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3 years ago

With good internal controls, the person who handles cash can also

Business

1 answer:

Nitella [24]3 years ago

3 0

Answer: None of the above.

Explanation:

The correct answer will be "None of the above." The person who handles cash cannot issue credits to customers on sales returns. This could be because their job function does not include this process.

The person also may not account for cash receipts to customers. They can also not account for cash purposes. This could also be because these processes are not included in the persons job function or duties.

Each job function has a clear set of duties that one can perform. Each business has different jobs for people and this particular one does not allow for the person handling cash to do anything else.

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In a job order cost accounting system, the journal entry to record the flow of direct materials into production consists of a

Usimov [2.4K]

Answer:

Debit : Work In Process Account and Credit : Raw Materials Account

Explanation:

The Work In Process Account must be increased with the cost of raw materials being transferred to production from the Raw Materials Account.Whilst the Raw Materials Account must be decreased.

8 0

3 years ago

Emerald Corporation, a calendar year C corporation, was formed and began operations on April 1, 2018. The following expenses wer

Lorico [155]

Answer:

Emerald’s deduction for organizational expenditures is = $4550

Explanation:

given data

Expenses of temporary director and organizational meeting is = $27,000

Fee paid to state of incorporation = 1,000

Accounting services incident = 15,500

Legal services = 9,500

Expenses incident printing and sale = 6,000

to find out

Emerald deduction for organizational expenditures

solution

first we get here total Qualifying organizational expenditures that is

total Qualifying organizational expenditures = $27,000 + $1,000 + $15,500 + $9,500

total Qualifying organizational expenditures = $53000

and Immediate expensing will be as

Immediate expensing = $5000 - ($53000 - $50000)

Immediate expensing = $2000

so now we get here Emerald Corporation deduction under §248 for 2018 is

Amortization = $\frac{$53000-$2000}{180}$ × 9

here tax in year = 9 month

Amortization = $2550

Emerald’s deduction for organizational expenditures is = $2550 + $2000

Emerald’s deduction for organizational expenditures is = $4550

3 0

3 years ago

CrochetCo is considering an investment in a project which would require an initial outlay of $350,000 and produce expected cash

Lelu [443]

Answer:

Ans. A) NPV= -$9306

Explanation:

Hi, the first thing we need to do is to find the after-tax cost of the firm's capital, and since all capital sources are expressed in terms of after-tax percentage, we just multiply each proportion of capital by its costs, I mean

Long term Debt (7%) * 25% +Preffered Stock(11%)*15% + Common Stock(15%)*60%

The answer to this is 12.40%.

Now, we can find the net present value of this project by using the following formula.

$NPV=-InitialOutlay+\frac{CashFlow((1+Cost of Capital)^{n} -1)}{Cost of Capital(1+Cost of Capital)^{n}}$

$NPV=-350,000+\frac{95,450((1+0.124)^{5} -1)}{0.124(1+0.124)^{5}} =-9,306.5$

Since the expected cash flow takes place 5 times form year 1 to 5, and is equal to $95,450, "n" is equals to 5 and "CashFlow" is equal to $95,450.

Therefore, the NPV of this project is -$9,306, which is answer A)

Best of luck.

3 0

3 years ago

Way Corporation disposed of the following tangible personal property assets in the current year. Assume that the delivery truck

Dvinal [7]

Answer:

ASSET ORIGINAL BASIS RATE PROPORTION DEPRECIATION

Furniture $60,000 8.93% 50% $2679

Machinery $72,000 10.93% 12.5% $983.70

Truck $20,000 19.20% 50% $1920

Machinery $280,000 7.55% 62.5% $48,212.50

Computer $80,000 50% -

TOTAL $53,795.20

Explanation:

Based on the MARCS depreciation table rates:

For a 7-year recovery period under the Half-Year (HY) Convention, in the 5th year rate = 8.93%

For a 7-year recovery period under the Mid-Quarter (MQ) Convention, purchased during the first quarter, in the 4th year rate = 10.93%

For a 5-year recovery period under the Half-Year (HY) Convention, in the 3rd year rate = 19.20%

For a 7-year recovery period under the Mid-Quarter (MQ) Convention, purchased during the fourth quarter, in the 2nd year rate = 27.55%

For disposal during a year,

Under the Half-year convention. The depreciation amount would be half i.e 50% of the total depreciation for the year

Under the Mid-quarter convention the percentage applied to the full year disposal is

12.5% for First Quarter

37.5% for Second Quarter

62.5% for Third Quarter

87.5% for Fourth Quarter

5 0

3 years ago

Valuing semiannual coupon bonds Bonds often pay a coupon twice a year. For the valuation of bonds that make semiannual payments,

navik [9.2K]

Answer:

market value of treasury notes

PV of face value = $4,000,000 / (1 + 3.8%)⁶ = $3,197,981

PV of coupon payments = $120,000 x 5.27644 = $633,173

market value = $3,831,154

the T-note is being sold at a discount since the YTM is higher than the coupon rate. As the bond approaches maturity, its market value should increase.

5 0

2 years ago

With good internal​ controls, the person who handles cash can also

With good internal controls, the person who handles cash can also