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Pinnacle Manufacturing: Part VI Part VI of the Pinnacle Manufacturing case covers analytical procedures and tests of details of balances for accounts payable.
Assume that the understanding of internal controls over acquisitions and cash payments, and the related tests of controls and substantive tests of transactions support an assessment of a low control risk. The accounts payable listing at year-end shows 519 accounts, making up the accounts payable balance of $11,277,989 at 31 December 20X2. Accounts payable balances between $50,001 and $200,000 total $4,075,355 and balances less than $50,000 are $4,792,683.
Required:1. List the relationships, ratios and trends that will provide useful information about the overall reasonableness of accounts payable. Consider income statement accounts that affect accounts payable in selecting the analytical procedures.
Pierson Corporation owned 10,000 shares of Hunter Corporation. These shares were purchased in 2007 for $90,000. On November 15, 2011, Pierson declared a property dividend of one share of Hunter for every 10 shares of Pierson held by a stockholder.
What do you think would be an acceptable return on investment in the current economic climate? Please explain.
Assume the equity method is applied. Compute Bell's income from Demers for the year ended December 31, 2008.
Internal users of accounting information include: Of the following accounts, the one which normally has the credit balance is:
Ron served as a resident advisor in a dormitory and, therefore, the university waived the $2,500 charge for the room he occupied. What is Ron's adjusted gross income for 2010?
During February the Lungren Manufacturing Company's costing system reported several variances that the production manager was surprised to see.
If I can reduce my costs by $40,000 during this last quarter, my division will show a profit that is 10% above the planned level, and I will receive a bonus of $10,000.
Evaluate her entry date into the plan and determine Harriet's vesting years as of 31 st December, 2000
Ruger has a profit margin of 16% based on revenues of $400,000 and an investment turnover is 2. What is the residual income when the cost of capital is 10%?
Diane, the tool crib attendant, works eight hours a day, five days a week. Each order is for one small tool and each small tool takes Diane 2 minutes to retrieve from the bins. What is the average waiting time, in minutes?
In preparing consolidated financial statements, what amount of this debt should be eliminated?
Evaluate whether the Dodd-Frank legislation can prevent a financial crisis in the future. Provide your rationale.
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