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As a new auditor for the CPA firm of Croix, Marais, and Kale , you have been assigned to review the internal controls over the mail cash reciepts of Manhattan Company. Your review reveals the following: Checks are promptly endorsed "For Deposit Only", but no list of the checks is prepared by the person opening the mail. The mail is opened either by the cashier or by the employee who maintains the accounts recievables records. Mail receipts are deposited in the bank weekly by the cashier. The assignment is for You are to write a letter to Jerry Mays, owner of the Manhattan Comapny, explaining the weaknesses in the internal control and your recommendations for improving the system.
What is the accounting rate of return for a project that is estimated to yield total income of $384,000 over three years and costs $853,000? (Round your answer to 2 decimal places.)
If Mason Industries continues to use ROI as the sole measure of divisional performance, explain why JSC would be reluctant to acquire RLI. Support your answer with appropriate calculations.
The partnership of Frick, Wilson, and Clarke has elected to cease all operations and liquidate its business property. Distributed cash based on safe balances immediately to the partners. Liquidation expenses of $8,000 are estimated as a basis for thi..
Johnson Corporation began 2016 with inventory of 29,000 units of its only product. The units cost $9 each. The company uses a periodic inventory system and the LIFO cost method. The following transactions occurred during 2016: a. Purchased 145,000 ad..
So as to repair the garage after the fire Mr. Warden spent $7,795. The repairs are deliberated to be an improvement to the property, which before the casualty, was being denigrated under the MARCS method for nonresidential property. The total of d..
strategies that the IASB could use in order to improve the convergence process overall. Justify your response.
Victory Company uses weighted-average process costing to account for its production costs. Direct labor is added evenly throughout the process. Direct materials are added at the beginning of the process. During November, the company transferred 700,0..
Pacific Company bought 35% of the outstanding common stock of Atlantic Inc. on January 1, 2014, for $400,000. Atlantic reported net income of $200,000 for 2014 and declared and paid no dividends for the year. This investment was sold for $500,000 on ..
What is the unit product cost for the month under variable costing
for each of the following errors describe to a recently hired bookkeeper how it would be shown on a cash
On January 1, 2010, Ron Shelley purchased a new tractor to use on his farm. The tractor cost $100,000. Ron also had the dealer install a front-end loader on the tractor. The cost of the front-end loader was $7,000. The shipping charges were $600, and..
Northern purchased the entire business of Southern including all its assets and liabilities for $687,750. Below is information related to the two companies:
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