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Suppose a car dealership is opening a Regional office in Texas. Linda barnes the office manager, is designing the internal control system. The manager purposes the following procedures for credit checks on new customers, sales on account, cash collections, and write offs of uncollectible receivables.
the credit department runs a credit check on all customers who apply for credit. When an account proves uncollectible, the credit dept. authorizes the write-off of the account receivable.
Cash receipts comes in to credit dept., which separates the cash received from the customer remittance slips. The credit dept. list all cash receipts by customer's name and amount of cash received. The cash goes to the treasurer for deposit to the bank. The remittance slip go to the accounting dept. for posting to the customer's accounts.
The controller compares the daily deposit slip to the total amount posted to the customer accounts. Both amounts must agree.
Requirement: Recall the components of internal control. Identify the internal control weakness in the above situation. Propose a way to correct it.
What are the deficiencies in the original cost control report? How does the report that you prepared in part (1) above overcome these deficiencies?
Prepare journal entries that summarize the sales and any aspects of the warranty for 2011 and the warranty for 2012.
The following journal entries are recorded in Kiesha Co.'s process cost accounting system.
What is the likely effect on the $4.50 unit cost of direct materials if next year's production increases?Why?
Future cash flows are, in many cases, subject to change. List several events that could occur that might influence the cash flows in this situation.
Disk City, Inc. is a retailer for digital video disks. The projected net income for the current year is $2,740,000 based on a sales volume of 270,000 video disks.
Ace Manufacturing earns revenues of $2,100,000 annually on 150,000 unit sales of industrial part. The part is priced at $14 each. A potential customer, in industry that the company has not previously served
Prepare a flexible budget performance report that shows both activity variances and revenue and spending variances for October.
incremental analysisresearch topicthe topic is a broad subject. the topic is not the problem to be solved that comes
a.recast the full costing income statement for 2014 into a variable costing format. does it appear as sanjay patel
The factory workers of UEM Industries Ltd are paid at a base rate of $30 per hour, working 40 hours per week. Prepare general journal entries for gross wages and deductions. Prepare general journal entries for payment of net wages
JungleGym, a best-selling toy has a selling price of $15. If the contribution margin ratio is 40% and if the fixed costs are $60,000, how many JungleGyms must the company sell to realize a profit of $450,000?
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