Dextra Computing sells merchandise for $17,000 cash on September 30 (cost of merchandise is $11,900). The sales tax law requires Dextra to collect 3% sales tax on every dollar of merchandise sold. Record the entry for the $17,000 sale and its applicable sales tax. Also record the entry that shows the payment of the 3% tax on this sale to the state government on October 15.

Sharon had some insider information about a corporate takeover. she unintentionally informed a friend, who immediately bought the stock in the target corporation. the takeover occurred and the friend made a substantial profit from buying and selling the stock. the friend told sharon about his stock dealings, and gave her a pearl necklace because she "made it all possible." the necklace was worth $10,000, but she already owned more jewelry than she desired.

Insurance companies have internal controls in place to protect assets, monitor the accuracy of accounting records and encourage operational efficiencies and adherence to policies. these internal controls are generally of two types: administrative controls and accounting controls. administrative controls are the policies and procedures that guide the daily actions of employees. accounting controls are the policies and procedures that delineate authorizations of financial transactions that are done, safeguard assets, and provide reports on the company’s financial status in a reliable and timely manner. internal controls should include both preventative and detective controls. the purpose of preventative controls is to stop problems and errors before they occur. detective controls identify problems after they have occurred. preventative controls are usually more effective at reducing problems, but they also tend to be more expensive. internal controls must be flexible to adjust for changes in laws and regulations in addition to adding new products or modifying current ones. companies must also do regular analyses to ensure that the benefits of implementing the controls are worth their costs. when concerned about paying unwarranted insurance claims which type of control would be useful?

Most states have licensing registration requirements for child care centers and family daycare homes. these usually include minimum standard for operation. which of the following would you most likely find required in a statement of state licensing standards for child care centers?