Already have an account? Get multiple benefits of using own account!
Login in your account..!
Remember me
Don't have an account? Create your account in less than a minutes,
Forgot password? how can I recover my password now!
Enter right registered email to receive password!
Rhonda Cox worked as the parts manager for State Line Automobiles, a local automobile dealership. Rhonda was very dedicated and never missed a day of work. Since State Line was a small operation, she was the only employee in the parts department. Her duties consisted of ordering parts for stock and as needed for repairs, receiving the parts and checking them in, distributing them as needed to the shop or to customers for purchase, and keeping track of and taking the year end inventory of parts. State Line decided to expand and needed to secure additional financing. The local bank agreed to a loan contingent on an audit of the dealership. One requirement of the audit was to oversee the inventory count of both automobiles and parts on hand. Rhonda was clearly nervous, explaining that she had just inventoried all parts in the parts department. She supplied the auditors with a detailed list. The inventory showed parts on hand worth $225,000. The auditors decided they needed to verify a substantial part of the inventory. When the auditors began their counts, a pattern began to develop. Each type of part seemed to be one or two items short when the actual count was taken. This raised more concern. Although Rhonda assured the auditors the parts were just misplaced, the auditors continued the count. After completing the count of parts on hand, the auditors could document only $155,000 of actual parts. Suddenly, Rhonda quit her job and moved to another state.
Required:
a. What do you suppose caused the discrepancy between the actual count and the count that Rhonda had supplied?
b. What procedures could be put into place to prevent this type of problem?
How much advertising expense could be allocated to each department and Make the required journal entries to record the above transactions and events.
What is Cost of raw material issued to WIP, Cost of Goods Manufactured, Cost of Goods Sold and Net Income
If all the current assets were liquidated today, the company wouldreceive $805,000 million cash. What is the book value of Klingon's assets today? What is the market value?
the tax treatment of fringe benefits for more-than-2 percent shareholder-employees of s corporations is less favorable
in 2008 the mcqueen company purchased from chris padgett the right to be the sole distributor in the western states of
create journal entries to record the issuance of 100000 shares of common stock at 20 per share for each of the
Analyze accounting and reporting requirements for not-for-profit organizations - explain how fund accounting principles for nonprofit organizations affect routine revenue type journal entries.
Prepare entries in journal form to record the insurance expense for the period under the independent assumptions - an examination of the insurance policies shows unexpired insurance that cost $8,270 at the end of the period.
Hill Manufacturing uses departmental cost driver rates to apply manufacturing overhead costs to products. Manufacturing overhead costs are applied on the basis of machine-hours in the Machining Department and on the basis of direct labor-hours ..
What is the present operating profit per month of the Kids Education Center before Ms. Mooring's salary? What is (are) the break-even point(s), before Ms. Mooring's salary, assuming a student- teacher ratio of 6:1?
What is meant by the terms relevant and irrelevant costs and revenues in Strategic Management Accounting decision making? Include several small numerical examples in your answer.
Amy is a sole trader and had assets of $569,400 and liabilities of $412,840 on 1 January 20X8. During the year ended 31 December 20X8 she paid $65,000 capital into the business and she paid herself wages of $800 per month.
Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!
whatsapp: +1-415-670-9521
Phone: +1-415-670-9521
Email: [email protected]
All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd