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
Answer: in a federal court, since the United States is a party to the litigation.
Explanation:
Based on the scenario in the question, in case Hickory Manufacturing elects to sue the United States in order to get back the $24700 federal tax refund which wasn't given to the company, it must be done in a federal court because the the IRS is a federal administrative agency and hence, the matter can't be pursued in the North Carolina state court.
Therefore, the correct option is A "in a federal court, since the United States is a party to the litigation".
Answer:
-$475,000
Explanation:
Total revenue = Baskets of peaches × Price
= 100,000 × $3
= $300,000
Explicit cost:
= Rent equipment + wages
= $100,000 + $100,000
= $200,000
Implicit cost:
= Land × Interest + salesman earned
= $1,000,000 × 0.55 + $25,000
= $575,000
Total cost = Explicit cost: + Implicit cost
= $200,000 + $575,000
= $775,000
Economic profit = Total revenue - Total cost
= $300,000 - $775,000
= -$475,000
