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Consider each of the following situations.
A. Sales clerks in aretail store are assigned to a specific cash register. They aregiven a cash drawer containing $100 in change at the beginning oftheir shifts. They are required to record the amount of eachpurchase in the cash register. The cash register records anidentification and price for each item purchased. Cash payments arecollected from customers and placed in the cash drawer. A copy ofthe cash register sales slip is given to the customer. At the endof the shift, the employee takes the cash drawer and cash registertape to a supervisor who counts the cash, verifies the sales, andsigns an approval form. The sales clerk also signs the form thatidentifies the amount of cash and amount of sales for theday.
B. A ticketseller at a movie theater is issued a cash drawer with $100 inchange and a roll of renumbered tickets when the theater opens eachday. The seller collects cash from customers and issues thetickets. Each customer hands a ticket to a ticket taker who tearsthe ticket in half and gives half back to the customer. At the endof the day, the ticket seller returns the cash drawer and ticketsto a supervisor.
Required: For each situation, discuss why the proceduresare used and how they provided effective internal control.
Jastoon Co. acquired all of Wedner Co. for $588,000 cash in a tax-free transaction. On that date, the subsidiary had net assets with a $560,000 fair value but a $420,000 book value and income tax basis.
SCC Bhd needs $4 million to built a new assembly line. The target debt to equity ratio is 1.0. It is expected to generate after tax cashflow of $500,000 per tear forever.
A. Low Carb Diet Supplement, Inc. has two divisions. Division A has a profit of $100,000 on sales of $2,000,000. Division B is only able to make $25,000 on sales of $300,000. Based on the profit margins (returns on sales), which division is superior?
on january 1 f the current year, feller corporation issued $3000000 of 10% debenture bonds on a basis to yield 9%,receiving $3134580. interest is payable annually on december 31 and the bonds mature in 6 years.the effective interest method is used..
The 17,200 hours worked during the period resulted in production of 8,500 units. Manufacturing overhead cost incurred was $136,500.Calculate the following three overhead variances:
Mason was shocked to learn that the current Code is the Internal Revenue Code of 1986. He thought that U.S tax change more frequently. What is wrong with Mason's perception?
Loxley Corporation is authorized to issue 50,000 shares of $10 par value common stock. During 2010, Loxley took part in the following selected transactions.
Keefe, Inc., a calendar-year corporation, acquires 70% of George Company on September 1, 2009 and an additional 10% on April 1, 2010. What is the controlling interest in consolidated net income for 2010?
Determine (1) the ending inventory, and (2) the cost of goods sold under each of the assumed cost flow methods (FIFO, LIFO, and average-cost). Prove the accuracy of the cost of goods sold under the FIFO and LIFO methods.
During the current year, Goldfinch Corporation purchased 100% of the stock of Dove Corporation and made a qualified election under § 338. Which of the following statements is incorrect with respect to the § 338 election?
Rica's Fleet Feet, Inc., produces dance shoes for stores all over the world. While the pair of shoes are boxed individually, they are crated and shipped in batches. What is the static budget and flexible budget number of crates for 2008?
Using your textbook and at least one scholarly source, compare cost flows among service, merchandising, and manufacturing enterprises, explaining how healthcare differs from the other enterprises
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