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Auditing Project Overview:
Case:
You will be asked to address a accounting failure from AMERICAN INSURANCE GROUP (A scandal took place in 2005). The format of the project is that the you have been hired by the audit committee of a company with a accounting issue from American Insurance Group. The audit committee desires guidance on how to address and resolve this issue.
You are being hired by the company and are asked to provide the following:
Your analysis should include research of publically available information about that company and can also include assumptions which should be documented as such. External research is encouraged.
Additional Items to Consider:
Use a selected company or your current work environment to identify at least one cost or expense that would fit under each of the following categories:
The call premium would be 5 percent of the face amount. Today 15-year, 5 percent, semiannual payment bonds can be sold at par, but flotation costs on this issue would be 2 percent, or $40,000. What is the net present value of the refunding?
Prepare a letter to your client that would be accepted by an Australian accounting firm or business as ‘envelope-ready’, that is, ready to be sent to the client. This requires correct accounting information in an appropriate form of communication.
On October 31, a company's Cash account had a normal balance of $7,000. During October, the account was debited for a total of $4,250 and credited for a total of $5,340. What was the balance in the Cash account at the beginning of October?
A company's income statement showed the following: net income, $124,000; depreciation expense, $30,000; and gain on sale of plant assets, $14,000. Calculate the net cash provided or used by operating activities
If the relevant tax rate is 34 percent, what is the aftertax cash flow from the sale of this asset? (Do not round your intermediate calculations.)
XYZ Company accepted a national credit card for a $3,000 purchase. The cost of the goods sold is $2,400. The credit card company charges a 3% fee. What is the impact of this transaction on net operating income?
For the year ended on December 31, 2010, XYZ had net income of $90,000 and paid dividends of $40,000. Prepare the journal entries to record the result using EQUITY METHOD of accounting. Show your calculation for the adjustments of net income.
The new method. Williams Company experiences a 40% tax burden. Which one of the following entries would the company make to record this change?
XYZ Corporation (an S corporation) is owned by Jane and Rebecca who are each 50% shareholders. At the beginning of the year, Jane's basis in her XYZ stock was $40,000. XYZ reported the following tax information for 2011.
Pitt Chemical Co. manufactures & sells Goody, a product that sells for $10 per pound. The mfg process also yields 1 pound of a waste product, called Baddy, in the production of every 10 pounds of Goody. Determine the cost per pound of Goody.
Journalize the transactions. Explain how dividend revenue and the gain (loss) on sale should be reported in the income statement
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