Answered step by step
Verified Expert Solution
Question
...
1 Approved Answer
answer all questions Nolas Company depouits all cach reseipts on the dyy when they are received and it makes all cash poy. ments by check,
answer all questions
Nolas Company depouits all cach reseipts on the dyy when they are received and it makes all cash poy. ments by check, At the close of buricess oo Jeec 30, 2017, its Cash accuant shows a 522,352 dekit hal. ance. Nolar't Jene 30 bask sasement shoms 521,332 cen deposit is the bank. Prepare a tank reconcilielite for the company using the following informative. ar Dutstanding cheekt as of June 30 total 53713 . b. The Jone 30 bank atatement lists 541 in ba-k service charges, the coenpany has not yet recorded the cost of thene sarices. of In reviewing the bank satement, a 590 chect writed by the company was mistakenly recorded is lise compary's bonks at 599 . 4. June 30 cash rocelpes of 94,724 were ploced in the bark's aight depository after banking hours and were not rocorded at the June 30 bank statemetic 7. The bank statement incloded a $23 crodit far imerest eamed ce the company's cash in the bank. An entrepceteur commened that a bark moeactintion my not be necesary as she regularly reviews her online bank satemeat for any wintsual items and crock. a. Describe how a bank rocotciliation and an otlise revic= (or reading) of the bank statemest ure nor equivalenti. b. Identify and explais at leat two frads or errons that woeld be ancovered through a bank recencilat The following ansual aceout belances are talzn from Arracer 5 pocts at December 31. What is the change in the namber of days" eles enoollectiod between years 2016 and 20172 (Rousd the number of days to one decimal) Aceording to thit anylyuis, is the conpany's collecticn of receivables improving? Exptain. Managemeti uses a voscher sysem to belp control asd moeitor cash disbursements. Which one or mare of the four documents listed below are perpaced as part of a vocther system of control? a. Parchase order b. Dutstanding deek c. Iavoice d. Voucher Answer each of the follawing relatod to itternatiocal accoutiof sund freds. a. Erplais how the purpores and pritciples of interal coetrols are differeat between acconinting systemi reporting under IFR.S vernas U.S. G.LAP. b. Cast prevents special ieteraal coetrol challeogex. How do intermal controls foc eash differ for acopuating syitems reportiog ander IFRS versus U.S. CAAPS How do the procedures applied differ across those twa accounting systems? Nolan Company deposits all cash receipts on the day when they are received and it makes all cash pay. ments by check. At the close of business on June 30, 2017, its Cash account shows a $22,352 debit bal. ance. Nolan's June 30 bank statement shows $21,332 on deposit in the bank. Prepare a bank reconciliation for the company using the following information. A. Outstanding checks as of June 30 total $3,713. b. The June 30 bank statement lists $41 in bank service charges; the company has not yet recorded the cost of these services. Of In reviewing the bank statement, a $90 check written by the company was mistakenly recorded in the company's books at $99. 4. June 30 cash receipts of $4,724 were placed in the bank's night depository after banking houry and were not recorded on the June 30 bank statement. The bank statement included a $23 credit for interest carned on the company's cash in the bank. cos894 Management uses a voucher system to help control and monitor cash disbursements. Which one or more: of the four documents listed below are prepared as part of a voucher system of control? prowentis in avoucher a. Purchase order b. Outstanding check c. Invoice d. Voucher Nolas Company depouits all cach reseipts on the dyy when they are received and it makes all cash poy. ments by check, At the close of buricess oo Jeec 30, 2017, its Cash accuant shows a 522,352 dekit hal. ance. Nolar't Jene 30 bask sasement shoms 521,332 cen deposit is the bank. Prepare a tank reconcilielite for the company using the following informative. ar Dutstanding cheekt as of June 30 total 53713 . b. The Jone 30 bank atatement lists 541 in ba-k service charges, the coenpany has not yet recorded the cost of thene sarices. of In reviewing the bank satement, a 590 chect writed by the company was mistakenly recorded is lise compary's bonks at 599 . 4. June 30 cash rocelpes of 94,724 were ploced in the bark's aight depository after banking hours and were not rocorded at the June 30 bank statemetic 7. The bank statement incloded a $23 crodit far imerest eamed ce the company's cash in the bank. An entrepceteur commened that a bark moeactintion my not be necesary as she regularly reviews her online bank satemeat for any wintsual items and crock. a. Describe how a bank rocotciliation and an otlise revic= (or reading) of the bank statemest ure nor equivalenti. b. Identify and explais at leat two frads or errons that woeld be ancovered through a bank recencilat The following ansual aceout belances are talzn from Arracer 5 pocts at December 31. What is the change in the namber of days" eles enoollectiod between years 2016 and 20172 (Rousd the number of days to one decimal) Aceording to thit anylyuis, is the conpany's collecticn of receivables improving? Exptain. Managemeti uses a voscher sysem to belp control asd moeitor cash disbursements. Which one or mare of the four documents listed below are perpaced as part of a vocther system of control? a. Parchase order b. Dutstanding deek c. Iavoice d. Voucher Answer each of the follawing relatod to itternatiocal accoutiof sund freds. a. Erplais how the purpores and pritciples of interal coetrols are differeat between acconinting systemi reporting under IFR.S vernas U.S. G.LAP. b. Cast prevents special ieteraal coetrol challeogex. How do intermal controls foc eash differ for acopuating syitems reportiog ander IFRS versus U.S. CAAPS How do the procedures applied differ across those twa accounting systems? Nolan Company deposits all cash receipts on the day when they are received and it makes all cash pay. ments by check. At the close of business on June 30, 2017, its Cash account shows a $22,352 debit bal. ance. Nolan's June 30 bank statement shows $21,332 on deposit in the bank. Prepare a bank reconciliation for the company using the following information. A. Outstanding checks as of June 30 total $3,713. b. The June 30 bank statement lists $41 in bank service charges; the company has not yet recorded the cost of these services. Of In reviewing the bank statement, a $90 check written by the company was mistakenly recorded in the company's books at $99. 4. June 30 cash receipts of $4,724 were placed in the bank's night depository after banking houry and were not recorded on the June 30 bank statement. The bank statement included a $23 credit for interest carned on the company's cash in the bank. cos894 Management uses a voucher system to help control and monitor cash disbursements. Which one or more: of the four documents listed below are prepared as part of a voucher system of control? prowentis in avoucher a. Purchase order b. Outstanding check c. Invoice d. Voucher
answer all questions
![image text in transcribed](https://s3.amazonaws.com/si.experts.images/answers/2024/07/669e0553d1f1b_083669e0553663f9.jpg)
![image text in transcribed](https://s3.amazonaws.com/si.experts.images/answers/2024/07/669e05547323d_084669e0554123ff.jpg)
![image text in transcribed](https://s3.amazonaws.com/si.experts.images/answers/2024/07/669e055508a51_084669e0554aaa02.jpg)
Step by Step Solution
There are 3 Steps involved in it
Step: 1
![blur-text-image](https://dsd5zvtm8ll6.cloudfront.net/includes/images/document_product_info/blur-text-image.webp)
Get Instant Access with AI-Powered Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
![blur-text-image](https://dsd5zvtm8ll6.cloudfront.net/includes/images/document_product_info/blur-subtext-image.webp)
Step: 3
![blur-text-image](https://dsd5zvtm8ll6.cloudfront.net/includes/images/document_product_info/blur-subtext-image.webp)
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started