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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.

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Answer:

a. Profit(loss) = Total revenue - Total expenses

= 131,000 - 90,500

= $41,000

The company did in fact generate<u> profit of $41,000 </u>and this can be shown from the Income Statement which is where profit or loss is calculated.

b. A company uses its assets to pay off its liabilities so if the liabilities are less than the assets then the company is capable of paying off its liabilities:

Assets = Cash + Accounts Receivable + Supplies

= 30,800 + 25,300 + 40,700

= $96,800

Liabilities are just the Accounts Payable of $25,700.

<em>Liabilities are less than Assets so Miami Music does indeed have sufficient resources to pay its liabilities. </em>

This information comes from the <u>Balance Sheet</u> which is where assets and liabilities are shown.

7 0
3 years ago
Assume that Jack, Hal, and Sophia enter into a valid contract for the sale of the restaurant and for the covenant not to compete
Salsk061 [2.6K]

Answer: Reformation

Explanation: In simple words, reformation refers to a process in which something is changed in the current subject to set it again on the right path.

In the given case, the judge believes that the time period set for avoiding the competition is unusually long. Thus, they can reform the contract to make it suitable and justified for all the parties involved.

6 0
3 years ago
The Victoria Fund, a child welfare fund, received $50,000 in cash in 2018. The donor requires the gift be held in perpetuity and
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Answer:

The $50,000 must be reported as assets with donor restrictions.

Explanation:

Donor imposed restrictions can be temporary or perpetual; the $50,000 are perpetually restricted since they must be invested and the income received should be used for its program of promoting adoption of young girls.

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3 years ago
U.S. businesspeople are often accused of ethnocentricity. This means that
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Answer:

brainllest if right

This means that they are very superior or in a higher rank than others.

Explanation:

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3 years ago
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New innovation and technology resulted into new business and made Japan a developed countryI believe the closest possible answer to this question is that Japan's prolific inventions were an advantage to the country, in that, they were able to produce business and generate a more efficient system through science and technology.

Thank you for your question. Please don't hesitate to ask in Brainly your queries
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