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Aldstadt Company has the following internal control procedures over cash receipts. Identify the internal control principle that is applicable to each procedure.
(a) All over-the-counter receipts are registered on cash registers.
(b) All cashiers are bonded.
(c) Daily cash counts are made by cashier department supervisors.
(d) The duties of receiving cash, recording cash, and having custody of cash are assigned to different individuals.
(e) Only cashiers may operate cash registers.
A company changes from percentage-of-completion to completed-contract, which is the method used for tax purposes. The entry to record this change should include a :
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In 2010, Wild Corporation reported a net loss of $70,000. Wild's only net income adjustments were depreciation expense $81,000, and increase in accounts receivable $8,100. Compute Wild's net cash provided (used) by operating activities.
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The Central Valley Company is a merchandising firm that sells a single product. The company's revenues and expenses for the last three months are given below:
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