Accounts Receivable Essays

Acct Stuff

CASE 5 – Evidence 1. For each of the following specific audit procedures, indicate the type of audit procedure it represents: (1) inspection of records or documents, (2) inspection of tangible assets, (3) observation, (4) inquiry, (5) confirmation, (6) recalculation, (7) reperformance, (8) analytical procedures, and (9) scanning. a. Sending a written request to the client’s customers requesting that they report the amount owed to the client. a. Confirmation i. Existence; trying to determine if A/R is overstated. b. Examining…

Read >>

What Is Finance 4300_

Question 1 7.692 out of 7.692 points Chua Chang & Wu Inc. is planning its operations for next year, and the CEO wants you to forecast the firm’s additional funds needed (AFN). The firm is operating at full capacity. Data for use in your forecast are shown below. Based on the AFN equation, what is the AFN for the coming year? Last year’s sales = S0$200,000Last year’s accounts payable$50,000 Sales growth rate = g40%Last year’s notes payable$15,000 Last year’s total…

Read >>

Study Notes – Balance Management

Customer Flow: Taco Bell serves on average 1,500 customers per day (15 hours). On average there are 75 customers in the restaurant (waiting to place the order, waiting for the order to arrive, eating, etc.). How long does an average customer spend at Taco Bell and what is the average customer turnover? R=1,500 customers/day I=75 customers T=I/R=(75 cus/1,500 cus/day)x(15 hrs/day)x(60min/hr)=45 minutes Customer turnover=1/T=(1/45 min)x(60 min/hr)x(15 hrs/day)=20 times per day Job Flow: The Travelers Insurance Company processes 10,000 claims per year….

Read >>