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Explain the technique the company is using that may constitute a financial shenanigan. Indicate both the technique used and how the auditor should react.
Highlinetime Inc., was about to report lower earnings than expected for 2010. The shortfall would be about $10,000,000. Before year end, the company contracts with Bogus Insurance, Inc., which insures corporate earnings. Under the contract, Highlinetime will receive an insurance payment of $10,000,000 at year end 2010, in exchange for a premium due at the end of 2011 in the amount of $10,000,000. The insurance payment in 2010 will enable Highlinetime, Inc. to meet its earnings expectations.
Gross increases in owner's equity that can be attributed to ongoing business activities and Equipment is purchased with a cash down payment of $60,000 and a signed note for $100,000.
BBX records interest at the effective rate and elected the option to report these bonds at their fair value. On December 31, 2011, the fair value of the bonds was $370,000 as determined by their market value on the NYSE. Create the journal entry t..
What amount did Target report as accounts receivable, total on its ending 2007 balance sheet and Prepare the entries that Target made in its allowance for doubtful accounts in 2007
Determine what balance would be included in a December 1, 2010 consolidation.
Another client gave her a check for $750 on December 31, 2011, but after the bank had closed. Both the $500 and $750 checks cleared the next year. Evaluate how much does Sarah have to include in her gross income for 2011?
Prepare an income statement for the year ended 31 st December, 20X8, by using direct costing. Prepare an income statement for the year ended 31 st December, 20X8, by using absorption costing.
Make a reconcilliation of Master Budget Operation Income, Flexible Budget Operating,and Actual Operating Income. Your reconcilliation should be properly headed and presented
The new sewing machine would be depreciated according to the declining-balance method at a rate of 20%. The salvage value is expected to be $379,200. This new equipment would require maintenance costs of $95,900 at the end of the fifth year. The c..
Preparation of condensed income statement by valuation of inventories with LIFO and FIFO method and Prepare a condensed income statement for the year on both bases for comparative purposes.
The subsequent information was gathered about the two products - Find the total sales-quantity variance in terms of budgeted contribution margin?
Examine how corporations address non-liquidating distributions are addressed, determine the mistake most difficult to avoid, and make at least one recommendation for how to avoid the mistake you identified.
Make a tabular analysis of the transactions using these column headings: Cash, Accounts Receivable, Supplies, Office Equipment, Accounts Payable, Common Stock, and Retained Earnings. Include margin explanations for any changes in Retained Earnings..
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