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On 1/1/2012 Company ABC gets 35,000 shares of company XYZ at a cash price of $10 per share. Company XYZ has 80,000 shares issued and outstanding. On 6/15/12, Company XYZ declares dividends of $2 per share. These dividends are paid on 7/1/12. For period of 1/1/12 to 12/31/12 Company XYZ has a total loss of $650,000 and the market price of its shares is $12 per share. Make journal entries for Company ABC
There are five types of audit tests. List one audit test and describe at least two types of evidence that may be obtained from this test.?
Audit partner is concerned about his lack of knowledge of the industry the company is operating in, state of the company's industry and associated risk factors
Describe the role the objective setting process plays in how and if auditing objectives are met. What are some steps you might take to ensure you consistently meet audit objectives?
Show impact of this transaction on the fundamental equation of accounting using modified accrual accounting method for Phoenix City. Phoenix city is entitled to receive unrestricted grants from the state.
What repayment will you receive under each of the two outcomes? What is the expected value of these repayments? Now assume that Kinkus has issued $15 million of new debt to another party, which is also due at the same time that owed to you. Kinkus ..
Describe how you would recruit for applicants for this position. You should consider internal as well as external candidates. What specific assessments would you use? Include names, sources, costs, psychometric properties and rationale. Use the int..
The profession has argued for decades about the advisability of mandatory reporting on internal control by public companies and by governmental entities. In the 1970s and 1980s,
State the highest level of deficiency that you think circumstances represent. Is it control deficiency, significant deficiency, or material weakness?
Calculate the firm's average collection period. Calculate the firm's current receivables balance. Calculate the firm's new receivables balance if Milwaukee Surgical toughened up on its collection policy, with the result that all non-discount custom..
Which of the following describes the internal control component "monitoring of controls"?
Summarize the primary purposes of an internal control system. What are the three internal control objectives for financial reporting?
Lenter Supply Corp. is a medium-sized distributor of wholesale hardware supplied in southern Manitoba. It has been a client of yours for several years and has instituted excellent internal control for sales at your recommendation.
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