Customers account and deposits the cash in the bank

Assignment Help Financial Accounting
Reference no: EM131296153

Taylor company is a very small business. Alexis Dancer, one of the two office clerks, opens the mail each day and removes the cash receipts that come in the mail. Alexis then records the receipts in the cash records and the customer's account and deposits the cash in the bank

A) insure asserts and bond key employee

B) maintain adequate records

C) divide responsibility for related transactions

D) perform regular and independent reviews

Reference no: EM131296153

Questions Cloud

The relevant information related to the lease : On January 1, 2014, Doug Nelson Co. leased a building to Patrick Wise Inc. The relevant information related to the lease is as follows. The lease arrangement is for 10 years. The leased building cost $4,488,500 and was purchased for cash on January 1..
What is present value of the interest payments as well : Corporation sells 1000 bonds at par value of $1000. face interest rate of each bond is 5% with interest paid twice a year. the bobds are 10 year bonds. market interest rate is 4%annually. what is total amount interest paid to bondholders over life of..
Compute budgeted fixed factory overhead per unit : Kister Electronics had a fixed factory overhead budget for 20X0 of $72 million. The company planned to make and sell 9 million units of a particular communications device. All variable manufacturing costs per unit were $18. Compute Kister’s budgeted ..
What is the budget allowance for direct labor : The Lucerne Chocolate Company uses standard costs and flexible budget to control its manufacture of fine chocolate. The purchasing agent is responsible for material price variances, and the production manager is responsible for all other variances. W..
Customers account and deposits the cash in the bank : Taylor company is a very small business. Alexis Dancer, one of the two office clerks, opens the mail each day and removes the cash receipts that come in the mail. Alexis then records the receipts in the cash records and the customer's account and dep..
Prepare journal entries to record each of these transactions : Kohler Corporation reports the following components of stockholders’ equity on December 31, 2015: Common stock—$15 par value, 100,000 shares authorized, 50,000 shares issued and outstanding $ 750,000 Paid-in capital in excess of par value, Prepare jo..
Differences in culture-social values-political systems : How do differences in culture, social values, political systems, technology and economic systems impact mergers/acquisitions in this global environmental?
Cash flow statement categories : Cash flow statement categories. Classify the transactions into the best of these five categories. Exchange of furniture for office equipment. Purchase of treasury stock. Decrease in accounts payable during the year.
Differences in culture-social values-political systems : How do differences in culture, social values, political systems, technology and economic systems impact mergers/acquisitions in this global environmental?

Reviews

Write a Review

Financial Accounting Questions & Answers

  What is the value of the work-in-process inventory

Roswell Refiners restarted operations on September 1 after a 3 month shutdown. There were no beginning inventories. Compute cost of goods sold for September. What is the value of the work-in-process inventory on September 30?

  What would be average fixed inspection cost per unit

What would be average fixed inspection cost per unit at an activity level of 6,600 units in a month? Assume that this level of activity is within the relevant range.

  Prepare operating activities section of statement

Gutierrez Company reported net income of $198,760 for 2014. Gutierrez also reported depreciation expense of $45,030 and a loss of $4,850 on the disposal of equipment. Prepare the operating activities section of the statement of cash flows for 2014.

  Examine the distribution of profits using ros and roa

What are the most important forces that currently limit industry profitability? What are the most important industry actions that sustain profitability? Examine the Distribution of Profits for 2010 using ROS and ROA.

  Which is incorporated in the state of alpha

You are the 100% owner of X Corporation, which is incorporated in the state of Alpha and has its principal place of business there. Your company has 5 employees, including you, and does computer consulting services for small businesses. You do all of..

  Close the balance to cost of goods sold

The estimated overhead costs of Furniture were $2,200,000and the estimated basis used for charging overhead to production is direct labor hours estimated at 500,000. The actual overhead incurred during the year was $2,800,000 and the amount charged t..

  Predetermined overhead rate-denominator level of activity

Kingdon Corporation's manufacturing overhead includes $7.10 per machine-hour for variable manufacturing overhead and $207,000 per period for fixed manufacturing overhead. What is the predetermined overhead rate for the denominator level of activity o..

  Seagren industries inc manufactures in separate processes

seagren industries inc. manufactures in separate processes furniture for homes. in each process materials are entered

  Increase receiving ordinary income

the guarantee payment increase receiving ordinary income by the entire amount paid during the text year

  Computation of consideration

Computation of Consideration for purchasing a running Business Firm - determine this amount. Under these conditions, how much should you offer O'Henry?

  Maturity risk premiums on treasury securities rise

Suppose the inflation rate is expected to be 6.3% next year, 4.9% the following year, and 2.6% thereafter. Assume that the real risk-free rate, r*, will remain at 2.15% and that maturity risk premiums on Treasury securities rise from zero on very sho..

  What is the importance of turnover of accounts receivables

What is the importance of the turnover of Accounts Receivables? Why is it is essential for organizations to keep cash reserves on hands? Is it possible to still bring in a lot of revenue, but still be short on cash?

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd