Chapter 11 ppt

D centralstoresfund usedtocentralizepurchasingand

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Unformatted text preview: of Materials & Supplies 7,000 7,000 Year­end Accruals Year­end Accruals Expenses – Interest 400 Expenses – Mechanics Wages 500 Expenses – Indirect Labor 150 Expenses – Superintendent’s Salary 175 Expenses – Office Salaries 175 Accrued Interest Payable Accrued Salaries & Wages Payable 400 1,000 CAEF Financial Statements CAEF Financial Statements Statement of Net Assets (balance sheet format) Statement of Revenues, Expenses, and Changes in Net Assets Statement of Cash Flows 1 2 3 Central Stores Fund Central Stores Fund Used to centralize purchasing and warehousing operations Enhances economy, efficiency, and control Holds inventory until requested by departments Billings based on direct inventory cost plus overhead factor CSF Inventory Acquisition CSF Inventory Acquisition Inventory of Supplies & Materials Vouchers Payable 20,000 20,000 Perpetual Inventory Procedures Perpetual Inventory Procedures Department submits stores requisition Storekeeper issues request...
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