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enot [183]
3 years ago
7

The principal purpose of a voucher system is to provide assurance that

Business
1 answer:
ziro4ka [17]3 years ago
7 0
<span>The principle purpose of a voucher system is to provide assurance that all cash payments are approved before a check is issued. A voucher system is a way of internally controlling that helps prevent fraudulent withdrawals from a company by employees or people outside the organization. A voucher system organizes procedures to verify and approve cash disbursements, which is important because cash is vulnerable to theft. The voucher system helps guard a company's cash.</span>
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Dwyer Company reported the following results for the year ended December 31, 2007, its first year of operations: 2007 Income (pe
Art [367]

Answer: $315,000 deferred tax asset

Explanation:

The amount that Dwyer should record as a net deferred tax asset or liability for the year ended December 31, 2007 will be calculated thus:

= ($2400000 – $1500000) × 35%

= $900000 × 35%

= $900000 × 35/100

= $900000 × 0.35

= $315000.

Therefore, the answer is $315,000 deferred tax asset

8 0
2 years ago
Scarbrough Corp. factored $600,000 of accounts receivable to Duff Corp. on October 1, year 2. Control was surrendered by Scarbro
Virty [35]

Answer:

Scarbrough will receive and record cash of $538,685

The journal entry to record this transaction would be:

                             Debit        Credit  

Cash                 $2,900,300  

Interest Expense $89,700  

Notes Payable                 $2,990,000

Debit Cash for $2900300, debit Interest Expense for $89700, and credit Notes Payable for $2990000

Explanation:

In order to calculate the amount Scarbrough will receive and record cash we would have to make the following calculation:

Scarbrough will receive and record cash=Receivables-Amount of the hold back-Withheld as fee income-Less: Withheld as interest expense

Receivables= $600,000  

Amount of the hold back=$600,000 x 5%=$30,000  

Withheld as fee income=$600,000 x 3%=$18,000  

Withheld as interest expense=$600,000 × 15% × 54/365=$13,315  

Therefore, Scarbrough will receive and record cash=$600,000- $30,000-$18,000-$13,315=$538,685

Scarbrough will receive and record cash of $538,685

According to the given data to journal entry to record this transaction would be the following:

 

                              Debit        Credit  

Cash                 $2,900,300  

Interest Expense $89,700  

Notes Payable                 $2,990,000

Interest Expense=$2,990,000 x 3%=$89,700

5 0
2 years ago
1. Do you think the day will come when people no longer use cash? Why, or why not?
RSB [31]
I think now I’m present day that money is now being transferred online and email services I think cash for no longer be used in the future because the rise of technology and how everyone is now getting so used to it and depending on tech

It would be positive it would be more clear to people and for the younger generation to learn about but for the older generation it would be much harder and would be a negative affect on them since they didn’t use technology in their days and a lot of people are still used to cash
5 0
2 years ago
Which of the following best describes vertical integration? A. sell products to a supplier or a distributor B. develop the abili
jasenka [17]

Answer: B

Explanation:

A vertical integration is where a company owns another company in the same production line.

For example a company that bakes bread has a farm where wheat is cultivated, a marketing company and retail locations for the sale of the bread.

The advantages of Vertical integration include:

a. It reduces costs.

b. It increases efficiency.

c. It gives the firm greater control of the production process.

A major disadvantage of vertical integration is it requires huge capital outlay.

7 0
3 years ago
Marko, Inc., is considering the purchase of ABC Co. Marko believes that ABC Co. can generate cash flows of $6300, $11,300, and $
sladkih [1.3K]

Answer:

$27,642.86

Explanation:

To determine the price Marko will pay today to buy ABC Co, one has to find the present value of the cash flows.

Present value is the sum of discounted cash flows.

Present value can be calculated using a financial calculator.

Cash flow in year one = $6300

Cash flow in year two = $11,300

Cash flow in year three = $17,500

I = 11%

Present value = $27,642.86

To find the present value using a financial calacutor:

1. Input the cash flow values by pressing the CF button. After inputting the value, press enter and the arrow facing a downward direction.

2. After inputting all the cash flows, press the NPV button, input the value for I, press enter and the arrow facing a downward direction.

3. Press compute

I hope my answer helps you

7 0
2 years ago
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