site.) for Microsoft Excel tutorials or use the Excel Tutorials link found in the classroom if assistance is needed.
7 pages
Creating An Annual Budget For A Childcare Program 1
Creating a budget requires some knowledge in finance so as to end up with harmonized costs and relevant entries. I did my ...
Creating An Annual Budget For A Childcare Program 1
Creating a budget requires some knowledge in finance so as to end up with harmonized costs and relevant entries. I did my research on current market ...
FAU Global Human Resources Discussion
respond to each of the following in a single post answering each question individually:
Describe the development ...
FAU Global Human Resources Discussion
respond to each of the following in a single post answering each question individually:
Describe the development phases of an M&A and the respective HR implications.
In which way do cultural and institutional differences impact the HR integration in M&As and in IJVs?
What are some of the typical challenges for HRM in internationalized SMEs?
Global and international courses must use current resources - 2009 to current - as the global community is ever evolving.
Articles from 2009 – present only. Use your online library. No Wikipedia, BLOGS with Ads from Yahoo, UK Essay Buzzle.com, or sites that challenge as they present a biased opinion. Google Scholar is accepted. Works in APA Format with a minimum of 2 references.
Digital Literacy Audit Essay
Write: In a five-paragraph essay that is two to three pages in length, address the following bullet points:Paragraph 1: Di ...
Digital Literacy Audit Essay
Write: In a five-paragraph essay that is two to three pages in length, address the following bullet points:Paragraph 1: Discuss at least three ways in which changes in digital technology have impacted your personal, academic, and professional life. PLEASE USE THE BELOW EXAMPLES TO GUIDE YOU THROUGH THE ESSAYPersonal: keeps me in touch with family that are overseas and in other towns, states (facebook) Academic: using digital technology for research and to earn my degree i.e. Ashford UniversityProfessional: since I'm a recruiter, I use technology from social media, LinkedIn, google, facebook to applications/systems like microsoft Xcel, ATS (applicant tracking systems) to help manage and find new talentParagraph 2: Define “digital citizenship“ in your own words and describe three ways in which you plan to practice good digital citizenship in your personal, academic, and professional life.Paragraph 3: Select three digital tools presented in this course and explain how you will use each one of them in your personal, academic, or professional life. (Hint: Review the Digital Tools page)Paragraph 4: Critically evaluate your own social media use. Explain any changes you should make to maintain safety and security to your personal and professional online presence. Analyze the benefits and risks of the increasing use of social media in our society.Paragraph 5: Identify three pieces of financial information that will help you make informed financial decisions about your future and eventual retirement.If you should need it my login information for the course text (GEN 102) is:Username: CHVERN1503Password: Dasher326 This assignment must be double-spaced, written in Times New Roman 12-pt. font and submitted to Waypoint as a Microsoft Word document.
Business Analytics Project
Hello I need help completing a business analytic project that includes excel work and a few short questions. It is easy to ...
Business Analytics Project
Hello I need help completing a business analytic project that includes excel work and a few short questions. It is easy to do and shouldn't take longer than 2 hours but I am paying for almost three hours of work. Thank you and let me know if you have any questions.
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