1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
Fynjy0 [20]
3 years ago
10

During the preparation of the bank reconciliation for Building Concepts Co., Joel Kimmel, the assistant controller, discovered t

hat Lone Peak National Bank incorrectly recorded a $3,290 check written by Building Concepts Co. as $329. Joel has decided not to notify the bank but wait for the bank to detect the error. Joel plans to record the $2,961 error as Other Income if the bank fails to detect the error within the next three months.
Discuss whether Joel is behaving in a professional manner.
Business
2 answers:
dimulka [17.4K]3 years ago
8 0

Answer:

Joel Kimmel in this example did not behave in a professional way

Explanation:

<em>From the example given, Joel Kimmel is not behaving in professional manner . </em>

<em>The function  of  Bank Reconciliation Statement at normal interval is to restore the differences in  the bank cash book and pass book</em>

<em>When the mistake was discovered by Joel, it is his responsibility to make it known to the manager of the bank bank and do the right corrections of  balance in the pass book of the bank.</em>

<em>It is not advisable to treat  a bank business income as any kind of income  which is not right, and this will be a draw back in profit of the desired time. </em>

<em>When the  check receiver or customer make a complain  about the error found, The  Lone Peak National Bank will always notice this error.</em>

<em>In bank statement  their message always foes like this “ Bring to the notice of bank , if any discrepancy is found. </em>

<em>If Joel Kimmel did not notify the bank willingly  it will be seem as a fraud and it will affect the reputation of the organization.</em>

Andrews [41]3 years ago
5 0

Answer:

Joel is behaving in a totally unprofessional & unethical manner

Explanation:

As assistant controller, Joel Kimmel's job specification & responsibility includes financial statement preparation & combination, putting of internal controls in place, detailed analysis & reporting of cost variance, acts as the go-between with external auditors amongst other such responsibilities.

As such, when Joel discovered the cost discrepancy during the reconciliation, it was actually his responsibility to call the bank's attention to the variance. This is something that clearly falls under his job specification & can be considered as neglect of duty. Joel's decision defeats the very purpose of bank reconciliation, which is to correct any such discrepancy & to the ensure the rectification of transactions. Most importantly, the decision Joel plans to take is very unethical & is against standard accounting practices

We can therefore, say that Joel's decision is thoroughly unethical & unprofessional

You might be interested in
Why do you think it is important to consider both salary and benefits when applying for a job?
alexira [117]

Answer: It is important because an employee needs to have other rights beyond a salary.

Explanation: Although it is true that a person who applies for a job in return receives a salary, many times the work to do for the development and well-being of the company is greater than what he receives. Many people work tirelessly so that the place where they are working can continue to function properly. In many cases, the salary you receive is a salary that may be little and that does not compensate for many things. The benefits give the employee the opportunity to enjoy certain things and thus lighten the burden of him since not everything has to come from salary.

7 0
3 years ago
Storm Concert Promotions Valle Home Builders Actual indirect materials costs$12,400 $7,000 Actual indirect labor costs 55,900 46
Minchanka [31]

Answer and Explanation:

Storm Concert Promotions

The computation of overhead is shown below:-

Factory Overhead-Storm

Indirect materials $12,400           Applied overhead    91,600

Indirect Labor       $55,900

Other overhead

costs                       $16,000

                                                   Overapplied overhead $7,300

The Journal entry is shown below:-

Factory overhead Dr, $ 7,300

     To Cost of goods sold $7,300

(Being cost of goods sold is recorded)

Valle Home Builders

The computation of overhead is shown below:-

Factory Overhead-Value home builders

Indirect materials $7,000           Applied overhead    98,300

Indirect Labor       $46,900

Other overhead

costs                       $48,900

                                                  Overapplied overhead $4,500

Factory overhead Dr, $ 4,500

     To Cost of goods sold $4,500

(Being cost of goods sold is recorded)

5 0
3 years ago
The following is a December 31, 2021, post-closing trial balance for Almway Corporation.
balandron [24]

Answer:

TOTAL ASSETS $1,043,000

TOTAL LIABILITIES AND SHAREHOLDERS EQUITY $1,043,000

Explanation:

Preparation of a balance sheet for the Almway Corporation at December 31, 2021.

ALMWAY corporation

Balance sheet at December 31,2018

ASSETS

Current Assets

Cash and cash equivalent$47,000

($79,000-$32,000)

Short term investment $97,000

($144,000-$47,000)

Account receivable net of allowances $77,000

Inventories $217,000

Prepaid insurance $5,000

TOTAL CURRENT ASSETS $443,000

INVESTMENT

Marketable securities $47,000

Land held for sale $42,000

Restricted cash $32,000

TOTAL INVESTMENT $121,000

Plant property and equipment

Land $82,000

($124,000-$42,000)

Building $437,000

Accumulated deperation Building ($117,000)

Equipment $127,000

Accumulated deperation Equipment ($77,000)

NET PLANT PROPERTY AND EQUIPMENT $452,000

INTANGIBLE ASSETS

Patents ( net of amortization) $27,000

TOTAL ASSETS $1,043,000

LIABILITIES AND STOCKHOLDERS EQUITY

Current liabilities

Account payable $109,000

Interest payable $37,000

Note payable due in 6 months $47,000

Current maturity of long term debt notes payable $13,400

TOTAL CURRENT LIABILITY $206,400

LONG TERM LIABILITIES

Notes payable $120,600

($181,000-$47,000-$13,400)

Bond payable $257,000

TOTAL LONGTERM LIABILITIES $377,600

SHAREHOLDER EQUITY

Authorised 500,000 shares

Issued and outstanding shares $351,000

Retained earnings $108,000

Total shareholders equity $459,000

TOTAL LIABILITIES AND SHAREHOLDERS EQUITY $1,043,000

6 0
3 years ago
assume bell computer company operates in a perfectly competitive market producing 5,000 computers per day. at this output level,
Agata [3.3K]

In a perfectly competitive market bell computers will cause profits to increase by producing one more.

A hypothetical market system is referred to as perfect competition. Perfect competition offers a valuable model for illustrating how supply and demand influence pricing and behaviour in a market economy, despite perfect competition seldom occurring in actual markets.

One of the most efficiently operating markets is one with perfect competition, when a large number of buyers and suppliers cooperate perfectly. Sadly, it is a hypothetical event that does not occur in the real world. But in order to guarantee a fair price for all goods and services, markets should strive to be as similar to this type of market as feasible.

Learn more about perfectly competitive market here:

brainly.com/question/13961518

#SPJ4

6 0
1 year ago
How do banks make a profit?
fiasKO [112]
Banks make a profit by c. charging interest
8 0
3 years ago
Other questions:
  • Suppose you have a health insurance policy with an annual premium of​ $4800, an annual deductible of​ $1000, and copayments of​
    9·1 answer
  • "The production supervisor estimates that the ending work-in-process is 16 percent complete. Compute the cost of paint transferr
    9·1 answer
  • Amy is the founder of a small IT firm that specializes in social networking applications. She meets weekly with the members of h
    6·1 answer
  • Two years ago, Margo deposited $500 into a savings account. One year ago, she deposited an additional $300, and today she deposi
    5·1 answer
  • A company reports the following amount in its December 31, Year 1, income statement.
    15·1 answer
  • During December, the production department of a process operations system completed and transferred to finished goods a total of
    12·1 answer
  • What are some simlarities between saving and investing?
    14·1 answer
  • The following table shows the units of steel and personal computers a worker can produce per month in Germany and South Korea. U
    14·1 answer
  • What is the main responsibity of the national government ?​
    6·2 answers
  • The salary at the new job is a(n). The benefits at the job are a(n). The job’s location is a(n). The potential for job satisfa
    13·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!