Decision Case Case Summary: In this case the construction foreman fills the time cards of all the workers during the week and faxed it to the home office that prepares paychecks for them. The foreman then picked up the payroll checks and distributes it to the workers. To describe: The main internal control weakness in the given situation and identify its negative result.

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Answer 1

Question

Chapter 7, Problem 7.2CTDC

1.

To determine

Decision Case

Case Summary: In this case the construction foreman fills the time cards of all the workers during the week and faxed it to the home office that prepares paychecks for them. The foreman then picked up the payroll checks and distributes it to the workers.

To describe: The main internal control weakness in the given situation and identify its negative result.

2.

To determine

To describe: The way to correct the internal control weakness.

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During its first month of operation, Peter's Auto Supply Corporation, which specializes the sale of auto equipment and supplies, completed the following transactions. July Transactions July 1 Issued Common Stock in exchange for $100,000 cash. July 1 Paid $4,000 rent for the months of July and August July 2 Paid the insurance company $2,400 for a one year insurance policy, beginning July 1. July 5 Purchased inventory on account for $35,000 (Assume that the perpetual inventory system is used.) July 6 Borrowed $36,500 from a local bank and signed a note. The interest rate is 10%, and principal and interest is due to be repaid in six months. July 8 Sold inventory on account for $17,000. The cost of the inventory is $7,000. July 15 Paid employees $6,000 salaries for the first half of the month. July 18 Sold inventory for $15,000 cash. The cost of the inventory was $6,000. July 20 Paid $15,000 to suppliers for the inventory purchased on January 5. July 26…

General Accounting Question 2.1

General Accounting

Answer 2

Question

Chapter 7, Problem 7.2CTDC

1.

To determine

Decision Case

Case Summary: In this case the construction foreman fills the time cards of all the workers during the week and faxed it to the home office that prepares paychecks for them. The foreman then picked up the payroll checks and distributes it to the workers.

To describe: The main internal control weakness in the given situation and identify its negative result.

2.

To determine

To describe: The way to correct the internal control weakness.

Expert Solution & Answer

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Answer 3

Question

Chapter 7, Problem 7.2CTDC

1.

To determine

Decision Case

Case Summary: In this case the construction foreman fills the time cards of all the workers during the week and faxed it to the home office that prepares paychecks for them. The foreman then picked up the payroll checks and distributes it to the workers.

To describe: The main internal control weakness in the given situation and identify its negative result.

2.

To determine

To describe: The way to correct the internal control weakness.

Expert Solution & Answer

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Answer 4

Question

Chapter 7, Problem 7.2CTDC

1.

To determine

Decision Case

Case Summary: In this case the construction foreman fills the time cards of all the workers during the week and faxed it to the home office that prepares paychecks for them. The foreman then picked up the payroll checks and distributes it to the workers.

To describe: The main internal control weakness in the given situation and identify its negative result.

2.

To determine

To describe: The way to correct the internal control weakness.

Expert Solution & Answer

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Check out a sample textbook solution

See solution

Answer 5

Chapter 7, Problem 7.2CTDC

1.

To determine

Decision Case

Case Summary: In this case the construction foreman fills the time cards of all the workers during the week and faxed it to the home office that prepares paychecks for them. The foreman then picked up the payroll checks and distributes it to the workers.

To describe: The main internal control weakness in the given situation and identify its negative result.

2.

To determine

To describe: The way to correct the internal control weakness.

Answer 6

Chapter 7, Problem 7.2CTDC

1.

To determine

Decision Case

Case Summary: In this case the construction foreman fills the time cards of all the workers during the week and faxed it to the home office that prepares paychecks for them. The foreman then picked up the payroll checks and distributes it to the workers.

To describe: The main internal control weakness in the given situation and identify its negative result.

Answer 7

Chapter 7, Problem 7.2CTDC

1.

To determine

Decision Case

Case Summary: In this case the construction foreman fills the time cards of all the workers during the week and faxed it to the home office that prepares paychecks for them. The foreman then picked up the payroll checks and distributes it to the workers.

To describe: The main internal control weakness in the given situation and identify its negative result.

Answer 8

2.

To determine

To describe: The way to correct the internal control weakness.

Answer 9

2.

To determine

To describe: The way to correct the internal control weakness.

Answer 10

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Answer 11

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Answer 12

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Answer 13

Ch. 7 - Prob. 1QC Ch. 7 - Prob. 2QC Ch. 7 - Prob. 3QC Ch. 7 - Prob. 4QC Ch. 7 - Prob. 5QC Ch. 7 - Prob. 6QC Ch. 7 - Prob. 7QC Ch. 7 - Prob. 8QC Ch. 7 - Prob. 9QC Ch. 7 - Prob. 10QC

Solution Summary: The author explains that the construction foreman fills the time cards of all workers during the week and faxes it to the home office that prepares paychecks for them.

To describe: The way to correct the internal control weakness.

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Chapter 7 Solutions