Max is the clerk for the Superior Construction Company. He makes out the payroll; prepares all of the payroll checks and reconciles the bank statements for the firm. He decides to increase her income by padding the payroll; accordingly, he makes out a check in the name of someone who does not exist. He then endorses the check with the payee's name and his name and cashes the check himself at Lane Street Bank where the company has its account.
Under the fictitious payee/imposter rule, will Superior and not the bank be liable for this check?
Answers (1)
Know the Answer?
Not Sure About the Answer?
Find an answer to your question 👍 “Max is the clerk for the Superior Construction Company. He makes out the payroll; prepares all of the payroll checks and reconciles the ...” in 📗 Business if the answers seem to be not correct or there’s no answer. Try a smart search to find answers to similar questions.
Search for Other Answers
You Might be Interested in
6. The term strategy can be defined as: a. A company's market share, which allows it to outperform competition. b. A coordinated deployment of a firm's resources to achieve competitive advantage. c.
Answers (2)
company is in its first month of operations. On January 15, the company receives $600 from customers who will receive 10 voice lessons ($60 per lesson). As of January 31, the company has provided 8 voice lessons.
Answers (1)
Hundreds of colleges serve millions of students each year. The colleges vary by location, size, cost, and educational quality, which allows students to match schools to their diverse preferences.
Answers (2)
You are considering the purchase of one of two different bonds, a muni, which currently yields 6%, and a corporate, which currently yields 10%.
Answers (1)
Identify the kind of decision-making process that the management follows in the given scenario. Lilian is a fruit grower and distributer. Lately, her produce has been lacking in the quality that the company is famous for.
Answers (1)
New Questions in Business
A fire destroys all of the merchandise of Coronado Company on February 10, 2017. Presented below is information compiled up to the date of the fire: Inventory, January 1, 2017 $423,300 Sales revenue to February 10, 2017 1,924,500 Purchases to
Answers (1)
How should you use operating costs when calculating incremental cash flows? Group of answer choices: A. Do not subtract operating costs, and then subtract taxes on operating income before operating costs. B. Subtract operating costs. C.
Answers (1)
The following selected data are from a recent statement of cash flows: Net cash flow from operating activities $ 35,000 Net cash flow used for investing activities (20,000) Net cash flow used for financing activities 60,000 Ending cash balance
Answers (1)
Gates Corporation reported the following information concerning its direct materials: Direct materials purchased (actual) $ 673,000 Standard cost of materials purchased $ 688,000 Standard price times actual amount of materials used $ 444,000 Actual
Answers (1)
how fiscal policy can be used to slow down an economy that is growing at a rate faster than what is sustainable in the long-term if the policy makers are concerned that such a high growth may create undesirably high rates of inflation in the future.
Answers (1)