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On January 1, CBU installed a new computer system for tracking and calculating inventory costs. On December 31, at yeas-end closing, CBU’s system reported inventory at $4.5 million for financial statement purposes. At midnight, the auditors performed a physical inventory count and found the inventory total to be $3.5 million. To correct the discrepancy, CBU’s accounting staff processed an adjusting entry to reduce inventory by $1.0 million. The next day, two accountants were discussing the events of the previous night. Accountant A was proud of the audit and said it illustrated a benefit of having a good system of internal control. CBU had followed good internal control procedures by having a regular physical inventory count to safeguard a valuable enterprise resource. Accountant A was relieved that the problem was resolved: the financial numbers were corrected before they were reported. In short, he felt successful and thought CBU should feel fortunate to have his accounting staff as control advisors. Accountant B felt differently. She was concerned about the bad decisions that were made throughout the year based on the incorrect inventory numbers. She felt that she and the other accountants should have helped develop more timely and effective system controls. With which accountant’s philosophy do you agree? How can you explain the diverse opinions? What policies or procedures, if any, should CBU develop to avoid such problems in the future? Your response should also include a Biblical perspective.
Assume Holmes pays interest semiannually and the July 1 entry was done correctly. The journal entry at December 31, 2012 would include a credit to what?
The company’s weighted average cost of capital is 12% and payments are made at the end of each month. Illustrate which is cheaper for the company: to buy or lease real estate? Show your computations.
On his deathbed, Chester Chubb gave his live-in maid $1,213,000 of listed bonds, incurring a gift tax liability of $90,000. After Chester expired, the executor of his will fi led a gift tax return and remitted the gift tax to the IRS. Explain how..
Compare your answer in requirement H with your answer in requirement D. What conclusions can you draw about the effects of operating leverage from the steps you performed in requirements F, G, and H?
In the purchasing processes, illustrate what is often the first part of the process? Name at least four receiving transactions, in the order the processes occur.
Illustrate what amount of the joint costs will be assigned to Product A if joint costs are allocated on the basis of number of units produced?
Latte has a unit contribution margin of $45 and takes three machine hours to make and cappuccino has a unit contribution margin of $32 and takes two machine hours to make. There are 1,200 machine hours available to manufacture a product. Illustra..
Describe the technique the company is using that can constitute a financial shenanigan. Indicate both the technique used and how auditor should react.
The yield to maturity on new issues of similar corporate bonds is 5.2%. Someone offers you $1,225 for your bond. Is this a fair price, to you the seller? Illustrate what is the fair price?
Which of the subsequent statements is accurate with respect to this transaction
Calculation of goodwill value - What amount if any will Hi-Tech record as goodwill on the date of purchase
Evaluate the cost of abnormal rework and spoilage, goods completed, and ending work in process.
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