Algo Corporation's required balance for the Allowance for Doubtful Accounts as of December 31 is $38,944.
Data and Calculations:
Allowance for doubtful accounts (credit) =$14,500
Age Analysis of Accounts Receivable
Accounts Receivable Age of Accounts Expected Percent Allowance
Receivable Uncollectible for Uncollectible
$ 800,000 Not yet due 1.20% $9,600
$ 320,000 1 to 30 days past due 1.95 6,240
$ 64,000 31 to 60 days past due 6.45 4,128
$ 32,000 61 to 90 days past due 32.50 10,400
$ 12,800 Over 90 days past due 67.00 8,576
$1,228,800 $38,944
Analysis:
Bad Debts $24,444 Allowance for Doubtful Accounts $24,44
Thus, the required balance for the Allowance for Doubtful Accounts of Algo Corporation as of December 31 is $38,944.
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The office manager of ABC company has the authority to the whole financial operations. He authorizes activities, controls the company’s expenses, records the company’s transactions, and rarely takes vacation?
The owners of the company are happy with his work since the company is making a profit. You are giving the opportunity to educate the owners about the risk of not implementing internal control. What would be your advice? (2
Q3. At the end of the month, XYZ company’s bank statement is different from the cash book balance. How would the company do the bank reconciliation? (
The risk of not implementing internal control is that it can lead to unethical practices in the workplace.
Internal control refers to the process for assuring the objectives of an organization in operational efficiency and effectiveness. Reliable financial reporting and compliance with laws are vital in internal control.
The risk of not implementing internal control is that it can lead to unethical practices. Also, since there isn't any review of the work done by the financial manager, and this can be risky for the company. This can lead to fraudulent activities.
Since the bank statement is different from the cash book balance, the bank can reconcile this by getting the bank records. This can be done through the checking of appropriate debit and credit transactions in the bank records.
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These are sets of opinions, thoughts, and feelings an audience member might have on a topic that are not necessarily deeply held, and are therefore subject to change.
The definition corresponds to the concept of prejudice, because it involves a set of opinions, thoughts, and feelings.
A prejudice is a concept from the Latin praeiudicium that refers to an opinion, thought, or feeling (usually negative) that a person has formed about something or someone in advance and without prior knowledge.
Prejudice is the action and effect of establishing a definition or a meaning for something before the opportune time, that is, before knowing it in depth.
Note: This question is incomplete because the question is missing. Here is the complete question:
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II. British Beverages bottles two soft drinks under licence to Cadbury Schweppes at its Manchester plant. Bottling at this plant is a highly repetitive, automated process. Empty bottles are removed from their carton, placed on a conveyor, and cleaned, rinsed, dried, filled, capped and heated (to reduce condensation). The only stock held is either direct materials or else finished goods. There is no work in progress. The two soft drinks bottled by British Beverages are lemonade and diet lemonade. The syrup for both soft drinks is purchased from Cadbury Schweppes. Syrup for the regular brand contains a higher sugar content than the syrup for the diet brand. British Beverages uses a lot size of 1000 cases as the unit of analysis in its budgeting. (Each case contains 24 bottles.) Direct materials are expressed in terms of lots, where one lot of direct materials is the input necessary to yield one lot (1000 cases) of beverage. In 2015, the following purchase prices are forecast for direct materials:
Lemonade Diet lemonade
Syrup £1200 per lot £1100 per lot
Containers
(bottles, caps, etc.) £1000 per lot £1000 per lot
Packaging £800 per lot £800 per lo
The two soft drinks are bottled using the same equipment. The equipment is cleaned daily, but it is only rinsed when a switch is made during the day between diet lemonade and lemonade. Diet lemonade is always bottled first each day to reduce the risk of sugar contamination. The only diference in the bottling process for the two soft drinks is the syrup. Summary data used in developing budgets for 2015 are as follows: a Sales:
z Lemonade, 1080 lots at £9000
selling price per lot. z Diet lemonade, 540 lots at £8500
selling price per lot. b Opening (1 January 2015) stock of direct materials: z Syrup for lemonade, 80 lots at £1100
purchase price per lot. z Syrup for diet lemonade, 70 lots at £1000
purchase price per lot. z Containers, 200 lots at £950
purchase price per lot. z Packaging, 400 lots at £900
purchase price per lot. c Opening (1 January 2015) stock of finished goods: z Lemonade, 100 lots at £5300 per lot. z Diet lemonade, 50 lots at £5200 per lot. d Target closing (31 December 2015) stock of direct materials: z Syrup for lemonade, 30 lots. z Syrup for diet lemonade, 20 lots. z Containers, 100 lots. z Packaging, 200 lots. e Target closing (31 December 2015) stock of finished goods: z Lemonade, 20 lots. z Diet lemonade, 10 lots.
f Each lot requires 20 direct manufacturing labour-hours at the 2015 budgeted rate of £25 per hour. Indirect manufacturing labour costs are included in the manufacturing overhead forecast. g Variable manufacturing overhead is forecast to be £600 per hour of bottling time; bottling time is the time the filling equipment is in operation. It takes two hours to bottle one lot of lemonade and two hours to bottle one lot of diet lemonade. Fixed manufacturing overhead is forecast to be £1 200 000 for 2015. h Hours of budgeted bottling time is the sole allocation base for all fixed manufacturing overhead. i Administration costs are forecast to be 10% of the cost of goods manufactured for 2015. Marketing costs are forecast to be 12% of sales for 2015. Distribution costs are forecast to be 8% of sales for 2015. Required Assume British Beverages uses the first-in, first-out (FIFO) method for costing all stock. On the basis of the preceding data, prepare the following budgets for 2015: 1 Revenue budget (in £) 2 Production budget (in units) 3 Direct materials usage budget (in units and £) 4 Direct materials purchases budget (in units and £) 5 Direct manufacturing labour budget 6 Manufacturing overhead costs budget 7 Closing finished goods stock budget 8 Cost of goods sold budget 9 Marketing costs budget 10 Distribution costs budget 11 Administration costs budget 12 Budgeted profit and loss account.
From the grocery store you need to purchase 1/2 lb cheese, 3 lbs sliced ham, 2 loaves of bread, 4 bags of potato chips, and 1 container of salsa. You have a coupon for $4.00 off if your purchase totals more than $15.00 or 10% off if the total is more than $20.00. The food sales tax is 3%. Which coupon offer will save you the most money?
The coupon offer allows greater savings is the $ 4.00 coupon.
To find out which coupon means greater savings, you must do the following procedure.
1. Calculate how much is the total value of the account
Cheese - $ 2.99 / 2 = $ 1,495
Sliced ham - $ 4.29 × 3 = $ 12.87
Bread - $ 2.49 × 2 = $ 4.98
Potato Chips - $ 2 for $ 3.00, so 4 for $ 6.00
Sauce - $ 3.39
$ 3.39 + $ 6.00 + $ 4.98 + $ 12.87 + $ 1,495 = $ 28.73
2. We must calculate the discount that represents 10% of the value and the 3% increase in food tax.
$ 28.73 / 100 = $ 0.287
0.287 × 10 = $ 2.87
$ 28.73 - $ 2.87 = $ 25.87
$ 28.73 / 100 = $ 0.287
0.287 × 3 = $ 0.861
$ 25.87 + $ 0.861 = $ 26.73
3. We must calculate the discount represented by the $ 4 coupon and the 3% food tax increase.
$ 28.73 - $ 4.00 = $ 24.73
24.73 / 100 = $ 0.24
0.24 × 3 = $ 0.74
$ 24.73 + $ 0.74 = $ 25.47
According to the above, the coupon that represents more discount is $ 4 coupon.
Note: This question is incomplete because some information is missing. Here is the missing information:
Cheese $ 2.99 / lbSliced Ham $ 4.29 / lbBread $ 2.49 / loafPotato Chips $ 1.99 / ea OR 2 for $ 3.00Sauce $ 3.39 / containerLearn more in: https://brainly.com/question/7578342
discuss steeps involved in business planing process
Steps for business planning:
Step 1: Establish your mission. In essence, your mission statement explains why your business exists. ...
Step 2: Analyse your SWOT. ...
Step 3: Develop a plan. ...
Step 4: Create a budget. ...
Step 5: Put it in writing. ...
Step 6: Make it a living document.
Steps for planning
1] Recognizing Need for Action. ...
2] Setting Objectives. ...
3] Developing Premises. ...
4] Identifying Alternatives. ...
5] Examining Alternate Course of Action. ...
6] Selecting the Alternative. ...
7] Formulating Supporting Plan.
Assignment Directions:
Using all of the concepts you have attained throughout the course of the lesson (capital, collateral, etc.), compose a two-page, detailed business plan that illustrates how you plan to enter the “industry of your dreams” (fashion, entertainment, educational materials, etc.).
Assignment Guidelines:
Include at least four important concepts discussed within the lesson.
Submission Requirements:
Two-page business plan
When submitting written assignments, please remember to:
Submit the assignment question(s) and your responses.
Proofread for spelling, grammar, and punctuation.
Remember to use complete sentence structure.
Make sure paragraphs have at least six sentences.
To develop a business plan for a particular industry, such as the food, fashion or entertainment industry, it is necessary to carry out in-depth research on the topic and important concepts for planning.
Business plan definitionIt is a document developed when there is an intention to start a new business, where information about the course of actions necessary to achieve the business objectives is described.
Some important concepts for developing an effective business plan are:
Value offerFinancial indicatorsCompetition AnalysisCosts and InvestmentsCustomer journeyTherefore, the business plan will detail the steps that must be taken in order to develop the marketing and investment strategies necessary to achieve the competitiveness and positioning of the business.
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To know what you’re buying is a consumer? Right or responsibility?!
Answer:
From what I know yes a consumer would be correct
Explanation:
Accumulated earnings from a firm's profitable operations that are kept in the business and not paid out to stockholders are called ?
Answer:
I believe it's retained earnings
what are the conflict management styles and dispute resolution mechanism
Answer:
Five styles for conflict management, as identified by Thomas and Kilmann, are: competing, compromising, collaborating, avoiding, and accommodating. Businesses can benefit from appropriate types and levels of conflict. That is the aim of conflict management, and not the aim of conflict resolutionWhat is the reason for running training program
Answer:
It periodizes your training for you
Most training plans are designed so that you reach your peak level of fitness right at the time of your goal race. It does so by periodizing your training, so you build up your fitness gradually, preventing you from peaking too soon or overtraining.
Suppose inflation turns out to be lower than expected , This leads to lenders having _______ purchasing power then expected and borrowers having _____
Based on macroeconomic theory, suppose inflation turns out to be lower than expected; this leads to lenders having more purchasing power than expected and borrowers having more debt.
This is because when the inflation rate is lower than expected, the inflation-adjusted repayment will be greater than what was predicted by both parties, thereby making the borrowers have more debts in their accounts in terms of money value.
On the other hand, if inflation turns out to be greater than anticipated, the situation would favor the borrowers.
Hence, in this case, it is concluded that the inflation prediction determines the rate at which interest rates on loans are determined.
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How do you redeem a winning ticket lottery?
A) scan on pos
B) validate on terminal
C) picklist on POS
D): redemption barcode entered in the pis if no touch screen
Answer:
4 Steps to Claim PCSO Lotto Prize
Go to the PCSO Main Office. Present two valid IDs (preferably signature-bearing government-issued IDs) and the winning ticket to the Prize Claim section of the Accounting and Budget Department. Fill out the required forms. Wait for the ticket to be validated.
Explanation:
No choices here
Study the figure below, which represents four approaches to motivating employees, and then answer the question below.
Of the four approaches in the diagram, which one would you as a manager use if you wanted your employees to have heartfelt commitment to their work over the long term?
A. Make sure employees know they can be replaced easily.
B. Design jobs so that employees get a sense of accomplishment from doing them.
C. Suspend employees without pay when they violate work rules.
D. Give employees bonuses when they meet their goals
Answer:
D.
Explanation:
Giving employees bonuses when they meet their goals motivate them to work hard
Give employees bonuses when they meet their goals: one would you as a manager use if you wanted your employees to have heartfelt commitment to their work over the long term. Thus, option D is the correct option.
What is employees bonus?In the workplace, a bonus is a sort of supplemental payment an employer makes to a worker in addition to their base pay or salary. Bonuses can be used by a business to recognize accomplishments, express appreciation to workers who reach certain ages of service, or recruit new staff. Bonuses may be given in the form of cash, stock, or stock options. These might be distributed to specific people, groups, or the entire business.
Aside from signing bonuses for new recruits, referral incentives for staff members who recommend qualified applicants, and retention bonuses to reward steadfast loyalty, businesses may also pay incentive bonuses. Performance bonuses, which may be granted as yearly bonuses, spot bonuses, or milestone incentives, are rewarded for great work.
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1. Compute component percentages for Year 2. (Enter your answers as a percentage rounded to 2 decimal places (i.e. 0.1234 should be entered as 12.34).)
The percentage for the cost of sales is 65.21% in 2015. The percentage for the cost of sales is 65.41% in 2014.
It should be noted that the percentage for the cost of sales in 2015 was calculated as:
= Cost of sales / Net sales
= 36665/56223 = 65.21%
The percentage for the cost of sales in 2014 was calculated as:
= Cost of sales / Net sales
= 34941/53417 = 65.41%
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quản trị kinh doanh là gì
Answer:
your mom
Explanation:
credit balance of gopal rs 25000
Answer:
so what we have to do question is incomplete
#hi makenzie thomas this is the owner of Brainly we or taking away some of your coins because of the inappropriate language and offensive cheating you have been using
:Thank You
Answer:
girl yk you aint nobodies owner
Explanation:
Individual consumers are considered as:
communication
possible customers
competition
demographics
B. Possible customers
A firm buys on terms of 2/8, net 45 days, it does not take discounts, and it actually pays after 63 days. What is the effective annual percentage cost of its non-free trade credit? (Use a 365-day year.)
The effective annual percentage cost of its non-free trade credit is 13.08%/
Here, we are to calculate the effective annual percentage cost.
Given Information
Discount % = 2%
Discount Days = 8
Net Days = 45
Actual days = 68
Nominal % cost = Disc. %/(100 – Disc. %) × (365/(Actual days – Disc. days)
Nominal % cost = 2 /(100 - 2) * 365/(68 -8)
Nominal % cost = 2 /98 * 365/60
Nominal % cost = 0.0204081 * 6.083333
Nominal % cost = 0.1241496
Nominal % cost = 12.41%
n = 365/(63 - 8) = 6.64
Effective annual rate = (1 + Nominal % rate/n)^ n – 1
Effective annual rate = (1 + 0.1241/6.64)^6.64 - 1
Effective annual rate = 1.13083302405 - 1
Effective annual rate = 0.13083302405
Effective annual rate = 13.08%
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The not payable relating to the June 2, and 10 transactions is a five-year note, with interest at the rate of 12 percent annually...
The Cook Corporation has two divisions--East and West. The divisions have the following revenues and expenses:
East West
Sales $ 560,000 $ 478,500
Variable costs 192,000 247,500
Traceable fixed costs 153,000 162,000
Allocated common corporate costs 141,800 164,900
Net operating income (loss) $ 73,200 $ (95,900)
The management of Cook is considering the elimination of the West Division. If the West Division were eliminated, its traceable fixed costs could be avoided. Total common corporate costs would be unaffected by this decision. Given these data, the elimination of the West Division would result in an overall company net operating income (loss) of:______.
The elimination of the West Division would result in an overall company net operating income (loss) of: ($91,700).
Net operating profit (loss)
Sales of east $560,000
Less Variable cost (192,000)
Less Traceable fixed cost ($153,000)
Less Common fixed cost ($306,700)
($141,800+$164,900)
Net operating loss ($91,700)
Inconclusion the elimination of the West Division would result in an overall company net operating income (loss) of: ($91,700).
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Instructions
Equipment was acquired at the beginning of the year at a cost of $637,500. The equipment was depreciated using the double-declining balance method based on an estimated useful life of 9 years and
an estimated residual value of $43,195
a. What was the depreciation for the first year? Round your intermediate calculations to 4 decimal places. Round the depreciation for the year to
the nearest whole dollar
please help me !!!!!!!! i’ve been trying so solve it & i can’t seem to understand it.
Based on the given information, the amount of the depreciation expense for the first year is $141,667.
Data and Calculations:
Cost of Equipment = $637,500
Estimated residual value = $43,195
Depreciable amount = $594,305
Estimated useful life = 9 years
Depreciation method = double-declining-balance method
Depreciation rate = 22.2222% (100/9 x 2)
First year's depreciation = $141,667 ($637,500 x 22.2222%)
Reduced balance = $495,833 ($637,500 - $141,667)
Second year's depreciation = $110,185 ($495,833 x 22.2222%)
Thus, each year's depreciation will be computed on the reduced balance. However, the last year's depreciation will be the difference between the reduced balance and the estimated residual value.
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ABC and CVP Analysis: Multiple Products Good Scent, Inc., produces two colognes: Rose and Violet. Of the two, Rose is more popular. Data concerning the two products follow: Rose Violet Expected sales (in cases) 54,500 10,900 Selling price per case $101 $78 Direct labor hours 32,000 6,200 Machine hours 10,100 2,950 Receiving orders 51 28 Packing orders 95 51 Material cost per case $53 $42 Direct labor cost per case $12 $7 The company uses a conventional costing system and assigns overhead costs to products using direct labor hours. Annual overhead costs follow. They are classified as fixed or variable with respect to direct labor hours. Fixed Variable Direct labor benefits $ — $181,010 Machine costs 198,000* 251,840 Receiving department 244,500 — Packing department 106,500 — Total costs $549,000 $432,850 * All depreciation
Required:
1. Using the conventional approach, compute the number of cases of Rose and the number of cases of Violet that must be sold for the company to break even.
2. Using an activity-based approach, compute the number of cases of each product that must be sold for the company to break even.
1. The number of cases to break even, using the conventional approach of allocating overhead costs is as follows:
Rose = 15,670 cases ($459,900/$29.35)
Violet = 3,951 cases ($89,100/$22.55)
2. The number of cases to break even, using the ABC approach of allocating overhead costs is as follows:
Rose = 15,516 cases ($459,900/$29.64)
Violet = 4,227 cases ($89,100/$21.08).
Data and Calculations:
Rose Violet
Expected sales (in cases) 54,500 10,900
Selling price per case $101 $78
Direct labor hours 32,000 6,200
Machine hours 10,100 2,950
Receiving orders 51 28
Packing orders 95 51
Material cost per case $53 $42
Direct labor cost per case $12 $7
Variable overhead per case $6.65 $6.45
Total variable cost per case $71.65 $55.45
Contribution per case $29.35 $22.55
Total fixed costs $459,900 $89,100
Overhead Costs:
Fixed Variable Total Costs
Direct labor benefits $ — $181,010 $181,010
Machine costs 198,000 251,840 449,840
Receiving department 244,500 — 244,500
Packing department 106,500 — 106,500
Total costs $549,000 $432,850 $981,850
Conventional Allocation of Variable Overhead Costs:
Rose Violet Total
Direct labor hours 32,000 6,200 38,200
Overhead costs assigned:
Variable overhead costs $362,597 $70,253 $432,850
($11.33115 x 32,000) ($11.33115 x 6,200)
Expected sales (in cases) 54,500 10,900
Variable overhead per case $6.65 $6.45 ($70,253/10,900)
ABC Allocation of Variable Overhead Costs:
Rose Violet Total Total Costs Overhead Rate
Direct labor hours 32,000 6,200 38,200 $181,010 $4.74
Machine hours 10,100 2,950 13,050 $251,840 $19.30
Allocated overhead: Rose Violet
Direct labor benefits $151,680 $29,388
Machines costs $194,930 $56,935
Total variable overhead $346,610 $86,323
Expected sales (in cases) 54,500 10,900
Variable o/h per case $6.36 $7.92 ($86,323/10,900)
Selling price per case $101 $78
Material cost per case $53 $42
Direct labor cost per case $12 $7
Overhead cost per case:
Variable overhead per case $6.36 $7.92
Total variable cost per case $71.36 $56.92
Contribution per case $29.64 $21.08
Total fixed costs $459,900 $89,100
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Hinata has noticed that the performance of a subordinate has decreased significantly in the last two months. She talked to the subordinate about the situation, but his performance continues to be below par. Hinata decides to write a report to her manager in which she describes the situation and provides possible solutions. This type of report is called a(n)
Hinata writes a functional report to the 7th Hokage who will decide the fate of the subordinate chuunin.
In order to convey the situation and offer potential remedies, Hinata decides to prepare a report to her management. The term "assigned problem-solving report" refers to this kind of document. Hence, Option E is correct.
What is management?No matter if the organisation is a for-profit corporation, a government agency, or a nonprofit, management is the administration of the entity. Resource management for a business is both an art and a science.
A subordinate's performance has markedly deteriorated over the past two months, according to Hinata. She discussed the issue with the subordinate, but he hasn't improved his performance.
In order to convey the situation and offer potential remedies, Hinata decides to prepare a report to her management.
Therefore, Option E is correct.
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The complete question has been attached in text form:
Hinata has noticed that the performance of a subordinate has decreased significantly in the last two months. She talked to the subordinate about the situation, but his performance continues to be below par. Hinata decides to write a report to her manager in which she describes the situation and provides possible solutions. This type of report is called a(n)
Multiple Choice
feasibility study.
unsolicited problem-solving report.
facts of authorization.
executive summary.
assigned problem-solving report.
Companies rely on an EDI system to Group of answer choices exchange data between two or more companies. minimize manufacturing mistakes. assess the skills of job applicants. control the return of product. pinpoint the right customer base.
Firms are known to have a lot of data exchange methods. Companies rely on an EDI system to exchange data between two or more companies.
Firms engages in data exchange through file transfer, direct database connection and remote procedure calls.Electronic Data Interchange (EDI) is known to be a the computer-to-computer exchange of electronic business documents. It often occur between trading partners.
This system is uses different components to send and receive electronic data from one computer system to another.
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des
11. Ashleigh has a pet boa constrictor named
Pauline. She keeps it in the most expensive,
escape-proof cage she can find. Regardless,
the boa escapes and kills the neighbor's famed
show cat which was valued at more than $5,000.
Will Ashleigh be liable?
at
ely
Will Ashleigh be liable
Answer:
yes
Explanation:
it was her boa constrictor so therefore she is held responsible
One way to gain information is by participating in trade fairs and trade missions.
a. True
b. False
Answer: true
Explanation: source from https://www.business.qld.gov.au/running-business/marketing-sales/marketing-promotion/show-exhibition/benefits
Trade shows are generally targeted at an industry and people involved or interested in that industry. Exhibiting at a trade show can be a great way to advertise to a target market and create brand awareness.
Exhibitions are open to a large and sometimes diverse range of audiences (usually the general public). This provides you with a platform to promote your product or service to a broader group that may have little or no knowledge of your products and services.
Depending on your type of business, product and market testing can be carried out at trade shows and exhibitions to gain industry or general opinion about your offering.
Being involved in a trade show or exhibition can provide you with opportunities to branch out to business-to-business trading and create a customer database from the visitors to your display booth.
Assume that you have completed your procedures on the audit of Warren Corporation and have found the following audit issues.
a. Indicate the account balance financial statement assertion that is likely to be most impacted by each of the issues.
b. Indicate whether the impact of the issue would be understatement or overstatement of the account.
1. It was discovered that a number of the items on hand and counted in the inventory were on consignment.
2. In performing a price test of inventory items, you found a number of items priced below cost.
3. It appears that the selling price of certain of the company's products has declined significantly.
4. During the physical inventory it was noted that a number of inventory items were damaged.
5. Completeness Existencee Rights and Obligations Valuation and Allocation Inventory items were stored in three different warehouses and the auditors fear that some items might be in an undisclosed fourth warehouse.
6. Some inventory items owned by the company were in transit during the physical inventory.
a. The indication of the account balance financial statement assertions of the following issues are as follows:
Issues Financial Statement Assertions
1. Consignment Inventory Existence, Completeness, Rights and Obligations
2. Items priced below cost Existence, Accuracy and Valuation
3. Significant decline in selling prices = Accuracy and Valuation
4. Damaged inventory Existence, Accuracy and Valuation
5. Undisclosed fourth warehouse = Existence, Completeness, Accuracy and Valuation
6. Inventory in-transit Existence, Accuracy and Valuation, completion, Rights and Obligations
b. Issues Impacts
1. Consignment Inventory Overstatement
2. Items priced below cost Understatement
3. Significant decline in selling prices Overstatement
4. Damaged inventory Overstatement
5. Undisclosed fourth warehouse Overstatement
6. Inventory in-transit Understatement
Thus, the financial statement assertions that the auditor must verify are existence, completeness, rights and obligations, accuracy and valuation, and presentation and disclosure.
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In the field of organizational behavior, organizations are described as
Answer:
hljikgukg8jguihgihgigg
A thief stole Art's checkbook and forged Art's name as drawer of a check. The drawee paid the check in good faith and sent it to Art with the monthly statement on January 3, 2013. The thief forged other checks during February and March of 2013, which the drawee in good faith paid. All paid checks were sent to Art with monthly statements. On May 25, 2014, Art discovered all of the forgeries and notified the drawee. For which check(s) is Art entitled to be reimbursed
Based on the explanation given in the scenario, since, the drawee repeatedly followed protocol for every transaction performed, then Art's entitlement to reimbursement would be valid for none of the cheques.
The bank would not be held responsible for carelessness of the drawer and his failure to report vulnerabilities to his/her account. Since the thief was able to successfully forge Art's signature, then it is imperative that the drawer is paid. Transaction notification and statement were sent after each transaction and still Art made no report or compliant, hence, the bank would not be liable for any of his losses.Hence, None of the withdrawals will be reimbursed.
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