Answer:
Durable power of Attorney
Explanation:
Durable Power of Attorney- this refers to the power that stays in effect until the authorized person deprived of strength or unable to handle all affairs. it allows the person to make a decision on the finance matter, or passes any provision for the organisation. it is the power of attorney that came into effect when authorizing a person to become mentally weak or physical damage happened to him/her.
Answer:
d. have the right to receive dividends only in the years the board of directors declares dividends.
Explanation:
Preferred shareholders<u> have the right to receive dividends in the priority to the common shareholders of the company unit. </u> In other words, if there is sufficient funds with the company to declare dividends both to preferred and common shareholders, then in that case, preferred shareholders will be entitled the right to receive dividends first, and remaining amount will be distributed to common shareholders. Only that, they have this right only when the board of directors declares dividends.
Answer:
The answer is attached for ready reference
Explanation:
Please note no effect for depreciation is taken as it is non cash item.
The may ending balance is having a surplus of $103,300
Answer:
Some information was missing: Ries invested $80,000 , Bax invested $112,000, and Thomas invested $128,000.
allocation of profits:
Ries = $66,000 + ($80,000 x 10%) = $74,000
Bax = $56,000 + ($112,000 x 10%) = $67,200
Thomas = $80,000 + ($128,000 x 10%) = $92,800
total = $234,000
remaining profits = $249,000 - $234,000 = $15,000 / 3 = $5,000
total allocation of profits:
- Ries = $79,000
- Bax = $72,200
- Thomas = $97,800
- total = $249,000
Answer:
b. All collections for sales are received immediately upon making the sales.
Explanation:
Internal control, regarded as a process used in assuring objective of an organization in operational effectiveness as well as efficiency and reliable financial reporting, it is also used in assuring of compliance with laws as well as regulations and policies. Generally, internal control can be described as everything which is able to controls risks to an organization. It is a way the
resources of an organization are been
measured as well as been directed and monitored.
It should be noted that Internal control procedures for cash receipts require that:.
✓Custody over cash is kept separate from its recordkeeping.
✓Clerks having access to cash in a cash register should not have access to the register tape or file.
✓An employee with no access to cash receipts should compare the total cash recorded by the register with the record of cash receipts reported by the cashier.
✓Cash sales should be recorded on a cash register at the time of each sale
