Answer:
A. Restrict access
C. Establish responsibility
D. Document procedures
B. Independently verify
Explanation:
A. Restrict access, as the password is set to address the cash register, that is a security is being provided, and this is because, there is a restricted access, for the safety purpose.
C. Establish responsibility - As the treasurer is held liable of making and receiving any checks, and that he is the person who shall monitor such things, related to transactions in checks.
D. Document procedures - since a list is prepared for the checks received in mail, it is mere preparation of records and documentation of what checks are received and what not.
B. Independently verify - Bank Reconciliation Statement is prepared to verify the transactions and match the balance in books with that of the bank pass book.
Answer:
P=$40
Explanation:
We will apply constant dividend growth model that is =P = D1 / ( k-g )
P is the price of share ?
D1 is the current divided $2
k is the rate of return 9%
G is the constant growth 4%
P=2/(9%-4%)
P=$40
Answer:
a. Debit Allowance for doubtful debt $4,398
Credit Accounts receivable $4,398
Being entries to write off receivable due from Madonna Inc.
b. $739,480 before and after the write-off
Explanation:
When a company makes sales on account, debit accounts receivable and credit sales. Based on assessment, some or all of the receivables may be uncollectible.
To account for this, debit bad debit expense and credit allowance for doubtful debt. Should the debt become uncollectible (i.e go bad), debit allowance for doubtful debt and credit accounts receivable.
The realizable value of accounts receivable before the write off is the net of the accounts receivable and the allowance for doubtful debt
= $762,000 - $22,520
= $739,480
This amount remains the same after the write off as the write off will reduce the balances in both the allowance for doubtful debt account and accounts receivable.
Answer:
The right answer is 3. Rights and obligations.
Explanation:
Liability accounts include all those financial obligations that a company has with suppliers, accounts payable, taxes, among others.
