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A client of yours, a rapidly growing retailer in New Jersey, is seeking a loan at the bank. The bank has informed the client that in order for the loan to be considered, the company will need a certified audit. For several years your CPA firm has been providing tax services and financial statements for this rapidly growing retailer. At the present time, there are two office personnel that handle the accounting. One, Jill, handles accounts receivables, cash and other related matters. Rita, the second office employee, performs the inventory and accounts payable functions. The cash deposits are made by Rita.
If Rita cannot make the deposit due to her absence, Jill is glad to help out and take the money to the bank. Each person has been doing the same functions for many years. Both individuals are considered to be competent in their positions. The owner has not bonded either employee and has complete trust in their honesty. The financial information is summarized each month by the company's owner and sent to the CPA firm for the preparation of financial statements and tax returns. The company's owner is not an accountant, but prides himself on obtaining an "A" in his high school bookkeeping class that he took before personal computers were invented. Discuss in two or three paragraphs if internal controls in this scenario are adequate for the rendering of a certified opinion? What recommendations would you make in order to increase the use of internal controls in this area?
Given the facts presented, discuss the various factors that affect the reli- ability of (1) the comparable uncontrolled price method, (2) the resale price method, and (3) the cost-plus method.
The gross earnings of factory workers for Javelin Manufacturing Company during the month of January are $300,000. The employer's payroll taxes for the factory payroll are $36,000. Of the total accumulated cost of factory labor, 75% is related to d..
How much cash, if any , must be borrowed to maintain the desired minimum monthly balance - Martian Company management wants to maintain a minimum monthly cash balance of $15,000.
Radio, TV, and newspaper advertising related to a special fund-raising campaign ran during May. The 7,550 costhad been paid in April.
The Big Corporation expects next year's net income to be $20 million. The firm's debt ratio is currently 30%. Big has $18 million of profitable investment opportunities, and it wishes to maintain its existing debt ratio.
What is the amount of the lessee's liability to the lessor after the December 31, 2012 payment? (Rounded to the nearest dollar.)
Hugo was planting a tree when he unearthed 100,000 certificates of ITT bearer bonds, with a current value of $4 million.
Did the stockholders' equity of Bob Auto Repairs, Inc. increase or decrease during 2012 - Identify two possible reasons for the change in stockholders equity during the year.
The amount of the loss involved can be reasonably estimated. Based on the above facts, an estimated loss contingency should be:
What corporations are required to issue a report on the effectiveness of its internal control over financial (ICFR) reporting?
bkf.com provides banks access to sophisticated financial information and analysis via the web enabling them to
75% of this amount relates to the factory.
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