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Consider each of the following situations.
A. Sales clerks in aretail store are assigned to a specific cash register. They aregiven 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 thetickets. 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 ticketsto a supervisor.
Required: For each situation, discuss why the proceduresare used and how they provided effective internal control.
The client considers a sale to be made in the period that goods are shipped. Listed below are four items taken from the CPA's sales cutoff test worksheet. Which item does not require an adjusting entry on the client's books?
Write a memorandum to Bob explaining the tax consequences of the incorporation. As part of your memorandum examine the possibility of having the corporation issue common and preferred stock and debt for the shareholder's property and money.
Which of the following statements concerning the Ultramares Corp. v. Touche case is not true?
Prepared a journal entry (if any) for Blaha Comapany to recorded the impairement of its goodwill at the end of 2004
Which combination is the correct statement regarding disclosure requirements for earnings per share?
The bonds are dated January 1, 2010, and mature January 1, 2015, with interest payable December 31 of each year. Osborn Company allocates interest and unamortized discount or premium on the effective interest basis.
In 2007, Delaney Company had revenues of $180,000 for book purposes and $150,000 for tax purposes. Delaney also had expenses of $100,000 for both book and tax purposes. If Delaney has a 35% tax rate, what is Delaney's income tax payable for 2007?
The new equipment is expected to generate cost savings of $20,000 per year in each of the 6 years. Kumanu's discount rate is 16%. What is the net present value of this equipment?
Brent is shocked when he learns that the property taxes on her personal rededence have increased for 2010. Not only has the tax rate not changed , but he feels that the value of his redidence has decreased. What could be a possible explanation for..
Charles River Company has just sold a bond issue with 10 warrants attached. The bonds have a 20-year maturity, an annual coupon rate of 12.0 percent, and they sold at their $1,000 par value.
On January 1, 2010, Lauren Corporation issued $40,000, 9%, ten-year bonds payable at 108. Interest is payable each December 31.
A company office supplies account shows a beginning balance of $600 and an anding balance of $400. if office supplies expense of the year is $3,100, what amount of office supplies was purchased during the period?
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