Reference no: EM131785362
Suppose a car dealership is opening a Regional office in Texas. Linda barnes the office manager, is designing the internal control system. The manager purposes the following procedures for credit checks on new customers, sales on account, cash collections, and write offs of uncollectible receivables.
*the credit department runs a credit check on all customers who apply for credit. When an account proves uncollectible, the credit dept. authorizes the write-off of the account receivable.
* Cash receipts comes in to credit dept., which separates the cash received from the customer remittance slips. The credit dept. list all cash receipts by customer's name and amount of cash received.
* The cash goes to the treasurer for deposit to the bank. The remittance slip go to the accounting dept. for posting to the customer's accounts.
* The controller compares the daily deposit slip to the total amount posted to the customer accounts. Both amounts must agree.
Requirement: Recall the components of internal control. Identify the internal control weakness in the above situation. Propose a way to correct it.
Present a single journal entry to record the costs incurred
: After planning to build a new plant, Kallisto Backpack Manufacturing purchased a large lot on which a small building was located
|
Find the market price of the bond
: Suppose that a 30-year municipal bond has a maturity value of $5000 and a coupon rate of 8%, with coupons paid semiannually.
|
Determine the amount of the impairment loss
: Determine the amount of the impairment loss. (Enter your answer in millions rounded to 1 decimal place, (i.e., 5,500,000 should be entered as 5.5).)
|
Stockbroker calls on potential clients from referrals
: A stockbroker calls on potential clients from referrals. For each call, there is a 10% chance that the client will decide to invest with the firm.
|
Recall the components of internal control
: Recall the components of internal control. Identify the internal control weakness in the above situation. Propose a way to correct it.
|
Right technology enhances organizational performance
: Effective usage of right technology enhances organizational performance.
|
What interest rate compounded semiannually
: Suppose you made a single investment with principal equal to the amount paid in part (a), and after 3 years you received a single lump sum return equal.
|
Drysdale dairy produces a variety of dairy products
: Drysdale Dairy produces a variety of dairy products. In Department 12, cream (transferred in from Department 6) and other materials
|
Determine the charges to the COMM sector
: Exercise - Service department charges and activity bases, Determine the charges to the COMM sector for the four CCS service categories for April
|