IDNLearn.com provides a collaborative environment for finding and sharing answers. Ask your questions and receive accurate, in-depth answers from our knowledgeable community members.
Wildflower Industries - Excel OF H. 8 Review JI Data View Help Formulas Home Insert Draw Page Layout v 12 AA = CG Times 25 Wrap Text Xcut [b copy te Format Painter Clipboard BIU a. A Merge & Center Font Alignment fo 3 Wildflower Industries Wildflower Inchustries was started by John Hubbard while he was an undergraduate marketing major at UF His company buys closeout products from small manufacturers and local artists and posts them on ebay, craigslist and similar type websites. They purchase products from many small manufacturers and vendors all over the country. It is not uncommon to purchase product from in excess of 50 different vendors in any one month John grachunted and took a full time job working for his parent's small business so be hired two fraternity buddies to run the company Robert Padgett lists the inventory on the websites and packages/ships the products to customers when sales are made Barry Minkow is in charge of relationships with vendors, finding products to sell, negotiating prices, etc... Deposits are made by Barry on a weekly basis. Checks are prepared by Robert and then signed by Barry, Robert does not have check signing authority. Checks under $1,000 are prepared weekly on Thursdays Checks in excess of $1,000 are prepared and signed by John Hubbard approximately every two weeks John phones either Robertor Barry every few days to get a report on how business is doing. Any invoices which require John's attention are scanned in by Robert and emailed to John Bank statements are sent directly to John who quickly scans for obvious errors and to keep a handle on how mach money the company has in the bank 1 2 14 15 16 17 19 20 John knows sales are up and thinks the company should have more cash on hand than what is reported by the bank. He remembers Barry's affinity for betting the NCAA Basketball Tournament and is worried that he might be helping himself to some company money. John hared your firm to examine cash disbursements for February to identify any potential errors or irregularities 23 24 25 26 27 There is a second bank account where some sales are deposated and is used to cover the checks over $1,000 that Jotu himself prepares. John is the only one with access to that account so he knows there aren't any irregularities in that specific account Required: 21 12 What is the adjusted balance per bank? What mest be the nadsted balance per books? Identify any fraud or possible fraud at Wildflower Industries? You may see the reasonableness aspect of my vendor, for example Public 34 background cash disb journal benford demo bank st
Sagot :
We appreciate your participation in this forum. Keep exploring, asking questions, and sharing your insights with the community. Together, we can find the best solutions. For clear and precise answers, choose IDNLearn.com. Thanks for stopping by, and come back soon for more valuable insights.