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Question
Describe the features of a voucher system, and list typical supporting documents for a voucher.
Answer
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The following data were taken from Castle, Inc.: Cost of merchandise sold$894,000Inventory, end of year 78,000Inventory, beginning of the year92,000 Determine the inventory turnover ratio and the days’ sales in inventory for Castle Inc. Round to two decimal places.
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a. Explain the effect of the following on the financial statements: Goods held on consignment were included in the ending inventory count. Goods purchased FOB shipping point were in transit on the last day of the year. These goods were not counted as part of ending inventory. Goods sold FOB shipping point were in transit on the last day of the year. These goods were not counted as part of ending inventory.b. What happens if inventory errors are not found and corrected?
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The amount for which a promissory note is written is called the a. realizable value b. maturity value c. face value d. proceeds
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Selling receivables a. can shift some of the risk to the buyer b. delays the receipt of cash c. occurs when an account becomes uncollectible d. results in bad debt expense
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Receivables that are expected to be collected in cash in 18 months or less are reported in the Current Assets section of the balance sheet. a. True b. False
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The party promising to pay a note at maturity is the maker. a. True b. False
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Allowance for Doubtful Accounts is a liability account. a. True b. False
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Garden Gate, Inc. reported the following data in its August 31 annual report:Cash and cash equivalents $ 485,625Cash flow from operations(630,000)a. What is the company’s “cash burn” per month?b. What is the company’s ratio of cash to monthly cash expenses?c. Interpret the ratio you computed in (b). What are the implications for Garden Gate, Inc.?
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Money orders are considered cash. a. True b. False
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A voucher is a written authorization to make a cash payment. a. True b. False
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An adjustment for a customer’s NSF check is included in a company’s bank reconciliation as a deduction from the cash balance according to the bank statement. a. True b. False
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A petty cash fund is used to pay relatively large amounts. a. True b. False
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Match each of the following activities to an element of internal control (a–c). Each letter may be used more than once.a. Risk assessmentb. Control proceduresc. MonitoringHiring and properly training competent personnel
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Journalize the entries for the following transactions:Mar. 1 Established a petty cash fund of $300. 31 The amount of cash in the petty cash fund is now $64. The fund is replenished based on the following receipts: office supplies, $137; selling expenses, $112.Journalize any discrepancy in the cash short and over account.
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Match each of the following items with how it would appear on the bank statement (a–d). Each letter may be used more than once. Some letters may not be used.a. With a debit memo entry that increases the account balanceb. With a debit memo entry that decreases the account balancec. With a credit memo entry that increases the account balanced. With a credit memo entry that decreases the account balanceCorrection of the bank’s error recording a $300 check as $30
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Match each of the following assets to its proper classification (a–d). Each classification may be used more than once.a. Fixed assetb. Intangible assetc. Natural resourced. None of theseGold mine
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a
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Journalize the following transactions (assume a 360-day year when computing interest): Mar. 1 Received a 90-day, 10% note for $24,000, dated March 1, from Batson Co. on account.May 30 The note of March 1 was dishonored.