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Read the following narrative, and then answer the question that follows:
Smith Inc. designs and produces custom print jobs for businesses and consumers and sells them on a "made-to-order" basis. When print jobs are finished, factory personnel send the completed sales orders and print jobs over to the shipping department. A shipping clerk records the sales order number into the computer in the shipping department. The computer retrieves the sales order from the sales order master data and displays the open sales order on the shipping clerk's computer screen. The shipping clerk verifies that the correct sales order has been displayed. She then types the item quantities for each item being shipped. After she is through typing, she reviews the data and, if correct, accepts the input.
At this point, the computer updates the sales order master data to show that the order has been completed (i.e., closes the sales order). In addition, an invoice is created automatically by the computer, and the accounts receivable master data is updated. Invoices are also printed at this time in the billing office and distributed to the appropriate parties.
Question:
Identify 3 control plans that are present in the above narrative and for each of the 3 plans you mention, also mention which INPUT control goals are met. Do NOT write explanations of the control plans or why they meet the goals you have chosen.
A company has current assets of $80,000 (of which $30,000 is inventory) and current liabilities of $20,000. What is the current ratio?
Danner Corporation applies overhead based upon machine-hours. Budgeted factory overhead was $375,000 and budgeted machine-hours were 12,500. Actual factory overhead was $387,920 and actual machine-hours were 13,150. Determine the amount of Over- or u..
Company has just completed its first year of operations. The company's accountant has prepared an absorption costing income statement for the year as seen below: Prepare the company's income statement in the contribution format.
question 1. on the last day of the year smith corp builds a no liquidating distribution to fred its sole shareholder of
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The company's effective tax rate on all items affecting comprehensive income is 30%. Each component of other comprehensive income is displayed net of tax.
Craft Company produces a single product. Last year, the company had a net operating income of $99,000 using absorption costing and $84,300 using variable costing. The fixed manufacturing overhead cost was $10 per unit. There were no beginning invento..
Last year, Ragan had an EPS of $5.35 and paid a dividend to Carrington and Genevieve of $320,000 each. The company also had a return on equity of 21 percent. Larissa tells Dan that a required return for Ragan of 18 percent is appropriate. Assuming th..
The fair value of the options, estimated by an appropriate option pricing model, is $4 per option. No forfeitures are anticipated, ignoring taxes, what is effect on earnings in the year after the options are granted to executives?
question one of the characteristics unique to governmental and not-for-profit organizations is the inability to remove
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The selling and administrative expense budget of Ruffing Corporation is based on budgeted unit sales, which are 4,800 units for February. The variable selling and administrative expense is $8.10 per unit. The budgeted fixed selling and administrative..
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