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You have been running a sole-proprietorship business dealing in cosmetic products. You have been accurately recording all your sale and purchase transactions in journals and using the journals in the general ledger accounts. Lately, you have observed that the entire exercise is taking a lot of time. You, therefore, are considering recording the transactions directly into the general ledger accounts. Is this ethical, and will you be following the accounting norms if you undertake such a step? Why or why not? Discuss.
What controls should an organization like Tyco implement to ensure that such transactions do not take place in the future?
Materials are added at the beginning of the process. What is the total number of equivalent units for materials during the period?
The deposits are based on the container cost marked up 20%. How much profit did Slotnick realize on the forfeited deposits?
Prepare entries in journal form to record the (1) monthly payroll and (2) employer payroll expenses, assuming Social Security and Medicare taxes equal to the amount for employees, a federal unemployment insurance tax of 0.8 percent, a state unempl..
Creating a perception of detection can act as a deterrent to fraud. What are some ways companies attempt to create such a perception?
The company expects to sell 20% of its merchandise for cash. Of sales on account, 70% are expected to be collected in the month of the sale, 25% in the month following the sale, and the remainder in the following month. The cash collections in Sep..
Review the annual reports for PepsiCo, Inc. and The Coca-Cola Company in Appendixes A & B, especially the Consolidated Statements of Income and the Balance Sheets on pp. A4, A6, B1, & B2 of Financial Accounting.
Hayden's outside basis in his interest in the HIGH Partnership is $420,000. In a proportionate nonliquidating distribution, the partnership distributes to him cash of $100,000, inventory
Supposing that a linear functional relationship exists, determine the equation that relates total costs to total sales. Describe why the nature of the relationship may change if sales exceed $5,000.
No Doubt Company includes one coupon in each box of soap powder that it packs and 10 coupons are redeemable for a premium (a kitchen utensil).
Examine the variable "diamond." What does this measure? How do you think this variable will relate to GDP per capita and GDP growth?
Monterey Corporation is considering the purchase of a machine costing $52,000 with a 4-year useful life and no salvage value. Monterey uses straight-line depreciation and assumes that the annual cash inflow from the machine will be received unifor..
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