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marta [7]
3 years ago
7

As the full-time bookkeeper, your job is to make any corrections to the general ledger accounts. Each correction needs the reaso

n for the change and the effect on each account, whether it is an increase or decrease. For the third time this month, a co-worker has recorded a cash receipt twice and wants you to record a correcting entry that will reverse the mistakes. The correcting entry will record a credit to the Cash account and a debit to the Sales account. Your co-worker has offered to buy you dinner for fixing this mistake.
Required:
What should you investigate before making a decision about the correcting entry?
Business
1 answer:
igomit [66]3 years ago
3 0

Answer: See explanation

Explanation:

Based on the information given, we are informed that the co-worker has recorded a cash receipt twice and wants the full time bookkeeper to record a correcting entry that will reverse the mistakes.

Before making a decision about the correcting entry, it is necessary to check the entry and cross check the balances for sales and cash. One has to also check the receipts and every other necessary details in order to make sure that the transaction is genuine and not fraudulent.

After the through check, if the person is sure and confident that everything is okay, then the correcting entry can be made.

You might be interested in
Tulip Co. owns 100% of Daisy Co.'s outstanding common stock. Tulip's cost of goods sold for the year totals $600,000 and Daisy's
dsp73

Answer:

Amount to be reported as cost of goods sold in the consolidated financial statement = $900,000

Explanation:

When a company holds 100% shares or more than 50% shares of another company that is common stock, they establish a holding subsidiary relationship in which equity method is to be followed.

As per equity method all the cost of goods sold by that of subsidiary is to be added to financial statements of holding while making consolidated financial statements.

In this if there are any sales or purchase between holding and subsidiary then such profit is not be added up till that inventory is further sold to third party.

In case the inventory is sold to third party then entire profit that is inclusive of holding to subsidiary is to be included as part of consolidated financial statements.

Therefore in the above case since Daisy has sold the inventory purchased from Tulip, entire cost of goods sold shall form part of consolidated financial statements.

Here amount to be reported as cost of goods sold in the consolidated financial statement = $600,000 + $400,000 = $1,000,000

Further the cost of goods sold is included 2 times, first in Tulip's account for $60,000 and then the same in Daisy's account for $100,000. In consolidated statement double amount should not be added, thus net cost of goods sold = $1,000,000 - $100,000 = $900,000

6 0
3 years ago
"When organizing a meeting agenda, why is it a good idea to discuss old business before introducing new business?"
AleksAgata [21]

Answer:

c. It makes sense to complete discussion and reach decisions about old business before tackling new business.

Explanation:

For organizing a meeting agenda first we have to discuss for the old business as it gives the whole picture of the business i.e it is profitable or not that results in increase in sales of the company that reflected completed discussion.

Moreover, the organization also knows how to operates the day to day activities that are related to the functions of management

So it always it is better to make decisions for old business before tackling the new business

8 0
3 years ago
Determine the beginning cash balance for Sweet Treats Eats if the net cash provided by operating activities is $35,000, net cash
Nataly_w [17]

Answer:

$50,000

Explanation:

Given the following information for Sweet Treats Eats

net cash provided by operating activities = $35,000

net cash used by investing activities = $42,000

net cash provided by financing activities = $12,000

ending cash balance = $55,000

Beginning cash balance + $35,000 - $42,000 + $12,000 = $55,000

Beginning cash balance = $55,000 - $35,000 + $42,000 - $12,000

                                         = $50,000

6 0
3 years ago
_______ capital is the economic or productive potential of strong, trusting, and cooperative relationships. This type of capital
Reil [10]

Answer:

Social capital

Explanation:

Social capital is defined as the effective or efficient functioning of the social groups through using the relationship of interpersonal, shared understanding, reciprocity, shared norms, cooperation, shared values and shared norms.

So, the social capital is the productive potential of cooperative relationships, strong and trusts. And this kind of capital help the person land the job. Within the survey it is stated that the 74% had found quality applicants by referrals of employees.

7 0
3 years ago
Penny buys 3 bouquets of flowers for $3 each and 4 bouquets for $2 each. which expression gives the total cost of the bouquets t
Elis [28]

The correct answer is 3³+ 4×2

Lets, calculate the total cost of the boquets of flowers that penny buys,

Penny buys 3 boquets of flowers, for 3$ each so, the total cost is given by,

3×3 = 33$

Penny buys 4boquets of 2$ each.

So, the total cost of the boquets of the flowers that worth 2$ each is given by,

(4×2 )

So, the total costs of the boquets of flowers that penny buys is given by,

3³+42.

Total cost is defined as the total expense by the individual or a company added to the variable costs occur. Total cost help the businesses to calculate their profits and loss and maintain their sales data.

The terms fixed costs, total fixed costs, and variable costs have a similar sound, there are important distinctions among the three. The primary difference is that whereas variable costs and total fixed costs are heavily over dependent on the quantity of goods or services a company produces, fixed costs do not take that quantity into account.

To learn more about fixed cost, refer this link

brainly.com/question/27328807

#SPJ4

4 0
1 year ago
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