Reference no: EM132621123

Questions -

Q1. The Jackson Corp sells souvenirs at many tourist attractions across the nation. Gross salaries are driven by both local and nation wide trends in popular vacation spots. At the end of the fiscal year. The company examines its bonds to determine its level of success over the last year, below is part of the company's records.

gross sales: $250000

manager's salaries: $50000

COGS: $40000

purchases of equipment's: $50000

depreciation: $30000

supplies expenses: $2500

loans to managers: $5000

general Adm expenses: $2500

retained earnings: $15000

Required - What is the net income?

Q2. A company recorded depreciation for an assets in equal annual amount over the useful life of the asset. What method of depreciation did they used?

Q3. Generally speaking when a company recorded depreciation expenses on equipment, the company is attempting to?

Q4. An adequate control would include:

1. Allowing the same person to handle bookkeeping and reporting

2. Limiting checkbook access to designated employees

3. Withholding customer receipt when necessary

4. Allowing the same person to carry all bookkeeping duties

5. Musing randomly numbered invoices