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3 years ago

In a retail cash sales environment, which of the following controls is often absent?

Business

1 answer:

JulijaS [17]3 years ago

6 0

Answer:

The correct answer to the following question is option b) Separation of functions.

Explanation:

In a retail environment , the cash management process starts when a customer pays the cashier for the product or services he or she has purchased. The cashier then counts the cash in till drawer and then at end of the day cashier takes that cash to the third party who can be either manager or owner or a supervisor. Then cashier would receive a receipt against the cash for till drawer.

Now supervisor would collect cash from all the cashier and prepare the cash to be deposited in bank. So from this process it is quite clear that here there is separation of functions here and while all other options given in the question are present in the process.

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3 years ago

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PB11.

zzz [600]

Answer:

1) Overhead Rate: 75,000 / 25,000 = $3 per hour

2) Overhead Applied: 74,000 * 3 = $72,000

3) Work in progress / Inventory (Debit) 2,000

Manufacturing overheads (Credit) 2,000

Explanation:

1) Overhead rate: Estimated overhead / Estimated Machine Hours

Overhead rate: $75,000 / 25,000

Overhead rate: $3 per hour

2) Total 24,000 machines hours worked during the period

Overhead applied: Total hours worked * rate per hour (calculated above)

Overhead applied: 24,000 * 3

Overhead applied: $72,000

3) Actual overhead expenses amounted to $74,000, however actual overhead applied are $72,000 (calculated above), thus there is under-application of $2,000. Following journal entry is made to record this application and charge the same either to finished goods / work in progress or cost of goods sold, depending whether the goods are still in work in process, finished goods or the goods have been sold.

Work in progress / Inventory (Debit) 2,000

Manufacturing overheads (Credit) 2,000

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4 years ago

Schedule of Cash Collections of Accounts Receivable OfficeMart Inc. has "cash and carry" customers and credit customers. OfficeM

mihalych1998 [28]

Answer and Explanation:

The preparation of the schedule of cash collections from sales for October, November, and December is presented below:

Particulars October November December

Sales $58,000 $65,000 $72,000

Cash sales $14,500 $16,250 $18,000

($58,000 × 0.25) ($65000 × 0.25) ($72,000 ×.25 )

Credit sale $43,500 $48,750 $54,000

($58,000 - $14,500)

September account receivable $35,000

current month payment

October credit sale: $13,050 $30,450

($43,500 × 30%) (43500 ×70%)

November credit sale $14,625 $34,125

($48,750 × 30%) (48750 × 70% )

December credit sale: $16,200

($54,000 × 30% )

Total cash collected $62,550 $61,325 $68,325

($14,500 + $35,000 + $13,050) ($16,250 + $30,450 + $14,625) ($18,000 + $34,125 + $16,200)

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4 years ago