Really need help with this homework, thank you in advance!

Each of the following situations has an internal control weakness. i) (Click the icon to view the situations.) (Click the icon to view the possible problems.) Reference Read the requirements. (1.) Loss of revenue due to low-quality work. (2.) Lost data; unhappy customers; failure to collect receivables. (3.) Lost sales due to delay of product development. (4.) Theft of cash. (5.) Theft of cash and inefficiency. (6.) Unreliable financial statements and lost credibility. More info a. Upside-Down Applications develops custom programs to customer's specifications. Recently, development of a new program stopped while the programmers redesigned Upside-Down's accounting system. Upside-Down's accountants could have performed this task. b. Norma Rottler has been your trusted employee for 24 years. She performs all cash-handling and accounting duties. Norma just purchased a new luxury car and a new home in an expensive suburb. As owner of the company, you wonder how she can afford these luxuries because you pay her only $30,000 a year and she has no source of outside income. c. Izzie Hardwoods, a private company, falsified sales and inventory figures in order to get an important loan. The loan went through, but Izzie later went bankrupt and could not repay the bank. d. The office supply company where Pet Grooming Goods purchases sales receipts recently notified Pet Grooming Goods that its documents were not prenumbered. Howard Mustro, the owner, replied that he never uses receipt numbers. e. Discount stores such as Cusco make most of their sales in cash, with the remainder in credit card sales. To reduce expenses, one store manager ceases purchasing fidelity bonds on the cashiers. f. Cornelius's Corndogs keeps all cash receipts in an empty box for a week because the owner likes to go to the bank on Tuesdays when Joann is working. On June 1, Bash Salad Dressings creates a petty cash fund with an imprest balance of $600. During June, Jackson Demers, the fund custodian, signs the following petty cash tickets: (Click the icon to view the petty cash tickets.) Read the requirements Requirement 1. Explain the characteristics and the internal control features of an imprest fund. An imprest fund has fund custodian is responsible. plus the that support payments from the fund. The internal control feature of an imprest fund is that it the amount of money for which the Data table Requirements 1. Explain the characteristics and the internal control features of an imprest fund. 2. On June 30 , how much cash should the petty cash fund hold before it is replenished? 3. Journalize all required entries to create the fund and replenish it. Include explanations. 4. Make the July 1 entry to increase the fund balance to $800. Include an explanation, and briefly describe what the custodian does. Data table Each of the following situations has an internal control weakness. i) (Click the icon to view the situations.) (Click the icon to view the possible problems.) Reference Read the requirements. (1.) Loss of revenue due to low-quality work. (2.) Lost data; unhappy customers; failure to collect receivables. (3.) Lost sales due to delay of product development. (4.) Theft of cash. (5.) Theft of cash and inefficiency. (6.) Unreliable financial statements and lost credibility. More info a. Upside-Down Applications develops custom programs to customer's specifications. Recently, development of a new program stopped while the programmers redesigned Upside-Down's accounting system. Upside-Down's accountants could have performed this task. b. Norma Rottler has been your trusted employee for 24 years. She performs all cash-handling and accounting duties. Norma just purchased a new luxury car and a new home in an expensive suburb. As owner of the company, you wonder how she can afford these luxuries because you pay her only $30,000 a year and she has no source of outside income. c. Izzie Hardwoods, a private company, falsified sales and inventory figures in order to get an important loan. The loan went through, but Izzie later went bankrupt and could not repay the bank. d. The office supply company where Pet Grooming Goods purchases sales receipts recently notified Pet Grooming Goods that its documents were not prenumbered. Howard Mustro, the owner, replied that he never uses receipt numbers. e. Discount stores such as Cusco make most of their sales in cash, with the remainder in credit card sales. To reduce expenses, one store manager ceases purchasing fidelity bonds on the cashiers. f. Cornelius's Corndogs keeps all cash receipts in an empty box for a week because the owner likes to go to the bank on Tuesdays when Joann is working. On June 1, Bash Salad Dressings creates a petty cash fund with an imprest balance of $600. During June, Jackson Demers, the fund custodian, signs the following petty cash tickets: (Click the icon to view the petty cash tickets.) Read the requirements Requirement 1. Explain the characteristics and the internal control features of an imprest fund. An imprest fund has fund custodian is responsible. plus the that support payments from the fund. The internal control feature of an imprest fund is that it the amount of money for which the Data table Requirements 1. Explain the characteristics and the internal control features of an imprest fund. 2. On June 30 , how much cash should the petty cash fund hold before it is replenished? 3. Journalize all required entries to create the fund and replenish it. Include explanations. 4. Make the July 1 entry to increase the fund balance to $800. Include an explanation, and briefly describe what the custodian does. Data table