ETHICS CHALLENGE L C1ABTN 2-1 Assume that you are a cashier and your manager requires that you immediately enter each sale whenit occurs. Recently, lunch hour traffic has increased and the assistant manager asks you to avoid delays bytaking customers' cash and making change without entering sales. The assistant manager says she will add upcash and enter sales after lunch. She says that, in this way, customers will be happy and the register recordwill always match the cash amount when the manager arrives at three o'clock.The advantages to the process proposed by the assistant manager include improved customer service, fewerdelays, and less work for you. The disadvantage is that the assistant manager could steal cash by simplyrecording less sales than the cash received and then pocketing the excess cash. You decide to reject hersuggestion without the manager's approval and to confront her on the ethics of her suggestion.RequiredPropose and evaluate two other courses of action you might consider, and explain why.

Indicate the other courses of action and evaluates them and states the reasons for implementing a…

Answered: ETHICS CHALLENGE L C1A BTN 2-1 Assume…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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TB 08 - 56 Accounts receivable accounts for specific cu... Accounts receivable accounts for specific customers are important because they show Multiple Choice How much each customer paid All of the choices are correct How much each customer still owes The basis for sending bills to customers How much each customer purchases
Schedule of Cash Receipts
Control over Cash Disbursements All cash disbursements should be made by check/debit card/credit card. 1. 2. Expenditures should be authorized before purchase and accuracy of purchase should be verified. The person who authorizes should not prepare the check. Use serial numbered checks. Only authorized person(s) should sign the check. Debit/Credit card statements should be checked against 3. 4. purchase receipts. The person verifying the statements should not be the person who made the purchases. Set limits on purchases for credit/debit cards. Separate the duties of the person responsible for making cash disbursements from the person in charge of cash receipts. 5. 6. Company Cash Receipts Recording revenue: the company always recognizes revenue at the agreed upon price. The amount of revenue recognized is not impacted by the way the customer pays for the good or service. Example: Tim purchases $100 of groceries from Publix. Below are two examples, one where Tim pays with either…
1 On 7/1/20 the client sends you a copy of check #111 for payment to Sally's Lawn Care for $500.00. You enter the check into QBO using 7/1/20 as the date. On 7/4/20 check #111 clears the bank and comes through the QBO bank feed for $500.00, however, it’s not “matching” to the entry you already created on 7/1/20. How do you troubleshoot the above issue to get this transaction to "match" in QBO?
Schedule of Cash Receipts Rosita Flores owns Rosita's Mexican Restaurant in Tempe, Arizona. Rosita's is an affordable restaurant near campus and several hotels. Rosita accepts cash and checks. Checks are deposited immediately. The bank charges $0.70 per check; the amount per check averages $90. “Bad” checks that Rosita cannot collect make up 3 percent of check revenue. During a typical month, Rosita's has sales of $50,000. About 80 percent are cash sales. Estimated sales for the next three months are as follows: April $32,000 May 50,000 June 55,000 Required: Prepare a schedule of cash receipts for May and June. Round your intermediate computations and final answers to the nearest whole dollar. Rosita's Mexican RestaurantSchedule of Cash ReceiptsFor the Months of May and June May June Cash sales: $fill in the blank 1 $fill in the blank 2 Checks fill in the blank 3 fill in the blank 4 Total $fill in the blank 5 $fill in the blank 6
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Problem 1: The company sells a 2/10, n/30 basis. Internet control quite weak, so the senior accountant in charge of the examination of the company's financial statements asked you to make a careful review of the Cash Receipts Book for the month of July, 2020, which is reproduced below. You are asked to compute the cash short or over. Cash Receipts Cash Accounts Date Account Cash P 784 588 Item Sales Discount Receivable 7/5 7/10 Carrie Bart 6/24 invoice P 16 800 6/30 invoice 12 600 7/11 Cash Sales 25 25 7/12 Bart 7/13 Cash Sales 7/14 Antonio 7/15 Cash Sales 7/16 Bart 7/18 Cash Sales 7/20 Carrie 7/20 Cash Sales 7/27 Bart 7/1 invoice 294 6. 300 32 32 713 invoice 877 23 900 38 38 7/1 686 14 700 30 30 7/9 invoice 578 12 600 27 27 7/16 invoice 490 10 500 P 4,439 P 142 103 P 4,400
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CASE PROBLEM I Briefly describe what risks will occur if the following procedures occur in a company: The credit manager, in addition to having the authority to authorize the write-off of accounts receivable journal, can also receive the money from the collection of accounts receivable. In a supermarket, when the cashier changes shift 1 to shift 2, there is no daily cash accountability procedure for the cashier to the store manager. The second shift cashier simply continues the work of cashier shift 1. Likewise the next day, cashier shift 1 will continue the work of cashier shift 1. On Friday, all cash will be deposited into the bank by the cashier who works on that day.

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