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Darya [45]
2 years ago
12

The CFO of Gabe Corp. suspects that an employee has been stealing cash from the company. The employee is responsible for receivi

ng cash from customers and posting the payments to the customer accounts, as well as preparing the bank reconciliation and managing the cash account. To check up on the employee, the CFO prepares his own bank reconciliation and comes up with the following: Gabe Differences Bank $3,900 Beginning balance $4,000 (50) Service charges Outstanding checks (800) (100) NSF Check from Customer Deposits in transit 250 25 Interest earned --------- $3,775 Total $3,450 Do you think the employee has stolen from the company
Business
1 answer:
yuradex [85]2 years ago
6 0

Answer:

Yes

Explanation:

To come in any conclusion first do the following calculations

Updated cash book

Closing Balance as per Gabe = $3,775

Less: Outstanding cheque -$800

Add: Cheque Deposited $250

Updated closing balance is $3,225

Bank reconcilliation statement

Closing balance as per Bank  $3450

Less: NSF check from the customer -$100

Less: Service Charges -$50

Add: Interest earned $25

Reconciled Balance as per Bank $3,325

As from the above calculations we can see that there is a difference of $100 so it is cleared that the employee has stolen from the company

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The 2008 balance sheet of Maria's Tennis Shop, Inc., showed long-term debt of $2.25 million, and the 2009 balance sheet showed l
Svet_ta [14]

Answer:

net cash flow from creditors of $1.42 million

Explanation:

The movement in the long term debt account between 2008 and 2009 is as a result of the interest owed on the debt and the cash payment for the period.

Let the cash outflow to the creditor be H

$2.25 million + 0.33 million - H = $4 million

H = $2.25 million + 0.33 million - $4 million

H = ($1.42 million)

This means that the firm had a net cash flow from creditors of $1.42 million in 2019.

5 0
3 years ago
Frank Corporation manufactures a single product that has a selling price of $25.00 per unit. Fixed expenses total $64,000 per ye
gavmur [86]

Answer:

Break-even point in units= 10,375

Explanation:

Giving the following information:

Selling price= $25

Fixed cost= $64,000

Break-even point in units= 8,000

<u>First, we need to determine the unitary contribution margin:</u>

Break-even point in units= fixed costs/ contribution margin per unit

8,000 = 64,000 / contribution margin per unit

contribution margin per unit8,000= 64,000

contribution margin per unit= 64,000 / 8,000

contribution margin per unit= $8

<u>Now, the number of units to be sold to make a profit of $19,000:</u>

Break-even point in units= (fixed costs + desired profit) / contribution margin per unit

Break-even point in units= (64,000 + 19,000) / 8

Break-even point in units= 10,375

8 0
2 years ago
Cart Co. purchased an office building and the land on which it is located for $750,000 cash and an existing $250,000 mortgage. F
Nat2105 [25]

Answer:

$600,000

Explanation:

The computation of the amount to be recorded for the building is shown below:

But first we have to determine the total acquisition cost of land which is as follows

= Cash + mortgage

= $750,000 + $250,000

= $1,000,000

Now it is mentioned that 60% is allocated to the building

So, it would be

= $1,000,000 × 60%

= $600,000

5 0
3 years ago
You are thinking of purchasing a home. The house costs $300,000. You have $43,000 in cash that you can use as a down payment on
Anna35 [415]

Answer:

Annual payment= $3,250.77

Explanation:

Giving the following information:

You are thinking of purchasing a home. The house costs $300,000. You have $43,000 in cash that you can use as a down payment on the house, but you need to borrow the rest of the purchase price. The bank is offering a 30-year mortgage that requires annual payments and has an interest rate of 6% per year.

FV= 300,000 - 43,000= $257,000

i=6%

n= 30

Annual payment= ?

FV= {A*[(1+i)^n-1]}/i

A= annual deposit

Isolating A:

A= (FV*i)/{[(1+i)^n]-1}

A= (257,000*0.06)/{[1.06^30]-1}= $3,250.77

3 0
3 years ago
Jeremy has been asked by his manager to begin drafting a report on last year’s sales figures. When he’s midway through the repor
pshichka [43]

Answer:

To me Jeremy is cooperating with and collaborating with others.

Explanation:

6 0
3 years ago
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