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It is your second week on a new job as a bookkeeper at Mags and Bags, a small boutique store. While you're enjoying the challenge, you've found a few things that don't add up after completing some of the transactions in the store's computerized accounting system. Store owner Margaret Posley has given you a trial balance from the end of last month. She says that her CPA told her to use it to compare to her account balances for accuracy. The bookkeeping and recordkeeping functions have not been Margaret's favorite task as an owner, as she doesn't understand the information. It has caused accuracy to suffer.
Question 1: Identify which accounts are in error, and how they are related to each other.
Question 2: Discuss the likely causes of the errors (omission, duplication, incorrect transaction date, etc.).
Question 3: Looking forward, what tools will you use and actions will you take to ensure these errors don't continue to be an issue in the company records?
ABC Company has 100 shares of IBM stock that it holds as an investment. The stock was purchased three years ago and has been in the client's safe deposit box.
List and describe the four standards in the IMA's Statement of Ethical Practice. As part of your answer, be sure to provide an example of an action that violates the standard.
Determine the number of equivalent units of production with respect to direct materials and conversion costs. If an amount is zero, enter in "0"
Nov. 2 Received payment of principal plus interest from Carson for the September 3 note. What will be the Total interest for December
Techtronics is a leader in manufacturing computer chips. Compute the average useful life that Techtronics used for depreciation in 2010.
In what sense does the Judeo-Christian tradition share aspects of traditional religions? In what sense is the Judeo-Christian tradition different from traditional religions? Based on this understanding, how can Christians enhance their interaction..
Wellington Clothing Store, Compute Wellington's acid-test ratio on June 30, 2019. Show your computations. Round the answer to 2 decimal places.
at the beginning of 2011 robotics inc. acquired a manufacturing facility for 12 million. 9 million of the purchase
what amount should the wages payable account on the balance sheet show
Sophia's AGI is $35,000, and her tax liability is $1,724. She has no other nonrefundable credits. What is the amount of her child tax credit/credit
Assuming a discount rate of 7%, what is the net present value of expanding the production of Product A and eliminating Product B
You are a newly hired Director of Internal Auditor for a bicycle manufacturer
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