Zorro Inc. has the following cash register data for December 31: $23,500 Cash register total for...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
Zorro Inc. has the following cash register data for December 31: $23,500 Cash register total for cash sales Cash receipts from cash sales $23,480 How should the difference be recorded? a. $20 cash shortage as normal operating expense Ob. $20 cash overage as miscellaneous operating expense c. $20 cash overage as revenue d. $20 cash shortage as other revenue Zorro Inc. has the following cash register data for December 31: $23,500 Cash register total for cash sales Cash receipts from cash sales $23,480 How should the difference be recorded? a. $20 cash shortage as normal operating expense Ob. $20 cash overage as miscellaneous operating expense c. $20 cash overage as revenue d. $20 cash shortage as other revenue
Expert Answer:
Answer rating: 100% (QA)
The correct option is A ICash register total for cash sales 235... View the full answer
Related Book For
Auditing and Assurance services an integrated approach
ISBN: 978-0132575959
14th Edition
Authors: Alvin a. arens, Randal j. elder, Mark s. Beasley
Posted Date:
Students also viewed these general management questions
-
A project has the following cash flows: This project requires two outflows at Years 0 and 2, but the remaining cash flows are positive. Its WACC is 10%, and its MIRR is 14.14%. What is the Year 2...
-
A project has the following cash flows: Period 0 Negative $75,000 Period 1 Positive $50,000 Period 2 Positive $25,000 Period 3 Positive $30,000 The firm has to pay 9% on its capital funds. What is...
-
A project has the following cash flows: Period 0 Negative $100,000 Period 1 Positive $75,000 Period 2 Positive $50,000 Period 3 Positive $75,000 The firm has to pay 8% on its capital funds. What is...
-
(a) Find the acceleration at time t = 5 min of a helicopter whose height is s(t) = 300t 4t 3 m. (b) Plot the acceleration s" for 0 t 6. How does this graph show that the helicopter is slowing down...
-
How would one explain a low receivables turnover ratio?
-
Explain the importance of department-level strategies. How do primary and support activities help a firm achieve its goals?
-
Here is the stock price and split data for HeavySteel corporation. 7.a. Calculate the split-adjusted returns for each year and its statistics (mean and standard deviation). 7.b. If you bought 100...
-
Carp, Inc. wants to evaluate two methods of shipping their products. The following cash flows are associated with the alternatives: Use an interest rate of 15% and annual cash flow analysis to decide...
-
Consider the point (0, -5) in rectangular coordinates. Convert this point to polar coordinates (r, 0) where r
-
The steel plane truss shown in the figure is loaded by three forces P, each of which is 490 kN. The truss members each have a cross-sectional area of 3900 mm2 and are connected by pins each with a...
-
Benny the Barber owns a one-chair shop. At barber college, they told Benny that his customers would exhibit a Poisson arrival distribution and that he would provide an exponential service distribution
-
What is the Inflation Bias in monetary policy and what causes it? How might Central Banks overcome the Inflation Bias?
-
Red Co. holds a long-term investment with a significant influence in Ashton, Inc. Red aquired 3,000 shares or 40%, of Ashton for $50,000. During 2010, Ashton had $30,000 of net income and in 2011,...
-
In the 1992 presidential election, Alaska's 40 election districts averaged 2004 votes per district for President Clinton. The standard deviation was 567. (There are only 40 election districts in...
-
8. What is the total present value of $50 received in one year, $200 received in two years, and $800 received in six years if the discount rate is 8%? 9. Given the following cash flows, what is the...
-
Provide recommendations on how this new collaboration between SAA and Kenya Airways can dominate the international market
-
Why are ethical issues complicated for businesses that operate in the global economy? Because they tend to have more employees . Because they don't have as much moral character as small , local busine
-
A simple random sample of 220 university students were asked what pasta they usually order and with which sauce. The preferences of these respondents are summarised below: Sauce Bolognese Pasta...
-
You are doing the audit of Peckinpah Tire and Parts, a wholesale auto parts company. You have decided to use monetary unit sampling (MUS) for the audit of accounts receivable and inventory. The...
-
Explain what is meant by an imprest payroll account. What is its purpose as a control over payroll?
-
Lecimore Company has a centralized purchasing department that is managed by Joan Jones. Jones has established policies and procedures to guide the clerical staff and purchasing agents in the...
-
Compute direct materials efficiency variances (Learning Objective 4) Refer to the McDonalds Data Set on page 643. 1. Compute the direct materials efficiency variance for buns, hamburger patties, and...
-
Compute standard cost of direct labor (Learning Objective 3) Refer to the McDonalds Data Set on page 643. Compute the standard direct labor cost per hamburger. (Hint: Find the quantity and price...
-
Compute standard cost of direct materials (Learning Objective 3) Refer to the McDonalds Data Set on page 643. Compute the standard direct mate rials cost per hamburger.
Study smarter with the SolutionInn App