Answer:
1. Once a month, the sales department sends sales invoices to the accounting department to be recorded.
⇒ documentation procedures
Unless all of the company's sales take place only once a month, sales should be recorded as soon as possible. Accounting records must be as precise and accurate as possible, and they must be processed on time. Stacking invoices makes no sense, since sales might be on cash or the collection period might be very short. Who holds the money until the sales records are made?
2. Leah Hutcherson orders merchandise for Rice Lake Company; she also receives merchandise and authorizes payment for merchandise.
⇒ segregation of duties
One single person cannot be responsible for the whole process, since this creates a huge opportunity for fraud. Imagine if the person in charge of the inventory is also in charge of making new purchases, paying for them and reporting ending inventory. No company would be able survive one year, while the person in charge would get rich.
3. Several clerks at Great Foods use the same cash register drawer
⇒ establishment of responsibility
If everyone is allowed to collect money, no one can be responsible for any loss.
A location has 110 acres in total. 11 acres are constrained by a utility easement, while 17 acres are in a protected wetland region. The net useable area is 82.
The ability of a utility company to control and access a portion of another person's land that is close to utility facilities and structures is known as a utility easement (i.e. utility poles, transformers, overhead or underground electrical lines).
For the benefit of the neighborhood, utility providers can access private property through a designated area of land known as a utility easement. For instance, a utility provider may be permitted to cut a tree in your garden if it is blocking phone lines.
Net useable, without regard to columns or projections area is the total area of the Premises as determined by measuring from the inner surface of all exterior walls, windows, and doors to the midpoint of all internal demising walls, windows, and doors.
Utility easement information can be found at brainly.com/question/28146350
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Answer:
e.0.39
Explanation:
The computation of the atlas margin for the last year is given below:
atlas margin for last year is
= operating income ÷ sales
= $92,000 ÷ $235,000
= 0.39
hence the atlas margin for the last year is 0.39
Therefore the correct option is e
And, the above formula should be used for the same
Answer:
Debit Raw Materials Inventory with $72,000; Credit Direct materials Cost Variance with 28,200, and Credit Accounts Payable with $43,800.
Explanation:
Direct materials purchase on account = $43,800
Standard cost of direct materials = 12,000 * $6 = $72,000
Direct materials cost variance = $72,000 - $43,800 = $28,200
The journal entries will therefore be as follows:
<u>Details Dr ($) Cr ($) </u>
Raw Materials Inventory 72,000
Direct materials Cost Variance 28,200
Accounts Payable 43,800
<em><u>To record direct materials cost and variance. </u></em>
Answer:
The largest tax deduction = $8,874 mileage method
Explanation:
mileage method = 15300*0.58 =$8,874
Actual Expense = $5,540 + 765 + 3,095 +165 +240 + 1000 = $10,805
business use % = 15300/(15300+5100)
= 15300/20400 = 0.75
Actual expense = $10,805 * 0.75 = $8,103.75
If the interest expense on loan for the Van is considered as an expense for profit and loss section in calculating Net income then
ACTUAL EXPENSE = $10,805 - $1000 = $9,805 * 0.75= $7,353.75
nonetheless Mileage method gives the largest deduction