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Problem 1: Which of the following statements is true?
a.Sound internal control practice dictates that all cash payments should be made by check.
b.Petty cash can be substituted for a checking account to expedite the payment of all disbursements.
c.The person handling the cash should also prepare the bank reconciliation.
d.Good cash management practices dictate that a company should maintain as large a balance as possible in its Good Cash account.
Problem 2: When preparing a bank reconciliation, bank service charges are
a.added to the bank statement balance.
b.added to the company's book balance.
c.deducted from the bank statement balance.
d.deducted from the company's book balance.
At a power plant that produces 1 GW (109 watts) of electricity, the steam turbines take in steam at a temperature of 500°C, and the waste heat is expelled into the environment at 20°C. (a) What is the maximum possible efficiency of this plant?
the 2010 balance sheet of marias tennis shop inc. showed long-term debt of 2.3 million and the 2011 balance sheet
Briefly identify the general tax planning concepts that you must consider when deciding which option any taxpayer should use when practicing effective tax
Enter the following transactions for the month in the appropriate day book, post to ledger and extract trial balance.
on may 12011 newby corp issues 60000 9 5-year bonds at face value. the bonds were dated may 1 2011 and pay interest
On November 10 of the current year, Flores Mills sold carpet to a customer for $8,100 with credit terms 2/10, n/30. What is the correct entry for Flores
What will be the effect on income if the Portland office is eliminated and half of its fixed cost are avoided
Lata Inc., produces aluminum cans. Production of 12-ounce cans has a standard unit quantity of 4.5 ounces of aluminum per can.
Compute the departmental overhead rates using machine hours as the cost driver.
Compute the amount of gross profit to be recognized each year assuming the percentage-of completion method is used.
Consider a bond as in question 1 (50% higher and 50% lower; no default) but where the issuer can call the bond. Assume the issuer calls the bond at the start.
The company recorded revenues of $450,000, expenses of $300,000, and paid dividends of $200,000. What the company's retained earnings at the end of the year
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