Homework Answers
ensure update completeness
Control goal acts as a security and restricts unauthorized applications from putting data into risk.
Control includes
- completeness and validity checks,
- identification,
- authentication,
- authorization, i
- nput controls and forensic controls etc
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Question 1 2 pts Assuring that the accounts receivable master data reflects all cash collections recorded...
Schedule of Cash Collections on Accounts Receivable and Cash Budget Roybal Inc. sells all of its...
Schedule of Cash Collections on Accounts Receivable and Cash Budget Roybal Inc. sells all of its product on account. Roybal has the following accounts receivable payment experience: Percent paid in the month of sale 20 Percent paid in the month after the sale 55 Percent paid in the second month after the sale 23 To encourage payment in the month of sale, Roybal gives a 2% cash discount. Roybal's anticipated sales for the next few months are as follows: April...
8 Schedule of Cash Collections on Accounts Receivable and Cash Budget Roybal Inc. sells all of...
8
Schedule of Cash Collections on Accounts Receivable and Cash Budget Roybal Inc. sells all of its product on account. Roybal has the following accounts receivable payment experience: Percent paid in the month of sale Percent paid in the month after the sale Percent paid in the second month after the sale To encourage payment in the month of sale, Roybal gives a 2% cash discount. Roybal's anticipated sales for the next few months are as follows: April $275,500 May...
he debit recorded in the w Petty Cash b. Accounts Receivable all to Cash the d...
he debit recorded in the w Petty Cash b. Accounts Receivable all to Cash the d Various Accounts for which they cash was died 27. Sarbanes-Oxley applies to a. publicly held companies b. not-for-profit organizations c. privately held businesses d. All of these choices 28. The objectives of internal control are to control the internal organization of the Accounting Department personnel equipment b. provide reasonable assurance that assets are safeguarded and used for business purposes, financial reports we accurate, and...
Preparing a Schedule of Cash Collections on Accounts Receivable Kailua and Company is a legal services...
Preparing a Schedule of Cash Collections on Accounts Receivable Kailua and Company is a legal services firm. All sales of legal services are billed to the dient (there are no cash sales). Kailua expects that, on average, 20% will be paid in the month of billing, 50% will be paid in the month following billing, and 25% will be paid in the second month following billing. For the next 5 months, the following sales billings are expected: May $84,000 June...
Question 11 1 pts The journal entry to record a company's cash collection of accounts receivable...
Question 11 1 pts The journal entry to record a company's cash collection of accounts receivable would include a credit to the following account: O Cash ET O Sales Revenues O Accounts Receivable O Accounts Payable O None of the Above
Schedule of Cash Collections on Accounts Receivable and Cash Budget Bennett Inc. found that about 15%...
Schedule of Cash Collections on Accounts Receivable and Cash Budget Bennett Inc. found that about 15% of its sales during the month were for cash. Bennett has the following accounts receivable payment experience: Percent paid in the month of sale 25 Percent paid in the month after the sale 68 Percent paid in the second month after the sale 5 Bennett's anticipated sales for the next few months are as follows: April $250,000 May 290,000 June 280,000 July 295,000 August...
QUESTION 9 Revenue on account amounted to $6800. Cash collections of accounts receivable amounted to $4400...
QUESTION 9 Revenue on account amounted to $6800. Cash collections of accounts receivable amounted to $4400 . Expenses for the period were $3500. The company paid dividends of $1150. What was net income for the period? A. $2150 B. $3300 OC. $900 D. $3250 QUESTION 10 The following account balances were drawn from the Year 1 financial statements of Grayson Company: Cash $ 5800 Accounts receivable $ 2900 Land $ 9400 Accounts payable $ 1950 Common stock Retained earnings, Jan....
A debit to Sales Returns and Allowances and a credit to Accounts Receivable: Is recorded when...
A debit to Sales Returns and Allowances and a credit to Accounts Receivable: Is recorded when a customer takes a discount. All of the above. O Recognizes that a customer returned merchandise or received an allowance. Reflects an increase in amount due from a customer. Question 11 A company purchased $1,800 of merchandise on December 5. On December 7.10 returned $200 worth of merchandise. On December 8, it paid the balance in full, takin a 2% discount. The amount of...
Question 29 1 pts Woodpecker Co. has $296,000 in accounts receivable on January 1. Budgeted sales...
Question 29 1 pts Woodpecker Co. has $296,000 in accounts receivable on January 1. Budgeted sales for January are $860,000. Woodpecker Co. expects to sell 20% of its merchandise for cash. Of the remaining 80% of sales on account, 75% are expected to be collected in the month of sale and the remainder the following month. The January cash collections from sales are $812,000 $984,000 $688,000 $468,000
Question 29 1 pts Woodpecker Co. has $296,000 in accounts receivable on January 1. Budgeted sales for January are...
Question 29 1 pts Woodpecker Co. has $296,000 in accounts receivable on January 1. Budgeted sales for January are $860,000. Woodpecker Co. expects to sell 20% of its merchandise for cash. Of the remaining 80% of sales on account, 75% are expected to be collected in the month of sale and the remainder the following month. The January cash collections from sales are $812,000 $984,000 $688,000 $468,000
8
Schedule of Cash Collections on Accounts Receivable and Cash Budget Roybal Inc. sells all of its product on account. Roybal has the following accounts receivable payment experience: Percent paid in the month of sale Percent paid in the month after the sale Percent paid in the second month after the sale To encourage payment in the month of sale, Roybal gives a 2% cash discount. Roybal's anticipated sales for the next few months are as follows: April $275,500 May...
he debit recorded in the w Petty Cash b. Accounts Receivable all to Cash the d Various Accounts for which they cash was died 27. Sarbanes-Oxley applies to a. publicly held companies b. not-for-profit organizations c. privately held businesses d. All of these choices 28. The objectives of internal control are to control the internal organization of the Accounting Department personnel equipment b. provide reasonable assurance that assets are safeguarded and used for business purposes, financial reports we accurate, and...
Preparing a Schedule of Cash Collections on Accounts Receivable Kailua and Company is a legal services firm. All sales of legal services are billed to the dient (there are no cash sales). Kailua expects that, on average, 20% will be paid in the month of billing, 50% will be paid in the month following billing, and 25% will be paid in the second month following billing. For the next 5 months, the following sales billings are expected: May $84,000 June...
Question 11 1 pts The journal entry to record a company's cash collection of accounts receivable would include a credit to the following account: O Cash ET O Sales Revenues O Accounts Receivable O Accounts Payable O None of the Above
QUESTION 9 Revenue on account amounted to $6800. Cash collections of accounts receivable amounted to $4400 . Expenses for the period were $3500. The company paid dividends of $1150. What was net income for the period? A. $2150 B. $3300 OC. $900 D. $3250 QUESTION 10 The following account balances were drawn from the Year 1 financial statements of Grayson Company: Cash $ 5800 Accounts receivable $ 2900 Land $ 9400 Accounts payable $ 1950 Common stock Retained earnings, Jan....
A debit to Sales Returns and Allowances and a credit to Accounts Receivable: Is recorded when a customer takes a discount. All of the above. O Recognizes that a customer returned merchandise or received an allowance. Reflects an increase in amount due from a customer. Question 11 A company purchased $1,800 of merchandise on December 5. On December 7.10 returned $200 worth of merchandise. On December 8, it paid the balance in full, takin a 2% discount. The amount of...
Question 29 1 pts Woodpecker Co. has $296,000 in accounts receivable on January 1. Budgeted sales for January are $860,000. Woodpecker Co. expects to sell 20% of its merchandise for cash. Of the remaining 80% of sales on account, 75% are expected to be collected in the month of sale and the remainder the following month. The January cash collections from sales are $812,000 $984,000 $688,000 $468,000
Question 29 1 pts Woodpecker Co. has $296,000 in accounts receivable on January 1. Budgeted sales for January are $860,000. Woodpecker Co. expects to sell 20% of its merchandise for cash. Of the remaining 80% of sales on account, 75% are expected to be collected in the month of sale and the remainder the following month. The January cash collections from sales are $812,000 $984,000 $688,000 $468,000
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