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ELEN [110]
2 years ago
15

Jill has recently begun working at a local florist. In addition to creating floral arrangements, Jill spends a good deal of her

time talking to customers and ringing up sales. Over time, she identifies a weakness in the procedures for ringing up voids. No approval is neces- sary to void a sale, and the void slip collects very little information about the sale. After Jill has completed a sale and the customer has left, she voids the sale and pockets the cash that was just received. The floral shop doesn’t miss the lost inventory because it has a high inventory turnover ratio and high losses due to flowers losing their bloom.
1. What type of fraud is Jill committing?
2. What could the florist do to prevent this type of fraud from occurring?
Business
1 answer:
Salsk061 [2.6K]2 years ago
8 0

Answer: See explanation

Explanation:

1. What type of fraud is Jill committing?

The fraud that Jill is committing is known as theft of cash through fraudulent disbursements. In this case, Jill is using a register disbursement scheme which involves false voids of customer sales. During the time of sale, a record is made and another record is then created again which is used for the false void.

2. What could the florist do to prevent this type of fraud from occurring?

To prevent this fraud, a receipt should be attached and the florist should make sure that every vital information about all sales are collected such as customers name, time, amount of goods bought, signature and f customers etc

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On December 31, 2020, McDaniel Company had $1,200,000 of short-term debt in the form of notes payable due February 2, 2021. On J
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Answer and Explanation:

The preparation is presented below:

<u>                                                  McDaniel Company </u>

<u>                                                  Partial balance sheet</u>

Particulars                                      Amount

Current liabilities

Note payable                                 $250,000

Long term debt

Note payable refinance                $950,000

Total liabilities                                $1,200,000

We simply added the long term debt and the current liabilities so that the total liabilities could come

8 0
3 years ago
A company normally sells its product for $20 per unit. However, the selling price has fallen to $15 per unit. This company's cur
musickatia [10]

Answer:

correct option is d. $600

Explanation:

given data

sells product = $20 per unit

selling price fallen = $15 per unit

FIFO inventory = 200 units

purchased = $16 per units

Net realizable value fallen = $13 per unit

to find out

amount of the lower cost of market

solution

we know that here Company record inventory at lower

so market value or cost of the inventory at  declined time

and here Market Adjustment is the Difference of the cost and the Market Value

so cost will be here

Cost =  200 × $16

cost = $3200

and

Net realizable value will be

Net realizable value =  200 × $13

Net realizable value = $2600

so that Market adjustment is the difference of

Market adjustment  difference = $3200 - $2600

Market adjustment  difference = $600

so correct option is d. $600

8 0
3 years ago
Zupiter Corp. follows a culture that requires strict adherence to rules and regulations with fixed time schedules for daily acti
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Answer:

consistency corporate culture.

Explanation:

Since in the situation it is given that the corporation follows the culture that means they are strict to the rule and regulations along with the time scheduling that are fixed for day to day activities so that the business could be conducted in the methodical manner so here we can say that the culture of the corporate is consistent that means it is same as before and the same should be applied in near future

3 0
2 years ago
ginnie has an interest-only home equity loan at an annual interest rate of 7%. if her monthly payment is $1,458, how much is the
sergiy2304 [10]

What is Loan Principal Balance
Principal is the initial sum of a loan in the context of borrowing; it can also refer to the balance still owed on a loan. The principal of a $50,000 mortgage, for instance, is $50,000. If you pay down $30,000, the remaining $20,000 is the primary balance. The principal of a loan determines how much interest you pay. The amount of your monthly loan installments is applied to the accrued interest first and only then to the principle when you make a payment. The only method to lower the amount of interest that accrues each month is to reduce the loan's principal.

Main content
$250,000
$1,458 x 12 months = 17,496
17,496 / 0.07 =$249,942

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3 0
1 year ago
Corporate stock can be divided into categories called ________, which can be further divided into ________.
Sophie [7]

Answer:

c. classes, series.

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Corporate stock refers to the shares issued to the shareholders through which the company gets its funds for the business.

These shares are of two classes mainly:

Equity and Preference

These are further divided into series like:

Equity = Fully paid, 50% paid

Preference = 5% Preference or 10% preference capital or any other rate.

Further it includes, the reserve and surplus also.

4 0
3 years ago
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