Internal control is a function of management, and effective control is based upon the concept of charge and discharge of responsibility and duty. The implementation, monitoring, and evaluation of internal control systems are described in-depth in the..
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While testing the inventory counts, the auditors noticed that several high dollar items had counts on the inventory listing which were materially higher than the actual counts. The difference between the actual and recorded inventory value was $66..
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As of December 31, 2011, it is desired to distribute $488,000 in dividends. Insructions: How much will the preferred and common stockholders receive under the following assumptions:
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1 Million shares outstanding stock worth $20.00 per share, beta is 1.2 Also have 10-year bonds outstanding with a par value of 10 million, coupon rate of 6%, YTN 7%, yield is 2 percentage points abouve the risk free rate and 4 percentage points be..
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Fresher Foods, Inc., orally agreed to purchase from Dale Vernon, a farmer, one thousand bushels of corn for $1.25 per bushel. Fresher Foods paid $125 down and agreed to pay the remainder of the purchase price on delivery, which was scheduled for o..
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Tom Hughes died in 2009 with a gross estate of $3.9 million and debt of $30,000. He made post-1976 taxable gifts of $100,000, valued at $80,000 when he died. His estate paid state death taxes of $110,200. What is his estate tax base?
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In the fall of 2013, James went back to school to earn a masters degree. He incurred $7,000 of qualified educational expenses and his modified AGI for the year was $40,000. His Lifetime Learning Credit is:
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Direct material used $25, Direct labor 19, Variable manufacturing overhead 35, Fixed manufacturing overhead 40, Variable selling and administrative cost 17, Fixed selling and administrative cost 32, Which of the following choices correctly depicts..
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On December 31, 2010, Albacore Company had 300,000 shares of common stock issued and outstanding. Albacore issued a 10% stock dividend on June 30, 2011. On September 30, 2011, 12,000 shares of common stock were reacquired as treasury stock. What i..
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If 800 shares of $40 par common stock are sold for $43,000, the $43,000 would be reported in the cash flows from financing activities section of the statement of cash flows.
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One pound of material is required for each finished unit. The inventory of materials at the end of each month should equal 20% of the following month's production needs. At the beginning of Month 1, 3,200 lb. of materials were on hand. Purchases o..
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A trial balance prepared by an inexperienced accountant showed total debits of $540,000 and total credits of $450,000. This discrepancy is most likely due to which type of error?
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