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Apple's inventory increased from $1 billion on December 29, 1994, to $1.95 billion one year later. In contrast, sales for the fourth quarter in each of these years increased from $2 billion to $2.6 billion. What is the implied annualized inventory turnover for Apple for these years? What different interpretations about future performance could a financial analyst infer from this change? What information could Apple's management provide to investors to clarify the change in inventory turnover? What are the costs and benefits to Apple from disclosing this information? What issues does this change raise for the auditor? What additional tests would you want to conduct as Apple's auditor?
Land was given to the company by the State of Florida to use as a manufacturing facility site. The market value of the land at the time of the donation was $102,000. Prepare journal entries for Overland Company to record the above transactions
In deciding whether or not to accept a special order, what is the opportunity cost of using machinery for which the firm has sufficient excess capacity to accept the order?
Yuli Copters is known to be aggressive in ignoring intellectual property claims. Imagine they just go ahead with the project as stated above. (In other words, they decide not to pay for the license.)
Construct a single month's cash budget with the information given. What is the average cash gain or (loss) during a typical month for Chadmark Corporation?
Segregation of Duties (SoD) and other classic internal controls such as management oversight have been adapted to consider technology. Compare/contrast the classic controls with their adaptations for technology.
Discuss a production process that you think would involve the production of joint products, being sure to address the following points:
During 2014, Shipley distributed a dividend in the amount of $120,000 and at year-end reported a $320,000 net income. Any difference between implied and book value relates to subsidiary goodwill. Pioneer Company uses the equity method to record it..
At the end of the year prior to the sale, Rita's basis in RSTU was $60,000. The partnership allocates $12,000 of income to Rita for the portion of the year she was a partner. On the date of the sale, the partnership assets and the agreed fair mark..
Write a short MEMO in IRAC format - Issues, rules, analysis and conclusion. Wheeler purchased two parcels of real property for $10,000 each in Year 1 and held the property for investment.
Illustrate journal entries required and demonstrate the calculations necessary. How to calculate a change in the periodic rate is also shown. Plant asset disposal slides illustrate the following situations: retirement, loss on sale, and gain on sa..
Define the term "earnings per share" as it applies to a corporation with a capitalization structure composed of only one class of common stock. Explain how earnings per share should be computed and how the information should be disclosed in the corpo..
What important information, related to the accounting equation, is captured by accounting information systems? How does this information get translated to the financial statements? Is it necessary for the accounting information systems to record d..
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