Explain the internal controls george needs

Assignment Help Accounting Basics
Reference no: EM133170229

Question - George Jetson owns and operates a restaurant and catering business which has seen the business show an increase in revenue over the last 6 months. With an increase in revenues George realized the expenses would also increase, but expected to see an increase in the cash position of the business. In reviewing the cash position and bank account, he has realized there has been a decrease in the cash position. The business receives cash and credit cards at the restaurant and also extends credit to customers for the catering business.

1. Explain the internal controls George needs to have in place for the receipt of both cash and credit cards for the restaurant.

2. Explain the issues involved with extending credit to customers in regards to both trade receivables and notes receivables.

3. Select and defend one of the methods to handle the write-off of bad debt.

Reference no: EM133170229

Questions Cloud

Calculate webb sports shop cash flow from operations : In 2021, Webb Sports Shop had cash outflow from investing activities of $2,567,000. Calculate Webb Sports Shop cash flow from operations
Monopolistic-ally competitive companies : This week, we learned about how economies have many different factors which various industries can be classified under. Each industry can be placed under a give
Lengthy code of ethics : B: If Enron had a lengthy code of ethics, which it did, exactly what happened to ruin their reputation?
How password security-electronic tracking of transactions : Discuss how password security and electronic tracking of transactions assist in the security and maintenance of the trust accounts.
Explain the internal controls george needs : Explain the internal controls George needs to have in place for the receipt of both cash and credit cards for the restaurant
Buying behavior of college students : State your topic idea as a question. For example, if you are interested in finding out about the buying behavior of college students (TOPIC), you might pose the
Construct a profit and loss statement for best lamps : Please construct a Profit and Loss Statement for "Best Lamps from California Company" from June 15, 2020 through January 15, 2021
Australian environmental and sustainability legislation : What Australian environmental and sustainability legislation, regulations or codes of practice are currently in place that impact on operations of a workplace.
What is triple bottom line reporting : What is triple bottom line reporting, and what has it to do with sustainable development

Reviews

Write a Review

Accounting Basics Questions & Answers

  How much control does fed have over this longer real rate

Hubbard argues that the Fed can control the Fed funds rate, but the interest rate that is important for the economy is a longer-term real rate of interest.   How much control does the Fed have over this longer real rate?

  Coures:- fundamental accounting principles

Coures:- Fundamental Accounting Principles: - Explain the goals and uses of special journals.

  Accounting problems

Accounting problems,  Draw a detailed timeline incorporating the dividends, calculate    the exact Payback Period  b)   the discounted Payback Period. the IRR,  the NPV, the Profitability Index.

  Write a report on internal controls

Write a report on Internal Controls

  Prepare the bank reconciliation for company

Prepare the bank reconciliation for company.

  Cost-benefit analysis

Create a cost-benefit analysis to evaluate the project

  Theory of interest

Theory of Interest: NPV, IRR, Nominal and Real, Amortization, Sinking Fund, TWRR, DWRR

  Liquidity and profitability

Distinguish between liquidity and profitability.

  What is the expected risk premium on the portfolio

Your Corp, Inc. has a corporate tax rate of 35%. Please calculate their after tax cost of debt expressed as a percentage. Your Corp, Inc. has several outstanding bond issues all of which require semiannual interest payments.

  Simple interest and compound interest

Simple Interest, Compound interest, discount rate, force of interest, AV, PV

  Capm and venture capital

CAPM and Venture Capital

Free Assignment Quote

Assured A++ Grade

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!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd