4. Analyze the chart prepared below. It includes the beginning AR balance for each company at...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
4. Analyze the chart prepared below. It includes the beginning AR balance for each company at January 1, 2016; 2016 Sales; 2016 Cash Receipts; 2016 adjustments related to errors identified by the auditor; 2017 Cash Receipts (related to the 2016 AR balance); Returns of merchandise soled in 2016 on account; and Write-offs of specific AR balances based on communication between Tech Wear and its customers. CustName Atletico Madrid SA Awesome Threads Best Time Bigmart Boston Marathon Califomia Clothes Cool Runnings OpeningBalance 2016Sales 2016CashReceipt 2016AuditAdjustments 2017Cash Receipt 2017Returns 2017Write-off 153,246.89 Grand Total 153,246.89 619,826.95 (113,970.40) (45,046.55) (605,856.55) (45,046.55) 869,846.81 (171,836.00) (109,274.78) (474,578.06) (64,188.90) 49,969.07 64,564.31 1,108,246.92 (898,323.36) (26,764.14) (92,385.13) 155,338.60 1,114,491.38 (259,856.00) (24,687.87) (617,721.53) 212,225.98 1,847,445.51 (501,788.40) (131,389.06) (1,034,843.62) 179,424.43 1.841,756.64 (575,329.80) (47,608.70) (740,638.79) (48,221.72) 429,957.63 Cool Threads 21,113.13 1,218,132.42 (958,890.78) (20,614.58) (106,500.65) 153,239.54 Comer Runner 829,846.81 (761,184.33) (23,576.60) (10,754.64) 34,331.24 Cross Country Mart 21,275.25 1,157,143.73 (1,000,130.34) (28,040.30) (43,937 44) 106,310.90 Family Fit 29,634.98 605,897.95 (596,215.64) (27,011.94) 12,305.35 Fast N FA 947,634.18 (246,877.60) (66,575.66) (600,005.22) 34,175.70 Finishers' World 1,903,919.45 (463,400.00) (312,820.91) (1,109,518 40) (31,377.36) (13,197.22) First Place 1,751,911.73 (1,751,911.73) Fit N Fun 12,786.27 640,859.82 (484,653.02) (17,396.28) (63,529.01) 88,067.78 Goodway 46,520.22 1,714,251.11 (1,428,987.08) (82,443.01) 249,341.24 Great Run 645,068.61 (116.541.60) (17,142.35) (488,854.04) -22,530.62 Hot Sox 3,769,633.46 (877,921.20) (94,713.71) (2,099,484.78) (294,945.82) 402,567.95 Millennial Mile 943,220.13 (251,782.40) (19,287.29) (508,514.87) 163,635.57 Neighborhood Athletic Supply 23,296.70 462,535.80 (437,546.50) (28,603.50) 19,682.50 Northam Lites 138,875.76 694,841.88 (761,820.85) (61,650.14) 10,246.65 Oakland Athletics 706,905.88 (186,084.00) (50,775.30) (461,003.71) 9,042.87 On Your Mark 471,251.80 (149,836.00) (23,615.40) (233,291.00) 64,509.40 Runner's Market 51,416.71 1,848,391.73 (1,648,524.68) (52,437.36) 198,846.40 Southeast Regional 69,706.38 914,597.73 (846,014.28) (19,290.38) (73,864.96) 45,134.49 Southem Runners 68,934.84 2.118,984.90 (1.736,649.68) (322,720.30) 128,549.76 Super Runners Mark 52,430.38 1,788,308.84 (1,594.949.46) (137,556.01) 108,233.75 Track Time 2,168,804.90 (649,420.00) (113,408.88) (1,078,003.02) (117,268 92) 210,704.08 Urban Runner 50.277.96 ValueChoice Grand Total 33,658.30 684,491.19 1,586,305.20 890,681.70 37,333,890.86 (1,324,408.60) (38,905.70) (133,623.28) 139,645.58 (860,637.45) (19,903,579.45) (12,982.86) (2,995,829.03) (50.619.69) (112,410.62) (949,448.65) 3,323,020.20 (10,734,094.10) There are two numbers on this table that should be of concern to you that indicate there is something wrong with the underlying data making up the table. Identify the two numbers and tell me why they are a concern to you. (Note: this data is different from the dataset you will be using for Part 5 of TechWear.) 4. Analyze the chart prepared below. It includes the beginning AR balance for each company at January 1, 2016; 2016 Sales; 2016 Cash Receipts; 2016 adjustments related to errors identified by the auditor; 2017 Cash Receipts (related to the 2016 AR balance); Returns of merchandise soled in 2016 on account; and Write-offs of specific AR balances based on communication between Tech Wear and its customers. CustName Atletico Madrid SA Awesome Threads Best Time Bigmart Boston Marathon Califomia Clothes Cool Runnings OpeningBalance 2016Sales 2016CashReceipt 2016AuditAdjustments 2017Cash Receipt 2017Returns 2017Write-off 153,246.89 Grand Total 153,246.89 619,826.95 (113,970.40) (45,046.55) (605,856.55) (45,046.55) 869,846.81 (171,836.00) (109,274.78) (474,578.06) (64,188.90) 49,969.07 64,564.31 1,108,246.92 (898,323.36) (26,764.14) (92,385.13) 155,338.60 1,114,491.38 (259,856.00) (24,687.87) (617,721.53) 212,225.98 1,847,445.51 (501,788.40) (131,389.06) (1,034,843.62) 179,424.43 1.841,756.64 (575,329.80) (47,608.70) (740,638.79) (48,221.72) 429,957.63 Cool Threads 21,113.13 1,218,132.42 (958,890.78) (20,614.58) (106,500.65) 153,239.54 Comer Runner 829,846.81 (761,184.33) (23,576.60) (10,754.64) 34,331.24 Cross Country Mart 21,275.25 1,157,143.73 (1,000,130.34) (28,040.30) (43,937 44) 106,310.90 Family Fit 29,634.98 605,897.95 (596,215.64) (27,011.94) 12,305.35 Fast N FA 947,634.18 (246,877.60) (66,575.66) (600,005.22) 34,175.70 Finishers' World 1,903,919.45 (463,400.00) (312,820.91) (1,109,518 40) (31,377.36) (13,197.22) First Place 1,751,911.73 (1,751,911.73) Fit N Fun 12,786.27 640,859.82 (484,653.02) (17,396.28) (63,529.01) 88,067.78 Goodway 46,520.22 1,714,251.11 (1,428,987.08) (82,443.01) 249,341.24 Great Run 645,068.61 (116.541.60) (17,142.35) (488,854.04) -22,530.62 Hot Sox 3,769,633.46 (877,921.20) (94,713.71) (2,099,484.78) (294,945.82) 402,567.95 Millennial Mile 943,220.13 (251,782.40) (19,287.29) (508,514.87) 163,635.57 Neighborhood Athletic Supply 23,296.70 462,535.80 (437,546.50) (28,603.50) 19,682.50 Northam Lites 138,875.76 694,841.88 (761,820.85) (61,650.14) 10,246.65 Oakland Athletics 706,905.88 (186,084.00) (50,775.30) (461,003.71) 9,042.87 On Your Mark 471,251.80 (149,836.00) (23,615.40) (233,291.00) 64,509.40 Runner's Market 51,416.71 1,848,391.73 (1,648,524.68) (52,437.36) 198,846.40 Southeast Regional 69,706.38 914,597.73 (846,014.28) (19,290.38) (73,864.96) 45,134.49 Southem Runners 68,934.84 2.118,984.90 (1.736,649.68) (322,720.30) 128,549.76 Super Runners Mark 52,430.38 1,788,308.84 (1,594.949.46) (137,556.01) 108,233.75 Track Time 2,168,804.90 (649,420.00) (113,408.88) (1,078,003.02) (117,268 92) 210,704.08 Urban Runner 50.277.96 ValueChoice Grand Total 33,658.30 684,491.19 1,586,305.20 890,681.70 37,333,890.86 (1,324,408.60) (38,905.70) (133,623.28) 139,645.58 (860,637.45) (19,903,579.45) (12,982.86) (2,995,829.03) (50.619.69) (112,410.62) (949,448.65) 3,323,020.20 (10,734,094.10) There are two numbers on this table that should be of concern to you that indicate there is something wrong with the underlying data making up the table. Identify the two numbers and tell me why they are a concern to you. (Note: this data is different from the dataset you will be using for Part 5 of TechWear.)
Expert Answer:
Related Book For
College Accounting A Contemporary Approach
ISBN: 978-0077639730
3rd edition
Authors: David Haddock, John Price, Michael Farina
Posted Date:
Students also viewed these accounting questions
-
Use the attached "words.txt" file to store the words along with their ranks in an AVL tree. Then provide the user the option to search for any word. If the word exists the program displays the rank...
-
My question is how to write the code in WareHouse.java This is WareHouse.java package warehouse; /* * * This class implements a warehouse on a Hash Table like structure, * where each entry of the...
-
The owner of a building supply company has requested a cash budget for June. After examining the records of the company, you find the following: a. Cash balance on June 1 is $736. b. Actual sales for...
-
Lurix Electronics manufactures two products that can be produced on two different production lines. Both products have their lowest production costs when produced on the more modern of the two...
-
If the nth partial sum of a series S n = n - 1 / n + 1 find a n and En-1 an is 1 +1 Sn
-
1. Working in small groups, complete the Pay Raise Worksheet. 2. After the class reconvenes, group spokespersons present group findings. Pay Raise Worksheet April Knepper is the new supervisor of an...
-
The ledger of Perez Rental Agency on March 31 of the current year includes the selected accounts, shown below, before adjusting entries have been prepared. An analysis of the accounts shows the...
-
Let n and m be positive integers with n m 1. (a) (9 points) How many different m-word sentences can be constructed using an al- phabet of n letters where each of the letters appears exactly once? A...
-
Find all real numbers for which the expression is underfined: a. b. c. d. Strategy to find the real numbers for which each expression is undefined, we will find values of the variable that make the...
-
Danielle Kupetz, who is in the 35% tax bracket, has the following transactions this year: Long term capital gain $42,000 Long term capital loss $35,000 Short term capital gain $39,000 Short term...
-
A stone is thrown upward from the top of a building at an angle of 3 0 . 0 degree to the horizontal and with an initial speed of 2 4 . 0 m / s. The point of release is h = 4 4 . 0 m above the ground....
-
During FY 2016, Bravo Company sold 16,000 units for $84,000.Bravo had $2.75 variable costs per unit sold.Bravo also reported $28,000 of fixed costs.Use this information to determine FY 2016: 1....
-
Sheffield Industries has the following inventory information. July 1 Beginning Inventory 40 units at $120 5 Purchases 250 units at $109 14 Sale 21 Purchases 30 Sale 150 units 130 units at $115 200...
-
If a wave has a wavelength of 0.2 meters, and a velocity of 40 m/s, find the frequency.
-
3. Prove that the Hartree-Fock contribution to the energy of the 3. Prove that the Hartree-Fock contribution to the energy of the state of momentum k in a uniform electron gas is given by Eq. (1.34)....
-
One hundred pounds of water at atmospheric pressure are heated from 60F to 200F. What is the enthalpy change? The internal energy change? Why is the difference between the internal energy change and...
-
1. Carolina Company recently discovered that a payroll clerk had issued checks to nonexistent employees for several years and cashed the checks himself. The firm does not have any internal control...
-
On March 31, 2016, the Federal Unemployment Tax Payable account in the general ledger of The Argosy Company showed a balance of $1,507. This represents the FUTA tax owed for the first quar ter of the...
-
Obtain all data necessary from the worksheet prepared for Artisan Wines in Problem 12.6A at the end of Chapter 12. Then follow the instructions to complete this problem. In Problem 12.6A...
-
You can trade at the following prices: Is covered interest arbitrage worthwhile? If so, explain the steps and compute the profit based on an initial (time t = 0) transaction of $1 million. Calculate...
-
Currency exchange rates and Eurocurrency interest rates are as follows: In what direction will covered interest arbitrage force the quoted rates to change? Explain the steps and compute the profit...
-
Snow White Manufacturing makes snowmobiles, some of which it sells to Japan for recreation in the wilderness of the northern islands. Snow White is expecting a payment of 9 million in six months. a....
Study smarter with the SolutionInn App