Green Acres Farm is a company that sells farm products and gathers fresh food products in one place for its customers. Customers can buy eggs, milk, meat, vegetables, and more without spending a great amount of time and energy shopping around. Green Acres Farm is a(n) _______. a. agent b. merchant wholesaler c. retailer d. broker
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agent
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merchant wholesaler
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retailer
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d. |
broker
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- SMITHS MARKET (SMALL BUSINESS ACCOUNTING SYSTEM) In 1989, Robert Smith opened a small fruit and vegetable market in Bethlehem, Pennsylvania. Originally, Smith sold only produce grown on his family farm and orchard. As the markets popularity grew, however, he added bread, canned goods, fresh meats, and a limited supply of frozen goods. Today Smiths Market is a full-range farmers market with a strong local customer base. Indeed, the markets reputation for low prices and high quality draws customers from other Pennsylvania cities and even from the neighboring state of New Jersey. Currently Smiths has 40 employees. These include sales staff, shelf Stockers, farm laborers, shift supervisors, and clerical staff. Recently, Smith has noticed a decline in profits and sales, while his purchases of products for resale have continued to rise. Although the company does not prepare audited financial statements, Robert Smith has commissioned your public accounting firm to assess his companys sales procedures and internal controls. Smiths market expenditure cycle procedures are described below. Expenditure Cycle The expenditure cycle begins in the warehouse adjacent to the market, where Smiths keeps its inventory of nonperishable goods such as canned goods and paper products. The company also maintains a one-day inventory of produce and other perishable products in the warehouse so clerks can quickly restock the shelves when necessary. At close of business each evening, the warehouse clerk reviews the market shelves for items that need to be replenished. The clerk restocks the shelves and adjusts the digital stock records accordingly from the warehouse PC. At this time, the clerk takes note of what needs to be reordered from the suppliers and prints purchase orders from the PC. Depending upon the nature of the product and urgency of the need, the clerk either mails the purchase order to the supplier or orders by phone. Phone orders are followed up by faxing the purchase order to the supplier. When the goods arrive from the vendor, the warehouse clerk reviews the packing slip, restocks the warehouse shelves, and updates the stock records from the PC. At the end of the day the clerk prepares a hard-copy purchases summary from the PC and sends it to the treasury clerk for posting to general ledger. The vendors invoice is sent to the accounting clerk. She examines it for correctness and files it in a temporary file until it is due to be paid. The clerk reviews the temporary file daily, looking for invoices to be paid. Using the accounting department PC, the clerk prints a check and records it in the digital check register. She then files the invoice and mails the check to the supplier. At the end of the day she prints a hard-copy journal voucher from the PC, which summarizes the days cash disbursements, and sends it to the treasury clerk for posting to the general ledger. Using the department PC, the treasury clerk posts the journal voucher and purchases summary information to the appropriate GL accounts. Required a. Create a data flow diagram of the current system. b. Create a system flowchart of the current system. c. Analyze the physical internal control weaknesses in the system. Model your response according to the six categories of physical control activities specified in the Committee of Sponsoring Organizations of the Treadway Commission (COSO) internal control model. d. Describe the IT controls that should be in place in this system.SMITH’SMARKET (SMALL BUSINESS POS ACCOUNTING SYSTEM) In 1989, Robert Smith opened a small fruit and vegetable market in Bethlehem, Pennsylvania. Originally Smith sold only produce grown on his family farm and orchard. As the market’s popularity grew, however, he added bread, canned goods, fresh meats, and a limited supply of frozen goods. Today Smith’s market is a full range farmers’ market with a strong local customer base. Indeed, the market’s reputation for low prices and high quality draws customers from other Pennsylvania cities and even from the neighboring state of New Jersey. Currently Smith’s market has 40 employees. These include sales staff, shelf stockers, farm laborers, shift supervisors, and clerical staff. Recently Smith has noticed a decline in profits and sales, while his purchases of products for resale have continued to rise. Although the company does not prepare audited financial statements, Robert Smith has commissioned your public accounting firm to assess his…SMITH’S MARKET (SMALL BUSINESS ACCOUNTING SYSTEM)In 1989, Robert Smith opened a small fruit and vegetable market in Bethlehem,Pennsylvania. Originally, Smith sold only produce grown on his family farm andorchard. As the market’s popularity grew, however, he added bread, canned goods,fresh meats, and a limited supply of frozen goods. Today Smith’s Market is a full-rangefarmers’ market with a strong local customer base. Indeed, the market’s reputation forlow prices and high quality draws customers from other Pennsylvania cities and evenfrom the neighboring state of New Jersey. Currently Smith’s has 40 employees. Theseinclude sales staff, shelf Stockers, farm laborers, shift supervisors, and clerical staff.Recently, Smith has noticed a decline in profits and sales, while his purchases ofproducts for resale have continued to rise. Although the company does not prepareaudited financial statements, Robert Smith has commissioned your public accountingfirm to assess his company’s sales…
- 1. SMITH’SMARKET (SMALLBUSINESSPOS ACCOUNTING SYSTEM)In 1989, Robert Smith opened a small fruit and vegetablemarket in Bethlehem, Pennsylvania. Originally,Smith sold only produced grown on his family farmand orchard. As the market’s popularity grew, however,he added bread, canned goods, fresh meats, anda limited supply of frozen goods. Today, Smith’s marketis a full range farmers’ market with a strong localcustomer base. Indeed, the market’s reputation forlow prices and high-quality draws customers fromother Pennsylvania cities and even from the neighboringstate of New Jersey. Currently, Smith’s markethas 40 employees. These include sales staff, shelfstockers, farm laborers, shift supervisors, and clericalstaff. Recently, Smith has noticed a decline in profitsand sales, while his purchases of products for resalehave continued to rise. Although the company doesnot prepare audited financial statements, RobertSmith has commissioned your public accountingfirm to assess his company’s sales…Responsibility in a restaurant. Paula Beane owns a restaurant franchise that is part of a chain of “southern homestyle” restaurants. One of the chain’s popular breakfast items is biscuits and gravy. Central Warehouse makes and freezes the biscuit dough, which it then sells to the franchise stores where it is thawed and baked in the individual stores by the cook. Each franchise also has a purchasing agent who orders the biscuits (and other items) based on expected demand. In March 2018, one of the freezers in Central Warehouse breaks down and biscuit production is reduced by 25% for 3 days. During those 3 days, Paula’s franchise runs out of biscuits but demand does not slow down. Paula’s franchise cook, Betty Baker, sends one of the kitchen helpers to the local grocery store to buy refrigerated ready-to-bake biscuits. Although the customers are kept happy, the refrigerated biscuits cost Paula’s franchise three times the cost of the Central Warehouse frozen biscuits, and the franchise…I.M. Aruban has a sandwich shop in a downtown business district. Several ofhis customers have said that they would purchase from his shop more oftenif he offered a delivery service. I.M. is considering establishing a deliveryservice to meet the needs of his market. He believes that he will have to purchasea fax machine, install a new phone line for the fax machine, purchasea delivery van, and hire at least one delivery person. I.M. asks your advice indetermining whether he should take on the delivery service venture.a. What steps would you recommend that I.M. use in reaching a profitabledecision?b. Explain to I.M. what each step involves.
- SMITH'S MARKET (SMALL BUSINESS CASH SALES ACCOUNTING SYSTEM) In 1989, Robert Smith opened a small fruit and vegetable market in Bethlehem, Pennsylvania. Originally, Smith sold only produce grown on his family farm and orchard. As the market's popularity grew, however, he added bread, canned goods, fresh meats, and a limited supply of frozen goods. Today Smith's Market is a full-range farmers' market with a strong local customer base. Indeed, the market's reputation for low prices and high quality draws customers from other Pennsylvania cities and even from the neighboring state of New Jersey. Currently Smith's has 40 employees. These include sales staff, shelf stockers, farm laborers, shift supervisors, and clerical staff. Recently, Smith has noticed a decline in profits and sales, while his purchases of products for resale have continued to rise. Although the company does not prepare audited financial statements, Robert Smith has commissioned your public accounting firm to assess…JC Company sells various merchandize ( building materials, stationery, house hold goods, and assortd groceries) to the general public and government workers on both cash and credit basis. You are a student at one of the universities and the sole trader for JC Company approaches you to write a company profile for him.World View Outfitters operates a large outdoor clothing and equipment store with three main product lines: clothing, equipment, and shoes. World View Outfitters operates at capacity and allocates selling, general, and administration (S, G & A) costs to each product line using the cost of merchandise of each product line. The company wants to optimize the pricing and cost management of each product line and is wondering if its accounting system is providing it with the best information for making such decisions. Store manager Abe Barry gathers the following information regarding the three product lines: For2017,World View Outfitters budgets the following selling, general, and administration costs: 1. Suppose World View Outfitters uses cost of merchandise to allocate all S, G & A costs. Prepare budgeted product-line and total company income statements. 2. Identify an improved method for allocating costs to the three product lines. Explain. Use the…
- 1. The General Store at State University is an auxiliary bookstore located near the dormitories that sells academic supplies, toiletries, sweatshirts and T-shirts, magazines, packaged food items, and canned soft drinks and fruit drinks. The manager of the store has noticed that several pizza delivery services near campus make frequent deliveries. The manager is therefore considering selling pizza at the store. She could buy premade frozen pizzas and heat them in an oven. The cost of the oven and freezer would be $27,000. The frozen pizzas cost $3.75 each to buy from a distributor and to prepare (including labor and a box). To be competitive with the local delivery services, the manager believes she should sell the pizzas for $8.95 apiece. The manager needs to write up a proposal for the university’s director of auxiliary services. a)Determine how many pizzas would have to be sold to break even. b)If The General Store sells 20 pizzas per day, how many days would it take to break even?…Which of the following businesses would most likely usejob order costing?a. A print shop that specializes in wedding invitations.b. A company that makes frozen pizzas.c. A brewery.d. An oil refinery.Naomi Appliance Store is an experienced home appliance dealer. Naomi also offers a number of services together with the home appliances that it sells. Assume that Naomi sells dishwashers on a standalone basis. Naomi also sells installation services and maintenance services for dishwashers. However, Naomi does not offer installation or maintenance services to customers who buy dishwashers from other vendors. Pricing for dishwashers is as follows. Dishwasher only $1,300 Dishwasher with Installation service 1,550 Dishwasher with maintenance services 1,600 Dishwasher with installation and maintenance services 1,750 In each instance in which maintenance services are provided, the maintenance service is separately priced within the arrangement at $300. Additionally, the incremental amount charged by Naomi for installation approximates the amount charged by independent third parties. Dishwashers are sold subject to a general right of return. If a…