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Snake Creek Company has one trusted employee who, as the owner said, handles all of the book-keeping and paperwork for the company. This employee is responsible for counting, verifying, and recording cash receipts and payments, making the weekly bank deposit, preparing checks for major expenditures (signed by the owner), making small expenditures from the cash register for daily expenses, and collecting accounts receivable. The owners asked the local bank for a $ 20,000 loan. The bank asked that an audit be performed covering the year just ended. The independent auditor ( a local CPA), in a private conference with the owner, presented some evidence of the following activities of the trusted employee during the past year: a. Cash sales sometimes were not entered in the cash register, and the trusted employee pocketed approximately $ 50 per month. b. Cash taken from the cash register ( and pocketed by the trusted employee) was replaced with expense memos with fictitious signatures ( approximately $ 12 per day). c. $ 300 collected on an account receivable from a valued out- of- town customer was pocketed by the trusted employee and was covered by making a $ 300 entry as a debit to Sales Returns and a credit to Accounts Receivable. d. $ 800 collected on an account receivable from a local customer was pocketed by the trusted employee and was covered by making an $ 800 entry as a debit to Sales Discounts and a credit to Accounts Receivable. Required: 1. What was the approximate amount stolen during the past year? TIP: Assume employees work 5 days a week, 52 weeks a year. 2. What would be your recommendations to the owner?
Janice acquired an apartment building on June 4,2010, for $1.4 million. the value of the land is $200,000. Janice sold the apartment building on November 29, 2016. a. Determine Janice's cost recovery for 2010 b. Determine Janice's cost recovery for..
Carlson Corp. reported the following pretax accounting income and taxable income for its first three years of operations:
1.Name several stereotypes that you have heard or believe. How can we eliminate stereotypes in society?
What is the difference between book value per share of common stock and market value per share? Why does this disparity occur?
the way of doing business whose goal is to eliminate waste while satisfying the customer and providing a positive
how much cash does apple computer co. have if the firm has a current ratio of 2.5 a quick ratio of 1.2 and current
Using thefollowing Income Statement for ABC's Company, compute the firm's breakeven point.
fireout inc. manufactures steel cylinders and nozzles for two models of fire extinguishers 1 a home fire extinguisher
Hendrickson Corporation reported net income of $50,000 in 2010. Depreciation expense was $17,000. The following working capital accounts changed. Compute net cash provided by operating activities.
Determine the amount at which the ovens should be recorded in Great Harvest's equipment account.
if we choose double declining balance depreciation rather than straight-line, depreciation expense in the first two years of this asset's life will be lower
Many companies make annual reports available on their corporate Internet home page. Anuual reports also can be accessed through the SEC'S Edgar system at www.sec.gov (under fling type search for 10-K).
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