The Snow Globe Emporium sells snow globes. The forecasted first quarter sales for The Snow Globe Emporium is shown in the top row of the table. The Snow Globe Emporium buys the snow globes from a distributor for $5 and sells them for $8
All purchases are made on credit one month in advance of sales and are paid for the month following the purchase. Assume that The Snow Globe Emporium has a starting accounts payable balance of $15,000 at the beginning of February. What are the Snow Globe Emporium's Ending Accounts Payable in February?
Sales and Purchase Forecast
The Snow Globe Emporium
January February March April
Sales Forecast $32,000 $48,000 $60,800 $75,200
Purchases from Suppliers ($)
Payments to Suppliers
Beginning Accounts Payable $15,000
Plus: Purchases
Less: Payments
Ending Accounts Payable $15,000
A) $15,000
B) $23,000
C) $23,500
D) $24,000
E) $26,500
B
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Internal control procedures for cash receipts do not require that:
A. An employee with no access to cash receipts should compare the total cash recorded by the register with the record of cash receipts reported by the cashier. B. Custody over cash is kept separate from its recordkeeping. C. Cash sales should be recorded on a cash register at the time of each sale. D. All collections for sales are received immediately upon making the sales. E. Clerks having access to cash in a cash register should not have access to the register tape or file.
Answer the following statements true (T) or false (F)
The key group in Moonitz’s set of postulates consists of postulates stemming from accounting itself.
Transferred- in costs include costs from
a. all prior departments b. the last production cycle c. the last department only d. the current period only
Discuss the principal factors influencing a business manager's choice of organizational form
What will be an ideal response?