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The Case: Jaber and his Father own and operate Allaber Chocolates, Inc., a company specializing in selling chocolates. Allaber Chocolates uses an accounting software package

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The Case: Jaber and his Father own and operate Allaber Chocolates, Inc., a company specializing in selling chocolates. Allaber Chocolates uses an accounting software package to prepare documents and reports. As employees note a need for supplies or materials, they send purchase requisition to Jaber who enters an order information into the accounting system and creates a purchase order. They fax a copy of the purchase order to the supplier. Occasionally, Jaber will also call the supplier if there is something special about the product ordered. When ordered materials and supplies arrive at Allaber Chocolates stores, Jaber checks the goods received against a copy of the purchase order and enters the new inventory into the computer system. Jaber pays bills twice each month. He checks the computer system for invoices outstanding, and verifies that the goods have been received. He then enters any information needed to produce printed checks from the accounting system. Jaber mails checks and printed remittance advices (portion of the vendor bill to be returned) to suppliers. Required: (6 Marks) Using Microsoft Word, prepare a system flowchart for Alaber Chocolates purchase and payment process. Remaining Time 1 hour, 11 minutes, 32 seconds Question Completion Status QUESTION 1 Question 1: 7 marks) Jedi Company report income of $160,000 for the current year, Balances of various accounts at the beginning of the youts as follows: End of Year Beginning Prepaid expenses $9,500 55.000 Inventories 55.000 65.000 Retained Earnings 28.000 22.000 Accounts receivable 24.000 32.000 Cash 20.000 15.000 Accounts payable 12.000 18.000 Salaries payable 1.600 1.200 Proceeds from shares issuance 63.000 50.000 Accumulated Depreciation 110.000 30.000 Instructions: Prepare only the cash flows from the operating activities section of the statement of cash flows

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