Answer:
Debit : Account Payable $1,600
Credit : Discount Received $32
Credit : Cash $1,568
Explanation:
The correct journal entry to record the payment on July 28 includes a Debit to Accounts Payable and Credit to Discount and Cash. Cash should be after returns and discount received.
Answer:
Explanation:
A This scenario describes a payroll fraud ; This is a form of fraud where an employee or an employer manipulates the payroll system in order to fraudulently receive an un earned wages.
B The employees that Connie was paying to their account that she controls are called Ghost employees. These are fictitious person put on a payroll for fraud purposes.
C The fact that it took the company 5 years to discover the fraudulent practice indicates a weak internal control environment
D
- Some of the actions that the company failed to do are
- No proper authorization in place before employees are added to payroll
- No segregation of duties as Connies appears to have been the person that add employees to payroll , approve and also disburse salary
- There has been no headcount of employees for a long time
- The entire payroll system has not been audited and reviewed for a long time
Answer:
$8,181.81
Explanation:
Data provided in the question:
Amount deposited in the checking account = $1,800
Required reserve ratio = 0.220
Now,
Change in the checking deposits is calculated as:
⇒ ( Amount deposited ) × ( Money multiplier )
also,
Money multiplier = 
or
⇒ Money multiplier = 
or
⇒ Money multiplier = 4.54
Therefore,
Change in money supply = $1,800 × 4.54
or
⇒ Change in money supply = $8,181.81
Answer: Tangible: <em>cash, inventory, vehicles, equipment, buildings and investments</em>
Intangible: <em>goodwill, brand recognition, copyrights, patents, trademarks, trade names, and customer lists</em>
<em>Hope this helps </em>
<em>Plz mark brainlest</em>
<em />
Answer:
1. $3,000 Favorable
2. $6,600 Unfavorable.
Explanation:
This is an incomplete question. However, the completed part is question number 2, which has been solved below.
1. Direct material price variance
= (Actual price - Standard price) Actual quantity
= ($2.16 - $2.20) × 75,000
= -$0.04 × 75,000
= $3,000 Favorable
Note: Actual price is gotten by; $162,000 / 75,000
= $2.16
2. Direct material quantity variance
= (Actual quantity - Standard quantity) × Standard price
= (75,000 - $72,000) × $2.20
= 3,000 × $2.20
= $6,600 Unfavorable
Note: Standard quantity is gotten by;
24 × 3,000
= 72,000
