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timurjin [86]
3 years ago
8

Petty Cash is easily misappropriated if business processes and internal controls are not established and enforced. Provide and e

xplain a minimum of four controls and/or concepts that will help a company ensure that its petty cash accounts are appropriately used and safeguarded?
Business
1 answer:
erastova [34]3 years ago
5 0
1 make sure always safely watched
2 write down the date described when used
3 keep storage info of passed usages
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The asset's book value is $70,000 on June 1, Year 3. On that date, management determines that the asset's salvage value should b
aniked [119]

Answer:

The correct answer is C that is $4,062.50

Explanation:

The depreciation expense is computed as:

Depreciation expense = Book Value of asset - Salvage Value / Number of years × 6/ 12

where

Book value is $70,000

Salvage value is $5,000

Number of years is 8 because it is Year 3

Number of months is 6 months

= $70,000 - $5,000/ 8 × 6/ 12

= $65,000 / 8 × 6/ 12

= $8,125 × 6/ 12

= $4,062.50

5 0
3 years ago
A company will make $74,000 in annual revenue each year for the next seven years from a new investment. The interest rate of 7.2
UkoKoshka [18]

Answer:

The present value is $395,354.84

Explanation:

The computation of the Present value is shown below

= Present value of all yearly cash inflows after applying discount factor

The discount factor should be computed by

= 1 ÷ (1 + rate) ^ years

where,  

rate is 7.25%  

Year = 0,1,2,3,4 and so on

Discount Factor:

For Year 1 = 1 ÷ 1.0725 ^ 1 = 0.9324

For Year 2 = 1 ÷ 1.0725 ^ 2 = 0.8694

For Year 3 = 1 ÷ 1.0725 ^ 3  = 0.8106

For Year 4 = 1 ÷ 1.0725 ^ 4  = 0.7558

For Year 5 = 1 ÷ 1.0725 ^ 5  = 0.7047

For Year 6 = 1 ÷ 1.0725 ^ 6  = 0.6571

For Year 7 = 1 ÷ 1.0725 ^ 7  = 0.6127

So, the calculation of a Present value of all yearly cash inflows are shown below

= (Year 1 cash inflow × Present Factor of Year 1) + (Year 2 cash inflow × Present Factor of Year 2) + (Year 3 cash inflow × Present Factor of Year 3) + (Year 4 cash inflow × Present Factor of Year 4)  + (Year 5 cash inflow × Present Factor of Year 5)  + (Year 6 cash inflow × Present Factor of Year 6)  + (Year 7 cash inflow × Present Factor of Year 7)

= ($74,000 × 0.9324 ) + ($74,000 × 0.8694  ) + ($74,000 × 0.8106 )  + ($74,000 ×  0.7558 )  + ($74,000 × 0.7047  ) + ($74,000 × 0.6571 )  + ($74,000 × 0.6127  )

= $68,997.67  + $64,333.49  + $59,984.61  + $55,929.70  + $52,148.91  + $48,623.69  + $45,336.77

= $395,354.84

We take the first four digits of the discount factor.  

4 0
3 years ago
The Gramm-Leach-Bliley Act
Feliz [49]

Answer: a. requires financial institutions to ensure the security of customer data.

Explanation:

The Gramm–Leach–Bliley Act (GLBA), which is also known as the Financial Services Modernization Act of 1999 is an act of the 106th United States Congress.

The Act requires that Financial Institutions such as commercial banks, investment banks, securities firms, and insurance companies under the FINANCIAL PRIVACY rule ensure that they explained their information sharing principles of their customers' information to their customers and to safeguard sensitive data.

7 0
3 years ago
Which of the following is a characteristic of a monopolistically competitive market? I. Each firm is a price-taker. II. Firms se
dangina [55]

Answer:

The correct answer is option II and III only.

Explanation:

Monopolistic competition is a market structure where there is a large number of buyers and sellers. The sellers in this market sell differentiated products which are close substitutes.  

There is a very low restriction on the entry of new firms in the market. Because of differentiated products each firm has some degree of market power. The firms face a downward-sloping demand curve. This means that the firms decide the price level.  

Though the firms enjoy zero economic profits in the long run.

3 0
3 years ago
Hideki owns land with a huge number of trees on it. In order to protect the land, Hideki would like to remove some of the trees,
dybincka [34]

Answer:

B, A profit

Explanation:

Since HIdeki is giving out the trees to Ekaterina for free, it means that Ekaterina has a lot of profit already because he/she got the trees as a gift and did not need to purchase them thus saving him/her a lot of capital.

The money Ekaterina must have had in mind to purchase raw materials(trees) for the businees before being giftef 250 tress can go into another investment or expansion of the carving business.

Cheers.

8 0
3 years ago
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