Sue Is an Employee at an ABC Store

question 42

Essay

Sue is an employee at an ABC store. One of Sue's duties is to prepare the bank deposit at the end of the business day. Sue had a very busy day and made a few mistakes. All of the checks, except two, were endorsed with the stamp "ABC, Inc." that ABC had provided. The bank received the deposit and noticed the lack of endorsement on the two checks. In addition, three of the checks that Sue was to include with the deposit were lost in the parking lot after closing. Phil found the checks and deposited them into his personal account. What is the effect of ABC's endorsement on the lost checks and the lack of endorsement on the two deposited checks?

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Definitions:

Net Income

The amount of income that remains after deducting all expenses, taxes, and costs from gross income.

Savings Account

An account in which the bank pays interest for the use of the money deposited in the account.

Surface Book

A series of high-performance laptop computers designed and manufactured by Microsoft, featuring detachable screens for tablet use.

Electricity Costs

The amount charged for the consumption of electrical power, usually based on a per-kilowatt-hour rate and other fees.