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Consider each of the following situations.
A. Sales clerks in aretail store are assigned to a specific cash register. They are given 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 the tickets. 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 tickets to a supervisor.
Required: For each situation, discuss why the procedures are used and how they provided effective internal control.
A plant asset with a five-year estimated useful life and no residual value is sold at the end of the second year of its useful life for a gain. Assume that the asset had produced 4/5 of its total production prior to being sold. Which depreciation ..
Presented below are a number of accounting procedures and practices in Sanchez Corp. For each of such items, list the assumption, information characteristic, principle, or modifying convention that is violated.
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You are an accounting tutor. One of your students is confused about impairment because the student has learned earlier that all assets are recorded at their historical cost. The student has the following list of questions for you:
On November 19, 2007, Albatross Corporation purchased 30,000 shares of ABC Corporation stock for $480,000, and 10,000 shares of Milken Corporation stock for $250,000. In Microsoft Excel format, please prepare a journal with Albatross's entries for ..
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Arantxa Corporation has outstanding 20,000 shares of $5 par value common stock. Prepare Arantxa's journal entries to record these transaction using the cost method.
1. Usually, if a work of art carries a significant price tag, it requires a credible provenance. The task is different for stolen than for fake material. Please explain. 2. Discuss and explain how modern forensic techniques can be beaten or circumve..
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