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Question - Consider the following independent situations for an audit for the year ended 30 June 2016:
1. Electricals Ltd makes purchase of fixed assets according to the following procedures. A purchase order is generated and approved by an account clerk based on the purchase request from the purchasing department. Then the account clerk places the order with the supplier of their choice and makes payments according to the suppliers' invoice. The account clerk depreciates the assets according to the straight-line method.
2. Electricals Ltd's credit officer has recently retired. The position has been unfilled for 6 months as no qualified replacement can be found.
3. Electricals Ltd failed to discover an employee embezzlement of $2,125 due to lack of bank reconciliations.
Required - Identify the control weaknesses and the impact on control risk based on the above information.
The bank discounted the note at 12%. What amount should be reported as net proceeds from the discounted note receivable?
Suppose KewCo is considering a product line that will provide expected new net cash flows of $100,000 per year for 4 years. What is maximum amount KewCo would be willing to pay for this new product line today?
The balance in the prepaid insurance account, before adjustment at the end of the year, is $21,700. Journalize the adjusting entry required under each of the following alternatives for determining the amount of the adjustment: The amount of unexpired..
The tractor should be recorded on December 31, 2010, at what amount, assuming an appropriate interest rate of 11%?
The bike cost $2,750. She is going to put a down payment of 12% and 3 years of payments of $80 per month. What is her total amount of monthly payments
Prepare the necessary adjusting entries for December. Post the December adjusting entries to the appropriate ledger accounts. Complete the 10-column worksheet for the year ended December 31.
Find the unrealized profit for the installment sales made during year 2 at the end of year 2
Round to the nearest unit. b) How many orders will be placed each year if the EOQ is used? c) What are the valves carrying and ordering costs if the EOQ is used?
XO-20 is an oil-based product used to remove rust on bolts and nuts that are stuck. Its accounting system uses standard costs. The standards per .5-liter can of solution call for 0.75 liters of material and 4 hours of labor. Determine the standard co..
You want to buy a new sports car 3 years from now, and you plan to save $4, 200 per year, beginning one year from today. You will deposit your savings in an account that pays 5.2% interest. How much will you have just after you make the 3rd deposit, ..
What is the break-even in sales dollars each day? How many cookies must you sell in order to earn a daily profit of $1000? Does this seem realistic?
Actual fixed costs were $46,000. With everything else held constant, what impact did the shortfall in volume have on profitability for the year?
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