In performing accounting services for small businesses, you encounter the following situations pertaining to cash sales. a. Sheridan Company enters sales and sales taxes separately on its cash register. On April 10, the register totals are sales $31,000 and sales taxes $1,550. b. Blossom Company does not segregate sales and sales taxes. Its register total for April 15 is $19,980, which includes a 8% sales tax.

Neveready flashlights inc. needs $317,000 to take a cash discount of 3/15, net 70. a banker will loan the money for 55 days at an interest cost of $13,200. a. what is the effective rate on the bank loan? (use a 360-day year. do not round intermediate calculations. input your answer as a percent rounded to 2 decimal places.) b. how much would it cost (in percentage terms) if the firm did not take the cash discount but paid the bill in 70 days instead of 15 days? (use a 360-day year. do not round intermediate calculations. input your answer as a percent rounded to 2 decimal places.) c. should the firm borrow the money to take the discount? no yes d. if the banker requires a 20 percent compensating balance, how much must the firm borrow to end up with the $317,000? e-1. what would be the effective interest rate in part d if the interest charge for 55 days were $7,200?

The sec has historically raised questions regarding the independence of firms that derive a significant portion of their total revenues from one audit client or group of clients because the sec staff believes this situation causes cpa firms to

Andy owns islander surfboard inc. in the past, andy has always given his employees bonuses during the holidays if they reached certain sales goals. this year, even though the company is thriving, he decided to cut bonuses from employees and award them to himself instead. what ethical theory of leadership is andy following?