10, 11, 12, 13 13, 14, 15. It would appear that Forzani's is managing their inventory more efficiently which has resulted in the decrease in number of days to sell inventory and overall operating cycle. However, its current ratio is lower than the industry average of 1. Establishing an allowance for doubtful accounts satisfies the matching principle because when the year end adjusting journal entry is prepared bad debts expense is increased and the allowance for doubtful accounts is also increased. This could be attributed to Suncor's securitization program. Accounting principles third canadian edition chapter 8 answers key. 25% x 1/12 = MGH $10, 200 x 6% x 1/12 = Total. 5% x 1/12 = 46 MJH Corp. $ 9, 000 x 5% x 1/12 = 38 Total $114.
Accounting Principles Third Canadian Edition Chapter 8 Answers To Worksheet
Bad Debts Expense........................... 12, 600 [($900, 000 - $50, 000 - $10, 000) x 1. It also provides a better representation of the amount of accounts receivable expected to be collected. Account receivable results from a credit sale while a note receivable can result from financing a purchase, lending money, or extending an account receivable beyond normal amounts or due dates. The write-off of an uncollectible account does not affect the net realizable value of accounts receivable. 16, 000 5, 750 Dr. 3, 300 2, 450 Dr. 18, 000 15, 550. 8 Total assets.............................................................. $3, 972. The disadvantage is the cost to your business. Matching principle directs accountants to gather expenses related to the revenue recorded. PROBLEM 8-8A (a) Jan. 2 Accounts Receivable—George......... 16, 000 Sales............................................... 16, 000. July 1 Cash.................................................... 9, 158 Notes Receivable........................... Interest Revenue [$9, 000 x 7% x 3/12]. 16 Cash [$6, 000 - $120]........................... Over the past year, the company has noticed a trend whereby the sales have doubled, accounts receivable have quadrupled and cash flow has halved. Accounting principles third canadian edition chapter 8 answers.unity3d. 1 Cash.................................................... Interest Receivable........................
B) Dec. 31 Bad Debts Expense [($500, 000 x 4%) + $800]........... 20, 800 Allowance for Doubtful Accounts. Given in the problem Average collection period: Norlandia's receivables turnover ratio was a little higher in 2008, which means that Norlandia was more efficient in 2008 in turning receivables into cash. B) July 1 Cash............................................... Accounting principles third canadian edition chapter 8 answers.microsoft. Interest Receivable [$6, 000 x 6% x 1/12]................... 5 Credit Card Receivables................
Accounting Principles Third Canadian Edition Chapter 8 Answers.Microsoft
Aug. 10 No entry 31 Cash................................................. 25% x 1/12]............... Accounts Receivable.................. 1, 064 7 1, 057. This method emphasizes net realizable value of accounts receivable. Accounts Receivable......................... 639, 900 Sales............................................... Allowance for Doubtful Accounts. 32, 700 26, 700. Credit Cards Receivable Explanation Ref. As a result, it is often easier for a retailer to sell the receivable to another party who has expertise in billing and collection matters. B) $50, 000 [($2, 000, 000 x 2. 25% x $800, 000].... 18, 000 Allowance for Doubtful Accounts......... (d) Date. Elaine Davidson Explanation Ref. The number of days to sell inventory has decreased from 150.
July 1 July 5 25 31. Cash............................................................ Accounts Receivable............................. Bad Debts Expense.................................... 27, 900 Allowance for Doubtful Accounts......... [$27, 180 - ($18, 780 - $21, 000 + $1, 500)]. BYP 8-2 INTERPRETING FINANCIAL STATEMENTS (a) ($ in thousands). The company may have determined that the fees associated with selling the receivables are less than the cost of having to use short-term borrowings to finance operations. 1, 195 ÷ $1, 409 = 0. A separate account for interest receivable is used.
Accounting Principles Third Canadian Edition Chapter 8 Answers Key
Average collection period. Principle of conservatism recommended that assets should be neither overstated nor understated. Accounts Receivable............................... Allowance for Doubtful Accounts. 1 Notes Receivable............................... Accounts Receivable..................... 9, 000 9, 000. 50% x 1/12 = $ 56 $46, 000 x 5. 1 Cash........................................... 12, 000 Accounts Receivable............ 14 Cash........................................... Accounts Receivable............ 19, 000. Prepare aging schedule and record bad debts. Sales Returns and Allowances......... Accounts Receivable..................... (c) Sep. 30 Accounts Receivable......................... Interest Revenue........................... [($20, 000 - $3, 500) x 21% x 1/12] (d) Oct. 4. 280 843 299 $1, 422 $1, 422. Debit Balance Sales Collections Write-offs Recovery Payment. The interest previously accrued on this note should be written off, as well as the note itself. PROBLEM 8-10B (Continued) (b) 2008 Receivables turnover: $6, 087.
The adjusting entry under the percentage of receivables approach is: Bad Debts Expense....................................................... 2, 300 Allowance for Doubtful Accounts ($5, 800 – $3, 500) 12. Rod cannot completely eliminate bad debts for the company even though he performs a credit check on each customer. This has occurred because both accounts receivable and inventory have increased over the three year period and has resulted in the operating cycle weakening from 84. Accounts receivable transactions.
Accounting Principles Third Canadian Edition Chapter 8 Answers.Unity3D
Cash............................................................ 4, 429, 100 Accounts Receivable (c)....................... 4, 429, 100 ($845, 000 + $4, 550, 000 - $38, 400 - $927, 500 = $4, 429, 100). The growth rate should be a product of management and operating results, not of "creative accounting". Calculate and interpret ratios. Legal Notice Copyright. Recommended textbook solutions.
2007 # of Days Outstanding 0-30 days outstanding 31-60 days outstanding 61-90 days outstanding Over 90 days outstanding. Debit Opening Balance Sales Returns Collections Interest Sales Recovery Collection (recovery) Collections Write-offs Interest. SOLUTIONS TO BRIEF EXERCISES BRIEF EXERCISE 8-1 (a) (b) (c) (d) (e) (f). The Credit Card Expense and Debit Card Expense accounts are reported as operating expenses on the income statement. BYP 8-1 (Continued) (b).
At-large precinct captains are appointed by the Broward DEC Chair in off-years and are not elected. The Democratic Party encourages voting by Vote by Mail ballot as well as early voting. In order to be a Democratic PC in Legislative District 13, you must be a registered Democrat, be comfortable talking to your neighbors, and be willing to do the work. Precinct Officers' Roles and Responsibilities. County Vice Chairman: The county vice chairman has the following duties: - Discharge all duties of the county chairman in his/her absence or disability. Participate in Broward County Democratic Party (BDP) meetings, events, activities, and committees. The county secretary keeps the minutes. Committee Person Job Description.
What Does A Precinct Committee Officer Do
Alternate Executive Committee Member. And so far, the Democrats have been uncooperative. E. The minimum duties of a precinct committeeman shall be to assist the precinct committeeman's political party in voter registration and to assist the voters of that political party to vote on election days. What does a precinct committee officer do. Provide Voter Education. If the number of persons who file nominating petitions for an election to fill precinct committeeman positions is less than or equal to the number of precinct committeeman positions, the county board of supervisors may cancel the election for those positions not sooner than one hundred five days before the election and appoint the person who filed the nominating petition to fill the position.
Do you want your voice and the voices of your neighbors heard? The following documents must be filed with your Office of County Clerk: Precinct Committeeman Petitions (All petition pages must be numbered; bound (staple or hole-punch/fasteners); and notarized. Duties of a precinct committeeman in dc. Each district is further divided into Voting Precincts, or simply precincts. Given the role of a PC in our democratic process, it's easy to see why. Register voters by going door to door and asking if everyone in the household is registered to vote. Get on the Ballot-by the dead line date of the primary. Organize with other PCs in your precinct to meet your Democratic neighbors, learn about the issues that affect them, and make sure their needs are addressed.
These are the fundamentals that WIN elections and put Republicans in office. To be placed on the ballot to run for Precinct Committeewoman/man you need only to file the Application for Election by Party Primary. The contact information you provide here will only be used to respond to your comment or question. But this role can—and should be—so much more than that. Voter suppression is a strategy to influence the outcome of an election by discouraging or preventing people from exercising the right to vote. Committeeperson Roles & Duties. Help recruit new precinct captains. Many people feel jaded by the system, she said, and don't view activism within the party as particularly important. Constantin Querard, a GOP campaign consultant who works closely with the party's activist base, said Republicans always highlight the importance of the position when they recruit people to become PCs. They just go after these people that don't line up with what they define as a real conservative, " Graham said. The main duties include: - Assisting in registering Democratic voters in your precinct. C. County Secretary: The county secretary has the following duties: - Arrange meeting places.
Duties Of A Precinct Committeeman In New York State
Illustration by teddyandmia | iStock / Getty Images Plus. AND WE'VE ALL BEEN LIVING WITH THE CONSEQUENCES. Notices may be sent by mail or email. Republican legislators vowed to revive the elections for precinct committeemen, whom they lauded as the backbone of the party's activist base. Circulate Petitions. Candidate Filing Forms. Duties of a precinct committeeman in new york state. "They really aren't the purists they think they are, but they seem to just demonize and attack within the party. The Broward Democratic Executive Committee (abbreviated as Broward DEC or just DEC) is the elected board that runs the Broward Democratic Party (abbreviated as BDP). Furthermore, they are tasked with being the eyes and ears in their precinct so party officials have a better understanding of what the concerns are in each individual community. Additional Resources. At that time, the Chairperson of the County Democratic Party can appoint a registered Democrat to serve as Committeewoman/man for the remainder of the four-year term. Attend Unit Meetings. Prior to the regular meetings of the State Central Committee, they shall cooperate with the county chairman in arranging a county meeting to review the problems, programs, and prospects of the county, or they shall take other procedures to determine the situation so that they may report thereon at the following meeting of the State Central Committee. Canvass the NPA voters in the precinct and urge them to re-register as Democrats.
They say they've heard few, if any, complaints. Assist the county chairman to obtain a full Republican slate for all county and legislative positions, including precinct committeemen and precinct committeewomen, in the primary election, in raising funds, in conducting county political campaigns, and in general party matters. One Republican district chair led failed efforts to force recall elections against Ducey, GOP Sen. Paul Boyer and Republican members of the Maricopa County Board of Supervisors. He/she assists the president in organizing the precinct. Committeeperson opportunities available throughout Kane county. Therefore, it is very important that Committeewomen/men take their responsibilities seriously and serve their party and their community to the best of their ability. Precinct committeemen and committeewomen: One precinct committeeman and one precinct committeewoman from each precinct in the county shall be elected at the primary election pursuant to SDCL §§ 12-5-4 to 12-5-13, inclusive, and shall hold his or her office until the next primary election. Reorganization: The state chairman or the state chairman's designee may call and preside over a meeting of the county central committee of the inactive county for the purpose of electing officers.
If the answer to these questions is "Yes! " STEP 1: Fill out the Precinct Committeeman Primary Petition and print the completed form. Facilitating engagement around elections is arguably the single most important thing a committeeperson does. As a PC, you will be given the tools necessary to effectively reach your neighbors. Precinct Committeepersons should make sure that their County Party Chairman is kept up-to-date with your contact information (address, phone numbers, and email address). On the other side of the aisle, Democratic lawmakers largely shrugged. They elect the chairs and other leadership positions in their districts, and select the committee members who do the same for the state political parties. Ducey is widely expected to convene a special session of the legislature soon. Keep minutes of the County Central Committee and County Executive Board. By using lists of registered voters in your division, you can help make sure that as many people as possible come out to vote. Responsibilities to the voters in his/her precinct. As we get closer to an election our committeemen work hard to support our Republican ticket, by knocking on doors, making phone calls, hosting candidates, and putting up yard signs. As has become apparent to anyone observing the outcry over the PC election issue, Republicans view PCs with far greater importance than Democrats do.
Duties Of A Precinct Committeeman In Dc
The deadline for this is 5:00 p. m. on May 20th. Responsibilities of a Democratic Committeewoman/man. A meeting of the County Executive Board may be held electronically. Becoming a precinct committeeman is one of the most rewarding ways to serve the Republican Party.
Precincts are typically neighborhoods encompassing one or two square miles that have several thousand voters. Precinct Committeeman, a PC, is the official title of a grassroots volunteer. Please note: Write-in candidates must receive a minimum of 3 votes to be elected by write-in. "Functionally and fundamentally, it can be the most effective appendage of the Republican Party when you're talking about mobilizing activists and getting your ground game on, " Graham said. A Republican Precinct Committeeman represents the GOP voters of his or her precinct at the County Republican Party level.
Your work as a Precinct Committeeperson will have an impact at every level of Government, from your local school board up to who sleeps in the White House. Many Democrats don't necessarily feel that the party speaks to them, and want to find ways to participate outside of official party channels. It involves a consistent commitment in and out of campaign season. You can download, print, fill out and send back a Write-In Nominating Paper to County Elections.