Questions from Financial Accounting

Q: (a) How are cash equivalents reported in the financial statements

(a) How are cash equivalents reported in the financial statements? (b) What are some examples of cash equivalents?

Q: Why should the employee who handles cash receipts not have the responsibility

Why should the employee who handles cash receipts not have the responsibility for maintaining the accounts receivable records? Explain.

Q: Why should the responsibility for maintaining the accounting records be separated from

Why should the responsibility for maintaining the accounting records be separated from the responsibility for operations? Explain.

Q: Accompanying a bank statement for Santee Company is a credit memo for

Accompanying a bank statement for Santee Company is a credit memo for $15,120 representing the principal ($14,000) and interest ($1,120) on a note that had been collected by the bank. The company had...

Q: El Dorado Inc. has monthly cash expenses of $168,

El Dorado Inc. has monthly cash expenses of $168,500. On December 31, the cash balance is $1,415,400. a. Compute the ratio of cash to monthly cash expenses. b. Based on (a), what are the implications...

Q: The mailroom employees send all remittances and remittance advices to the cashier

The mailroom employees send all remittances and remittance advices to the cashier. The cashier deposits the cash in the bank and forwards the remittance advices and duplicate deposit slips to the Acco...

Q: The actual cash received from cash sales was $18,371

The actual cash received from cash sales was $18,371, and the amount indicated by the cash register total was $18,400. Journalize the entry to record the cash receipts and cash sales.

Q: The actual cash received from cash sales was $71,315

The actual cash received from cash sales was $71,315, and the amount indicated by the cash register total was $71,220. Journalize the entry to record the cash receipts and cash sales.

Q: During the preparation of the bank reconciliation for Building Concepts Co.,

During the preparation of the bank reconciliation for Building Concepts Co., Joel Knolls, the assistant controller, discovered that Lone Peak National Bank incorrectly recorded a $3,290 check written...

Q: The comparative accounts payable and long-term debt balances for a

The comparative accounts payable and long-term debt balances for a company follow. Based on this information, what is the amount and percentage of increase or decrease that would be shown on a balan...