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

Daud Company has an overhead application rate of 172% and allocates overhead based on direct material cost. During the current period, direct labor cost is $59,000 and direct materials used cost is $97,000. Determine the amount of overhead Daud Company should record in the current period.

Answer 1

Question

Chapter 8, Problem E8.14E

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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Daud Company has an overhead application rate of 172% and allocates overhead based on direct material cost. During the current period, direct labor cost is $59,000 and direct materials used cost is $97,000. Determine the amount of overhead Daud Company should record in the current period.

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Financial Accounting please solve this

Answer 2

Question

Chapter 8, Problem E8.14E

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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Check out sample textbook solution

Answer 3

Question

Chapter 8, Problem E8.14E

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 E8.14E

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 E8.14E

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 E8.14E

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 E8.14E

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.