Martinez Co borrowed $50,000 on March 1 of the current year by signing a 60day, 9%, interest-bearingnote. Assuming a 360-day year, when the note is paid on April 30, the entry to record the payment should include a
a. debit to Interest Payable for $750
b. debit to Interest Expense for $750
c. credit to Cash for $50,000
d. credit to Cash for $54,500
b
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The auditor is most likely to presume that a high risk of a fraud relating to the misappropriation of assets exists if:
A. inadequate employee training results in lengthy EDP exception reports each month. B. the entity does business with several related parties. C. the entity is a multinational company that does business in numerous foreign countries. D. inadequate segregation of duties places an employee in a position to perpetrate and conceal theft.
When completing and distributing reports and proposals, what should be adjusted to improve online viewing?
What will be an ideal response?
Internal control of cash receipts aims to ensure that all cash received is properly recorded and deposited.
Answer the following statement true (T) or false (F)
The primary trading area generally encompasses what percent of a store's customers?
a. 5 to 10 b. 10 to 25 b. 25 to 50 d. 50 to 80