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:
Explanation:
The journal entries are shown below:
a. Short term notes receivable A/c Dr $5,300
To Service revenue A/c $5,300
(Being the service is provided based on the notes receivable)
b. Short term notes receivable A/c Dr $9,300
To Cash A/c $9,300
(Being cash is paid)
c. Short term notes receivable A/c Dr $4,300
To Account receivable A/c $4,300
(Being 3-month note receivable is accepted which is signed by the customer)
Answer:
Capital Loss
Explanation:
A capital loss occurs when an investment asset decrease in value between the time of purchase and the time for selling. The loss is realized only when the asset is sold. Examples of investment assets that can lose value include stocks, mutual funds, index funds, real estate, and bonds.
A capital gain or loss is the purchase price minus selling price of an investment asset. Capital gain is when the result is positive, implying that the asset has appreciated in value. A capital gain always attracts tax. David experienced a capital loss of $3000 as the selling price was lower than the buying price ($ 4000-$1000).
In order to reduce the Juuling by 20%, price would have to rise by 50%.
<h3>What is price elasticity of demand?</h3>
Price elasticity of demand measures the responsiveness of quantity demanded to changes in price of the good.
Price elasticity of demand = percentage change in quantity demanded / percentage change in price
Demand is inelastic if a small change in price has little or no effect on quantity demanded. The absolute value of elasticity would be less than one.
<h3>What should be the percentage rise in price?</h3>
0.4 = 20%/ price
price = 20% / 0.4
= 50%
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