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The following are some “suspicions”; you have been requested to select some effective extended procedures designed to confirm or deny the suspicions.
Required:
Write the suggested procedures for each case in definite terms so another person can know what to do.
a. The custodian of the petty cash fund may be removing cash on Friday afternoon to pay for weekend activities.
b. A manager noticed that eight new vendors were added to the purchasing department’s approved vendor list after the assistant purchasing agent was promoted to chief agent three weeks ago. She suspects all or some of them might be fictitious companies set up by the new chief purchasing agent.
c. The payroll supervisor may be stealing unclaimed paychecks of employees who resigned and did not collect their last check.
d. Although no customers have complained, cash collections on accounts receivable have decreased and the counter clerks may have stolen customers’ payments.
e. The cashier may have “borrowed” cash receipts, covering this by holding each day’s deposit until cash from the next day(s) collection is enough to make up the shortage from an earlier day and then sends the deposit to the bank.
Next year ABC healthcare organization will serve 100 patients in the following manner. 30 Medicare Patients who pay charges less 30%/diagnosis. 20 Medicaid patients who pay charges less 30% per diagnosis. Calculate the increase in patients volume nec..
ot-for-profits are required to classify assets into three categories, restricted, temporarily restricted and unrestricted. Explain why would this requirement exist for NFP organizations
The company uses the first in, first out method on a periodic basis. Physical counts are conducted at the end of the year to determine the quantity and value of merchandise inventory on hand and cost of goods sold.
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your client holds the long leasehold interest in the surveyor and clipboard a restaurant which is on the fringe of a
Imagine you are President of a company (the company is your choice). Tell us about the product you are selling and which of the four pricing strategies you would use to determine your selling price?
Uxmaiz Corporation had only one job in process during May—Job X32Z—and had no finished goods inventory on May 1. Job X32Z was started in April and finished during May. Using the indirect method, determine the cost of goods sold for May.
Condensed financial data of Odgers Inc. follow. ODGERS INC. Comparative Balance Sheets December 31 Assets 2014 2013 Cash $ 101,000 $ 60,500 Accounts receivable 109,750 47,500 Inventory 140,625 128,563 Prepaid expenses 35,500 32,500. New plant assets ..
On July 1, the inventory of at Barnett Shoes was $60,000. Because of anticipated back-to-school sales, the owner wants to have an inventory of $105,000 on hand at the beginning of August. Net sales during July are expected to total $70,000, with a gr..
How much gain must the SA general partnership recognize on the transfer of these assets from Sue and Andrew?
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