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a. Identify weaknesses in Consports expenditure cycle, explain the resulting problem, and suggest a control procedure that would best prevent or detect and correct each weakness. Use the labels next to each step to reference your answer.
b. Describe how information technology can be used to improve the efficiency of ConSports accounts payable and cash disbursements processes. For each process you change, also explain how to use technology to provide strong internal controls.
A review of the ledger of Greenberg Company at December 31, 2002, produces the following data pertaining to the preparation of annual adjusting entries.
Top Disc manufactures frisbees. The following information is available for 2013 , the company's first year in business when it produced 325,000 units. Revenue of $450,000 was generated by the sale of 180,000 frisbees.
Explain some disadvantages of Cliff's current investment approach. Construct a portfolio for Cliff, limiting your selections to mutual funds (assume that he sells his current stock and bond holdings). Make sure your plan indicates specific dollar a..
Phillips Company bought 40 percent ownership in Jones Bag Company on January 1, 20X1, at underlying book value. In 20X1, 20X2, and 20X3, Jones Bag reported net income of $8,000, $12,000, and $20,000
The Walstore Shoe Market had $1,875,000 of shoe sales and its cost for these shoes was $688,000. In addition, the Shoe Market received $5,000 of corporate bond interest and $6,000 of interest on State of California bonds.
Mr. Robbins medical records indicated that a total of 20 labor hours were directly used in providing his care. The cost of the labor was $380. It was expected before the beginning of the year that a total of 90,000 direct labor hours would be cons..
On January 1, Year 1, JIM Company purchased a machine for $550,000. It had a useful life of 10 years and no salvage value. The machine was depreciated by the straight-line method.
A company established a petty cash fund of $100 on September 1. On September 15, the petty cash fund was increased to $125 in total. Record the above transactions in general journal form.
The actual cash received from cash sales was $11,279, and the amount indicated by the cash register total was $11,256.
Journalize the following transaction using the direct write-off method of accounting for uncollectible receivables.
Tranquility, Inc., an exempt organization, leases factory equipment to Blouses, Inc. Blouses is a taxable entity that manufactures women's clothing for distribution through upscale department stores.
Crow Co. issued 493,000 of 10%, 20 yr. bonds on Jan, 1, 2010, at face value. Interest is payable annually on Jan. 1. Prepare journal entries to record the last of the following events:
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