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Lilit [14]
2 years ago
5

Possible misstatements that may occur during the cash receipts process result from cash receipts being received, but not recorde

d (which could facilitate embezzlement). A control technique that is used to mitigate the risk of such misstatements is to segregate the duties of the accounts receivable department, general ledger accounting records, and cash receipts. The employee who completed each duty is required to sign his/her initials, and evidence of this has been provided for you in the Accounts_Receivable file. In each transaction, proper segregation of duties is accomplished when no two duties have been completed by the same person. Use IDEA and the information from Roger Company Accounts_Receivable file to determine in which transactions segregation of duties was not properly implemented.
Business
1 answer:
marusya05 [52]2 years ago
8 0

Answer:

There should be strong internal controls implemented and segregation of duties in the finance department.

Explanation:

There is lack of internal controls present in the company which may lead to fraud or errors. The employees assigned to record the transaction are not recording all the cash receipts and are missing some of the cash receipts which can cause errors during reconciliation. The sub divisions of finance department must be segregated and there should be a supervisor who should be responsible to review all the work done by these departments.

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Yard Tools manufactures lawnmowers, weed-trimmers, and chainsaws. Its sales mix and unit contribution margin are as follows. Sal
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Answer:

Results are below.

Explanation:

<u>To calculate the break-even point in units, we need to use the following formula:</u>

Break-even point (units)= Total fixed costs / Weighted average contribution margin

Weighted average contribution margin= 0.2*33 + 0.5*22 + 0.3*41

Weighted average contribution margin= $29.9

Break-even point (units)= 4,544,800 / 29.9

Break-even point (units)= 152,000 units

<u>Now, for each product:</u>

<u></u>

Lawnmowers= 0.2*152,000=30,400

Weed-trimmers= 0.5*152,000= 76,000

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3 years ago
Sunland Company took a physical inventory on December 31 and determined that goods costing $190,500 were on hand. Not included i
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Answer:

$241,500

Explanation:

Calculation for What amount should Sunland report as its December 31 inventory

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Add Goods-in-transit purchased FOB shipping point $29,000

Add Goods-in-transit sold FOB destination $22,000

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($190,500 + $29,000 + $22,000 = $241,500)

Therefore What amount should Sunland report as its December 31 inventory is $241,500

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2 years ago
The one-year interest rate over the next 10 years will be 3%, 4.5%, 6%, 7.5%, 9%, 10.5%, 13%, 14.5%, 16%, and 17.5%. Using the e
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Answer:

Explanation:

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interest rates on a nine-year bond = (3%+4.5%+ 6%+ 7.5%+ 9%+ 10.5%+ 13%+ 14.5%+16%)/9 =10.23%

So, int rate on a 3 year bond is 4.8%; on a 6 year bond is 7.35%; on a 9 year bond 10.23%

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3 years ago
HELP PLEASE ANSWER 1,4, and 10
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Answer:

?

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