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E7 5 At Reyes Company, checks are not prenumbered because both the purchasing agent and the treasurer are authorized to issue checks. Each signer has access to unissued checks kept in an unlocked file cabinet. The purchasing agent pays all bills pertaining to goods purchased for resale. Prior to payment, the purchasing agent determines that the goods have been received and verifies the mathematical accuracy of the vendor's invoice. After payment, the invoice is filed by vendor and the purchasing agent records the payment in the cash disbursements journal. The treasurer pays all other bills following approval by authorized employees. After payment, the treasurer stamps all bills "paid," files them by payment date, and records the checks in the cash disbursements journal. Reyes Company maintains one checking account that is reconciled by the treasurer.Identify internal control weaknesses for cash disbursements and suggest improvements.a. List the weaknesses in internal control over cash disbursements.b. Identify improvements for correcting these weaknesses.
The invoice cost for merchandise purchases represents 75% of the sales price. All purchases are paid in cash. How much are the budgeted cash disbursements for December?
Acquired for cash 80 % of the outstanding common stock of Meadow Corporation at $70 per share. The stockholder's equity of Meadow on January 1,2006 consosted of the following :
Madison Industries is a manufacturer of sweaters. The information for March is as follows: Prepare a production cost worksheet using the weighted-average method. Include any necessary supporting schedules.
What are the key components of cost reimbursement contracts and performance contracts. Which, in your opinion, is best suited for a human service organization?
What amount of the acquired capital loss of $80,000 can be used to offset Gate Corp. net capital gain for 2010?
Name the steps in completing the accounting cycle and explain how they impact the financial statements. What happens is a step is missed? Explain.
In November 2011, Kendall purchases a computer for $4,000. She does not use Sec. 179. She only uses the most accelerated depreciation method possible.
Assuming that interest is computed annually, at what carrying value should the total liability for these bonds be reported two years later on December 31, 2012, if the effective-interest method of amortization is used?
Compute Juan's gross income assuming that he uses the cash basis of accounting.
On June 1, 2009, Everly Bottle Company sold $400,000 in long-term bonds for $351,040. The bonds will mature in 10 years and have a stated interest rate of 8% and a yield rate of 10%.
Discuss what these traditional financial statements do well as well as the limitations of these financial statements for valuing information/knowledge age companies.
You are an investment manager who is currently managing assets worth $6 billion. You believe that active management of your fund could generate between an additional one tenth of 1% return on the portfolio. If you want to make sure your active str..
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