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Exercise 12-1

Putnam Corporation had these transactions during 2014.

Analyze the transactions and indicate whether each transaction resulted in a cash flow from operating activities, investing activities, financing activities, or noncash investing and financing activities.

(a) Purchased a machine for $30,000, giving a long-term note in exchange. [removed]
     
(b) Issued $50,000 par value common stock for cash. [removed]
     
(c) Issued $200,000 par value common stock upon conversion of bonds having a face value of $200,000. [removed]
     
(d) Declared and paid a cash dividend of $13,000. [removed]
     
(e) Sold a long-term investment with a cost of $15,000 for $15,000 cash. [removed]
     
(f) Collected $16,000 of accounts receivable. [removed]
     
(g) Paid $18,000 on accounts payable. [removed]
 

IFRS 13-1

Ling Company reports the following information for the year ended December 31, 2014: sales revenue $1,000,000, cost of goods sold $700,000, operating expenses $200,000, and an unrealized gain on non-trading securities of $75,000. Prepare a statement of comprehensive income using the one-statement approach.


LING COMPANY
Statement of Comprehensive Income
For the Year Ended December 31, 2014
 [removed] $[removed] 
 [removed] [removed] 
 [removed] [removed] 
 [removed] [removed] 
 [removed] [removed] 
 [removed]   
 [removed] [removed] 
 

Broadening Your Perspective 13-2

The financial statements of The Hershey Company and Tootsie Roll are presented below.

 THE HERSHEY COMPANY
CONSOLIDATED STATEMENTS OF INCOME
 
 For the years ended December 31, 2011 2010 2009 
 In thousands of dollars except per share amounts        
 Net Sales $6,080,788  $5,671,009 $5,298,668 
 Costs and Expenses:        
   Cost of sales 3,548,896  3,255,801 3,245,531 
   Selling, marketing and administrative 1,477,750  1,426,477 1,208,672 
   Business realignment and impairment (credits) charges, net (886) 83,433 82,875 
     Total costs and expenses 5,025,760  4,765,711 4,537,078 
 Income before Interest and Income Taxes 1,055,028  905,298 761,590 
   Interest expense, net 92,183  96,434 90,459 
 Income before Income Taxes 962,845  808,864 671,131 
   Provision for income taxes 333,883  299,065 235,137 
 Net Income $628,962  $509,799 $435,994 
 Net Income Per Share—Basic—Class B Common Stock $2.58  $2.08 $1.77 
 Net Income Per Share—Diluted—Class B Common Stock $2.56  $2.07 $1.77 
 Net Income Per Share—Basic—Common Stock $2.85  $2.29 $1.97 
 Net Income Per Share—Diluted—Common Stock $2.74  $2.21 $1.90 
 Cash Dividends Paid Per Share:        
   Common Stock $1.3800  $1.2800 $1.1900 
   Class B Common Stock 1.2500  1.1600 1.0712 
 The notes to consolidated financial statements are an integral part of these statements and are included in the Hershey's 2011 Annual Report, available at www.thehersheycompany.com. 


 THE HERSHEY COMPANY
CONSOLIDATED BALANCE SHEETS
 
 December 31, 2011 2010 
 In thousands of dollars       
 ASSETS       
 Current Assets:       
   Cash and cash equivalents $693,686  $884,642  
   Accounts receivable—trade 399,499  390,061  
   Inventories 648,953  533,622  
   Deferred income taxes 136,861  55,760  
   Prepaid expenses and other 167,559  141,132  
     Total current assets 2,046,558  2,005,217  
 Property, Plant and Equipment, Net 1,559,717  1,437,702  
 Goodwill 516,745  524,134  
 Other Intangibles 111,913  123,080  
 Deferred Income Taxes 38,544  21,387  
 Other Assets 138,722  161,212  
     Total assets $4,412,199  $4,272,732  
 LIABILITIES AND STOCKHOLDERS’ EQUITY       
 Current Liabilities:       
   Accounts payable $420,017  $410,655  
   Accrued liabilities 612,186  593,308  
   Accrued income taxes 1,899  9,402  
   Short-term debt 42,080  24,088  
   Current portion of long-term debt 97,593  261,392  
     Total current liabilities 1,173,775  1,298,845  
 Long-term Debt 1,748,500  1,541,825  
 Other Long-term Liabilities 617,276  494,461  
     Total liabilities 3,539,551  3,335,131  
 Commitments and Contingencies     
 Stockholders’ Equity:       
   The Hershey Company Stockholders’ Equity       
     Preferred Stock, shares issued: none in 2011 and 2010     
     Common Stock, shares issued: 299,269,702 in 2011 and 299,195,325 in 2010 299,269  299,195  
     Class B Common Stock, shares issued: 60,632,042 in 2011 and 60,706,419 in 2010 60,632  60,706  
     Additional paid-in capital 490,817  434,865  
     Retained earnings 4,699,597  4,374,718  
     Treasury—Common Stock shares, at cost: 134,695,826 in 2011 and 132,871,512 in 2010 (4,258,962) (4,052,101) 
     Accumulated other comprehensive loss (442,331) (215,067) 
       The Hershey Company stockholders’ equity 849,022  902,316  
   Noncontrolling interests in subsidiaries 23,626  35,285  
       Total stockholders’ equity 872,648  937,601  
       Total liabilities and stockholders’equity $4,412,199  $4,272,732  

 THE HERSHEY COMPANY
CONSOLIDATED STATEMENTS OF CASH FLOWS
 
 For the years ended December 31, 2011 2010 2009 
 In thousands of dollars          
 Cash Flows Provided from (Used by) Operating Activities          
  Net income $628,962  $509,799  $435,994  
  Adjustments to reconcile net income to net cash provided from operations:          
  Depreciation and amortization 215,763  197,116  182,411  
  Stock-based compensation expense, net of tax of $15,127, $17,413 and $19,223, respectively 28,341  32,055  34,927  
  Excess tax benefits from stock-based compensation (13,997) (1,385) (4,455) 
  Deferred income taxes 33,611  (18,654) (40,578) 
  Gain on sale of trademark licensing rights, net of tax of $5,962 (11,072)     
  Business realignment and impairment charges, net of tax of $18,333, $20,635 and $38,308, respectively 30,838  77,935  60,823  
  Contributions to pension plans (8,861) (6,073) (54,457) 
  Changes in assets and liabilities, net of effects from business acquisitions and divestitures:          
  Accounts receivable—trade (9,438) 20,329  46,584  
  Inventories (115,331) (13,910) 74,000  
  Accounts payable 7,860  90,434  37,228  
  Other assets and liabilities (205,809) 13,777  293,272  
 Net Cash Provided from Operating Activities 580,867  901,423  1,065,749  
 Cash Flows Provided from (Used by) Investing Activities          
  Capital additions (323,961) (179,538) (126,324) 
  Capitalized software additions (23,606) (21,949) (19,146) 
  Proceeds from sales of property, plant and equipment 312  2,201  10,364  
  Proceeds from sales of trademark licensing rights 20,000      
  Business acquisitions (5,750)   (15,220) 
 Net Cash (Used by) Investing Activities (333,005) (199,286) (150,326) 
 Cash Flows Provided from (Used by) Financing Activities          
  Net change in short-term borrowings 10,834  1,156  (458,047) 
  Long-term borrowings 249,126  348,208    
  Repayment of long-term debt (256,189) (71,548) (8,252) 
  Proceeds from lease financing agreement 47,601      
  Cash dividends paid (304,083) (283,434) (263,403) 
  Exercise of stock options 184,411  92,033  28,318  
  Excess tax benefits from stock-based compensation 13,997  1,385  4,455  
  Contributions from noncontrolling interests in subsidiaries   10,199  7,322  
  Repurchase of Common Stock (384,515) (169,099) (9,314) 
 Net Cash (Used by) Financing Activities (438,818) (71,100) (698,921) 
 (Decrease) Increase in Cash and Cash Equivalents (190,956) 631,037  216,502  
 Cash and Cash Equivalents as of January 1 884,642  253,605  37,103  
 Cash and Cash Equivalents as of December 31 $693,686  $884,642  $253,605  
 Interest Paid $97,892  $97,932  $91,623  
 Income Taxes Paid 292,315  350,948  252,230  


TOOTSIE ROLL INDUSTRIES, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF
Earnings, Comprehensive Earnings and Retained Earnings (in thousands except per share data)
   For the year ended December 31,
   2011 2010 2009 
 Net product sales $528,369  $517,149  $495,592  
 Rental and royalty revenue 4,136  4,299  3,739  
 Total revenue 532,505  521,448  499,331  
 Product cost of goods sold 365,225  349,334  319,775  
 Rental and royalty cost 1,038  1,088  852  
 Total costs 366,263  350,422  320,627  
 Product gross margin 163,144  167,815  175,817  
 Rental and royalty gross margin 3,098  3,211  2,887  
 Total gross margin 166,242  171,026  178,704  
 Selling, marketing and administrative expenses 108,276  106,316  103,755  
 Impairment charges     14,000  
 Earnings from operations 57,966  64,710  60,949  
 Other income (expense), net 2,946  8,358  2,100  
 Earnings before income taxes 60,912  73,068  63,049  
 Provision for income taxes 16,974  20,005  9,892  
 Net earnings $43,938  $53,063  $53,157  
            
 Net earnings $43,938  $53,063  $53,157  
 Other comprehensive earnings (loss) (8,740) 1,183  2,845  
 Comprehensive earnings $35,198  $54,246  $56,002  
            
 Retained earnings at beginning of year. $135,866  $147,687  $144,949  
 Net earnings 43,938  53,063  53,157  
 Cash dividends (18,360) (18,078) (17,790) 
 Stock dividends (47,175) (46,806) (32,629) 
 Retained earnings at end of year $114,269  $135,866  $147,687  
            
 Earnings per share $0.76  $0.90  $0.89  
            
 Average Common and Class B Common shares outstanding 57,892  58,685  59,425  
(The accompanying notes are an integral part of these statements.) 


 CONSOLIDATED STATEMENTS OF
Financial Position
TOOTSIE ROLL INDUSTRIES, INC. AND SUBSIDIARIES (in thousands except per share data)
 Assets December 31, 
    2011 2010 
 CURRENT ASSETS:       
  Cash and cash equivalents $78,612  $115,976  
  Investments 10,895  7,996  
  Accounts receivable trade, less allowances of $1,731 and $1,531 41,895  37,394  
  Other receivables 3,391  9,961  
  Inventories:       
  Finished goods and work-in-process 42,676  35,416  
  Raw materials and supplies 29,084  21,236  
  Prepaid expenses 5,070  6,499  
  Deferred income taxes 578  689  
  Total current assets 212,201  235,167  
 PROPERTY, PLANT AND EQUIPMENT, at cost:       
  Land 21,939  21,696  
  Buildings 107,567  102,934  
  Machinery and equipment 322,993  307,178  
  Construction in progress 2,598  9,243  
    455,097  440,974  
  Less—Accumulated depreciation 242,935  225,482  
  Net property, plant and equipment 212,162  215,492  
 OTHER ASSETS:       
  Goodwill 73,237  73,237  
  Trademarks 175,024  175,024  
  Investments 96,161  64,461  
  Split dollar officer life insurance 74,209  74,441  
  Prepaid expenses 3,212  6,680  
  Equity method investment 3,935  4,254  
  Deferred income taxes 7,715  9,203  
  Total other assets 433,493  407,300  
  Total assets $857,856  $857,959  
 Liabilities and Shareholders’ Equity December 31, 
    2011 2010 
 CURRENT LIABILITIES:       
  Accounts payable $10,683  $9,791  
  Dividends payable 4,603  4,529  
  Accrued liabilities 43,069  44,185  
  Total current liabilities 58,355  58,505  
 NONCURRENT LIABILITES:       
  Deferred income taxes 43,521  47,865  
  Postretirement health care and life insurance benefits 26,108  20,689  
  Industrial development bonds 7,500  7,500  
  Liability for uncertain tax positions 8,345  9,835  
  Deferred compensation and other liabilities 48,092  46,157  
  Total noncurrent liabilities 133,566  132,046  
 SHAREHOLDERS’ EQUITY:       
  Common stock, $.69-4/9 par value—120,000 shares authorized—36,479 and 36,057 respectively, issued 25,333  25,040  
  Class B common stock, $.69-4/9 par value—40,000 shares authorized—21,025 and 20,466 respectively, issued 14,601  14,212  
  Capital in excess of par value 533,677  505,495  
  Retained earnings, per accompanying statement 114,269  135,866  
  Accumulated other comprehensive loss (19,953) (11,213) 
  Treasury stock (at cost)—71 shares and 69 shares, respectively (1,992) (1,992) 
  Total shareholders’ equity 665,935  667,408  
  Total liabilities and shareholders’ equity $857,856  $857,959  


TOOTSIE ROLL INDUSTRIES, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF
Cash Flows (in thousands)
     For the year ended December 31,  
     2011 2010 2009  
 CASH FLOWS FROM OPERATING ACTIVITIES:           
    Net earnings $43,938  $53,063  $53,157   
    Adjustments to reconcile net earnings to net cash provided by operating activities:           
       Depreciation 19,229  18,279  17,862   
       Impairment charges     14,000   
   
    Impairment of equity method investment
     4,400   
   
    Loss from equity method investment
 194  342  233   
   
    Amortization of marketable security premiums
 1,267  522  320   
   
    Changes in operating assets and liabilities:
           
   
    Accounts receivable
 (5,448) 717  (5,899)  
   
    Other receivables
 3,963  (2,373) (2,088)  
   
    Inventories
 (15,631) (1,447) 455   
   
    Prepaid expenses and other assets
 5,106  4,936  5,203   
   
    Accounts payable and accrued liabilities
 84  2,180  (2,755)  
   
    Income taxes payable and deferred
 (5,772) 2,322  (12,543)  
   
    Postretirement health care and life insurance benefits
 2,022  1,429  1,384   
   
    Deferred compensation and other liabilities
 2,146  2,525  2,960   
   
    Others
 (708) 310  305   
    Net cash provided by operating activities 50,390  82,805  76,994   
 CASH FLOWS FROM INVESTING ACTIVITIES:           
   
  Capital expenditures
 (16,351) (12,813) (20,831)  
   
  Net purchase of trading securities
 (3,234) (2,902) (1,713)  
   
  Purchase of available for sale securities
 (39,252) (9,301) (11,331)  
   
  Sale and maturity of available for sale securities
 7,680  8,208  17,511   
   
  Net cash used in investing activities
 (51,157) (16,808) (16,364)  
   CASH FLOWS FROM FINANCING ACTIVITIES:           
   
    Shares repurchased and retired
 (18,190) (22,881) (20,723)  
   
    Dividends paid in cash
 (18,407) (18,130) (17,825)  
   
    Net cash used in financing activities
 (36,597) (41,011) (38,548)  
 Increase (decrease) in cash and cash equivalents (37,364) 24,986  22,082   
 Cash and cash equivalents at beginning of year 115,976  90,990  68,908   
 Cash and cash equivalents at end of year $78,612  $115,976  $90,990   
 Supplemental cash flow information           
   
  Income taxes paid
 $16,906  $20,586  $22,364   
   
  Interest paid
 $38  $49  $182   
   
  Stock dividend issued
 $47,053  $46,683  $32,538   
(The accompanying notes are an integral part of these statements.) 


Based on the information in the financial statements, determine each of the following for each company:
 
The percentage increase (i) in net sales and (ii) in net income from 2010 to 2011. (Round answers to 1 decimal places, e.g. 15.2%. Enter negative amounts using either a negative sign preceding the number e.g. -15.2% or parentheses e.g. (15.2)%.)

  Hershey Tootsie Roll 
Percentage increase (decrease) in net sales [removed]% [removed]% 
Percentage increase (decrease) in net income [removed]% [removed]% 
 
The percentage increase (i) in total assets and (ii) in total stockholders’ equity from 2010 to 2011. (Round answers to 1 decimal place, e.g. 15.2%. Enter negative amounts using either a negative sign preceding the number e.g. -15.2% or parentheses e.g. (15.2)%.)

  Hershey Tootsie Roll 
Percentage increase (decrease) in total assets [removed]% [removed]% 
Percentage increase (decrease) in total stockholders’ equity [removed]% [removed]% 
 
The earnings per share for 2011. (Round answers to 2 decimal places, e.g. 15.25.)

  Hershey Tootsie Roll 
Earnings per share [removed]  [removed] 
[removed]
 $[removed]

*Problem 12-9A

Condensed financial data of Odgers Inc. follow.

ODGERS INC.
Comparative Balance Sheets
December 31
Assets
 
2014
  
2013
 
Cash 
$ 113,120
  
$ 67,760
 
Accounts receivable 
122,920
  
53,200
 
Inventory 
157,500
  
143,990
 
Prepaid expenses 
39,760
  
36,400
 
Long-term investments 
193,200
  
152,600
 
Plant assets 
399,000
  
339,500
 
Accumulated depreciation 
(70,000
)
 
(72,800
)
Total 
$955,500
  
$720,650
 
       
Liabilities and Stockholders’ Equity
      
Accounts payable 
$ 142,800
  
$ 94,220
 
Accrued expenses payable 
23,100
  
29,400
 
Bonds payable 
154,000
  
204,400
 
Common stock 
308,000
  
245,000
 
Retained earnings 
327,600
  
147,630
 
Total 
$955,500
  
$720,650
 

ODGERS INC.
Income Statement Data
For the Year Ended December 31, 2014
Sales revenue   
$543,844
Less:    
     Cost of goods sold 
$189,644
  
     Operating expenses, excluding depreciation 
17,374
  
     Depreciation expense 
65,100
  
     Income tax expense 
38,192
  
     Interest expense 
6,622
  
     Loss on disposal of plant assets 
10,500
 
327,432
Net income   
$ 216,412

Additional information:

1. New plant assets costing $140,000 were purchased for cash during the year.
2. Old plant assets having an original cost of $80,500 and accumulated depreciation of $67,900 were sold for $2,100 cash.
3. Bonds payable matured and were paid off at face value for cash.
4. A cash dividend of $36,442 was declared and paid during the year.

Prepare a statement of cash flows using the indirect method. (Show amounts that decrease cash flow with either a - sign e.g. -15,000 or in parenthesis e.g. (15,000).)

ODGERS INC.
Statement of Cash Flows
For the Year Ended December 31, 2014
[removed]
  
[removed]
 
$[removed]
Adjustments to reconcile net income to
  
[removed]
  
[removed]
$[removed]
 
[removed]
[removed]
 
[removed]
[removed] 
[removed]
[removed]
 
[removed]
[removed]
 
[removed]
[removed]
 
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[removed]
 
  
[removed]
[removed]
 
[removed]
   
[removed]
  
[removed]
[removed]
 
[removed]
[removed]
 
[removed]
[removed]
 
[removed]
 
[removed]
   
[removed]
  
[removed]
[removed]
 
[removed]
[removed]
 
[removed]
[removed]
 
[removed]
 
[removed]
   
[removed]
 
[removed]
[removed]
 
[removed]
[removed]
 
$[removed]
 

*Problem 12-10A

Condensed financial data of Odgers Inc. follow.

ODGERS INC.
Comparative Balance Sheets
December 31
Assets
 
2014
  
2013
 
Cash 
$ 109,888
  
$ 65,824
 
Accounts receivable 
119,408
  
51,680
 
Inventory 
153,000
  
139,876
 
Prepaid expenses 
38,624
  
35,360
 
Long-term investments 
187,680
  
148,240
 
Plant assets 
387,600
  
329,800
 
Accumulated depreciation 
(68,000
)
 
(70,720
)
Total 
$928,200
  
$700,060
 
       
Liabilities and Stockholders’ Equity
      
Accounts payable 
$ 138,720
  
$ 91,528
 
Accrued expenses payable 
22,440
  
28,560
 
Bonds payable 
149,600
  
198,560
 
Common stock 
299,200
  
238,000
 
Retained earnings 
318,240
  
143,412
 
Total 
$928,200
  
$700,060
 

ODGERS INC.
Income Statement Data
For the Year Ended December 31, 2014
Sales revenue   
$528,306
Less:    
     Cost of goods sold 
$184,226
  
     Operating expenses, excluding depreciation 
16,878
  
     Depreciation expense 
63,240
  
     Income taxes 
37,101
  
     Interest expense 
6,433
  
     Loss on disposal of plant assets 
10,200
 
318,078
Net income   
$ 210,228

Additional information:

1. New plant assets costing $136,000 were purchased for cash during the year.
2. Old plant assets having an original cost of $78,200 and accumulated depreciation of $65,960 were sold for $2,040 cash.
3. Bonds payable matured and were paid off at face value for cash.
4. A cash dividend of $35,400 was declared and paid during the year.

Further analysis reveals that accounts payable pertain to merchandise creditors.

Prepare a statement of cash flows for Odgers Inc. using the direct method. (Show amounts that decrease cash flow with either a - sign e.g. -15,000 or in parenthesis e.g. (15,000).)

ODGERS INC.
Statement of Cash Flows
For the Year Ended December 31, 2014
[removed]
  
[removed]
 
$[removed]
[removed][removed]
  
[removed]
$[removed]
 
[removed]
[removed]
 
[removed]
[removed]
 
[removed]
[removed]
 
  
[removed]
[removed]
 
[removed]
   
[removed]
  
[removed]
[removed]
 
[removed]
[removed]
 
[removed]
[removed]
 
[removed]
 
[removed]
   
[removed]
  
[removed]
[removed]
 
[removed]
[removed]
 
[removed]
[removed]
 
[removed]
 
[removed]
   
[removed]
 
[removed]
[removed]
 
[removed]
[removed]
 
$[removed]
 

*Problem 13-2A

The comparative statements of Osborne Company are presented here.

OSBORNE COMPANY
Income Statements
For the Years Ended December 31
  
2014
 
2013
Net sales 
$1,893,418
 
$1,753,378
Cost of goods sold 
1,061,418
 
1,008,878
Gross profit 
832,000
 
744,500
Selling and administrative expenses 
502,878
 
481,878
Income from operations 
329,122
 
262,622
Other expenses and losses    
   Interest expense 
23,186
 
21,186
Income before income taxes 
305,936
 
241,436
Income tax expense 
93,186
 
74,186
Net income 
$ 212,750
 
$ 167,250

OSBORNE COMPANY
Balance Sheets
December 31
Assets
 
2014
 
2013
Current assets    
   Cash 
$ 60,100
 
$ 64,200
   Debt investments (short-term) 
74,000
 
50,000
   Accounts receivable 
120,678
 
105,678
   Inventory 
127,186
 
116,686
     Total current assets 
381,964
 
336,564
Plant assets (net) 
660,947
 
532,247
Total assets 
$1,042,911
 
$868,811
Liabilities and Stockholders’ Equity
    
Current liabilities    
   Accounts payable 
$ 162,878
 
$148,278
   Income taxes payable 
44,686
 
43,186
     Total current liabilities 
207,564
 
191,464
Bonds payable 
231,947
 
211,947
     Total liabilities 
439,511
 
403,411
Stockholders’ equity    
   Common stock ($5 par) 
290,000
 
300,000
   Retained earnings 
313,400
 
165,400
     Total stockholders’ equity 
603,400
 
465,400
Total liabilities and stockholders’ equity 
$1,042,911
 
$868,811

All sales were on account. Net cash provided by operating activities for 2014 was $224,440. Capital expenditures were $136,450, and cash dividends were $64,750.

Compute the following ratios for 2014. (Round all answers to 2 decimal places, e.g. 1.83 or 12.61%.)

(a) Earnings per share 
$[removed]
 
(b) Return on common stockholders’ equity 
[removed]
 %
(c) Return on assets 
[removed]
 %
(d) Current ratio 
[removed]
 :1
(e) Accounts receivable turnover 
[removed]
 times
(f) Average collection period 
[removed]
 days
(g) Inventory turnover 
[removed]
times
(h) Days in inventory 
[removed]
 days
(i) Times interest earned 
[removed]
 times
(j) Asset turnover 
[removed]
 times
(k) Debt to assets 
[removed]
 %
(l) Current cash debt coverage 
[removed]
 times
(m) Cash debt coverage 
[removed]
 times
(n) Free cash flow 
$[removed]
 
 

Exercise 7-3

The following control procedures are used in Kelton Company for over-the-counter cash receipts.

(a) For each procedure, explain the weakness in internal control and identify the control principle that is violated.

Procedure
 
Weakness
 
Principle Violated
1. Each store manager is responsible for interviewing applicants for cashier jobs. They are hired if they seem honest and trustworthy. [removed] [removed]
       
2. All over-the-counter receipts are registered by three clerks who share a cash register with a single cash drawer. [removed] [removed]
       
3. To minimize the risk of robbery, cash in excess of $100 is stored in an unlocked attaché case in the stock room until it is deposited in the bank. [removed] [removed]
       
4. At the end of each day the total receipts are counted by the cashier on duty and reconciled to the cash register total. [removed] [removed]
       
5. The company accountant makes the bank deposit and then records the day’s receipts. [removed] [removed]
 
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