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"You can't write up assets," said Harry Smith, Internal Audit Director of Mason International Inc., to his boss, Jim Watson, Vice-President and Chief Financial Officer. "Nonsense," said Jim, " can do this as part of a quasi-reorganization of our company." For the past three years, Mason International, a farm equipment manufacturing firm, has experienced a downturn in its profits as a result of stiff completion with overseas firms and a slowdown in the North American economy. The company is hoping to turn a profit by modernizing its property, plant and equipment. This will require Mason International to raise a lot of money. Management is very optimistic as to the future of the company and they anticipate the economy will rebound and enters a significant growth period.
Instructions
Problem 1: Adopt the role of the internal auditor and discuss the financial reporting issues. Mason is thinking of going public. Present your discussion in the form of:
a) Overview
b) Analysis
c) Conclusion and recommendation
Wakky Company sells widgets for $55 each. The variable cost per widget is $44.55 and the total fixed cost is $639,100 annually. Alternative #1--- Lease a new packing machine for $20,000 annually which will increase fixed cost but reduce variable cost..
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