What are true statements about the history of the fractional banking system?

Larned Corporation recorded the following transactions for the just completed month.

Galina-37 [17]

Answer and Explanation:

The journal entries are shown below:

Raw materials inventory $76,000

To Accounts payable $76,000

(being the raw material purchased on account)

Work in process inventory $65,000

Manufacturing overhead $9,000

To Raw materials inventory $74,000

(Being the work in process and overhead is recorded)

Work in process inventory $101,500

Manufacturing overhead $21,500

To Cash $123,000

(being cash paid is recorded)

Manufacturing overhead $195,000

To Accumulated depreciation-Equipment $195,000

(being the manufacturing overhead is recorded)

7 0

3 years ago

How to find expiry date for a plane ticket?

kow [346]

You can ask a person who works for the company of your plane ticket and ask if it's expired.

5 0

3 years ago

Helen Weeks has worked for Bonne Consulting Group (BCG) as the executive secretary in the administrative department for nearly 1

elena55 [62]

Answer:

1.) The internal controls which were missing are from the separation of responsibilities. There must have been in place an inner regulator were an individual works with advisers while alternative individual or unit take-care of the expense procedure, then somebody else allow expenses and then office should distribute the expenditures. There is an absence of inner controls as you can realize that the corporation amalgamated with a larger corporation and no one measured other accounts such as Jackson and company any longer.

2.) With the lack of control, this offered Helen the chance to effect the fraud. With this presence said, she was talented to emulate sign receipts and spend the retailer’s expenditures. She were also the one in responsibility of office the initial and final of accounts. In short, she had several accountabilities that should have remained separated up better and had diverse individuals for the separations of the job. In addition, she needed a bank description from the corporation where she was capable to put the expenditures and pay individual expenditures.

3.) The method this fraud might be noticed is the inspection squad can ask the bank for reports. They might also conference sellers. The accounting section should have ended sure they were doing the due diligence in dealers and corresponding the receipts with statements and expenditures.

5 0

2 years ago

"The time horizon to be used when constructing a portfolio to pay for college expenses for a person who is expected to start col

Karolina [17]

Answer:

15 years

Explanation:

If you are constructing a portfolio to cover the education expenses of your child and you expect that he/she graduates from college in 15 years, then the time horizon of your portfolio should be 15 years since it should cover all the expenses until your child graduates. If you start a little earlier and expect your child to graduate in 20 years, the time horizon will be 20 years, or if you start a little later and expect your child to graduate in 10 year, then the time horizon is 10 years.

7 0

2 years ago

Obama Company sells its product for $25 per unit. During 2012, it produced 20,000 units and sold 15,000 units (there was no begi

horrorfan [7]

Answer:

Unitary cost= $12

Explanation:

Giving the following information:

direct materials $5

direct labor $4

variable overhead $3

The variable costing method incorporates all variable production costs (direct material, direct labor, and variable overhead) to calculate the product unitary cost.

Unitary cost= 5 + 4 + 3= $12

3 0

3 years ago