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Q1. Hood Furniture has identified a small group of office furniture dealer whose operations have deteriorated to the point that their ability to repay the company is doubtful. The company has decided to make additional shipments to these dealers on a COD basis. It is expected that a large allowances for doubtful debts may be necessary to reduce these accounts to estimated reliasable values.
Q2. The tool inventory consists of a conglomeration of miscellaneous items, most of which are small quantities with very minor unique prices. This inventory totals $42,395, which is an insignificant portion of the total inventories.
Q3. The purchased 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 (which 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 situations and are satisfied that the perpertual records reasonably reflect the quantities on hand.
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 all journal entries necessary to record the preceding transaction for the Public Parks Bond Fund (DSF). Include closing entries.
Policies that affect the supply, demand, and value of a nation's currency are: The primary way of accomplishing public policy is through:
Write a report in which you present the main idea(s) you think the company should present to shareholders in the annual report. Also, include an explanation of how you would present these ideas to the stakeholders.
What is the remaining obligation on January 1, 2010 afterthe first payment has been made?
Under the installment sales method, what would be Rosson's deferred gross profit at December 31, 2008?
Erica"s federal income tax withholding is $95, and she has no voluntary deductions. Compute Erica Chambers" gross earnings and net pay for the pay period.
What are reversing entries and why are they required? What would happen if reversing entries were not made? What transactions might require reversing entries?
What is meant by "information content" and how does capital market research determine the information content of accounting numbers?
What do you consider to be the most important thing for a forensic accountant to remember about evidence? Why?
Using Motivation to Improve Performance
the following items were among those that were reported on nona co.s income statement for the year ended december 31
If fixed costs are $1,500,000, the unit selling price is $210, and the unit variable costs are $130, what is the amount of sales required to realize an operating income of $200,000? a)14,166. b)12,500. c)16,000. d)11,538.
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