Business
Madeline is a Logistics Manager for a private company, William is a Safety Inspector for OSHA, and Fred moonlights as a Limousine and Taxi Driver. Which best explains how these individuals are employed? Madeline is employed by the federal government, William is employed by a shipping company, and Fred is self-employed. Madeline is self-employed, William works for the federal government, and Fred is employed by a shipping company. Madeline is employed by a shipping company, William works for the federal government, and Fred is self-employed. Madeline is employed by a shipping company, William is self-employed, and Fred works for the federal government
The auditors of Steffey Ltd., decided to study the cash receipts and disbursements for the month of July of the current year under audit. They obtained the bank reconciliations and the cash journals prepared by the company accountants, which revealed the following: June 30: Bank balance, $355,001; deposits in transit, $86,899; outstanding checks, $42,690; general ledger cash balance, $399,210. July 1: Cash receipts journal, $650,187; cash disbursements journal, $565,397. July 31: Bank balance, $506,100; deposits in transit, $51,240; outstanding checks, $73,340; general ledger cash balance, $484,000. Bank statement record of deposits: $835,846; of payments: $684,747.Required:Prepare a four-column proof of cash covering the month of July of the current year. Identify problems, if any.
For each of the following incidents, determine whether the individuals will be motivated to behave as desired. Frank Edwards is head basketball coach at a small regional state university, a campus of the states main university system. He has just had a visit with Walter Johnson, a local high school athlete who is clearly one of the states blue chip basketball prospects. Frank desperately needs a player of Walters potential to turn his mediocre team around, but he realizes that it wont be easy to sign him. He is confident that he made it clear to Walter that there is a scholarship available for Walter if he wants it. He also knows that Walter needs a scholarship to be able to go to college. However, an article in the Sunday Sports section reports that two of the major state university coaches (larger schools upstate, with nationally known basketball programs) also intend to actively recruit Walter. Coach Edwards should take which of the following actions?A. Send Walter a written and notarized offer of the scholarship.B. Write Walter's parents, stressing that the scholarship will cover all of his tuition, room and board, and book expenses.C. Write a letter to Walter stressing to him the value of a college education.D. Talk to Walter again, stressing the likelihood that he would make the starting five in his freshman year.E. Do nothing. Walter will probably sign with him anyway.
Statements of financial position on December 31, Year 1, and December 31, Year 2, are presented below. Dec 31, Dec. 31, Year 1 Year 2 Assets Cash 50,000 $ 60,000 Accounts receivable 95,000 89,000 Allowance for uncollectible accounts (4.000) (3.000) Inventory 120,000 140,000 Property, plant, and equipment 295,000 340,000 Accumulated depreciation (102,000) (119.000) Total Assets $ 454.000 $507.000 Liabilities and equity: Trade accounts payable $ 62,000 $ 49,000 Interest payable 8,000 11.000 Bonds payable 200,000 200,000Unamortized bond discount (15,000) (10,000)Equity 199,000 257,000Total liabilities and equity $454,000 $507,000Additional information for Year 2: 1. Sales revenue was $338,000 2. $3.000 of accounts receivable was written off Cash collections from customers in Year 2 were 200.00 332 A. $344,000B. $341,000 C. $335.000 D. $338,000