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Question - The balance per the bank statement on October 31, 2017, was $18,380. Outstanding checks were No. 62 for $140.75, No. 183 for $180, No. 284 for $253.25, No. 862 for $190.71, No. 863 for $226.80, and No. 864 for $165.28. Included with the statement was a credit memorandum of $185 indicating the collection of a note receivable for Daisey Company by the bank on October 25. This memorandum has not been recorded by Daisey.
The company's ledger showed one Cash account with a balance of $21,877.72. The balance included undepositied cash on hand. Because of the lack of internal controls, Bret took for personal use all of the undeposited receipts in excess of $3,795.51. He then prepared the following bank reconciliation in an effort to conceal his theft of cash:
Prepare a 1,050-word bank reconciliation report in a Word document that follows APA formatting guidelines (hint: deduct the amount of the theft from the adjusted balance per books) including the following:
An auditor may compensate for a weakness in internal control by increasing the:
Explain how net operating working capital is recovered at the end of a project's life, and why it is included in a capital budgeting analysis.
Boris Badenov has discovered that the change in product A demand in any given week is inversely proportional to the change in sales of product B in the previous week. That is, if sales of B rose by X% last week, sales of A can be expected to fall b..
During the course of this discussion I will define each and list our accounts that are associated with them. In addition to this I will provide examples showing how changes in the sales volume will trigger a change in unit fixed and variable costs..
Internal control weaknesses in cash receipts and sales processes at Gramiko, Inc.
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On December 31 year 1 Todd Corporation issued 500 of its 10% $1,000 bonds at 105. Todd Corporation uses IFRS. The bonds were issued through an underwriter to whom Todd paid bond issue costs of $15,000. On December 31 Year 1 balance sheet Todd shou..
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