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Question - Suppose you have a part-time sales position over the winter break in a small clothing store that is part of a national chain. The store's one full-time employee, with whom you have become friendly, hired you. Explain what you would do in the situations described below, and identify two internal control problems that exist in each situation.
a. You arrive at the store at 6 p.m. to take over the evening shift from the full-time employee who hired you. You notice that this person takes a coat from a rack, puts it on, and leaves by the back door. You are not sure if the coat is one that was for sale or if it belonged to the employee.
b. You are the only person in the store on a busy evening. At closing time, you total the cash register and the receipts and discover that the cash register is $20 short of cash. You consider replacing the $20 out of your pocket because you think you may have made a mistake and are afraid you might lose your job if the company thinks you took the money.
Flaherty is considering an investment that, If Flaherty demands a 9% return, how much is she willing to pay for this investment.
Identify the three components of the CPU and explain the role of each.
The problem that you select must not be trivial. It should be a problem for which computerized support is genuinely required. Problemsdeemed to be overly simple will not receive good marks.
Hawkins Corporation has the following balances at December 31, 2012. How should these balances be reported on Hawkins's balance sheet at December 31, 2012
Indicate the most likely effect of the following changes in credit policy on the receivables turnover ratio and days to collect (+ for increase, for decrease, and NE for no effect). a. Granted credit with shorter payment deadlines. b. Granted credit ..
Compare the pension plans of Coca-Cola and PepsiCo, including type of plan and funded status at 2007 year-end
Franklin Cards sells greeting cards for $1.50 each and plans to sell 290,000 cards every quarter. What is the margin of safety
Afterwards, it returned $1,000 of inventory to its supplier. If the business paid within the discount period, how much did it pay to its supplier?
The initial investment to set up the plant and equipment in order to commence the mining work was estimated to be $21,000,000. Prepare appropriate entries
Ending inventory should be 150% of beginning inventory. Determine the total costs of direct materials for August purchases
Include an EPS section separating Income from operations and discontinued operations
Discuss whether these deductions are appropriate and why or why not.
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