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Construction Company, headquarted in Terre Haute, Indiana, built a Rest Easy Motel 35 miles east of Terre Haute. The construction foreman, whose name was Monty, hired the 40 workers needed to complete the project. Monty had the construction workers fill out the necessary tax forms. and he sent the employment documents to the home office, which opened a payroll file for each employee.
Work on the motel began on April 1 and ended Sept 1. Each week, Montey filled out a time card of the hours worked by each employee during the week. Monty faxed the time sheets to the home office. which prepared the payroll checks on Friday morning. Monty drove to the home office after lunch on Friday, picked up the payroll checks, and returned to the construction site. At 5 pm on Friday, Monty distributed the payroll checks to the workers.
a. Describe in detail the main internal control weakness in this situation. Specify what negative results could occur because of the internal control weakness.b. Describe what you would do to correct the internal control weakness.
What amount will be debited in the December 31, 2005 worksheet elimination for the machine account as a result fo this transaction?
What is the distinction between expenditures and expenses as the terms are used in governmental accounting?
ABC Company recognises revenue at the point of shipment. Management decides to increase sales for the current quarter by filling all customer orders. Explain what impact this decision will have on the following:
a company is planning a 35 million dollar marketing campaigntv add. explain from what source would they get the money
buckle company produces three joint products from seaweed. at the split-off point three basic products emerge sea tea
The committee which is responsible for holding hearings on tax legislation for the House of Representatives is the
Carl, an employee of a Miami CPA firm, was sent to work in Tampa for eight months on March 1, year 1, on a financial audit. His monthly transportation expenses were $400, his monthly lodging was $1,200, and his meals were $800 per month.
Before the current year, the company accounted for its income from long-term construction contracts on the completed-contract basis. Early this year, the company changed to the percentage-of-completion basis for accounting purposes but continues t..
question 9 figure 3-2. lassiter toys inc. cost of materials no. of toys total cost produced of materials 100000 20000
The camera cost $9,000 and is expected to last four years. Assume that the camera has a salvage value of 900. Calculate Fairfolk's 2008 depreciation expense relating to the camera, using the double-declining balance method.
now that operations for outdoor clinics and team events are running smoothly suzie thinks of another area for business
Management's intention to make the purchase is sufficient.
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