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1.Harriet Knox, Ralph Patton, and Marcia Diamond work for a family physician, Dr. Gwen Conrad, who is in private practice. Dr. Conrad is knowledgeable about office management practices and has segregated the cash receipt duties as follows. Knox opens the mail and prepares a triplicate list of money received. She sends one copy of the list to Patton, the cashier, who deposits the receipts daily in the bank. Diamond, the recordkeeper, receives a copy of the list and posts payments to patients' accounts. About once a month the office clerks have an expensive lunch they pay for as follows. First, Patton endorses a patient's check in Dr. Conrad's name and cashes it at the bank. Knox then destroys the remittance advice accompanying the check. Finally, Diamond posts payment to the customer's account as a miscellaneous credit. The three justify their actions by their relatively low pay and knowledge that Dr. Conrad will likely never miss the money. Required:1. Who is the best person in Dr. Conrad's office to reconcile the bank statement? 2. Would a bank reconciliation uncover this office fraud? 3. What are some procedures to detect this type of fraud? 4. Suggest additional internal controls that Dr. Conrad could implement.
Calculate the machine book value on December 31, 20X5, assuming use of the straight-line depreciation method
the income statement showed a loss of $6,000 from the sale of investments. Reconcile a net income of $90,000 to net cash flow from operating activities.
Queensland amortizes the prior service cost of the pension plan using the sum-of-the-years'-digits method, determine the amortization for the each of the next five years.
betty whose tax rate is 33 is in the business of breeding and racing horses. except for the transactions below she has
You are approached by a big software house which wants to purchase the right to manufacture and distribute the product. What minimum price would you be willing to sell the software?
Journalize the entries to record the operations, identifying each entry by letter. Compute the July 31 balances of the inventory accounts. Compute the July 31 balances of the factory overhead accounts.
Cost-Volume-Profit Analysis
Identify the amount of cash used for capital expenditures from the Investing Activities section. How much cash was provided from the sale of capital assets?
prepare a statement of cash flows using the indirect method for the windsor corp for the year
At the end of Cortez Department Store's fiscal year on November 30, 2012, these accounts appeared in its adjusted trial balance.
Assuming the original information and the processing of 500 applications, compute the loan application fee the company must charge if the targeted profit is $41,651.
Recorded the redemption of the bonds, which were called at 98. The balance in the bond discount account is $383,453 after payment of interest and amortization of discount have been recorded. Sept. 30. Paid the second annual payment on the note.
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