Internal control: Internal controls are procedures adopted by companies to make sure that financial and accounting information are not tampered with. Requirement 1 Internal Control weakness over the cash receipts.

Question

Frazer Corporation owns 70 percent of Messer Company's stock. In the 20X9 consolidated income statement, the noncontrolling interest was assigned $18,000 of income. There was no differential in the acquisition. Required: What amount of net income did Messer Company report for 20X9?

Answer 1

Question

Chapter 8, Problem E8.13E

To determine

Internal control: Internal controls are procedures adopted by companies to make sure that financial and accounting information are not tampered with.

Requirement 1

Internal Control weakness over the cash receipts.

To determine

Requirement 2:

Measures to correct those weaknesses.

The following are the measures to be taken to correct the weakness in the internal control.

1) An internal record of all sales should be maintained.

2) The manager has to check the cash collected and should compare the same with the register tape at the end of the day.

3) Lastly, the accounting department should compare the register tape with the sales and record all journals relating to the sales.

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Frazer Corporation owns 70 percent of Messer Company's stock. In the 20X9 consolidated income statement, the noncontrolling interest was assigned $18,000 of income. There was no differential in the acquisition. Required: What amount of net income did Messer Company report for 20X9?

Ans

Could you help me solve this financial accounting question using appropriate calculation techniques?

Answer 2

Question

Chapter 8, Problem E8.13E

To determine

Internal control: Internal controls are procedures adopted by companies to make sure that financial and accounting information are not tampered with.

Requirement 1

Internal Control weakness over the cash receipts.

To determine

Requirement 2:

Measures to correct those weaknesses.

The following are the measures to be taken to correct the weakness in the internal control.

1) An internal record of all sales should be maintained.

2) The manager has to check the cash collected and should compare the same with the register tape at the end of the day.

3) Lastly, the accounting department should compare the register tape with the sales and record all journals relating to the sales.

Expert Solution & Answer

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Answer 3

Question

Chapter 8, Problem E8.13E

To determine

Internal control: Internal controls are procedures adopted by companies to make sure that financial and accounting information are not tampered with.

Requirement 1

Internal Control weakness over the cash receipts.

To determine

Requirement 2:

Measures to correct those weaknesses.

The following are the measures to be taken to correct the weakness in the internal control.

1) An internal record of all sales should be maintained.

2) The manager has to check the cash collected and should compare the same with the register tape at the end of the day.

3) Lastly, the accounting department should compare the register tape with the sales and record all journals relating to the sales.

Expert Solution & Answer

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Answer 4

Question

Chapter 8, Problem E8.13E

To determine

Internal control: Internal controls are procedures adopted by companies to make sure that financial and accounting information are not tampered with.

Requirement 1

Internal Control weakness over the cash receipts.

To determine

Requirement 2:

Measures to correct those weaknesses.

The following are the measures to be taken to correct the weakness in the internal control.

1) An internal record of all sales should be maintained.

2) The manager has to check the cash collected and should compare the same with the register tape at the end of the day.

3) Lastly, the accounting department should compare the register tape with the sales and record all journals relating to the sales.

Expert Solution & Answer

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Answer 5

Chapter 8, Problem E8.13E

To determine

Internal control: Internal controls are procedures adopted by companies to make sure that financial and accounting information are not tampered with.

Requirement 1

Internal Control weakness over the cash receipts.

To determine

Requirement 2:

Measures to correct those weaknesses.

The following are the measures to be taken to correct the weakness in the internal control.

1) An internal record of all sales should be maintained.

2) The manager has to check the cash collected and should compare the same with the register tape at the end of the day.

3) Lastly, the accounting department should compare the register tape with the sales and record all journals relating to the sales.

Answer 6

Chapter 8, Problem E8.13E

To determine

Internal control: Internal controls are procedures adopted by companies to make sure that financial and accounting information are not tampered with.

Requirement 1

Internal Control weakness over the cash receipts.

Answer 7

Chapter 8, Problem E8.13E

To determine

Internal control: Internal controls are procedures adopted by companies to make sure that financial and accounting information are not tampered with.

Requirement 1

Internal Control weakness over the cash receipts.

Answer 8

To determine

Requirement 2:

Measures to correct those weaknesses.

The following are the measures to be taken to correct the weakness in the internal control.

1) An internal record of all sales should be maintained.

2) The manager has to check the cash collected and should compare the same with the register tape at the end of the day.

3) Lastly, the accounting department should compare the register tape with the sales and record all journals relating to the sales.

Answer 9

To determine

Requirement 2:

Measures to correct those weaknesses.

The following are the measures to be taken to correct the weakness in the internal control.

1) An internal record of all sales should be maintained.

2) The manager has to check the cash collected and should compare the same with the register tape at the end of the day.

3) Lastly, the accounting department should compare the register tape with the sales and record all journals relating to the sales.

Answer 10

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Ch. 8 - Which of the following is not part of the...Ch. 8 - Prob. 2QC Ch. 8 - Prob. 3QC Ch. 8 - Prob. 4QC Ch. 8 - Prob. 5QC Ch. 8 - Prob. 6QC Ch. 8 - Prob. 7QC Ch. 8 - Prob. 8QC Ch. 8 - Prob. 9QC Ch. 8 - Prob. 10QC

Internal control: Internal controls are procedures adopted by companies to make sure that financial and accounting information are not tampered with. Requirement 1 Internal Control weakness over the cash receipts.

Internal control: Internal controls are procedures adopted by companies to make sure that financial and accounting information are not tampered with. Requirement 1 Internal Control weakness over the cash receipts.

Chapter 8 Solutions

Internal control: Internal controls are procedures adopted by companies to make sure that financial and accounting information are not tampered with.

Requirement 1

Internal Control weakness over the cash receipts.