Monthly Archives: March 2014

ACCT2020 The following information pertains to Ghose Company (A+)

(ACCT2020)The following information pertains to Ghose Company. 1. Cash balance per bank, July 31, $9,110. 2. July bank service charge not recorded by the depositor $45. 3. Cash balance per books, July 31, $9,062. 4. Deposits in transit, July 31, … Continue reading

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ACCT2020 The following information is available for Eusey Company for the month of January (A+)

(ACCT2020) The following information is available for Eusey Company for the month of January: expected cash receipts $62,000; expected cash disbursements $67,000; cash balance on January 1, $12,000. Management wishes to maintain a minimum cash balance of $8,000. Complete the … Continue reading

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ACCT2020 In the month of November, Hickcox Company Inc. wrote checks in the amount of $9,750 (A+)

(ACCT2020) In the month of November, Hickcox Company Inc. wrote checks in the amount of $9,750. In December, checks in the amount of $11,880 were written. In November, $8,800 of these checks were presented to the bank for payment, and … Continue reading

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ACCT2020 The internal control procedures in Payton Company make the following provisions (A+)

(ACCT2020) The internal control procedures in Payton Company make the following provisions. Match the principles of internal control with processes that are being followed in each case. Independent internal verification Documentation procedures Segregation of duties 1. Employees who have physical … Continue reading

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ACCT2020 Match each situation with the fraud triangle factor (opportunity, financial pressure, or rationalization) that best describes it (A+)

(ACCT2020) Match each situation with the fraud triangle factor (opportunity, financial pressure, or rationalization) that best describes it. An employee\’s monthly credit card payments are nearly 75% of their monthly earnings. An employee earns minimum wage at a firm that … Continue reading

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The Post Division of the M.T. Woodhead Company (A+)

The Post Division of the M.T. Woodhead Company produces basic posts which can be sold to outside customers or sold to the Lamp Division of the M.T. Woodhead Company. Last year the Lamp Division bought all of its 30,800 posts … Continue reading

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Division X makes a part with the following characteristics (A+)

Division X makes a part with the following characteristics: Production capacity 33,500 units Selling price to outside customers $23 Variable cost per unit $17 Fixed cost, total $100,400 Division Y of the same company would like to purchase 14,300 units … Continue reading

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Financial data for Windsor, Inc. for last year appear below (A+)

Financial data for Windsor, Inc. for last year appear below: Windsor, Inc. Statements of Financial Position Beginning Ending Balance Balance Assets: Cash $295,000 $336,524 Accounts receivable 178,000 180,000 Inventory 275,000 222,000 Plant and equipment (net) 480,000 441,000 Investment in Pine … Continue reading

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2. Marple Associates is a consulting firm that specializes in information systems for construction and landscaping companies (A+)

Marple Associates is a consulting firm that specializes in information systems for construction and landscaping companies. The firm has two offices—one in Houston and one in Dallas. The firm classifies the direct costs of consulting jobs as variable costs. Assume … Continue reading

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Following are selected transactions Deshawn Company for 2010 (A+)

Following are selected transactions Deshawn Company for 2010. Dec. 13 Accepted a $10,000, 45-day, 8% note dated December 13 in granting Latisha Clark a time extension on her past-due account receivable. 31 Prepared an adjusting entry to record the accrued … Continue reading

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