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Title: Describe internal controls and discuss why internal controls are necessary for a business. What ... Post by: ebonyadams on Feb 22, 2018 Describe internal controls and discuss why internal controls are necessary for a business.
What will be an ideal response? (Q. 2) Application controls restrict access to data, programs, and documentation. Indicate whether the statement is true or false (Q. 3) Adam Key started a lock service out of his house. It is profitable, but the latest statement of changes in shareholders' equity shows a decrease. Review the statement and advise Adam on what the business should do. Adam Key's Locks Statement of Changes in Shareholders' Equity For the Month of September 30, 2012 Beginning contributed capital 40,000 Add: Capital contributed during the month 0 Ending contributed capital 40,000 Beginning retained earnings 27,000 Add: Net income 3,000 Less: dividends (3,500) Ending retained earnings 26,500 (Q. 4) The due date for payroll taxes is the last day of each fiscal quarter: March 31, June 30, September 30, and December 31. a. True b. False Indicate whether the statement is true or false (Q. 5) Idaho Company made the following purchases during the month of October. October 6 Purchased 15,000 of merchandise, terms 2/10, n/30, FOB destination, freight cost 100 October 14 Purchased 12,000 of merchandise, terms 2/15, n/60, FOB shipping point, freight cost 100 October 22 Purchased 18,000 of merchandise, terms 3/10, n/20, FOB destination, freight cost 100 October 31 Purchased 20,000 of merchandise, terms 1/15, n/45, FOB shipping point, freight cost 100 Required: 1. Complete the chart below for each of the four purchases. Oct. 6 Oct. 14 Oct. 22 Oct. 31 a. due date, assuming the discount is taken b. last day to pay if the discount is NOT taken c. amount of discount d. freight cost paid by Idaho Company 2. Assuming that the selling company accepts all discounts, what is the total cost of purchases for the month? (Q. 6) Avatar, Inc. bought a machine on January 1, 2011 for 96,000. The machine is expected to last for 8 years, after which it will be worthless. How much depreciation expense will Avatar show on its income statement for the year ended December 31, 2012? A) 96,000 B) 72,000 C) 12,000 D) 24,000 Title: Describe internal controls and discuss why internal controls are necessary for a business. What ... Post by: Za_bby97 on Feb 22, 2018 Content hidden
Title: Describe internal controls and discuss why internal controls are necessary for a business. What ... Post by: ebonyadams on Feb 22, 2018 This helps so much, thank you for responding so quickly...
Title: Describe internal controls and discuss why internal controls are necessary for a business. What ... Post by: Za_bby97 on Feb 22, 2018 No worries, I was online and bored :lol:
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