Denny ,
After reviewing the P&L of the month of December &2015 we had some issues in the fallowing categories , see attached excel sheet
Bad Debit
1-During the month of December we had a charge back on a customer check for $475 , the check was accepted after the system glitches and the authorization wasn 't printed on the back of the check , a simple fix is to always make sure to run the check through the machine and obtain a printed authorization on the back .
2- during the year review we discovered $300 in counterfeit bills that we were charged back for , this is an easy fix as well as Counterfeit Detector Pens should be used all the time on every single large bill before accepting it .
3- During the first month after grand opening we lost $181 in deposit discrepancies $175 of the noted discrepancy was due to issuing POG card without an the proper offset in the POS to offset the cost , this issue was addressed the fallowing month as we became aware of the issue and prepared the gift cards at the beginning of each month and offset the cost in the POS to be coded under sales promotion .
Home delivery
During the year review for our costs under this category we discoed a $2926 that were spent on home delivery , below is our biggest misses
1-IST transfer due to customer service issues
A largo portion of the dollars spent udder this category was utilized to ship product to our store from another location or due to an error when our store ended up paying
Garcia and Licata took a number of old invoices and issued checks in the invoice amount, subsequently cashing the checks and splitting the amount between themselves. DeLoach soon after joined them and deposited a number of checks, issued by Licata, into various personal accounts throughout Miami. DeLoach used the funds from the fraudulent checks to write checks to Garcia and Licata (Barnett, 2007).
Since the Competition Bike Company projected overly optimistic sales, there are several areas in the budget that will be affected. The areas affected are Sales Commission, Transportation Out, Advertising, Research and Development, Raw Materials, and Labor.
2) Frank A. Tassone; the former business manager, Pamela Gluckin; and an accounting clerk, Debra Rigano, who is a niece of Ms. Gluckin embezzled money in a scheme in which Dr. Tassone and Ms. Gluckin and nine of their family members and friends charged $5.9 million for personal items and cash advances on 74 personal credit cards. Then Ms. Gluckin and Dr. Tassone used district checks to pay those bills. The audit found that Dr. Tassone and
After closely reviewing the financial and production data, our accounting team has found that your traditional cost allocation is faulty and misleading. The costs of products A and C were over allocated and products B and D were under allocated causing deceptive information on the true profits of the company. Also, product B appears to be
In order to find out the factors that caused the less actual quarterly income, we did analysis on variances. Sales variance, production cost variances and overhead variances are calculated as follows:
In January 2005, the Secret Service field office in Los Angeles discovered a fake $100 bill of remarkably high quality. Four years later in the Specimen Vault, the Service’s collection of counterfeit examples, 14 more near-genuine 100$ bills were examined. For more than three years the creator evaded capture, and by the time Albert Talton, of Lawndale, California, was captured, he was responsible for passing more than $7 million in false bills.
Some of the significant changes I found on the income sheet were revenue which decreased by 8 million dollars in 2015 compared to 2014. SG&A expenses increased by .9% for the year. How-ever gross profit decreased by .3% in 2015. Also net income for the year decreased by -2.5% per-cent.
The assistant is to be paid $75 per week or $3,900 per year. Together the newsletter coordinator and the part-time assistant believe they can handle up to 650 newsletter subscribers. Beyond this number, the newsletter program will require still more staff resources. In order to help cover the cost of the new part-time assistant, the executive director has also decided to increase the annual subscription price of the newsletter to $20. Additionally, the variable costs of preparing, printing, and mailing six bimonthly issues of the newsletter have risen to $4.50.
Profitability ratios decreasing from 2005 to 2006 although the sales has increased substantially and the net income as well but not in the same percentage of increase due to the high reliance on debt as the interest expense increased as mentioned before.
The changes in the above given accounting policies and estimates, affected the reported profits as follows:
Brenda was tasked with converting CAB and Commercial customers from sending in ACH balanced files to send in unbalanced files. The current process is that customers will send in a balanced ACH file and include the offsetting entry. This was a risk of Mutual of Omaha because the offsetting entry could have possibly settled at another financial institution. Brenda worked as a team with CAB, BCS, EPRA, and Account Maintenance to make sure that the customers received the proper notification and what the bank was expecting to be accomplished. During the process, there were a few obstacles as the reporting information was inaccurate, customers that had profiles on the PEP+ system that have no longer processed ACH batchs or files. This was a project
In relation to the Cost of Goods Sold, Lucent faces the problem that some of their goods are
When an error of overstatement like this one happens, the financial statements have to be restated in order(ed) to bring net income to the correct amount. The Cost of goods sold should’ve been increased by $8 million and the same
Given the net sales in 2011 is still higher than 2010, we can assume the problem is most likely with its operating cost management. On the other hand, HH’s assets turnover rate dropping 0.30 from 2010 suggests an inefficiency of generating more sales with its increased assets in 2011.