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Bob is the new controller of Sacramento Corp. The previous controller was promoted to Chief Financial Officer (CFO) and is now Bob's boss. He instructs Bob that he should continue the practice of printing checks during the discount period, but then holding the checks for a few days before mailing them out. This allows Sacramento Corp. to take the purchase discount, but still keep the funds in their account to earn a few more days interest. Bob asks the CFO if the suppliers have complained about the practice and the CFO replies "the suppliers haven't taken away the discount so they can't be too upset about it."
Question 1: Is it ethical for Bob to continue this practice? Should he continue it? Explain your answer. What potential consequences are there to this practice? If Sacramento Corp. operated in a smaller town would that impact your decision?
Assuming that the machinery was the only tangible property placed in service during the year, compute Margo's maximum cost recovery deduction
The funds are blocked and that the parent company will only be able to remit them back to the United States in two years. How does affect the NPV of the project
The following information is from the records of Pangolin Camera? Shop: Accounts? Receivable, December? 31, 2017 $20,000? (debit) Allowance for Bad? Debts, December? 31, 2017 prior to adjustment 1,000? (debit) Net credit sales for 2017 91,000 Account..
Matching control plans to control failures – there are 10 examples of control plans from Chapters 8 and 9 listed below. Following that list you will find 10 descriptions of control failures. Electronic approvals,Off-site storage of backup computer pr..
What information will you and your staff need to analyze this investment opportunity?
A company purchases one year of flood insurance in advance on May 1, paying $42,000 ($3,500/month).Record the adjusting entry on December 31. (If no entry is required for a transaction/event, select "No journal entry required" in the first account fi..
What is the amount of interest expense in 2016? Bill Darby started Darby Company on January 1, 2016. The company experienced the events.
The Smith Company uses a job-order cost system and applies manufacturing overhead cost to jobs on the basis of direct labour cost. At the beginning of the most recent year, the following estimates were made as a basis for computing the predetermined ..
Enter the beginning balances in the accounts, and post the journal entries to the stockholders' equity accounts. (Use J5 for the posting reference.)
An insurance policy covering 12 months was purchased on October 1, 2015, for $16,200. The entire amount was debited to Prepaid Insurance and no adjusting entry was made for this item in 2015.
The Akron Slugger Company produces various types of wooden baseball bats. It has calculated the average cost per unit of a production level of? 7,500 bats to be? $10.00. Given this? information, what would be the total cost of producing? 7,500 baseba..
BTEC HNC/D MANAGEMENT COST ACCOUNTING COSTING BUDGETING LEVEL 4- Business Finance-Write an informal note which indicates the degree of success .
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