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The following is an excerpt from a conversation between two sales clerks, Tracy Rawlin and Jeff Weimer. Both Tracy and Jeff are employed by Magnum Electronics, a locally owned and operated electronics retail store. Tracy: Did you hear the news? Jeff: What news? Tracy: Bridget and Ken were both arrested this morning. Jeff: What? Arrested? You're putting me on! Tracy: No, really! The police arrested them first thing this morning. Put them in handcuffs, read them their rights- the whole works. It was unreal!Jeff: What did they do? Tracy: Well, apparently they were filling out merchandise refund forms for fictitious customers and then taking the cash. Jeff: I guess I never thought of that. How did they catch them? Tracy: The store manager noticed that returns were twice that of last year and seemed to be increasing. When he confronted Bridget, she became flustered and admitted to taking the cash, apparently over $ 15,000 in just three months. They're going over the last six months' transactions to try to determine how much Ken stole. He apparently started stealing first. Suggest appropriate control procedures that would have prevented or detected the theft of cash.
Marketing share of mechanical watches where at an all time low of 5%. Research so far has indicated that the watches tend to fail three tests frequently and you need to recommend machines that need to be upgraded because they may be responsible fo..
On January 1, 2009, the balance in Great Lakes Co.'s Allowance for Bad Debts account was $5,200. During the year, a total of $3,500 of delinquent accounts receivable were written off as bad debts. The balance in the Allowance for Bad Debts account..
Prepare the appropriate adjusting entry for vacations earned but not taken in 2009?
Class, the textbook describes the consolidating entries that are entered on a work sheet as S A I D E and P. What do these letters represent and what are the entries accomplishing in the consolidation.
Which of the following describes job order or process costing?
On March 1, 2009, Warren sold 30 million common shares. In keeping with its long-term share repurchase plan, 2 million shares were retired on June 30. Warren's net income for the year ended December 31, 2009, was $1,050,000,000. The income tax rat..
Identify the different entities and their associated attributes that would be found in your potential relational database model for your sales database, pertaining to the hotel industry.
Calculate the gross wages of each worker for Week 4. Show clearly the basic pay, overtime pay and bonus pay; Using the answer in (a), analyze the total gross wages of the workers into Direct Wages and Indirect Wages;
Wenger Company reported income before taxes of $600,000 and an extraordinary loss of $150,000. Assume that the company's tax rate is 30%. What amounts will be reported on the income statement for income before irregular items and extraordinary ite..
Prepare a memorandum - Does Cost of Goods Sold decrease or increase when concluding a favorable variance? Does gross margin increase or decrease when a favorable variance is closed to Cost of Goods Sold? Describe.
Briefly explain the double taxation problem and how paying large salaries to owners avoids it.
Briefly describe three strategies for testing internal controls when information technology is used for significant accounting processing.
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