A pro forma cash receipt is a document narrating incoming payments from debtors or receivables and is issued by the business or creditor (Cash Receipts Function, 2011). Function of Cash Receipts Cash receipts give a quick snapshot of particular debtors and respective repayments, thus, helping the business to recognize the source of cash inflows with respect to receivables within the accounted date range (LexisNexis, 2013). I 2. Company’s Cheque to Supplier Next you are to prepare a company cheque to pay a supplier called Shakers Ltd the amount of an invoice that has a gross total of £3,250.00. You are paying the invoice within the credit terms and are entitled to a cash discount of 2%.
Physical constraints employed by Bellagio include locked cash boxes on the casino floor, daily cash and coin counts, constant observation and supervision and constant computer monitoring. Administrative controls were also put into place. Personnel who dealt with cash directly such as change personnel, coin redemption personnel, cashiers and chip fill bank personnel were individually accountable for the money charged out to them. They were charged to give back the exact amount given to them. Large shortages or persistent patterns of shortages were reasons for dismissal.
6. Payroll Release. Print paychecks. Produce the direct deposit file and forward to the bank. Contact the bank to make sure that they received it.
The foreman then forged the worker’s signature on time cards and work tickets and, when giving out the checks, diverted the payroll checks drawn from the discharged worker to his own use. The most effective procedure for preventing this activity is to * (1) require written authorization for all employees added to or removed from the payroll. * (2) have a paymaster who has no other payroll responsibility distribute the payroll checks. * (3) have someone other than persons who prepare or distribute the payroll obtain custody of unclaimed payroll checks. * (4) from time to time, rotate persons distributing the payroll.
complete an audit of all the financial data on a yearly basis. Human resource controls are needed. Each employee responsible for handling cash should be Bonded. Bonding is done by acquiring insurance that covers liabilities on assets caused by fraud or misappropriation of funds that could occur from employees mishandling cash. You would need to include all employees who handle cash on the application.
MULTIPLE CHOICE QUESTIONS 1. The statement of cash flows should help investors and creditors assess each of the following except the a. entity's ability to generate future income. b. entity's ability to pay dividends. c. reasons for the difference between net income and net cash provided by operating activities. d. cash investing and financing transactions during the period.
Ans: False AACSB: Reflective Thinking AICPA BB: Resource Management, Critical Thinking AICPA FN: Reporting LO: 1 Level: Easy 7. Cash collections in a schedule of cash collections typically consist of collections on sales made to customers in
Cash Flow Statement-Ford Motor Company Samantha Hawthorne OMM622: Financial Decision Making Instructor: John Kuhn August 19, 2014 The statement of cash flow reports the cash receipts and the net change in cash resulting from the operating, investing, and financing activities of a company during a period. Operating activities include the cash effects of transactions that create revenues and expenses and enter into the determination of net income. The types of operating cash inflows are from sales of products and services and from interest and dividends. The out flows are to supplies for inventory, employees for service, government taxes, to lenders for interests and others for expenses. There are two approaches for presenting the operating activities direst method and indirect method.
If markets for Apogee's goods and services exist in multiple locations, having one office hardly makes sense. Multiple offices should be opened to increase profit. The author could do a couple of things to make this argument stronger. For example, there is no evidence that shows the profitability of all the field offices is declining. There is also no evidence that shows the marketability of the field offices.
For example, supermarket channel is fragmented and thus didn’t have much of a bargaining power. On the other hand, mass merchandisers like Target and Wal-Mart had some bargaining power due to the huge quantities they buy. Moreover, there was no threat of backward integration as retail channels can’t go into the bottling business or concentrate producing business. Bargaining power of suppliers is low as the raw material can be purchased from many suppliers. Packaging manufacturers had little power as CPs negotiated contracts for bottlers and exerted some power due to their size and brand name.