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Suppose you have a part-time sales position over the winter break in a small clothing store that is part of a national chain. The store's one full-time employee, with whom you have become friendly, hired you. Explain what you would do in the situations described below, and identify two internal control problems that exist in each situation.
1. You arrive at the store at 6 p.m. to take over the evening shift from the full-time employee who hired you. You notice that this person takes a coat from a rack, puts it on, and leaves by the back door. You are not sure if the coat is one that was for sale or if it belonged to the employee.
2. You are the only person in the store on a busy evening. At closing time, you total the cash register and the receipts and discover that the cash register is $20 short of cash. You consider replacing the $20 out of your pocket because you think you may have made a mistake and are afraid you might lose your job if the company thinks you took the money.
A company has a fiscal year-end of December 31: (1) on October 1, $12,000 was paid for a one-year fire insurance policy; (2) on June 30 the company lent its chief financial officer $10,000; principal and interest at 6% are due in one year; and (3) eq..
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rosenberg manufacturing corp. is considering marketing their new hearing aid in city of big smoke. this device is
Jonas, the sole shareholder of Emerald Corporation, wants to better understand the implications of this adjustment for E & P purposes, as he anticipates a distribution from Emerald in the current year. Prepare a memo for your firm's client files ..
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Compute the cost of goods destroyed, assuming that the gross profit is 25% of cost. Compute the cost of goods destroyed, assuming that the gross profit is 25% of sales.
multiple choice questions related to transaction analysis.choose the correct answer from the given option.1.nbspjoes
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