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For inadequacies in internal controls describe the financial statement misstatements that may arise, and describe how they may occur.
The company has an incremental borrowing rate of 12%. It must close its books and prepare third-quarter financial statements on September 30, 2010. Prepare journal entries for the forward contract and firm commitment.
Locate the balance sheet, income statement, and statement of cash flows of Home Depot, Inc., in Appendix A of your text. Review those statements and then respond to the following for the year ended January 31, 2010 (fiscal year 2009).
The gross margin for a manufacturing company is the excess of sales over:
The CEO asks, "How can actual operating income be roughly 12% of the static budget amount when there are so many favorable variances?"
The stockholders' equity section of Milroy Corporation as of December 31, 2003, was as follows:
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?
For each of the following statements, identify the kind of market it describes. Employ an example from the readings or the internet for each characteristic and explain your choice.
Larry Byrd, Inc., spent $68,000 in attorney fees while developing the trade name of its new product, the Mean Bean Machine. Prepare the journal entries to record the $68,000 expenditure and the first year's amortization, using an 8-year life.
The balance sheets of Davidson Corporation reported net fixed assets of $320,000 at the end of 2011. The fixed-asset turnover ratio for 2011 was 4.0 and sales for the year totaled $1,480,000. Net fixed assets at the end of 2010 were ??
In 2010, Bailey Corporation discovered that equipment purchased on January 1, 2008, for $50,000 was expensed at that time. The equipment should have been depreciated over 5 years, with no salvage value. The effective tax rate is 30%.
Use the elements of the fraud triangle discussed in the chapter to identify internal control risks that should have influenced KPMG's position.
Sherman Brothers, Inc., sold 4 million shares in its IPO, at a price of $18.50 per share. Management negotiated a fee (the underwriting spread) of 7% on this transaction.
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