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Adutiting and Assurance services 10th by William F. Messier Jr.
chapter 6 problem #32 Koss Corporation: Where were the Internal Controls
a. List the major internal controls that were absent within Koss Corporation's internal control system?
b. what internal controls should have been implemented or applied to ensure proper controls over the company's recorded transactions?.
Jennifer borrows 20,900 from her bank to open a flower shop. she agrees to repay in 18 months with simple annual interest of 10.4%. how much must she pay the bank in 18mos. how much of the amount in part (a) is interest
Cooper Company had over applied factory overhead of $2000 last year. Assuming the amount was considered small enough not to materially distort net income, the entries needed to close factory overhead are:
Barton and Fallows form a partnership by combining the assets of their separate businesses. Barton contributes accounts receivable with a face amount of $48,000 and equipment with a cost of $193,000 and accumulated depreciation of $103,000.
The options are exercisable as of September 13, 2010, for 32 million common shares at an exercise price of $56 per share. During 2011, the market price of the common shares averaged $70 per share. Calculate Berclair’s basic and diluted earnings pe..
Determine the cost assigned to ending inventory and to cost of goods sold for the following. (Do not round weighted average per unit costs and round your answers to 2 decimal places.)
What is the principal reason that direct labor hours is no longer an effective base for allocating indirect costs in many modern manufacturing companies-Movement from full-time to part-time workers
A company manufactures and sells a product for $113 per unit. The company's fixed costs are $61,760, and its variable costs are $83 per unit. The company's break-even point in dollars is: (Round your intermediate calculations to two decimal places.)
On December 31, 2014, Harris Co. leased a machine from Catt, Inc. for a five-year period. Equal annual payments under the lease are $1,050,000 (including $50,000 annual executory costs) and are due on December 31 of each year. The lease is appropriat..
Determine the Break even- point in terms of dollars - Under the new plan, find the break-even point in terms of dollars
Which of the following items relating to direct labor employees might be charged to specific jobs in work in process rather than factory overhead?
(Nonmonetary Exchange) Mathews Company exchanged equipment used in its manufacturing operations plus $6,000 in cash for similar equipment used in the operations of Biggio Company. The following information pertains to the exchange. Prepare the journa..
Ross’s Lipstick Company’s long-term debt agreements make certain demands on the business. For example, Ross may not purchase treasury stock in excess of the balance of retained earnings. What effect will reclassifying the investments have on the curr..
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