CALCULATE TOTAL ASSETS TURNOVER :
TOTAL ASSETS TURNOVER = NET SALES/AVERAGE TOTAL ASSETS
= 3.6/1.1
TOTAL ASSETS TURNOVER = 3.27 TIMES
In financial accounting, an asset is a resource owned or controlled by a company or entity. It is anything that can be used to create positive economic value. Assets represent the value of an asset that can be converted into cash.
An asset is a resource of economic value owned or controlled by an individual, business, or state with the expectation of providing future benefits. Assets are reported on the company's balance sheet. They are classified as short-term, fixed, financial, and intangible.
Despite all this, a car is an asset even for less than what you paid for it because it can be quickly turned into cash on the market. That alone, by definition, makes it an asset. It's these additional costs and constant depreciation that make a car worthless.
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After losing all of this distribution, one option for it might have been a form of nonstore retailing that uses machines to offer goods for sale. This is an example of automatic vending.
Right here are the styles of retailing that exist these days – save retailing: This includes different forms of retail stores like branch shops, specialty shops, supermarkets, comfort shops, catalog showrooms, drug shops, superstores, discount stores, excessive cost stores, and so forth.
The retailing concept is an idea that examines the evolution of and transformation of the retail lifestyles cycle. This concept was first introduced by using Professor McNair from Harvard College. The retailing idea indicates new retailers will generally begin with low-value and occasional-margin operations.
Retail is the sale of products and services to purchasers, in comparison to wholesaling, that is sales to business or institutional clients. A store purchases goods in massive quantities from manufacturers, without delay or via a wholesaler, after which sells in smaller quantities to purchasers for a profit.
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Answer:
As a result of operations, there will be an understatement of McGinnis’ net income for the most recent fiscal year of 30900
Explanation:
Services 40900
Weekly wage 10000
FY end on June 30900
The cash basis is a method of recording accounting transactions for revenue and expenses only when the corresponding cash is received or payments are made. Thus, you record revenue only when a customer pays for a billed product or service, and you record a payable only when it is paid by the company
Answer:
Identification of the Internal Control Weaknesses:
A. There is no segregation of duties and there is lack of access control. Jerry Miller as a security guard is not expected to have a master key to the cash box. With this he can pilfer the cash. If he prepares the report that shows the number of cars that parked on the lot, he is not supposed to also prepare the day's cash receipts. Otherwise, he can state any number of cars as parked that he likes, and which corresponds to the cash he might leave in the Cash box since he also has a master key.
B. There is no segregation of duties and there is lack of supervision, proper reconciliations, and assets audit. Sharon Fisher handles purchase transactions from the beginning to the close all alone with a third party. This exposes the company to procurement frauds and collusion with suppliers. She can purchase assets for the company at prices that would enrich her personally.
C. Forming an audit opinion on the basis of ratio analysis of last year's comparative financial statements exposes the company to audit risks. While ratio analysis is part of the basis for forming audit opinions, it is surely not the first audit procedure to obtain audit evidence to support his audit opinion on the financial statements. An auditor is expected to obtain sufficient audit evidence and perform audit substantive tests of financial statement assertions. He or she is also expected to review the internal control system to ensure that it is operating effectively after establishing its existence and reviewing changes in internal controls.
Explanation:
Internal Controls are controls established by management in order to help it achieve business goals. There are many internal controls, including Separation of Duties, Access Controls
, Authorization and Approvals, Asset Audits, Reconciliations, and Data Backups. The purposes of internal controls are to establish the reliability of financial reporting, ensure timely feedback on the achievement of operational or strategic goals, and achieve compliance with financial management laws, and accounting regulations.
