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Micro Chip Corporation (MCC) has a special PO Box for customer payment. Jane is responsible for: going to the post office every day, emptying the post office box, opening the mail, making a prelist, sending the remittance advices to accounts receivable, and sending checks to the cashier's office. Jane has opening a business account at her bank for Master Cleaning Company (MCC). Several of Micro Chips checks are made out with only the initials MCC. Jane selects certain checks made out only with the initials MCC and deposits them in her business account. She would destroy the remittance advice. Name two controls that would prevent or detect this fraud? Name two audit procedures that might detect this fraud?
lewis industries adopted a defined benefit pension plan on january 1 2013. by making the provisions of the plan
According to Sec. 121, individuals who sell or exchange their personal residence after May 6, 1997, may exclude part or all of the gain if the house was owned and occupied as a principal residence for
lewis is an unmarried law student at state university a qualified educational institution. last year lewis borrowed
Giant produces consolidated financial statements to combine the two companies. Which of the following statements is correct about these consolidated statements?
Provide the journal entry that Sloan should make on December 31, 2004, assuming straight line amortization. Show how the bond liability and the related accounts will appear on the Balance Sheet of Sloan on December 31, 2004.
brace corporation uses direct labor-hours in its predetermined overhead rate. at the beginning of the year the
company is considering the replacement of equipment used in operations. the following data areavailableold equipment
Discuss the accounting treatment of the depletion and depreciation on the mine and mining equipment.
The Hershey Foods Company manufactures chocolate confectionery products. The three largest raw materials are cocoa beans, sugar, and dehydrated milk. Show the accounts debited and credited for each of the following business events:
The general manager was confused because the company had a $9,000 profit, yet seemed, as noted above, $10,000 worse off in its cash position. Explain briefly how, in general, this difference between profit and cash change can happen.
joe operates a plumbing business that uses the accrual method and reports on a calendar year. this year joe signed a
Calculate net sales, cost of goods sold, gross profit and net income.
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