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OleMash [197]
3 years ago
7

Exercise 8-02 The following control procedures are used at Torres Company for over-the-counter cash receipts. (a) For each proce

dure, explain the weakness in internal control, and identify the control principle that is violated. (b) For each weakness, suggest a change in procedure that will result in good internal control.
Business
1 answer:
saveliy_v [14]3 years ago
3 0

Answer: weakness

Cashiers are not bonded. Cash is not adequately protected from theft. Inability to establish responsibility for cash with a specific clerk. The accountant should not handle cash. Cash is not independently counted.

Principal: Segregation of Duties.Human Resource Controls.Independent Internal Verification.Documentation Procedures Physical Controls.Establishment of Responsibility.

Explanation:

There should be separate cash drawers and register codes for each clerk. A cashier office supervisor should count cash. The cashier’s department should make the deposits. All cashiers should be bonded. Cash should be stored in a safe until it is deposited in the bank.

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1 of 5) What does it mean to "Diversify" your portfolio?
eduard

Answer:

D. A and B

Explanation:

5 0
3 years ago
Winnebagel Corporation currently sells 28,000 motor homes per year at $84,000 each and 7,000 luxury coaches per year at $135,000
MissTica

Answer:

$825,050,000

Explanation:

Calculation to determine the amount to use as the annual sales when evaluating this project

First step is to calculate the new product line sales

New product line sales =29,000*$24,700

New product line sales = $716,300,000

Second step is to calculate Increased sales of the motor home line

Increased sales=2,500*$84,000

Increased sales = $210,000,000

Third step is to calculate the loss in sales

Loss in sales=750*$135,000

Loss in sales= $101,250,000

Now let calculate the amount to use as the annual sales when evaluating this project

Net sales = $716,300,000 + $210,000,000 - $101,250,000

Net sales = $825,050,000

Therefore the amount to use as the annual sales when evaluating this project is $825,050,000

4 0
3 years ago
How do you calculate the variable cost?
NikAS [45]

Calculate total variable cost by multiplying the cost to make one unit of your product by the number of products you've developed. For example, if it costs $60 to make one unit of your product, and you've made 20 units, your total variable cost is $60 x 20, or $1,200.

Hope this helps have a great day :)

6 0
2 years ago
Nash's trading post, llc issues 2000 shares of $10 par value common stock at $11 per share. when the transaction is recorded, cr
Natasha2012 [34]

Answer:

Credit common stock by 20,000

Credit additional paid in capital by 20,000

Explanation:

The par value of the share are $10 per share the number of shares are 2000 so initially we will credit common stock by (2000*10) = 20,000

Then we will credit the additional paid in capital by (11-10)*(2,000) =2000 as it is the additional money that we are getting on the par value.

4 0
3 years ago
TB MC Qu. 9-371 Irving Corporation makes a product with ... Irving Corporation makes a product with the following standards for
lisov135 [29]

Answer:

Variable manufacturing overhead rate variance= $664 favorable

Explanation:

Giving the following information:

Variable overhead 0.2 hours $ 5.10 per hour

The company used 1,660 direct labor-hours to produce this output. The actual variable overhead cost was $7,802.

<u>To calculate the variable overhead rate variance, we need to use the following formula:</u>

Variable manufacturing overhead rate variance= (standard rate - actual rate)* actual quantity

Actual rate= 7,802/1,660= $4.7

Variable manufacturing overhead rate variance= (5.1 - 4.7)*1,660

Variable manufacturing overhead rate variance= $664 favorable

6 0
3 years ago
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