A sales clerk at Schackne Company correctly prepared a sales invoice for $5,200, but the invoice was entered as $2,500 in the sales journal and similarly posted to the general ledger and accounts receivable ledger. The customer remitted only $2,500, the amount on his or her monthly statement. The most effective procedure for preventing this type of error is to:

Answer: Use predetermined totals to control posting routines

Explanation:

Based on the information given in the question, the most effective procedure for preventing this type of error is to use the predetermined total to control the posting routines.

The sales clerk should generate the control total do that the transactions can be posted. This will then be compared with the items posted to individual accounts.

The following transactions occur for Cardinal Music Academy during the month of October: a. Provide music lessons to students for $9,000 cash. b. Purchase prepaid insurance to protect musical equipment over the next year for $3,240 cash. c. Purchase musical equipment for $12,000 cash. d. Obtain a loan from a bank by signing a note for $14,000. Record the transactions. The company uses the following accounts: Cash, Prepaid Insurance, Equipment, Notes Payable, and Service Revenue.

The management of Nova Industries Inc. manufactures gasoline and diesel engines through two production departments, Fabrication and Assembly. Management needs accurate product cost information in order to guide product strategy. Presently, the company uses a single plantwide factory overhead rate for allocating factory overhead to the two products. However, management is considering the multiple production department factory overhead rate method. The following factory overhead was budgeted for Nova:
Fabrication Department factory overhead........................................................$440,000
Assembly Department factory overhead............................................................200,000
Total.........................................................................................................................$640,000
Direct labor hours were estimated as follows:______.
Fabrication Department................................................................4,000 hours
Assembly Department....................................................................4,000
Total..................................................................................................8,000 hours
In addition, the direct labor hours (dlh) used to produce a unit of each product in each
department were determined from engineering records, as follows:_______.
Production Departments Gasoline Engine Diesel Engine
Fabrication Department 6.0 dlh 4.0 dlh
Assembly Department 4.0 6.0
Direct labor hours per unit 10.0 dlh 10.0 dlh
a. Determine the per-unit factory overhead allocated to the gasoline and diesel engines under the single plantwide factory overhead rate method, using direct labor hours as the activity base.
b. Determine the per-unit factory overhead allocated to the gasoline and diesel engines under the multiple production department factory overhead rate method, using direct labor hours as the activity base for each department.
c. Recommend to management a product costing approach, based on your analyses in (a) and (b). Support your recommendation.

Using a 21 percent rate:Compute the deferred tax asset or deferred tax liability (if any) from a transaction resulting in a $31,000 temporary excess of book income over taxable income.Compute the deferred tax asset or deferred tax liability (if any) from a transaction resulting in an $18,400 permanent excess of book income over taxable income.Compute the deferred tax asset or deferred tax liability (if any) from a transaction resulting in a $55,000 temporary excess of taxable income over book income.

Gabrielle just won $2.5 million in the state lotte, she is given the options of receiving a total of $1.3 million now, or she can elect to be paid 100,000 at the end of each of the next 25year. if Gabrielle can earn 5% annually on her investment, from a strict economic point of view which option should she takes​

High-Low Method, Cost Formulas
The controller of the South Charleston plant of Ravinia, Inc., monitored activities associated with materials handling costs. The high and low levels of resource usage occurred in September and March for three different resources associated with materials handling. The number of moves is the driver. The total costs of the three resources and the activity output, as measured by moves for the two different levels, are presented as follows:
Resource Number of Moves Total Cost
Forklift depreciation:
Low 5,000 $2,200
High 16,000 2,200
Indirect labor:
Low 5,000 $66,000
High 16,000 105,600
Fuel and oil for forklift:
Low 5,000 $3,550
High 16,000 11,360
Required:
If required, round your answers to two decimal places. Enter a "0" if required.
Determine the cost behavior formula of each resource. Use the high-low method to assess the fixed and variable components.
Forklift depreciation:
V $
F $
Y $
Indirect labor:
V $
F $
Y $ + $X
Fuel and oil for forklift:
V $
F $
Y $X

Which of the following social media influencing tactics can be described as getting someone to do or buy something because others are also doing it?
A.
Aspirational buying

B.
Bandwagon appeal

C.
Flattery

D.
Juxtaposition

A reality of living in a risk society is that:____________

a. social justice is, in fact, dispensed equally across all citizen groups, irrespective of ethnicity, income level, or other factors.
b. incomes are regulated by government policy to ensure equality across professions and worker class.
c. laws cannot be enacted to regulate corporations' adherence to accounting rules.
d. currency exchange rates are set by the Caux Principles.
e. the creation and distribution of wealth generate by-products that can cause injury, loss, or danger to people and the environment.

A company that produces pleasure boats has decided to expand one of its lines. Current facilities are insufficient to handle the increased workload, so the company is considering three alternatives, A (new location), B (subcontract), and C (expand existing facilities). Alternative A would involve substantial fixed costs but relatively low variable costs: fixed costs would be $270,000 per year, and variable costs would be $600 per boat. Subcontracting would involve a cost per boat of $2,620, and expansion would require an annual fixed cost of $57,000 and a variable cost of $1,030 per boat.
A. Find the range of output for each alternative that would yield the lowest totalcost.
A. 315,550 or more.
B. 2,550 or 306,000.
C. 57,050 or 182,000.
B. Which alternative would yield the lowest total cost for an expected annual volumeof 120 boats?
A. A.
B. B.
C. C.

A + A =2,A + B =3,A + B × 2 =??..only for geniuses​

On January 1, 20X7, Poke Corporation acquired 25 percent of the outstanding shares of Shove Corporation for $100,000 cash. Shove Company reported net income of $75,000 and paid dividends of $30,000 for both 20X7 and 20X8. The fair value of shares held by Poke was $110,000 and $105,000 on December 31, 20X7 and 20X8 respectively. Based on the preceding information, what amount will be reported by Poke as income from its investment in Shove for 20X8, if it used the equity method of accounting

An all-equity firm is considering the following projects:
Project Beta IRR
W .67 9.5 %
X .74 10.6
Y 1.37 14.1
Z 1.48 17.1
The T-bill rate is 5.1 percent, and the expected return on the market is 12.1 percent.
a. Compared with the firm's 12.1 percent cost of capital, Project W has a lower expected return, Project X has a lower expected return, Project Y has a higher expected return, and Project Z has a higher expected return.
b. Project W should be rejected , Project X should be accepted , Project Y should be rejected , and Project Z should be accepted .

Denver Systems has total assets of $1,000,000; common equity of $400,000; a gross profit of $800,000; total operating expenses of $620,000; interest expense of $20,000; income taxes of $74,000; and preferred dividends of $30,000. What is Denver Systems' return on equity

Which research information could best help a marketer decide whether to
discontinue a product line?

A. Results of an experiment showing the combination of price and
features that consumers most often select

B. Observation results showing the path consumers take through a
store

C. Survey results indicating that the product no longer meets a
customer need

D. Survey results showing that what consumers value most is
reliability

define private equity funds.​

ou are planning to save for retirement over the next 30 years. To do this, you will invest $890 per month in a stock account and $490 per month in a bond account. The return of the stock account is expected to be 10.9 percent, and the bond account will pay 6.9 percent. When you retire, you will combine your money into an account with a return of 7.9 percent. How much can you withdraw each month from your account assuming a 25-year withdrawal period

a. The August 31 balance shown on the bank statement is $9,799.
b. There is a deposit in transit of $1,247 at August 31.
c. Outstanding checks at August 31 totaled $1,870.
d. Interest credited to the account during August but not recorded on the company's books amounted to $115.
e. A bank charge of $37 for checks was made to the account during August. Although the company was expecting a charge, the amount was not known until the bank statement arrived.
f. In the process of reviewing the canceled checks, it was determined that a check issued to a supplier in payment of accounts payable of $625 had been recorded as a disbursement of $367.
g. The August 31 balance in the general ledger Cash account, before reconciliation, is $9,356.

Required:
Prepare the adjusting journal entry that should be prepared to reflect the reconciling items.

Lang Warehouses borrowed $196,401 from a bank and signed a note requiring 7 annual payments of $33,942 beginning one year from the date of the agreement. (FV of $1, PV of $1, FVA of $1, PVA of $1, FVAD of $1 and PVAD of $1) (Use appropriate factor(s) from the tables provided.) Required: Determine the interest rate implicit in this agreement. (Do not round intermediate calculations. Round interest rate to 1 decimal place.)

Artisan Inspiration, Inc. is a merchandiser of stone ornaments. The company sold 8000 units during the year. The company has provided the following information:
Sales Revenue $593,000
Purchases (excluding Freight In) 304,000
Selling and Administrative Expenses 68,000
Freight In 14,000
Beginning Merchandise
Inventory 46,000
Ending Merchandise Inventory 42,000
What is the operating income for the year? (Round your answer to the nearest whole dollar.)
A) $203,000
B) $271,000
C) $322,000
D) $525,000

Which one of the following is the reason that bonds may sell at a discount or premium?
A. The market yield rate fluctuated between the time the bond agreement was written and the date the bonds were actually issued to investors
B. Market conditions caused the coupon rate of interest to change between the time the bond agreement was written and the date the bonds were actually issued to investors
C. The bond issuer failed to consider the market yield rate when the bond agreement was created
D. The bond issuer adjusted the coupon rate to match that of other bond issues

Which critical factor must Mac, an entrepreneur, consider to select his suppliers?
A.
the assurance that the supplier will provide 100 percent original material
B.
the assurance that the supplier will always provide a flat discount rate regardless of the market condition
C.
the assurance that the supplier will be able to meet urgent and immediate demands at all times
D.
the assurance that Mac will earn customer loyalty by producing goods sold by the supplier
E.
the assurance that Mac’s business will expand every financial year

At 8.5 percent interest, how long does it take to double your money? (do not round intermediate calculations and round your answer to 2 decimal places, e.g., 32.16.) length of time 17 years at 8.5 percent interest, how long does it take to quadruple your money?

c. In 2018, preferred shareholders elected to convert 4.58 million shares of preferred stock ($39 million book value) into common stock. Rather than issue new shares, the company granted 4.58 million shares held in treasury stock to the preferred shareholders, with a total cost of $33 million. Prepare a journal entry to illustrate how this transaction would have been recorded. (Hint: use the cost per share for 2018 determined in b.) Enter answers in millions. Round to the nearest million.

The following is selected information from Windsor, Inc. for the fiscal year ending October 31, 2022. Cash received from customers $129000 Revenue recognized 193500 Cash paid for expenses 73100 Cash paid for computers on November 1, 2021 that will be used for 3 years 20640 Expenses incurred including any depreciation 102340 Proceeds from a bank loan, part of which was used to pay for the computers 43000 Based on the accrual basis of accounting, what is Windsor's net income for the year ending October 31, 2022

Make a simple poem regarding the learning’s that you acquired in managing the finances. (4 Stanzas only with rhyme and with no meter)

Exercise 6-31 (Algorithmic) (LO. 3) Stanford owns and operates two dry cleaning businesses. He travels to Boston to discuss acquiring a restaurant. Later in the month, he travels to New York to discuss acquiring a bakery. Stanford does not acquire the restaurant but does purchase the bakery on November 1, 2020. Stanford incurred the following expenses: Total investigation costs related to the restaurant $35,750 Total investigation costs related to the bakery 53,700 If required, round any division to two decimal places and use in subsequent computation. Round your final answer to the nearest dollar. What is the maximum amount Stanford can deduct in 2020 for investigation expenses

Waupaca Company establishes a $410 petty cash fund on September 9. On September 30, the fund shows $120 in cash along with receipts for the following expenditures: transportation costs of merchandise purchased, $59; postage expenses, $74; and miscellaneous expenses, $144. The petty cashier could not account for a $13 shortage in the fund. The company uses the perpetual system in accounting for merchandise inventory.
Prepare (1) the September 9 entry to establish the fund, (2) the September 30 entry to reimburse the fund, and (3) an October 1 entry to increase the fund to $440.
1-Prepare the journal entry to establish the Petty Cash fund.
2-Record the reimbursement of the petty cash fund.
3-Record the increase of the petty cash fund.
Date General Journal Debit Credit
Oct 01

ou were left $100,000 in a trust fund set up by your grandfather. The fund pays 6.5% interest. You must spend the money on your college education, and you must withdraw the money in 4 equal installments, beginning immediately. How much could you withdraw today and at the beginning of each of the next 3 years and end up with zero in the account

On January 1, 2018, Como Company purchased 45% of the outstanding common shares of the Lite Company for $200,000. The net assets of Lite Company totaled $400,000. The inventory had a book value of $100,000 and a fair value of $120,000. Excess cost attributable to inventory is written off in 2018. During 2018, Lite Company earned $200,000 and declared a dividend of $40,000 for the year.
The fair value of the Lite stock investment at the end of 2018 was $210,000. Which of the following amounts are correct assuming that Como elected to use the fair value option to account for the Lite investment?
a. $28,000 $210,000
b. $81,000 $263,000
c. $91,000 $273,000
d. $18,000 $210,000

which of the following articles of the US Consitution created the executive branch

Assume Dell's yearly inventory cost is 30 percent to account for the cost of capital for financing the inventory, the warehouse space, and the cost of obsolescence. In other words, Dell incurs a cost of $30 for a $100 component that is in the company's inventory for one entire year. In 2001, Dell's 10-k reports showed that the company had $280 million in inventory and COGS of $23,100 million. To compute the percentage of cost of the inventory, determine the following:
a. Find the value of the inventory.
b. Find the cost of goods sold.
c. Compute inventory turns. (Round the answer to the nearest whole number.)
d. What percentage of cost of a Dell computer reflects inventory costs? (Round the answer to 3 decimal places.)