excerpts from the 2013 financial statements of gildan activewear inc are in exhibits11a to c/

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In the questions below, the year 2013 refers to Gildan fiscal year ended September 29, 2013, and the year 2012 refers to the prior year ended September 30, 2012.
Required:
a. Find the following amounts in the statements:
i. Net sales in 2013
ii. Total selling, general, and administrative expenses in 2013
iii. Income tax expense (recovery) in 2012
iv. Net income (earnings) in 2013
v. Inventories at the beginning of 2013
vi. Trade accounts receivable at the end of 2012
vii. Retained earnings at the end of 2013
viii. Long-term debt at the end of 2012
ix. Cash flows from operating activities in 2013
x. Cash payments to acquire property, plant, and equipment in 2013
xi. Dividends paid in 2013
xii. Cash produced or used for investing activities in 2013
b. Did Gildan Activewear finance its business primarily from creditors (total liabilities) or from shareholders (shareholders equity) in 2013? Support your answer with appropriate calculations.
c. List the two largest sources of cash and the two largest uses of cash in 2013. (Consider operating activities to be a single source or use of cash.)
d. Did Gildan Activewear prepare a classified statement of financial position? How can you tell?
e. Calculate the difference between the current assets and current liabilities at the end of 2013, and at the end of 2012. This amount is referred to as working capital. Did the company working capital improve in 2013? Explain.

easy use electronic center began october with 80 units of merchandise inventory that cost 57 each during october t

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Requirements
1. Determine the ending merchandise inventory and cost of goods sold amounts for the October financial statements using the FIFO, LIFO, and weighted-average inventory costing methods.
2. Sales revenue for October totaled $ 30,000. Compute Easy Uses’ gross profit for October using each method.
3. Which method will result in the lowest income taxes for Easy Use? Why? Which method will result in the highest net income for Easy Use? Why?

templete

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Group Assignment / Case Study Wk 11 35 marks 3000 words

You are an importer of glassware (crystal wine glasses) from

the Czech Republic. You have about 100 retailers all over

Australia but most of the glassware is sold in Sydney and

Melbourne through small gift shops. The challenges you have

are as follows.

1. The retailers place small orders of less than $1000 each

  time. These orders are expensive to process and deliver.

2. The retailers are unable to place orders in advance; they

  do however expect fast delivery.

3. Five percent of the glassware is broken on arrival at the

  retailer and you spend a lot of time dealing with returns

  and refunds

4. You are using Australia Post to deliver the glassware from

  a centralised warehouse in Melbourne but it seems to be

  very costly and slow

5. Many of your customers pay their invoice late. You are

  afraid of chasing them up because of the risk of losing

  them as customers.

6. You order more stock from the Czech Republic two or

  three times a year, but you have little information on what

  to order and when. You make sure that you fill one 40 feet

  container every time. You have no real control over what

  is in the warehouse and which products are selling well

  and it takes about 12 weeks for the container to arrive

  from order.

7. The pricing for the products are based on individual

  contracts between you and every retailer. This system is

  very costly and time consuming to maintain.

8. You have just got an enquiry from Myers that would if

  successful double your volume of sold products in

  Australia. You are not sure if you are able to handle this

  volume in terms of warehousing and distribution.

Based on the scenario above you have two alternatives that

you want to investigate.

1. 1 Outsource the whole logistics process to a 3rd party

2. 2 Improve your existing structure.

Prepare a report for a Board meeting where you compare and

contrast the two alternatives and how they would solve your

 problems. Make a recommendation based on this.

Assessment Criteria for Group Assignment    

Report structure, referencing and written report.

Knowledge of concepts, critical analysis of issues

Investigative and research skills shown

Implications for company and strength of arguments.

Report (20 marks)

Presentation (10 marks)

 

TOTAL 30 marks

 

following are the december 31 2008 balances of accounts receivable and allowance for uncollectible accounts for easton hammer corporation ehc/

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Required:
(a) Prepare the journal entries that were made to record the write-offs of the Cantole and Bono accounts.
(b) At year-end 2009, the company accountant estimates that EHC should record an estimate of $327,000 for uncollectible accounts receivable. Prepare the appropriate adjusting journal entry to record uncollectible accounts expense at year-end.
(c) Suppose that the accountant in part (b) was too conservative in his estimate. Instead of uncollectible accounts receivable of $327,000, the company actually has uncollectible accounts of $218,000. How will the accountant overstatement of year-end estimated uncollectible accounts receivables affect EHC income statement and balance sheet for the year in question? How may this overstatement affect the decisions of third parties, such as bankers and investors, who rely on those financial statements?
(d) Will the assumed overstatement referred to in part (c) affect EHC’s financial statements for the following year? If so, explain how. If not, explain why not.
(e) Is it ever permissible to intentionally overstate expenses in a company’s financial statements? Defend your answer and refer to related accounting concepts or principles from Chapter 2.
(f) Assume Myka Bono paid EHC $730 on August 14, 2010. How would this receipt be journalized by EHC?

Music with explicit lyrics should not be played in public

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Music with explicit lyrics should not be played in public

SWOT ANALYSIS MCDONALDS Due in less than 2 hours

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SWOT Analysis

Your SWOT analysis is due this week. Please see the Week 1 SWOT Analysis section for more details on this assignment.

Note: You must use the Mandatory Outline Framework to organize your paper. Using the outline framework to organize sections of your analysis, your final SWOT paper should be in a cohesive essay format—no bullet points. Paragraphs should be cited in APA format.

See the SWOT Analysis Grading Rubric for detailed assignment requirements.

You do not submit the outline or the rubric—you only submit your finished organized SWOT Paper.

in 2014 rigolet ltd purchased a small delivery truck for 36000 in error rigolets bookkeeper recorded the purchase as an expens

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Required:
a. Show the entry that Rigolet’s bookkeeper made to record the purchase of the truck.
Show the entry that should have been made.
b. Rigolet uses straight-line depreciation for its vehicles and the useful life assigned to similar vehicles is five years with a $5,000 residual value. What would have been the effect of the error on net income and total assets (amount and direction of the error) in 2014, 2015, and 2016?
c. What would be the effect of the error on net income and total assets (amount and direction of the error) in 2017, the year the truck was sold?
d. What would be the effect of the error on the cash flow statement in each of years 2014 through 2017?
e. Assuming the error is material, what would the implications of this error be for users of the financial statements? Explain.

on may 31 2017 debden ltd a land development company sold land to grindstone inc for 16000000 the sale agreement required that grindstone pay/

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Required:
a. How much revenue should Debden recognize as a result of its sale of the land to Grindstone? Prepare the journal entry that Debden should prepare to record the sale. Assume a discount rate of 14 percent.
b. How much interest revenue will be reported on Debden’s income statement for the years ended May 31, 2018, 2019, and 2020 as a result of the sale to Grindstone? Prepare the journal entry that should be prepared each year to record the interest revenue.
c. How much would be reported as receivable from Grindstone on Debden’s balance sheets for the years ended May 31, 2017, 2018, 2019, and 2020? How would the receivable be classified on each year’s balance sheet? Explain your answer.
d. Suppose Debden insisted on recognizing $16,000,000 as revenue in 2017. What would be the implications for users of its financial statements? Why might Debden’s management want to report the full $16,000,000 immediately?

in january of year 0 justin paid 4800 for an insurance policy that covers his business property for accidents and casualties justin is a/

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a. The policy covers the business property from April 1 of year 0 through March 31 of year 1.