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E7 5 At Reyes Company, checks are not prenumbered because both the purchasing agent and the treasurer are authorized to issue checks. Each signer has access to unissued checks kept in an unlocked file cabinet. The purchasing agent pays all bills pertaining to goods purchased for resale. Prior to payment, the purchasing agent determines that the goods have been received and verifies the mathematical accuracy of the vendor's invoice. After payment, the invoice is filed by vendor and the purchasing agent records the payment in the cash disbursements journal. The treasurer pays all other bills following approval by authorized employees. After payment, the treasurer stamps all bills "paid," files them by payment date, and records the checks in the cash disbursements journal. Reyes Company maintains one checking account that is reconciled by the treasurer.Identify internal control weaknesses for cash disbursements and suggest improvements.a. List the weaknesses in internal control over cash disbursements.b. Identify improvements for correcting these weaknesses.
Assume common stock is the only class of stock outstanding in the B-Bar-B Corporation. Total stockholders' equity divided by the number of common stock shares outstanding is called:
Expected annual usage of a particular raw material is 180,000 units, and the standard order size is 12,000 units. The invoice cost of each unit is $300, and the cost to place one purchase order is $80. The average inventory is?
What is the annual net cost of a monthly fee of $5, check processing fee of $.25, average 19 checks per month.
Gamma Corporation, as S corp. has a fiscal year ending 03-31. It is required to switch to a calendar-year tax year. How many months of income would a calendar-year taxpayer be required to report in the year of change?
Updike and Patterson Investmens inc (UPI) holds equity investments with a cost basis of $250,000. UPI accounts for these investments as available-for-sale securities.
At December 31, 2008, the trial balance of Worcester Company contained the following amounts before adjustment. Based on the information given, which method of accounting for bad debts is Worcester Company using-the direct write-off method or the a..
Once the convergence of US GAAP and IFRS has been completed, should US companies restatement their financials for a better comparsion for prior years? Why/why not?
What are the issuer's cash proceeds from issuance of these bonds? What total amount of bond interest expense will be recognized over the life of these bonds? What amount of bond interest expense is recorded on the first interest payment date?
Compute the cost of the ending inventory under the average-cost method, assuming there are 300 units on hand. (Round average cost to 2 decimal places, e.g. 3.25. Use this rounded amount to calculate cost of ending inventory.)
Prepare a cash distribution plan as of September 30, 2009, showing how much cash each partner will receive if the offer to sell the assets is accepted.
A company has a return on common stockholders' equity of 22%. Net income is $600,000 and average common stockholders' equity is $2,500,000. What is the amount of preferred dividends?
an auditing course.
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