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Consider each of the following situations.
A. Sales clerks in aretail store are assigned to a specific cash register. They are given a cash drawer containing $100 in change at the beginning oftheir shifts. They are required to record the amount of eachpurchase in the cash register. The cash register records anidentification and price for each item purchased. Cash payments arecollected from customers and placed in the cash drawer. A copy ofthe cash register sales slip is given to the customer. At the endof the shift, the employee takes the cash drawer and cash registertape to a supervisor who counts the cash, verifies the sales, andsigns an approval form. The sales clerk also signs the form thatidentifies the amount of cash and amount of sales for theday.
B. A ticketseller at a movie theater is issued a cash drawer with $100 inchange and a roll of renumbered tickets when the theater opens eachday. The seller collects cash from customers and issues the tickets. Each customer hands a ticket to a ticket taker who tearsthe ticket in half and gives half back to the customer. At the endof the day, the ticket seller returns the cash drawer and tickets to a supervisor.
Required: For each situation, discuss why the procedures are used and how they provided effective internal control.
A company is considering the purchase of a new piece of equipment for $90,000. Predicted annual cash inflows from this investment are $36,000 (year 1), $30,000 (year 2), $18,000 (year 3), $12,000 (year 4) and $6,000 (year 5). The payback period is..
On November 28, 2010, she sold 48 shares, which could not be specifically identified, for $576 and on December 8, 2010, she sold another 25 shares of $188, What was her recognized gain or loss?
Is it possible to deviate from Generally Accepted Accounting Principles (GAAP) and the accounting cycle and still prepare financial statements? What are some possible consequences of this course of action?
What are the steps in completing the accounting cycle? How do the different steps affect the financial statements? What is the effect on the financial statements of missing a step when completing the accounting cycle?
Holyfield Corporation wishes to exchange a machine used in its operations. Holyfield has received the following offers from other companies in the industry.
Applied overhead at month-end to the Goods in Process (Jobs 137 and 140) using the predetermined overhead rate of 200% of direct labor cost.
GASB standards require that investments be reported at fair value. Explain the GASB reporting requirements related to fair value. How do these requirements differ from reporting requirements for corporate entities?
What are your thoughts on the three proposals outlined above, and please feel free to suggest anything that you feel should also be considered in reducing the deficit.
The sterling trusts owns a business and generated $100,000 in depreciation deductions for the tax year. Mona is one of the income beneficiaries of the entity. Given the following information, can Mona deduct any of the sterling depreciation on her..
The rounded present value of an ordinary annuity for nine years at 9% is 6.0. What amount should N report as capitalized lease liability at December 31, 2009?
There were no other transactions which affected the companies' land accounts during 2006. What is the consolidated balance for land on the 2006 balance sheet?
Using CVP analysis when applying for a loan
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