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Question - The audit work papers contain the following narrative description of the cash sales procedures of a retail clothing store. All sales are for cash; no credit cards are accepted. Each individual sale is rung up by the sales clerk on a cash register that ejects a sales slip. The sales slip is given to the customer, and a copy of the sales slip is made by the cash register on a continuous tape locked inside the machine. At the end of the day, the sales clerk presses a total key and the machine prints the total sales for the day on the continuous tape. The clerk then unlocks the cash register, removes the day's tape, makes an entry in the cash receipts book, counts the cash in the drawer, retains a change fund of $100, and turns the rest of the cash over to the cashier. The sales clerk then files the cash register tape and is ready for the next day. Provide four recommendations to improve controls over cash sales.
Composition of the inventory. Prepare a classified statement of financial position. Assume that $13,900 of the notes payable will be paid in 2018.
On January 1, 2021, Oriole Ltd. issued bonds, Prepararation of bond amortization schedule from the date of issue up to and including January 1, 2023.
67 has a total superannuation balance of $1 million at the previous 30 June, which of the following would apply in the current financial year?
On January 1, 2013 the Mack Company issues $16,000,000 of 11% bonds dated January 1. The bonds mature in 4 years. Compute interest expense for the semi-annual period ending December 31, 2015.
Ordinary share is selling for P18 per share and the preference share for P1350 per share. How much should the "Ordinary Share Capital & account be credited"?
On January 1, 2010, equipment is purchased for use in the production of steel pipes. The equipment cost $120,000 and is expected to be useful for 3 years. Assume that the Straight-Line method is used for equipment depreciation. How much depreciation ..
Google has a preferred stock that pays an annual dividend of 6$ to shareholders. What is the cost of Google's preferred stocks if it is currently priced at $100
Determine the amount of dividends paid to shareholders in 2021.The following condensed information is reported by Sporting Collectibles
December 31st for the next six years (2020 - 2025). If Sheridan will earn 9% on the investment, what amount will be in the investment fund on December 31, 2025?
What is the materials to be purchased? Waunakee Metals expects sales for the year to be 100,000 units, with quarterly sales of 20%, 25%, 30%, and 25%
On June 30, Collins Management Company purchased land for $400,000. Journalize the entry to record the transaction on June
What is lapping? The perpetrator deposits a check from bank A to bank B and then withdraws the money. / The perpetrator steals cash received from customer
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