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PGA Golf Company makes custom golf clubs. The manufacturing supervisor interviews people who have specialized manufacturing skills, and he informs payroll when an employee is hired. The employees use a time clock to record the hours they work. The employees are also required to keep a record of the time they spend working on each order. The supervisor approves all time cards.
The accountant analyzes the job tickets and prepares a labor distribution summary. Payroll prepares the payroll register and paychecks. The supervisor distributes the paychecks to the employees. Payroll informs cash disbursement of the funds required to cover the entire payroll amount. The cash disbursements clerk ensures that there are adequate funds in the company's regular checking account to cover the payroll.
1. Although the information given is clearly incomplete, prepare a system flowchart for PGA’s payroll system.
2. Describe at least three internal control weaknesses [risks, threats, and exposures]; for each weakness suggests an internal control which would be effective in mitigating the weakness.
The current asset section of the Excalibur Tire Company's balance sheet consists of cash, marketable securities, accounts receivable and inventories.
What is the value-added ratio? Round to nearest whole percent.
question given the subsequent list of accounts determine total assetsaccounts receivable - 5000capital stock -
Given the enormous responsibilities CFOs hold, they should have a good understanding of those deliberate frauds on the part of employees. Could you name some common types of frauds? What controls can CFO place to prevent them?
Jackson and Campbell have capital balances of $100,000 and $300,000, respectively. Jackson devotes full time and Campbell one-half time to the business. Determine the division of $150,000 of net income under each of the following assumptions:
During the year, Davis Company acquired $1,000,000 of equipment to start a new product line. $500,000 of equipment was purchased for cash. $300,000 of equipment was acquired for a $30,000 downpayment with the balanced financed over 3 years.
Lara Co. traded its old computer for a new model. The following information is pertinent to this transaction: How much loss should Lara immediately recognize on this trade-in?
Bill Diamond owns a business called Diamond Distributors. The following transactions took place during January of the current year. Journalize the transactions in a general journal using the periodic inventory method.
Home Depot's income before interest expense and income taxes was $5,909 million, and interest expense was $37 million. Calculate Home Depot's times interest earned.
Create he journal entry to record the purchase of treasury stock by the cost method. 5,000 shares of treasury stock are reissued at $33 per share. Prepare the journal entry to record the reissuance by the cost method.
Prepare the appropriate journal entries for the depositis received and returned during 2011. Find out the liabiltiy for refurndable deposits to be reported on the December 31, 2011, balance sheet.
write-down of inventories, $360,000; loss on disposal of Sports Division, $555,000; and loss due to strike, $339,000. Ignoring income taxes, what total amount should Manning Company report as extraordinary losses?
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