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1. The purchsed parts stockroom is segregated from the production areas by a wire fence. While visiting a plant, you notice that the gate was left open all day and access to the stockroom (wihich contains many valuable and easily concealed items) was available to any employee. The stockroom's perpetual inventory records were formerly checked by an employee who made periodic test counts. This employee has retired and not been replaced. As a result, such counting has ceased. You expanded your tests in view of the situationsand are satisfied that the perpertual records reasonably reflect the quantities on hand. 2. The board of directors just adopted a policy that will allow the company to invest excess funds in short term securties. The CFO will have sole authority for purchase and sale of the investments. Securities purchased will be credited to a company accounts at a local brokerage house. The securities are held in the company's name. All correspondence relating to the investments is sent directly to the CFO. She, in turn, forwards, brokerage advices to her assistance for recording in the accounts. 3. A complete physical inventory of the company's office furniture has recently been taken. REQUIRED: a) Identify the control environment factors that affect the company's internal control b) List the strength and weaknesses in Hood Furniture internal control. c) What suggestions do you have for improving the weaknesses identified in b) above.
Prepare a statement of cash flows (indirect method). Ignore tax effects and Statement of cash flows.
The question is about ratio analysis finding out liquidity and solvency of the company - relative profitability of the companies by computing the net income and earnings per share for each company for 2007.
The bonds pay interest on June 30 and December 31 and mature on December 31, 2010. Both Wren and Schrub use straightline amortization. Wren uses the equity method of accounting for its investment in Schrub. Complete consolidated balance sheet work..
Determination of NPV and Selection of project based on NPV and Suppose that EXRON can borrow the necessary funds in the money and capital markets to make this investment at a cost of 15%. Should it proceed with the project?
Actual materials used during the year were $5,500,000,actual direct labor cost was $3,500,000, and actual overhead was $9,000,000. Compute the overhead rate for the current year.
Materials are added at the beginning of the process. What is the total number of equivalent units for materials in July?
Deferred income tax assets are recognised only to the extent that it is probable that taxable profit will be available against which the deductible temporary differences, carried forward tax credits or tax losses can be utilised. Illustrate is thi..
Find or prepare the price-earnings ratio, the dividend payout ratio, the dividend yield, book value, and earnings per share, and identify whether you would consider this company a good investment,
A $1,000 face value corporate bond pays a $50 coupon every six months. The bond matures in 12 years and sells at a price of $1,080. What is bond’s nominal yield to maturity?
ABC Company accepted a national credit card for a $3,000 purchase. The cost of the goods sold is $2,400. The credit card company charges a 3% fee. What is the impact of this transaction on net operating income?
Purpose a contribution margin format income statement; calculate break-even point: Presented here is the income statement for Edwards Co. For February
Manda Panda anticipates that 2.5% of all credit sales will ultimately become uncollectible. The fiscal year ends on December 31. Illustrate what is the net realizable value (book value) Manda Panda should report in its 2011 balance sheet?
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