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Gregg’s Shipping Supplies Ltd (GSSL) trades in the buying and selling of ship spares and has several branches within the Caribbean. Recently the company has seen a rapid increase in demand of its products across all branches and is therefore in need of additional financing to adequately boost its supply inventory. The corporate banking head of Bankers Choice Bank is requesting a full set of financial statements to ensure that granting the loan to GSSL would be financially feasible during a period when many businesses are facing financial challenges. The company financial year ends on June 30 each year and you have been tasked with the responsibility to prepare the financial information for the St. Kitts branch. 1. Prepare the Adjusted Trial balance at June 30, 2022.

Accounting This is a business law principle for today's commercial environment by Twomey| Jennings |Greene 5th edition Question-what do you think of the increasing amount of reliance on electronic interactions? Some banks now charge to return the actual canceled check and some think that it is only a matter of time before there will be a charge for dealing with a "real" teller. What are the repercussions, good and bad, of this move toward electronic financial transactions?

1- Depositors are free to decide the frequency and amount of their transactions Group starts. True or False 2- Credit transfers are Instructions from the customer (account holder) to the bank to pay a fixed amount at regular intervals into the account of someone else (Individual or company). True or False. 3- Globalization is the evaluation of markets and institutions such that geographic boundaries limit financial transactions. True or False

Questions continue on next page Question 4 YY is a large banking organisation. It has a branch in most of the towns in the country in which it operates. The bank's business is mainly concerned with private individuals. It is a very 'traditional' bank that offers only 'over the counter' services during limited opening hours. At a recent board meeting, the directors of the bank stated that they were worried that the bank was losing customers to the new style banks that offer a much more friendly service, longer opening hours, internet banking and a diverse range of banking services. It has now been decided that the bank will pursue strategies to achieve the goal of being "The bank that people choose" and will use a balanced scorecard to monitor progress towards that goal. Required: a) Produce, for each of the three non-financial perspectives of a balanced scorecard, an objective and a performance measure that the bank could use. (In your answer you must state each perspective, and the…

The COVID-19 pandemic has affected one of your customers, NEST Ltd adversely. Even though the economies are fast recovering, they have contacted your company to request to purchase on credit instead of cash on delivery. Your boss, Alan, the Marketing Manager has instructed you to review their request. He has asked you to review NEST Ltd’s latest set of financial statements.   (a)In addition, identify other information(other than balance sheet, incomes statement and cash flow statement) that will be helpful in deciding whether to accede to NEST Ltd’s request?    (b)You have also noticed that compared to last year, the allowance for bad debt for Nest Ltd has increased from 2% to 4 % of the accounts receivable. Discuss how this information will impact your review.

Question #66:  Lamar LLC is in the process of updating its revenues and receivables systems with the implementation of new accounting software. James Loden, Inc. is an independent information technology consultant who is assisting Tamar with the project. James has developed the following checklist containing internal control points that the company should consider in this new implementation: Is the sales department separate from the credit office and the IT department? Are all collections from customers received in the form of checks? Is it appropriate to program the system for general authorization of certain sales, within given limits? Are product quantities monitored regularly? Required: In a two (2) page response, describe the control purpose for each point presented in the case.

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The birth of the Internet in the 1990s led to the creation of a new industry of online retailers such as Amazon, Overstock.com, and PCM, Inc. Many of these companies often act as intermediaries between the manufacturer and the customer without ever taking possession of the merchandise sold. Revenue recognition for this type of transaction has been controversial. Assume that Overstock.com sold you a product for $200 that cost $150. The company's profit on the transaction clearly is $50. Should Overstock recognize $200 in revenue and $150 in cost of goods sold (the gross method), or should it recognize only the $50 in gross profit (the net method) as commission revenue? 4. Do you agree with Alphabet's reasoning with respect to choosing whether it reports revenue gross versus net with respect to these advertising services? Indicate "yes" or "no," and explain.

DD Ltd operates a business to do with warehousing and distribution of books and CD’s for K Ltd, an on-line business. For this purpose, DD rented warehouses in each major town in the country and the actual delivery of orders was outsourced to a courier service. The market was becoming increasingly competitive and the year ending 31 December 2019 had not been as successful as the previous years. The founder and CEO was very frustrated with the complex integrated computer system that dealt with all the logistics. The system is down most of the time; as a result money is lost through lost business and poor service delivery. The CEO is of the view that there is real fear that K Ltd may penalize the company or indeed engage another company in the place of DD. A lot of money is spent on computer consultants who practically live at DD’s offices and what is worse they do not appear to make any difference.Since the logistical system was linked to the general ledger, all the problems had been…

provide an example of a country that has been able to curb/ significantly reduce their corruption levels in modern history (i.e., the last 50-100 years). What factors contributed to the ability to accomplish this? How did this positive trend impact the country’s overall development, including its economic development?

Uncle Benson SuperMart has been one of the fast growing Caribbean firms for the last five years in terms of sales and profits. The firm has consistently maintained a sales level and profit level above the average for the wholesale industry.  Mr. Benson has asked you to explain possible reasons why the firm is having difficulty meeting its payroll and it accounts payable. What would you tell Mr. Benson? Required Explain to Mr. Benson possible reasons why his firm is having difficulty meeting its payroll and it accounts payable.

One of Oman based company is about to start investment in the international market. The company is very old in Oman but new in international market. It is also one of the requirements of the international market to shift accounting standards to International financial reporting standard. The company is not taking this task as challenge because __________________. a. The process does not require much efforts b. Training staff on shifting to this standard doesn’t cost much c. Only terminologies will be changed d. None of the options

Case 1 ABC Company is a relatively small dry-cleaning operation that has a very steady level of business. Since the company hired a new employee, however, cash inflows have decreased and the amount of promotional coupon redemptions have increased dramatically. The owner of the company has been very impressed with this new employee, but has suspicions regarding her cashiering practices. When comparing cash sales to check and credit card sales, the owner noted that the coupon redemption rate was dramatically higher for cash sales. The owner does not want to wrongly accuse the employee if she is innocent, but does want to find out if fraud is occurring. The owner calls you as an expert on fraud and asks you to recommend a reliable way to gather evidence that could determine if fraud is occurring. 1. What are some possible investigative methods you could suggest?

E-commerce a.can improve the speed and efficiency of transactions b.accounts for less than 1% of all retail sales c.increases paperwork d.only relates to transactions between a company and a consumer

Which statement is correct  A. Firms Cabot use lockboxes if they use cash concentration accounts.  B. Firms prefer to increase delay on disbursements. C. Firms prefer to eliminate all types of float.  D. Firms open regional offices so their employees can pick up lockbox payments throughout the day.  E. The check clearing act for the 21st century is designed to reduce total collection time to one day.

As Elaine Black reflects on her meeting with Jim Saxton and Peter Greyton, she considers where the company has been and where it is heading, and ponders the current issues regarding Robatelli's accounting information systems and its ability to take and record sales. She is concerned about the limitations of the current accounting information system. Are internal controls strong enough? Would a new, integrated IT system yield improvements? As she contemplates the integration of the POS systems at the restaurant locations with the GL software at the home office, she wonders about the requirements for developing and implementing such a system, and how to best utilize the system to support Robatelli's plans for growth. Elaine realizes that her ability to address these issues will be critical not only to the success of the company but also to her career. Briefly describe the differences in Robatelli's three order-entry systems (in-store, telephone, and Internet). For each method,…

As Elaine Black reflects on her meeting with Jim Saxton and Peter Greyton, she considers where the company has been and where it is heading, and ponders the current issues regarding Robatelli's accounting information systems and its ability to take and record sales. She is concerned about the limitations of the current accounting information system. Are internal controls strong enough? Would a new, integrated IT system yield improvements? As she contemplates the integration of the POS systems at the restaurant locations with the GL software at the home office, she wonders about the requirements for developing and implementing such a system, and how to best utilize the system to support Robatelli's plans for growth. Elaine realizes that her ability to address these issues will be critical not only to the success of the company, but also to her career. Briefly describe the differences in Robatelli's three order-entry systems (in-store, telephone, and Internet). For each method,…