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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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valina [46]

Answer:

Explanation:

The journal entries are shown below:

1. Purchase A/c Dr $8,500

       To Accounts payable A/c $8,500

(Being purchase of inventory is made on credit)

2. Freight-in A/c Dr $45

         To Cash A/c $45

(Being freight charges is paid for cash)

3. Purchase A/c Dr $11,985

       To Accounts payable A/c $11,985

(Being purchase of inventory is made on credit)

4. Account payable A/c Dr $20,485     ($8,500 + $11985)

         To Cash A/c $20,280.15

         To Purchase discount A/c 204.85   ($20,485 × 1 %)

(Being the payment is recorded)

6 0
3 years ago
Determine the total assets of Novak Corp. at December 31, 2020.
andreyandreev [35.5K]

Answer: $76,220

Explanation:

Total Assets = Current Assets + Fixed Assets

Current Assets = Cash + Accounts Receivable

= 13,320 + 19,980

= $33,300

Fixed Assets = Equipment = $42,920

Total Assets = 33,300 + 42,920

= $76,220

5 0
3 years ago
Suppose you were writing a social media plan for Two Scoops, with two objectives: to improve brand awareness in new markets and
Bas_tet [7]

The competitive environment and consideration set themselves are further quantitative metrics of brand awareness. You can accomplish this by outlining your brand and the brands of your rivals, then asking people to rate their familiarity with each brand on a qualitative scale ranging from "well known" to "totally unknown."

<h2>What is the role of quantitative research?</h2>
  • Quantitative research is beneficial since it offers precise numbers for comparison and referencing. We occasionally collaborate with Research, a California-based market research company, to assist us in designing and putting into practice quantitative research tactics since we have faith in their knowledge in this field.
  • We can confidently identify trends, quantify feelings and behaviors, and comprehend the perception of a destination brand based on information from a representative sample of the area's population by conducting statistically accurate, multi-modal surveys (or a regional population if doing competitive or key market research).
<h2>What is the role of qualitative research?</h2>
  • Comparatively, qualitative research is far more subtle. Instead of stating an actual reality, it "summarizes and infers." Qualitative research sheds light on the history of your brand and the people it stands for, while quantitative research serves the purpose of giving you the hard data you need to support your decisions.

Learn  more about Qualitative research at <u><em>brainly.com/question/13498255?referrer=searchResults</em></u>

#SJP4

3 0
2 years ago
Home Realty, Incorporated, has been operating for three years and is owned by three investors. J. Doe owns 60 percent of the tot
nordsb [41]

Answer:

Net Income for the year is $23,175

Explanation:

The Company's income Statement is prepared below. In relation to the following please note that:

  • Total Revenue is considered Section A while Total Expense is Section B and the Net Income is the difference of the same (A - B).

<u>Income Statement on December 31st:</u>

HOME REALTY, CORPORATION

Income statement

For period ended December 31st

Revenue                                           $

Sales Revenue                             166,000  

Other Revenue                                   -  

Total Revenue (A)                             166,000  

Expenses:                                    $

Salaries and Wages Expense             97,000  

Interest Expense                                6,300  

Advertising Expenses                        9,025  

Income Tax Expense                        18,500  

Dividends                                        12,000

Total Expenses (B)                        142,825  

Net Income (A-B)                                 $23,175

4 0
2 years ago
If you are stopped by a police officer for driving without having all passengers under the age of 18 properly restraint, you can
Ivan

Answer:

D)3 points

Explanation:

When children are involved, seatbelt tickets may mean points.

You won't typically get points if cited for failing to wear your seatbelt, but in New York, if you are ticketed for having a child in the car under age 16 without a seatbelt, the violation adds 3 points to your driving record. A seatbelt ticket will raise your rates by an average of three percent

4 0
3 years ago
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