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1. Mario and Lucy opened an ice cream shop in Kissimmee. Their goal is to maximize profit and to make the business appealing to customers. The cream shop was a big success, so they decide to open an ice cream shop in many cities including Orlando. They hire Luis to manage the shop in Orlando. Mario and Lucy are considering different sets of performance measures for Luis. The first set would grade Luis based on the cleanliness of the restaurant and customer service. The second set would use accounting numbers including the profit of the shop in Kissimmee.
Required:
a) Explain the advantages and disadvantages of each set of performance measures.
b) How do they must design the organizational architecture to control the agency problems?
2. When goods are transferred from one profit or investment center to another, an internal price is assigned to the units transferred. Although the general rule for transfer prices is the outlay cost plus opportunity cost, may companies instead use different methods to price their goods and services. What is the transfer price that maximizes the firm value? What are the main reasons for transfer price within firms? What are the advantages and disadvantages of the most common transfer pricing methods?
During the fiscal year, the general fund of Phoenix City was legally required to transfer $80,000 to the debt service fund. Only $60,000 was transferred.
The following control procedures are used at Sandwich Company for over-the-counter cash receipts. For each procedure, explain the weakness in internal control, and identify the control principle that is violated.
During 2012, Harry, a self-employed accountant, travels from Kansas City to Miami for a 1-week business trip.
In generating theories of accounting based upon what accountants actually do, it is assumed (often implicitly) that what is done by the majority of accountants is the most appropriate practice.
The following transactions relate to the general fund of the City of Buffalo Falls for the year ended December 31, 2012: Prepare journal entries for transactions.
What is Justin’s adjusted tax basis for his partnership interest immediately after partnership is formed? What is the partnership’s adjusted basis for property contributed by Justin?
Funseth Farms, purchased a tractor in 2008 at a cost of $30,000. The tractor was sold for $3,000 in 2011. Depreciation recorded through the disposal date totaled $26,000.
Prepare a separate Statement of Revenues, Expenditures, and Changes in Fund Balances for the Library Book Permanent Fund for the Year Ended December 31, 2012.
Fulfil all required journal entries for each of the long-term activities, which took place during 20x7. Keep in mind to account for the appropriate depreciation expense for the year on any of the long-term assets.
The subsequent two spreadsheets provide workload (expressed as relative weighted products (RWPs) for inpatient care), revenue, and expense data for Schumpert Medical Center covering their fiscal years 2010 and 2011.
Write down an essay on legal issues surrounding Solyndra, the California based solar panel manufacturer.
How would we find out the cost of normal spoilage so that we can record it in general ledger? How would we fin out the cost of normal spoilage so that we can record it in general ledger
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