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Marina CMI [18]
3 years ago
9

Myra Manning, CFE, was hired to investigate some suspicious activity at Arizona Medical Supply after one of the company's larges

t customers complained several times that its account statements do not reflect all the payments it has made. While examining the accounts receivable activity, Myra noticed a significant rise in the volume of overdue accounts during the last 6 months. What type of scheme might this situation indicate? Cash larceny Shell company Receivables skimming False refunds
Business
1 answer:
Dafna1 [17]3 years ago
4 0

Answer:

Receivables skimming

Explanation:

Account receivable is an account that shows the monies owed to a business by others.

Receivable skimming is the practice where monies that are receivable to a business is being stolen. Since the payments are expected to be returned to the business this type of fraud is discovered when debtor is contacted for repayment. Methods used to conceal this type of fraud include forced balancing, wrong statement, and debiting wrong account.

In this instance a customer of Arizona Medical supply complained several times that its account statements do not reflect all the payments it has made. While examining the accounts receivable activity, Myra noticed a significant rise in the volume of overdue accounts during the last 6 months.

The customer most likely made payments which were stolen and the statement did not show the repayments.

You might be interested in
The current sections of Birmingham Inc.’s balance sheets at December 31, 2019 and 2020, are presented here. Birmingham’s net
jekas [21]

Answer:

Net Income 193,000

Non-monetary terms:

Depreciation expense    25,000

amortization expense       10,000

gain on disposal          <u>     (7,000)   </u>

Adjusted Income            221,000

Change in Working Capital:

Increase in A/R        (27,000)

Decreasein Inv          17,000

Increase in Prepaid   (5,000)

Increase Accrued /P   11,000

Decreasein A/P         (6,000)

Change In Working Capital     (10,000)

From Operating Activities    211,000

Investing

Sale of Equipment  47,000

Financing

Bonds Issued   60,000

Cash Flow              318,000

Beginning Cash   99,000

Cash Flow           318,000

Ending Cash        417,000

Explanation:

We first remove the non.monetary concetps from the net income.

Then we adjust for the change in working capital which are the incrase and decrease in the current assets and liabilities account

Increase in asset and decrease in liabilities represent cash outflow

while the opposite is true when an asset decrease(convert to cash) or a liablity increase (delay of the payment)

6 0
3 years ago
Which of the following changes would increase structural unemployment? Select one:
Jet001 [13]

Answer:

Option D

Increased globalisation that moves the economy from manufacturing based economy to more service-based economy.

Explanation:

Option D

Increased globalisation that moves the economy from manufacturing based economy to more service-based economy.

As manufacturing will decrease, the number of jobs will decrease drastically because the number of industries will become small.

8 0
2 years ago
Weber Company purchased a mining site for $659,964 on July 1. The company expects to mine ore for the next 10 years and anticipa
zzz [600]

Answer:

$41,774

Explanation:

the depletion expense is calculated below

Depletion expense reffered to the charge against profits for the use of natural resources.To calculate the depletion per unit we will need to calculate the total cost less salvage value then divide it by the total number of estimated units.

The expense is calculated by multiplying the depletion per unit by the number of natural resources units consumed current period.

Original cost= $659,964

residual value = $55,169

estimated units or tons= 96,740 tons

number of tons extracted in a given year = 6,682 tons of ore.

depletion expense =?

We will need to find the difference between the residual value and the original cost first. Which is

= (Original cost - residual value) = )$659,964 - $55,169)/96,740 tons

= 6.25

(6.25* 6,682 tons )= $41774

Hence,The depletion expense =$41774

5 0
3 years ago
A monopolistically competitive firm is currently earning a positive economic profit. If other firms enter the market, we would e
Hunter-Best [27]

Answer:

C.

Will operate further from its efficient scale.

5 0
2 years ago
It costs a publishing company $50,000 to make books. The $50,000 is a fixed cost or a cost that cannot change. To help the publi
MariettaO [177]

Answer:

10,000 books

Explanation:

Knowns:

Fixed Costs: $50,000

Variable Costs: $4 (price marketing company charges per book sold)

Sale price: $9 per book

We can solve break even (BE) by using the following formula:

BE = (Fixed Cost) / (Sale price-Variable costs)

BE = ($50,000) / (($9-$4)

BE = $50,000 / $5

BE = 10,000 units

I hope this helps!

-TheBusinessMan

5 0
3 years ago
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