1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
Ludmilka [50]
3 years ago
15

Faith caught an employee putting a case of 1,000 single-serving tea bags in his car. Not wanting to create a scene, Faith smiled

and said, "I don’t think you’re putting those tea bags on the right shelf. Don't they belong inside the coffee shop?" The employee returned the tea bags to the stockroom. I with Faith's method of handling this situation because she has the internal control principle of safeguarding of assets. b. Gibraltar Coffee Shop has one cash register. Prior to Faith’s joining the coffee shop, each employee working on a shift would take a customer order, accept payment, and then prepare the order. Faith made one employee on each shift responsible for taking orders and accepting the customer’s payment. Other employees prepare the orders. I with Faith's method of handling this situation because Faith has the internal control principle of assignment of responsibility and the internal control principle of segregation of duties. c. Because only one employee uses the cash register, that employee is responsible for counting the cash at the end of the shift and verifying that the cash in the drawer matches the amount of cash sales recorded by the cash register. Faith expects each cashier to balance the drawer to the penny every time—no exceptions. I with Faith's method of handling this situation because Faith has the internal control principle of segregation of duties.
Business
1 answer:
Tpy6a [65]3 years ago
4 0

Answer and Explanation:

a. I oppose with Faith's way of dealing with this situation as it has not accompanied the principle of internal asset protection control. Stealing is a major concern. An employee who can explain carrying a box of tea bags is likely to warrant "borrowing" money from the cash register.

b. I agree to Faith's method of dealing with this situation since Faith accompanied the principle of internal control of task of responsibility by trying to make one employee responsible for the cash drawer and accompanied the principle of internal control of segregation of duties i.e order preparing from accounting i.e taking orders and payment

c. I disagree with Faith's method of dealing with this situation, as Faith has not accompanied the principle of internal control of separation of duties. It is valid that faith has rendered one employee responsible but for successful internal control after cash counting another employee or Faith itself removes the cash register tape and contrasts the balance with cash drawer. Faith's specification of no mistakes can also motivate the cashiers to overpay a few customers to absorb any possible cash drawer shortfalls.

You might be interested in
Suppose that a delivery company currently uses one employee per vehicle to deliver packages. Each driver delivers 60 packages pe
lisabon 2012 [21]

Answer:

a. What is the MRP per driver per day?

  • the marginal revenue product per driver = 60 packages x $20 = $1,200 per day

b. Now suppose that a union forces the company to place a supervisor in each vehicle at a cost of $300 per supervisor per day. The presence of the supervisor causes the number of packages delivered per vehicle per day to rise to 60  packages per day What is the MRP per supervisor per day? By how much per vehicle per day do firm profits fall after supervisors are introduced?

  • if the drivers were already delivering 60 packages per day without the supervisor, then the addition of the supervisor doesn't change anything. So the MRP of the supervisor is $0. That means that the company's profits will decrease by $300 per day due to the supervisors.

c. How many packages per day would each vehicle have to deliver in order to maintain the firm's profit per vehicle after supervisors are introduced?

  • $300 / 20 = 15 packages per day
  • in order to maintain the profit per vehicle, each team of delivery man + supervisor should be able to deliver 75 packages per day.

d. Suppose that the number of packages delivered per day cannot be increased but that the price per deliver might potentially be raised. What price would the firm have to charge for each delivery in order to maintain the firm's profit per  vehicle after supervisors are introduced?

  • $300 / 60 = $5
  • the price of each package delivered should increase by $5 to $25 per package.
6 0
3 years ago
National Orthopedics Co. issued 8% bonds, dated January 1, with a face amount of $550,000 on January 1, 2021. The bonds mature o
loris [4]

Answer:

1) the price of each bond:

PV of face value = $1,000 / 1.05⁸ = $676.84

PV of coupon payments = $40 x 6.4632 (PV annuity factor, 5%, 8 periods) = $258.53

market price per coupon = $935.37

2) journal entry to record issuance of the bonds:

January 1, 2021, bonds issued at a discount

Dr Cash 514,453.50

Dr Discount on bonds payable 35,546.50

    Cr Bonds payable 550,000

3) I used an excel spreadsheet    

4) June 30, 2021, first coupon payment

Dr Interest expense 25,722.68

    Cr Cash 22,000

    Cr Discount on bonds payable 3,722.68

5) December 31, 2024, last coupon payment

Dr Interest expense 27,236.45

    Cr Cash 22,000

    Cr Discount on bonds payable 5,236.45

December 31, 2024, bonds are redeemed

Dr Bonds payable 550,000

    Cr Cash 550,000

Download pdf
4 0
3 years ago
As applied to mortgage loans, which of the following statements is FALSE? By increasing the number of payments per year you incr
Ann [662]

Answer:

The statement that is false about mortgage loans is Advertised rates are annual percentage rates.

Explanation:

Mortgage loan refers to a loan that uses real estate as collateral to receive cash upfront to be redeemed after the loan repayment is completed. if the loan is not remitted as at when due , the lender lays claim to the real estate property.

By increasing the number of payments per year you increase your effective borrowing rate.

When you use a spreadsheet to calculate your interest rates, it uses the periodic interest rate, not the annual percentage rate.

You can find a monthly payment by dividing the annual payment by 12.

However, advertised interest rate are not the same as your loan's annual percentage rate (APR) because other charges like mortgage insurance, closing costs, discount points and loan origination fees apply.

5 0
3 years ago
Why wont a bussiness charge 500 for a table that they can make for 100
lys-0071 [83]

Answer:

I am not a business student but I think this is common sense.

Yes most business people do that because they have to make sales, they pay taxes, buy raw materials, time wastage, fatigue, health related issues ,care for their family and would not want to go broke so I think that's most of it.

Hope I helped

3 0
3 years ago
"While standing on a bank you wish to spear a fish in front of you. Would you aim above, below, or directly at the observed fish
arlik [135]

To spear the fish you would need to aim below the observed fish to

make a direct hit -<u>Therefore, in order to strike the fish you should aim below where the  fish appears to be. -Answer is( 2) Below; directly</u>

With a laser, you would aim directly at the fish <u>-Answer is (1) none of the above</u>

Explanation:

 

"In both cases, of course, the light coming from the fish is refracted

away from the normal as it travels through the water surface to your

eyes. As a result, the fish appears closer to the surface than it

really is.

(a) If you are using a bow and arrow to spear the fish you

should realize that the arrow will not deviate as it enters the water;

it will continue along the original straight line path from the bow.

<u>Therefore, in order to strike the fish you should aim below where the </u>

<u>fish appears to be. -Answer is( 2) Below; directly</u>

 

(b) When you use a laser gun to zap  the fish then you should realize

that the beam will be refracted as it enters the water. In fact, the

laser beam will travel along exactly the same path as the light from

the fish (although in the opposite direction!). Therefore, <u>in order to </u>

<u>hit the fish you should aim you laser gun directly where the fish </u>

<u>appears to be."-Answer is (1) none of the above</u>

7 0
3 years ago
Other questions:
  • In his analysis of the Dell fraud for Forbes, Edward Hess comments: "Too often, the market's maniacal focus on creating ever-inc
    9·1 answer
  • A __________ bond gives the issuer an option to retire the bond before maturity at a specific price after a specific date.
    13·1 answer
  • . lflandis purchased as a building site, the cost of removing existing structures is not charged to the Land account. 12. Deprec
    6·1 answer
  • Walmart created the Great Value brand for their food products and the Equate brand for their​ pharmacy, health, and beauty produ
    9·1 answer
  • what term refers to selling goods in a foreign market at a price that is far below the cost of production? A. profiteering B. sc
    11·1 answer
  • our Grandfather wants to establish a scholarship in his father’s name at a local university and had stipulated that you will adm
    8·1 answer
  • Shawn approaches most aspects of life with the expectation that he will be successful. He expects a great deal of himself and se
    10·1 answer
  • Sage Company is operating at 90% of capacity and is currently purchasing a part used in its manufacturing operations for $15.00
    6·1 answer
  • 1) A global company can be headquartered anywhere, but usually most of its employees come
    7·1 answer
  • On October 17, Nickle Company purchased a building and a plot of land for $589,200. The building was valued at $312,276 while th
    9·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!