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Control activities in payroll processing) As part of the audit of Manor Company, you are assigned to review and test the payroll transactions of the Galena plant. Your tests show that all numerical items were accurate. The proper hourly rates were used, and the wages and deductions were calculated correctly. The payroll register was properly footed, totaled, and posted. Various plant personnel were interviewed to ascertain the payroll procedures being used in the department. You determine that The payroll clerk receives the time cards from the various department supervisors at the end of each pay period, checks the employee's hourly rate against information provided by the personnel department, and records the regular and overtime hours for each employee. The payroll clerk sends the time cards to the plant's data processing department for compilation and processing. The data processing department returns the time cards with the printed checks and payroll register to the payroll clerk on completion of the processing. The payroll clerk verifies the hourly rate and hours worked for each employee by comparing the detail in the payroll register to the time cards. If errors are found, the payroll clerk voids the computer-generated check, prepares another check for the correct amount, and adjusts the payroll register accordingly. The payroll clerk obtains the plant signature plate from the accounting department and signs the payroll checks. An employee of the personnel department picks up the checks and holds them until they are delivered to the department supervisors for distribution to the employees.
Required Identify the shortcomings in the payroll procedures used in the payroll department of the Galena plant and suggest corrective actions.
Identify the weaknesses, if any, that you believe are material and the reasons why.
on jan 1st you paid 696 to get a seies of cash flows that will be paid at the end of each quarter in the amounts of 149
Harold and Maude are married and live in a common-law state. Neither have made any taxable gifts and Maude owns (holds title) all their property. She dies with a taxable estate of $15 million and leaves it all to Harold. He dies several years late..
What is the measurement date, how long is the service period and what is the total compensation cost, if any?
It now needs to identify relevant activity cost drivers in order to assign overhead costs to its products. Using the activities listed below, identify for each activity one or more cost drivers that might be used to assign overhead to Mallory Luon..
the standard cost sheet includes all of the following exceptthe standard quantity per unit.the standard material costs
in its 2010 annual report super-mart reported inventory of 39038 million on january 31 2010 and 40753 million on
Fred Farmer and his two sons owned 100 percent of Fruits and Nuts, Inc. Fred owned 50 percent of the stock, but he had 25 percent redeemed by the corporation for a building with a basis of $10,000 and a value of $50,000. If E&P is $200,000 and Fre..
At December 1, 2010, Orear Company's Accounts Receivable balance was $1,200. During December, Orear had credit sales of $5,000 and collected accounts receivable of $4,000. At December 31, 2010, the Accounts Receivable balance is ??
A On January 1, 2012, Sather Company had Accounts Receivable of $54,200 and Allowance for Doubtful Accounts of $3,700. Sather Company prepares financial statements annually. During the year, the following selected transactions occurred.
the trial balance below was taken from the records of r. martin executor for the estate of j. mitchell on october 31
Firms A and B are identical except for their level of debt and the interest rates they pay on debt. Each has $2 million in assets, $400,000 of EBIT, and has a 40% tax rate.
By how much will Appling's earnings be increased or decreased by the bonds (ignoring taxes) in the December 31 annual financial statements?
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