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B AP 4-1: #1: Internal control problems = irregular reconciliation; no clearly established rules to ensure transactions are properly recorded and books are properly kept. #2: Pre-Reconciliation = $50,500 versus $64,500 Outstanding Dep. = + $20,000 Outstanding Chk. = - $6,000 Post-Reconciliation = $64,500 versus $64,200 Interest Earned = + $500 Service Fee = - $200 Post-Reconciliation = $64,500 versus $64,500 Cash 500 Interest 500 Service Fee 200 Cash 200 3. It looks like Suzie and the other dude have more cash assets and less expenses/liabilities AP 4-2 1. The report expressed an unqualified opinion.
2. The Company considers all highly liquid investments purchased with a maturity of three months or less to be cash equivalents. 3. 2010 = $4,675 ; 2009 = $10,511 Difference = 5,836 4. Net Cash Flows: Operating = +$386,462 Investing = -$49,069 Financing = -$119,805 Total = $693,960 5. Effect of Exchange Rates = -$3,030 ; decrease to Investing and Financing 6. Net income, Cash and C.E.'s = assets are "liquidier"