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During the preparation of the bank reconciliation for New Concepts Co., Peter Fikes, the assistant controller, discovered that City National Bank incorrectly recorded a $710 check written by New Concepts Co. as $170. Peter has decided not to notify the bank but wait for the bank to detect the error. Peter plans to record the $540 error as Other Income if the bank fails to detect the error within the next three months. -Discuss whether Peter is behaving in a professional manner. What would you do? -As Peter's supervisor how would you handle this situation if you found out what Peter had done? -How would you explain the need for this to be handled correctly? -Why are bank reconciliations so important? Must be at least 200 words.
Dothan Inc.'s stock has a 25% chance of producing a 17% return, a 50% chance of producing a 12% return, and a 25% chance of producing a -18% return. What is the firm's expected rate of return?
Ludwig, Inc., which owes Giffin Co. $1,600,000 in notes payable, is in financial difficulty. To eliminate the debt, Giffin agrees to accept from Ludwig land having a fair value of $1,220,000 and a recorded cost of $900,000.
finished goods inventory is 189000. if overhead applied to these goods is 75000 and the overhead rate is 120 of direct
ABC has the following budgeted costs at its anticipated production level (expressed in hours):
the contribution format income statement for strickland inc. for its most recent period is given below
What are ways for valuing stocks? Do you believe these valuation techniques could actually lead the average investor to make a profit buying and selling stock? Why or Why not?
kenoly corporation owns a patent that has a carrying amount of 327970. kenoly expects future net cash flows from this
us gaap follows the historical cost concept in valuing the cost of long-term assets. explain this principle and how it
Kody Corporation uses a job-order costing system with a plantwide overhead rate based on machine-hours
frank erlacher an inventory control specialist is interested in better understanding the accounting for inventories.
two products wood chips and fiberboard come out of a joint process costing 420000 per year. the sales value of the wood
farm labs inc. provides mad cow disease testing for both state and federal governmental agricultural agencies. because
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