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Snake Creek Company has one trusted employee who, as the owner said, handles all of the book-keeping and paperwork for the company. This employee is responsible for counting, verifying, and recording cash receipts and payments, making the weekly bank deposit, preparing checks for major expenditures (signed by the owner), making small expenditures from the cash register for daily expenses, and collecting accounts receivable. The owners asked the local bank for a $ 20,000 loan. The bank asked that an audit be performed covering the year just ended. The independent auditor ( a local CPA), in a private conference with the owner, presented some evidence of the following activities of the trusted employee during the past year: a. Cash sales sometimes were not entered in the cash register, and the trusted employee pocketed approximately $ 50 per month. b. Cash taken from the cash register ( and pocketed by the trusted employee) was replaced with expense memos with fictitious signatures ( approximately $ 12 per day). c. $ 300 collected on an account receivable from a valued out- of- town customer was pocketed by the trusted employee and was covered by making a $ 300 entry as a debit to Sales Returns and a credit to Accounts Receivable. d. $ 800 collected on an account receivable from a local customer was pocketed by the trusted employee and was covered by making an $ 800 entry as a debit to Sales Discounts and a credit to Accounts Receivable. Required: 1. What was the approximate amount stolen during the past year? TIP: Assume employees work 5 days a week, 52 weeks a year. 2. What would be your recommendations to the owner?
Assume that you are considering the purchase of a 15-year bond with an annual coupon rate of 9.5%. The bond has face value of $1,000 and makes semiannual interest payments. If you require an 11.0% nominal yield to maturity on this investment, what..
On September 1, 2005, Saturn Corporation's common stock was selling at a market price of $300 per share. On that date, Saturn announced a 3 for 2 stock split. At what price would you expect the stock to trade immediately after the split goes into ..
Prepare a statement of retained earnings for the year.
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To predict revenues for 2012, The Best uses the average for the past five years. The company's breakeven revenue is $800,000 per year. What is The Best's predicted margin of safety for 2012?
On a multiple-step income statement, gain or losses on sale of equipment would be shown:
sovereign millwork ltd. produces reproductions of antique residential moldings at a plant located in manchester
The average remaining service period of Shin's employees is 7.5 years. Compute Shin's minimum amortization of pension loss.
What was the auditor's responsibility with respect to the company's financial statements? What was the responsibility of management?
Brown Enterprises' bonds currently sell for $1,025. They have a 9-year maturity, an annual coupon of $80, and a par value of $1,000. What is their yield to maturity?
AZ sells its utensils wholesale for $0.85 each; the average cost per unit is $0.83, of which $0.12 is fixed costs. If AZ were to accept BV's offer, what would be the increase in AZ's operating profits?
Prepare a complete statement of cash flows using a spreadsheet as in Exhibit 16A.1; report operating activities under the indirect method.
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