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3 years ago

Ted begins the month with a checking account balance of $1,400. He

Business

1 answer:

Tcecarenko [31]3 years ago

3 0

Answer:

$1,486.29

Explanation:

To calculate Ted's account balance at the end of the month:

First, deduct the checks:

1400 - 350.45 - 200.01 - 11.53 - 68.10 - 177.37 = 592.54

Now, add the deposits:

592.54 + 450 + 450 = 1,492.54

The bank charges him a $0.25 fee for every check. He wrote five checks, so his fee is:

0.25 * 5 = 1.25

Deduct the fee from his account:

1,492.54 - 1.25 = 1,491.29

Finally, deduct the monthly account fee:

1,491.29 - 5 = 1,486.29

The first option is the correct option.

Hope this helps :)

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Uniform Supply accepted a $10,200, 90-day, 8% note from Tracy Janitorial on October 17. What entry should Uniform Supply make on

MArishka [77]

Answer:

cash 10,404 debit

interest revenue 34 credit

interest receivable 170 credit

note receivable 10,200 credit

Explanation:

The note for the time period of October 17 to December 31th has accrued interest

those interest will be recognize on that same accounting period.

Then, at the moment of honor the note Uniform will recognize the interest from ja 1st to jan 15th

The total cash proceeds will be the principal and 90 days interest at 8%

The principal will be 10,200

Let's dive into the interest:

Interest = principal x rate x time

Where rate and time should be expressed on the same metric.

10,200 x 8% x (90 days/360 days a year)=

10,200 x 8% x 1/4 = 204

Those interest are recognize in accounting in two parts:

from jan 1 to jan 15

10,200 x 8% x (15 days/360 days a year)= 34

from october 17 to december 31th

10,200 x 8% x (75 days/360 days a year)= 170

On the journal entry, Uniform will do:

Write-off the note receivable and the interest receivable

It will declare the interest revenue for the period jan 1st to Jan 15th

It will post the total cash received from Tracy Janitorial

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3 years ago

What is revolving credit? A. Credit when the borrower makes regular monthly payments B. Credit that requires payment in full on

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3 years ago

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Identify a recent business trend that could be contributing to the increased number of collusive frauds.

kolezko [41]

Supplier alliances are occurring more frequently, and suppliers and customers are getting to know one another better.

Fraud Collusion Dangers.

The standard acknowledges the dangers of collusion as well as the increased risk for the auditor in expressing an incorrect opinion, or "audit failure."

The issues with asset misappropriation and financial statement misstatement are brought up by the amended standard for auditors to consider.

Employees, suppliers, customers, and other parties must enlist the help of their co-conspirators in the first type of fraud, or at the very least work together to plan it. This is not a simple task, as it will be discussed below; in an asset theft scheme, coordination and recruitment demand a certain level of risk from the participants.

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1 year ago

Island Trading Co., a client of your CPA firm, has requested your advice on the following problem. It has three clerical employe

Illusion [34]

Answer:

Explanation:

General ledger - cash receipts. With custody to cash, this person could steal cash receipts and conceal the theft by recording a fictitious entry in the General Ledger to credit (reduce) the balance of the cash account by the amount stolen.2.Accounts receivable ledger - cash receipts. With custody to cash, this person could steal cash receipts and conceal the theft by recording a fictitious entry in the Accounts Receivable Subsidiary Ledger to reduce a customer's accountsreceivable balance by the amount stolen.3.Bank reconciliation - cash receipts.With custodyto cash, this person couldsteal cash receipts and conceal the theft by falsifying (recording) the bankreconciliation.4.Credits on returns and allowances - cash receipts.This person couldauthorize (authorization) or record false credit memos (recording)to customerswho are making a payment and steal the customer payments (custody)

Any distribution that avoids all of the above unsatisfactory combinations and spreads the workload evenly is acceptable. The key is not to have anyone with both custody and a recording function that could be used to conceal a theft. One such combination is: First employee accounts payable ledger, accounts receivable ledger, bank reconciliations Second employee general ledger, disbursements journal, credits on returns and allowances Third employee prepare checks for signature, cash receipts

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2nd employee: Cash receipts journal, cash disbursement (assets)

3rd employee - A/R and A/p ledger (books)

Which of the following would be least likely to be considered an objective of internal control?

(1) Checking the accuracy and reliability of accounting data.

(2) Detecting management fraud.

(3) Encouraging adherence to managerial policies. (4) Safeguarding assets.

2 - Detecting management fraud.

The number of personnel in an information systems department may limit the extent to which segregation of duties is feasible. What is the minimum amount of segregation of duties that will permit satisfactory internal control?

There needs to be a minimum of 3 personnel in an information systems department to feasibly segregate duties.

Programming, operating, techical services

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How does specialization affect an economy more efficient?

Setler [38]

The more they focus on a task the more efficient they become at this task, which means that less time and less money is involved in producing a good.

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