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4 years ago

In a properly designed internal accounting control system, the same employee should not be permitted to:

1 answer:

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In a business world, segregation of duties is important to have a sound internal control. The employee handing cash/check collection is prohibited from updating its customer's subsidiary ledger and recording of transactions in the books. This will eliminate fraud and misappropriation of funds.

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P12-1 (Algo) Preparing a Statement of Cash Flows (Indirect Method) LO12-1, 12-2, 12-4, 12-6 Sharp Screen Films, Inc., is develop

love history [14]

Answer:

Explanation:

Sharp Screen Films, Inc.

Statement of Cash Flows

For the Year Ended December 31, Current year

Cash flows from operating activities:

Net income $ 44,550.00

Adjustments to reconcile net income to net cash provided by operating activities:

Depreciation expense $ 14,450.00

Decease in accounts receivables $ 6,500.00

Increase in Inventory $ (5,350.00)

Decrease in accounts payable $ (10,200.00)

Decrease in wages payable $ (500.00)

$ 4,900.00

Net cash from Operating Activities $ 49,450.00

Cash flows from investing activities:

Purchase of Equipment $ (58,450.00)

Net cash from Investing Activities $ (58,450.00)

Cash flows from financing activities:

Repayment of notes payable $ (12,000.00)

Issue of Common stock $ 34,900.00

Dividends paid $ (12,050.00)

Net cash from Financing Activities $ 10,850.00

Net change in cash during the year $ 1,850.00

Add: Beginning cash balance $ 65,400.00

Ending cash balance $ 66,650.00

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3 years ago

Your supervisor has come to you with the following list of expenditures for the year and is asking you whether they should be ca

ivanzaharov [21]

Answer:

1. Repainted the office building: This should be capitalized.

2. Added a new wing onto the office building: This should be capitalized.

3. Took their fleet of cars in for servicing (changing the oil, etc.).: This should be expensed.

5. Had an engine rebuilt in one of their fleet cars: This should be capitalized.

4. Added newer electronic locks on the doors in the production building: This should be expensed.

Explanation:

1. Repainted the office building: This should be capitalized. This is because repainting is a repair that will restore the physical structure of the office building and significantly improve it. Since it is a capital improvement cost, it should be capitalized and depreciated like other fixed assets.

2. Added a new wing onto the office building: This should be capitalized and depreciated like other fixed assets since it is a capital expenditure that significantly added to the structure of the office building.

3. Took their fleet of cars in for servicing (changing the oil, etc.).: This falls under repair and should be expensed.

4. Added newer electronic locks on the doors in the production building: This should be expensed. Cost of locks and keys are ordinary expenses that do not improve the physical structure of the production building.

5. Had an engine rebuilt in one of their fleet cars: This should be capitalized. It is a tangible improvement to the fleets of cars and this kind of costs fall under capital expenditures.

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3 years ago

Read 2 more answers

For businesses that gross in excess of $10 million per year, pro forma amounts are usually ________. rounded to the nearest ten

KatRina [158]

Answer:

rounded to the nearest ten thousand dollars

Explanation:

The term pro forma financial statements refers to a type of financial statement which estimates future financial results. It doesn't follow the GAAP, instead it is designed to focus on specific figures about a company's expected earnings. Although pro forma financials are only expected financial statements, it is still illegal to mislead investors using them.

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3 years ago

The Holiday Corporation had sales of $450 million this year. Its accounts receivable balance averaged $30 million. How long, on

Zina [86]

Answer:

24.3 days

Explanation:

Calculation for How long, on average, does it take the firm to collect on its sales

Using this formula

Average collection period = (Accounts receivable / Credit sales) * 365 days

Let plug in the formula

Average collection period =$30 million/$450 million *365 days

Average collection period =24.3 days

Therefore How long, on average, does it take the firm to collect on its sales is 24.3 days

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3 years ago

As the head of the engineering department for her company, Jody works with her team on complex and challenging projects. The lev

vagabundo [1.1K]

Answer:

Wide

Explanation:

Basically there are two spans of control namely; wide and narrow. A wide span of control is one in which a manager or supervisor interacts with many team members. In other words, the levels of hierarchy involved where there is a wide span of control is few. As such, this structure entails that a large number of the team members report directly to the manager.

The narrow span of control is one in which the manager supervises or interacts with a few team members. In other words, there is some level of hierarchy involved such that the managers direct subordinates are few and have subordinates who report to them.

To state it in another way, the wider the span of control, the fewer level of report or levels of hierarchy and the narrower the span of control, the higher the levels of hierarchy required.

In light of the explanation above, it can be deduced that Jody has a wide span of control over her team.

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3 years ago