Plata Dry Cleaners has nine depots around the city where customers leave their clothing to be cleaned. It is picked up and taken to a large, efficient cleaning plant in the centre of the city and returned the next day to the depots. Each
Q: The following accounts are listed in order of liquidity. Which of the following is correct:a. Furnit...
A: Liquidity in accounting - Liquidity is a term that tells us when an asset can be converted to cash ....
Q: Which transaction should not be recorded using the Expense or Check onscreen form?
A: Office Supplies purchased
Q:
A: The answer for the multiple choice question and relevant explanation are presented hereunder : Imple...
Q: Question 2- Part 2
A: Cost of goods sold includes all costs and expenses related to production of goods.it doesn't include...
Q: On October 29th, Raider Red acquired a printer and office chairs for $1,000. The printer has a sell...
A: Historical cost of an asset is the price actually paid for the purchase of asset . An assets histori...
Q: Number 3 and 4 please
A: 3. Basic Pay = P9,880 Gross Earnings = P105,000 x 2% + P9880 = P11,980 Deductions: SSS = 4% X P9880 ...
Q: Accounting Question
A: Austin is a new partner who got admitted for 1/5 share by investing c...
Q: argus Corporation owned 61% of the voting common stock of Sanatee, Inc. The parent's interest was ac...
A: SOLUTION- NOTE= AS YOU UPLOAD THE MULTI PARTS ,PLEASE TRY TO UNDERSTAND AS PER BARTLEBY GUIDELINES I...
Q: 20) ACCOUNTING PRINCIPLES II course
A: Revenue earned is the amount of revenue that has actually been earned by providing the related servi...
Q: Show the solution in good accounting form. How much is the capital of Adee upon partnership formati...
A: Adjustment as the time of introduction of a partner is to be adjusted with fair values of the asset ...
Q: Romanoff and Barton are partners with capital balance of P60,000 and P70,000. Romanoff has a 30% int...
A: Value of equipment contributed by Rogers The bonus (which equals the assets they introduce minus the...
Q: 15+13) ACCOUNTING PRINCIPLES II course
A: Current liabilities means those liabilities which will be paid in cash in near future generally one ...
Q: Josephine Company acquired a tract of land containing an extractable natural resource. The entity is...
A: Depletion charge can be defined as an expense which is incurred due to the use of the natural resour...
Q: nder the decimal system of computing time worked at Carman's Company, production workers who are tar...
A: Time card is the card used in the factories to track the working time of the worker, and helpful in ...
Q: Post the following transactions into General Journal and report them in Table 3 given below. On Nov...
A: The journal entries are prepared to record the transactions of the business. Ledger accounts are pre...
Q: Customer sales should only be recorded using _____.
A: Customer sales should only be recorded using Sales Receipts or Invoices .
Q: Corina is self-employed. In 2020, her net profit from self-employment was $200,000, and she has no o...
A: Self Employment Tax Liability Self employment means the person who can conduct his own business or s...
Q: a) Ceria Company plans to sell 5,000 bicycle helmets at RM75 each in the coming year. Unit variable ...
A: The break even sales are the sales where business earns no profit no loss during the period.
Q: The Star Youth Soccer Club helps to support its 20 boys' and girls' teams financially, primarily thr...
A: Variable Cost = $75 Fixed cost = $8000 Contribution margin per unit = sales - Variable Cost = $400...
Q: During its first year of operations, Yellow Bell Co. provided services to customers for the value of...
A: There are two types of accounting system followed by the organization which are (I) Cash basis and (...
Q: 11) ACCOUNTING PRINCIPLES II course
A: Given, Amount borrowed = $20,000 Interest Rate = 10%
Q: how would make the non-performing assets into a performing one.
A: Bank and other financial institutions has two main balance sheet components. They are deposits and a...
Q: What is off balance sheet financing? Why do we care about it?
A: Financial statements can be defined as a summary of the financial performance of the business over t...
Q:
A: Basically internal information can be accessed only by the internal users of an organisation. People...
Q: How much cash must be contributed by each of the partners after they contributed their properties
A: Under the partnership, there are two or more persons (partners) that come together and contribute th...
Q: An airline company flies domestic routes between Manila and the various cities in the Philippines. T...
A: 1. Relevant/differential costs = Direct materials + Direct labor + Variable overhead + Avoidable fix...
Q: W.S Industry has changed its cost management system from traditional system to Activity Based Costin...
A: Meaning : Activity Based Costing defines Overhead Costing per Activity based shall be calculated, wh...
Q: 8. Zahir company is constructing a building. Construction began on February 1 and was completed on D...
A: SOLUTION- CAPITALIZATION RATE- IT IS A RATE THAT IS USED TO COMPARE DIFFERENT REAL ESTATE INVESTMENT...
Q: a. Fill in the amounts for the Norfolk Southern statement of changes in retained earnings. Note: Use...
A: SOLUTION- CHANGES IN RETAINED EARNING= ENDING BALANCE = BEGINNING BALANCE + NET INCOME - DIVIDEND ON...
Q: 3. Ahmed construction began work on a $10,000,000 contracts in 2016 to construct a bridge. During 20...
A: SOLUTION- ESTIMATED TOTAL CONTRACT COST=COST INCURRED IN 2016 + ESTIMATED COST TO COMPLETE. ...
Q: A commercial 3D printer is purchased for $350,000. The salvage value of the printer decreases by 30%...
A: Depreciation means the reduction in of recorded cost of a fixed asset in a systematic manner until t...
Q: Your aunt is about to retire, and she wants to sell some of her stock and buy an annuity that will p...
A: Present value of annuity refer to the concept of estimating the desired sum of money requires to inv...
Q: The following transactions occurred during March. The first month of operations for Quality Gallerie...
A: Notes can be defined as a financial security which is issued for the purpose of raising funds. Gener...
Q: On September 1, 2020, Bain Corp. received an order for equipmentfrom a foreign cuatomerfor 300,000 l...
A: You have posted 5 questions under a single question. As per protocol we are supposed to answer one f...
Q: On Joe Martin's graduation from college, Joe's uncle promised him a gift of $11,400 in cash or $740 ...
A: The present value of the options are calculated by discounting the future cash flows from the option...
Q: Please explain it properly
A: MACRS consists of 2 deprecation systems: The General depreciation system (GDS) The Alternative depr...
Q: McDonalds sold BTS meals amounting to PhP 1,164.80 to a senior citizen who presented a senior citize...
A: ‘’Since you have asked multiple question, we will solve the first question for you. If you want any ...
Q: A perpetuity can be described as: an annuity that lasts longer than 25 years an amount of interest ...
A: A perpetuity is a series of cash flows that is paid or received for an infinite period.
Q: Current Attempt in Progress A commercial 3D printer is purchased for $380,000. The salvage value of ...
A: The question is based on the concept of Business Accounting.
Q: Show the solution in good accounting form. How much cash must be contributed by each of the partner...
A: At the time of formation of Partnership the Assets and Liabilities will be taken at the Current Fair...
Q: 31. How should exchange gains or losses resulting from foreign currency transactions be accounted f...
A: The unrealized losses or gains are recorded in the balance sheet under the owner's equity ...
Q: The Mountain Springs Water Company has two departments, Purifying and Bottling. The Bottling Departm...
A: First in first out means that any stock which is purchased first are sold out first or in other word...
Q: Evergreen Fertilizer Company produces fertilizer. The company's fixed monthly cost is $25,000 and it...
A: Break even volume = Fixed cost / (Selling price - Unit variable cost) Given, Fixed cost = $25,000...
Q: Classify the journal which will be used to record the transactions listed. Write “SJ” forpurchases j...
A: A journal entry is a form of accounting entry that is used to report a business transaction in a com...
Q: On November 15, 2020, Celt, Inc., a Philippine company located in Baguio City, ordered merchandise F...
A: The foreign exchange gain is 4,000. Date Particulars Debit Date Particulars Credit Adjustin...
Q: Why is Cash Flow affected by depreciation.
A: The question is related to cash flow statement and the treatment of depreciation in Cash flow Statem...
Q: Inventory valuation is used to calculate the cost of goods sold and cost of ending inventory. The mo...
A: First in First out Method This is one of the popular method of inventory valuation. While using thi...
Q: 1. How much is the total service income collected in cash2. How much is the total service income sti...
A: All the transactions of the company that are happened during the year will be recorded first in the ...
Q: Consolidated Statement of financial position : Johnson PLC acquires 80 percent of Steven PLC for $2...
A: SOLUTION-1 CONSOLIDATED BALANCE SHEET WORK PAPERS ARE AS FOLLOWS- A-CALCULATION OF GOODWILL- ...
Q: Hi can someone help me with this? Thank you.
A: The weighted average capital balance of the partners for a period is From January to December 12 mo...
Can you help me make a detailed control procedure asap for my homework
Step by step
Solved in 2 steps
- immy Pace has recently been hired as the manager of Jittery Jon’s Coffee Shop. Jittery Jon’s Coffee Shop is a national chain of franchised coffee shops. During his first month as store manager, Jimmy encountered the following internal control situations:a.Jittery Jon’s Coffee Shop has one cash register. Prior to Jimmy’s joining the coffee shop, each employee working on a shift would take a customer order, accept payment, and then prepare the order. Jimmy made one employee on each shift responsible for taking orders and accepting the customer’s payment. Other employees prepare the orders.b.Because only one employee uses the cash register, that employee is responsible for counting the cash at the end of the shift and verifying that the cash in the drawer matches the amount of cash sales recorded by the cash register. Jimmy expects each cashier to balance the drawer to the penny every time—no exceptions.c.Jimmy caught an employee putting a case of 1,000 single-serving tea bags in her car.…Jimmy Pace has recently been hired as the manager of Jittery Jon’s Coffee Shop. Jittery Jon’s Coffee Shop is a national chain of franchised coffee shops. During his first month as store manager, Jimmy encountered the following internal control situations:a. Jittery Jon’s Coffee Shop has one cash register. Prior to Jimmy’s joining the coffee shop, each employee working on a shift would take a customer order, accept payment, and then prepare the order. Jimmy made one employee on each shift responsible for taking orders and accepting the customer’s payment. Other employees prepare the orders.b. Because only one employee uses the cash register, that employee is responsible for counting the cash at the end of the shift and verifying that the cash in the drawer matches the amount of cash sales recorded by the cash register. Jimmy expects each cashier to balance the drawer to the penny every time—no exceptions.c. Jimmy caught an employee putting a case of 1,000 single-serving tea bags in her…Jimmy Pace has recently been hired as the manager of Jittery Jon’s Coffee Shop. Jittery Jon’s Coffee Shop is a national chain of franchised coffee shops. During his first month as store manager, Jimmy encountered the following internal control situations: a. Jittery Jon’s Coffee Shop has one cash register. Prior to Jimmy’s joining the coffee shop, each employee working on a shift would take a customer order, accept payment, and then prepare the order. Jimmy made one employee on each shift responsible for taking orders and accepting the customer’s payment. Other employees prepare the orders. b. Because only one employee uses the cash register, that employee is responsible for counting the cash at the end of the shift and verifying that the cash in the drawer matches the amount of cash sales recorded by the cash register. Jimmy expects each cashier to balance the drawer to the penny every time—no exceptions. c. Jimmy caught an employee putting a case of 1,000 single-serving tea bags in…
- The following describes the cash receipts procedures for a medium-sized online and catalog-based retailer. Customer payments come directly to the general mail room along with other mail items. The customer payments mail constitutes about 20 percent of the total mail received each day. The mail room clerks sort through the mail, open the customer payment envelopes, remove the customer checks and remittance advices, and reconcile the two documents. The mail room supervisor then sends the reconciled checks and remittance advices to the AR clerk, who posts the amounts received to the customer AR subsidiary ledger and the cash receipts journal from her computer terminal. The AR clerk then manually prepares a remittance list of all checks received, endorses the checks “for deposit only” and sends the checks and remittance list to the treasurer. Finally, the clerk files the remittance advices in the AR department. Once the checks and remittance list arrive at the Treasury department, the…Elliott, Inc., has four salaried clerks to process purchase orders. Each clerk is paid a salary of 25,750 and is capable of processing as many as 6,500 purchase orders per year. Each clerk uses a PC and laser printer in processing orders. Time available on each PC system is sufficient to process 6,500 orders per year. The cost of each PC system is 1,100 per year. In addition to the salaries, Elliott spends 27,560 for forms, postage, and other supplies (assuming 26,000 purchase orders are processed). During the year, 25,350 orders were processed. Required: 1. Classify the resources associated with purchasing as (1) flexible or (2) committed. 2. Compute the total activity availability, and break this into activity usage and unused activity. 3. Calculate the total cost of resources supplied (activity cost), and break this into the cost of activity used and the cost of unused activity. 4. (a) Suppose that a large special order will cause an additional 500 purchase orders. What purchasing costs are relevant? By how much will purchasing costs increase if the order is accepted? (b) Suppose that the special order causes 700 additional purchase orders. How will your answer to (a) change?Wholesome and Happy Foods is a farm-to-family grocery store located in the Pacific Northwest. The company recently installed four self-checkout lanes that allow customers to scan their own groceries and pay for their purchases using an automated checkout kiosk. The kiosks are monitored by a single attendant. In recent weeks, management has become concerned that some customers are not scanning all of the items that they bring through the self-checkout lanes. Write a brief memo suggesting features and capabilities for the kiosks that would serve as control procedures, ensuring that all items brought through the self-checkout lanes are properly scanned and purchased.
- Wilson Petroleum is a local distributor of home heating oil. The firm also installs and services furnaces and heating systems in homes and small commercial buildings. The customer service department maintains sales and service records on current customers who number about 400. Detailed customer records are kept manually in file cabinets, and a small computer system holds all customer names and addresses for mailing and billing purposes. One full-time clerk maintains all the records and handles all billing and customer inquiries. Customers occasionally complain if delivery or service is late, but only one or two mild complaints are received each month. Delays are primarily a result of problems in the field rather than problems in assigning calls in the service department. A consultant has proposed a new computer system that will completely automate the customer service function. It will provide on-line billing and immediate access to all customer records. The cost of the…Martin Shoes, Inc. manufactures and distributes orthopedic footwear. To sell its products, the marketing department requires sales personnel to call on the shoe retailers within their assigned geographic territories. Each salesperson has a laptop computer, which he or she uses to record sales orders during the day and to send these sales orders to Martin’s network nightly for updating the company’s sales order file. Each day, warehouse personnel review the current sales orders in its file, and where possible, pick the goods and ready them for shipment. (Martin ships goods via common carrier, and shipping terms are generally FOB from the shipping point.) When the shipping department completes a shipment, it also notifies the billing department, which then prepares an invoice for the customer. Payment terms vary by customer, but most are net 30. When the billing department receives a payment, the billing clerk credits the customer’s account and records the cash received. Requirements 1.…Bulldogs Inc. is a retail mail order firm that currently uses a centralized collection system that requires all checks to be sent to its flotation headquarters. An average of 6 days is required for mailed checks to be received, 3 days for Bulldogs Inc. to process them, and 2 days for the checks to clear through its bank. A proposed lockbox system would decrease the mailing and processing time to 2 days and the check clearing time for 1 day. Bulldogs Inc. has an average daily collection of P250,000. If Bulldogs Inc. adopts this proposed lockbox system, its average cash balance will increase by?
- Consider the checkout process of a grocery store with ten identical cashiers performing the checkout process. First, assume that each cashier has her own separate checkout queue and that customers arrive at each case with an average arrival rate of 12 per hour. It takes 4.8 minutes on average to check a customer out. Assume that both the inter-arrival times and service times have a coefficient variation of 1. 1) How long on average does a customer wait from joining the queue in front of a cashier until her checkout is complete? 2) On average, how many customers are waiting in the queue in total? ( Including all queues)? 3) Now suppose the ten queues are pooled together so that there is one common queue. Repeat your calculations for part a and b, compare the results, and explain the differenceOnce a month, the sales department sends sales invoices to the accounting department to be recorded. Greg Mursky orders merchandize for Ross Company; he also receives merchandize and authorizes payment for merchandize. Several clerks at Terando’s Grocery use the same cash register drawer. Disbursement Vouchers (DVs) supported by reproduced copy of pertinent documents were presented during DVs processing. Cash collections made by the cashier were deposited every other day instead of next working day as a matter of policy. Lisa’s Pizza operates strickly on a carryout basis. Customers pick up thier orders at a counter where a clerk exchanges the pizza for cash. While at the counter, the customer can see other employees making the pizze and the large ovens in which the pizzas are baked. Intruction: Identify the six principles of internal control and give an example of each principle that you might observe when picking up your pizzas.Walt Tech Corporation is a franchiser of automatic car washes in the southeast. The has 4,240 franchisees that operate 7 days per week. The average gross revenue for each location is P500 per day. The company collects 25% of the gross revenues as its franchise fee. Each franchisee mails a check each day to the company headquarters in Makati. The check is supposed to be mailed by noon each day. Many of the franchisees are lax, however payments are forwarded an average of 2 days late. Once mailed, the checks take an average of 1 ½ days in the mail and another 3 days to be processed in the company’s receivables department. Management is considering a change in the company’s cash collection method and is considering two proposals, denoted (a) and (b). The company has a 15% before tax opportunity. (a) Use local messenger services to collect and mail checks. This will save 2 days of late check forwarding. The messenger service costs P20,000 per year.______________________________…