Already have an account? Get multiple benefits of using own account!
Login in your account..!
Remember me
Don't have an account? Create your account in less than a minutes,
Forgot password? how can I recover my password now!
Enter right registered email to receive password!
The following describes the cash receipts process for a company: The mail room staff consists of 35 clerks who receive and sort the general mail. Included in the mail are envelopes containing customer checks and remittance advices, which the clerks open to verify that the checks are signed and are constant in amount with the remittance advice. The checks and remittance advices are organized into batches and sent to the AR department where the AR clerk reviews them for correctness, posts to the AR sub ledger. The clerk then prepares two copies of a remittance list. One of these is filed in the department along with the remittance advice and the other is sent to the cash receipts department with the checks. Upon receipt of the checks and remittance list, the cash receipts clerk reconciles the documents and post the checks to the cash receipts journal. At the end of the day, the clerk prepares a deposit slip and sends it along with the checks to the bank. Finally, the clerk summarizes the batch of cash receipts transaction and posts to the general ledger AR control account and the cash account.
Required:
Problem a. Describe the risks, if any that are inherent in the current system configuration.
Problem b. Describe the controls, if any, that are needed to reduce or eliminate the risks identified in (a).
Problem - Average Rate of Return - Determine the average rate of return for a project that is estimated to yield total income of $180,000
On January 1, 2010, Glenville Co. acquired an 80% interest in Acron Corp. for $500,000. Determine the amount of goodwill to be recognized in this acquisition.
On December 31, 2015, Aron Company purchases 100% of the common stock of Shield Company for $450,000 cash. The following comparative balance sheets are prepared for the two companies immediately after the purchase
The current balance in Retained Earnings is $1,600,000. Determine the maximum dividend per share that can be paid to common shareholders.
on january 1 2011 mclean company makes the two following acquisitions.purchases land having a fair market value of
Borrowing costs of $640 were incurred because of the one-month delay in installation. Determine the capitalized cost of the equipment
An unrealized loss of $80,000 on available-for-sale securities. Prepare a statement of comprehensive income, beginning with income from continuing operations
On March 1, 2017, Headland Company sold goods to Goosen Inc. for $642,000 in exchange for a 5-year, Prepare the journal entries for Headland on December 31
illustrate out the term current liability? from the perspective of the user of financial statements why do you believe
Assuming that the landfill is recorded within the General Fund, what will appear on the fund financial statements for this landfill for the year ended
Indicate the net income (loss) Harley would realize by accepting the special order.
Calculate the NPV of each project, and assess its acceptability. Calculate the IRR for each project, and assess its acceptability.
Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!
whatsapp: +1-415-670-9521
Phone: +1-415-670-9521
Email: [email protected]
All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd