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Henry Mills is responsible for preparing checks, recording cash disbursements, and preparing bank reconciliations for Signet Corporation. While reconciling the October bank statement, Mills noticed that several checks totaling $9,370 had been outstanding for more than one year. Concluding that these checks would never be presented for payments, Mills prepared a check for $9,370 payable to himself, forged the treasurer's signature, and cashed the check. Mills made no entry in the accounts for this disbursement and attempted to conceal the theft by destroying the forged check and omitting the long-outstanding checks from subsequent bank reconciliations.
Identify the weaknesses in Signet Corporation's internal control.
Explain several audit procedures that might disclose the fraudulent disbursement.
compute the earnings per share data that should appear on the financial state ments of Bio Industries as of December
On December 31, Strike Company sold one of its batting cages for $25,290. What is the amount of the gain or loss on this transaction
Based on their respective degrees of operating leverage, what will their percentage change in net operating income? Explain with appropriate reasons
Now assume that the withholding tax rate on dividends is 0 percent. Determine the transfer price within the arm's-length range that would maximize Denker's.
Concord Company has an old factory machine that cost $56,750. What entry would Concord make to record the sale of the machine for $28,375 cash
Required: Prepare a statement of cash flows for the year ended December 31, 2015 using the indirect method
Cost of goods sold of $4,500,000 for the year. The average inventory for the year amounted to $1,500,000. The days sales in inventory during the year was
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Prepare all necessary journal entries for Southern for this lease through January 1, 2019.Where appropriate, show all calculations leading to the final solution
Concord is involved in a lawsuit. Legal counsel feels it is probable Concord will pay damages of $28,000 in 2022. Prepare the current liabilities section
Prepare the appropriate journal entry to record Arnold's income taxes for 2022. Pretax accounting income was $190 million for the year ended December 31, 2022
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