Looking for Evidence of Fraud. Wen-Li is an internal auditor for Main ElectricalSupply in Springfield, Illinois. During her audit, she came across the invoice shown inExhibit D.60.1. The invoice is in almost pristine condition with few marks and no creases.The invoice was properly filed in a vendor folder marked Best Office Supply, which is on theapproved vendor list, but the vendor review sheet, which is required to place a vendor on theapproved vendor list, is missing from the file.Three other invoices were in the file:June 14, 2016Invoice 0076$238.99July 17, 2016Invoice 0081324.55August 16, 2016Invoice 0085386.82Required:a. Is this a legitimate invoice? What information might lead you to suspect that this invoicemay indicate a fraud?b. What type(s) of fraud might this indicate? EXHIBIT D.60.1Vendor InvoiceBest Office Supply CompanyP.O. Box 1934Springfield, Illinois 62705September 15, 2016Invoice #0089Bill to:Main Electrical Supply506 Commerce AvenueSpringfield, IL 62707217-555-2230ProductQuantityPriceperUnitTotal CostPens10 boxes$3.65$36.50Сорy paperToner cartridges15 cases$15.76$236.408 units$22.56$180.48Total$453.38Payment is due immediately upon receipt

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EXHIBIT D.60.1 Vendor Invoice Best Office Supply Company P.O. Box 1934 Springfield, Illinois 62705 September 15, 2016 Invoice #0089 Bill to: Main Electrical Supply 506 Commerce Avenue Springfield, IL 62707 217-555-2230 Product Quantity Price per Unit Total Cost Pens 10 boxes $3.65 $36.50 Сорy paper Toner cartridges 15 cases $15.76 $236.40 8 units $22.56 $180.48 Total $453.38 Payment is due immediately upon receipt

EXHIBIT D.60.1 Vendor Invoice Best Office Supply Company P.O. Box 1934 Springfield, Illinois 62705 September 15, 2016 Invoice #0089 Bill to: Main Electrical Supply 506 Commerce Avenue Springfield, IL 62707 217-555-2230 Product Quantity Price per Unit Total Cost Pens 10 boxes $3.65 $36.50 Сорy paper Toner cartridges 15 cases $15.76 $236.40 8 units $22.56 $180.48 Total $453.38 Payment is due immediately upon receipt

Quickbooks Online Accounting

3rd Edition

ISBN:9780357391693

Author:Owen

Publisher:Owen

Chapter5: Operating Activities: Purchases And Cash Payments

Section: Chapter Questions

Problem 1.3C

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ACCT 1510 (W2021) Integrative Case Assignment Due Date: Feb. 9 (7 pm)Hardform Mold Shop Inc. is a company specialized in designing and building molds for theautomotive and aircraft industries. The account balances in the company’s general ledger onJanuary 1, 2020 (first day of the annual fiscal year) were as follows (all account balances are intheir normal position):Cash $ 3,700Accounts receivable 5,900Supplies inventory 29,300Land 168,500Buildings 116,500Accumulated depreciation, buildings 37,500Equipment 58,500Accumulated depreciation, equipment 18,000Accounts payable 25,200Income tax payable 16,600Interest payable 4,200Wages payable (due in 2020) 15,700Notes payable ($10,000 due June 30, 2021, balance due June 30, 2022) 61,500Common shares 151,500Retained earnings, Dec. 31, 2019 52,200Transactions during 2020:a. The company provided mold design services, all on credit, for $210,300. In addition, thecompany manufactured molds for customers for $62,300 cash.b. Accounts receivable of…
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E7-12 (Algo) Using FIFO for Multiproduct Inventory Transactions (Chapters 6 and 7) [LO 6-3, LO 6-4, LO 7-3] Skip to question [The following information applies to the questions displayed below.]FindMe Incorporated, (FI) has developed a coin-sized tracking tag that attaches to key rings, wallets, and other items and can be prompted to emit a signal using a smartphone app. FI sells these tags, as well as water-resistant cases for the tags, with terms FOB shipping point. Assume FI has no inventory at the beginning of the month, and it has outsourced the production of its tags and cases. FI uses FIFO and has entered into the following transactions: January 2 FI purchased and received 330 tags from Xioasi Manufacturing (XM) at a cost of $11 per tag, n/15. January 4 FI purchased and received 130 cases from Bachittar Products (BP) at a cost of $2 per case, n/20. January 6 FI paid cash for the tags purchased from XM on January 2. January 8 FI mailed 230 tags via the U.S. Postal…
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