Write an example of audit engagement letter to new audit client.
What are some places you can get a credit card?
How does a credit card work?
What happens if there is no money left in your credit card?
How do add more money in my credit card?
Can you provide me how the mechanics on how a credit card works? Thank you.
Shelly Ryce was employed at Tele Company for 10 years. In recent times, Shelly was made redundant & as a part of her redundancy payment package, she received $2,000,000. Shelly has always loved wearing hair extensions, & realizing how lucrative the hair business. She decided to start a hair supplies store, called “Shelly Hair.” Shelly started operations on May 1, 2021.
The following transactions:
May 1 Miss Ryce paid a cheque for the first month’s rent for the store, along with an
equal amount for a deposit of $30,000 to Mr. Steve Johnson.
May 18 Miss Ryce paid her cashier a cheque of $15,000 for her fortnightly salary.
a. Journalize & post adjusting entries, using the following information:
a). Journalize and post adjusting entries, using the following information:
the machine has not been taken into account.
The following transactions:
July 1 Miss Ryce stated business with a G Wagon valued at $1,200,000.
July 2 Miss Ryce purchased store furniture from Royal Cabinets Limited using a cheque
amounting to $120,000.
July 3 Miss Ryce paid Telesales Electronics $15,000 with a cheque to set up her point-of-sale machine at the store.
July 22 Miss Ryce paid cash for the following utility bills for the month:
Utility Amount
Light Company $13,000
Dec. 18 Miss Ryce paid her cashier a cheque of $15,000 for her fortnightly salary.
Dec. 19 One of the Kera Care Kit was returned by Miss Sonia Jarrett.
Dec. 20 Miss Sonia Jarrett paid the balance outstanding on her account by cheque,
receiving a discount of 5%.
Dec. 22 Miss Ryce paid cash for the following utility bills for the month:
Utility Company Amount
Light Company $13,000
National Water Company $2,350
Telecommunications Company $5,300
Dec. 22 Miss Ryce also paid cheque for security fees for the month totaling $23,000.
Dec. 25 During the period Dec. 17 – Dec. 25, Miss Ryce sold merchandise for
cash totalling $380,000.
Dec. 8 Miss Ryce approved the sale of merchandise on credit to the following customers:
Customer’s Name Item Quantity Cost per Item
Sharon Nelson Lace Front Wig 1 $10,000
Kim Samuels Hair Relax 20 $750
Nadine Patterson Braiding Hair 15 $350
Sonia Jarrett Hair Care Kit 5 $4,500
Dec. 25 Miss Ryce made a cash lodgement of $300,000 to the bank.
Dec. 27 Miss Ryce paid cheques to Mr. Xinghu Chung for $250,000, receiving a 2%
discount, and to Cherry’s Wholesale Hair Supplies for $100,000, receiving a 2%
discount.
Dec. 29 After almost a month in business, Miss Ryce felt like she wanted to treat herself
to a weekend at the Secrets Wild Hotel in Montego. She withdrew $30,000 cash
from the business to supplement her personal expenses.
Dec. 31 All other customers who had taken goods on account on Dec. 8, 2021, cleared
their outstanding balances, by paying with a cheque.
snowline limited has a purchasing system that works as follows. the raw material inventory manager notifies purchasing department when inventory falls below reorder point. purchasing department issues a purchase order to supplier. the goods and invoices go to the receiving department where they are counted and the packaging slip matched against a copy of purchase order. at the end of the month, the billing department checks that all adequate departmentation is present and produces a payment voucher which is processed by cash disbursement clerk who prepares a cheque for the accountant's signature. the cheque is forwarded to the supplier by the acoount's office. draw a context diagram and level 0 DFD for teh system
Following are the information related to a company:
Gross Profit Ratio 20 %
EPS Rs.2
No. Of Shares (Rs.10 each) 25000
Profit 25 % of Share Capital
Current Ratio 3:1
Acid Test Ratio 1.5:1
Quick Assets Rs. 30000
Inventory Turnover 10 times
Operating Ratio 90%
Closing stock is less by Rs. 6000 than opening stock
From the above derive as much additional information as you can
scenarios that can lead to a deviation in the accounting standard IAS 16