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Scudder company has two operating departments: mixing and forming. Mixing has 240 employees and occupies 22,000 ft². Forming has 80 employees and occupies 18,000 ft². Indirect factory costs for the current month are: administrative, $860,000; and maintenance, $200,000. Administrative costs are allocated to operating departments based on the number of workers. Determine the administrative costs calculated to each operating department.
Explain what is meant by the test data approach. What are the major difficulties with using this approach? Define parallel simulation with audit software and provide an example of how it can be used to test a client's payroll system.
Prepare the journal entry to record the issuance of the bonds and the related bond issue costs incurred on January 1, 2009.
The tax law provides very favorable tax treatment for long term capital gains. First, explain what that favorable treatment is. Second, why? Why does the tax law provide favorable treatment for long term capital gains? Do you agree that they shoul..
In the current year, Hanna Company reported warranty expense of $183,000 and the warranty liability account increased by $28,000. What were warranty expenditures during the year?
Why is it not possible simply to add together the separately computed earnings per share amounts of individual affiliates in deriving consolidated earnings per share? Explain.
What are some ways that auditors can be sure that the sample sizes will be fair enough to provide a look at internal controls, yet comprehensive enough to detect any irregularities? Is there a way?
Assume that you are a key member on an audit engagement team and discover a breach in internal controls. Discuss how you will report the breach and your expectations of management for a resolution to the breach.
It declared and paid a dividend of $21,000 as a cash dividend. In 2010, the company recorded and adjustment of $10,000 due to the understatement (from a math error) of 2009 depreciation. Prepare a retained earnings statement for the year ending De..
A tract of land was distributed by MNO Inc. to its sole shareholder, Martha, as a dividend. At the time of the distribution, MNO Inc.'s adjusted basis in the land was $40,000, the fair market value of the land was $80,000, and the land was encumbe..
Dogwood City's water enterprise fund received interest of 10,000 on long term investments. How should this amount be reported on the statement of cash flows?
Greenbacks Bank also gave Doug and Pattie a cellular phone (worth $100) for opening the savings account. What amount of interest income should they report on their joint income tax return?
How much higher (or lower) would the company's first-year net income have been if absorption costing had been used rather than variable costing? Show computations.
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