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Answer the following questions based on the 2011 annual report of Proctor & Gamble Corporation (P&G). A link to the annual report is provided below. The financial statements are on pp. 31-74 of the annual report, and all questions can be answered within those pages. Points for each question are given in parentheses.
1. What firm audited the financial statements? What type of opinion was issued?2. With regard to amortized intangibles:a. What are the main types of asset being amortized?b. What is the trend in amortization expense 2009-2011?c. Is this trend expected to continue?
Use the checklist to outline phases of the internal control evaluation. You may use the (1) components of internal control, or (2) relevant assertions as headers within your checklist.
Assuming a beginning cash balance of $2,000, estimated cash receipts of $105,900, and a desired ending cash balance of $3,500, then the estimated cash disbursements are:
Calculate net operating income and residual income for each division. Compare the two divisions and discuss the usefulness of ROI and residual income for the purpose of comparing the divisions.
Save the Squirrels, Inc., a 501(c) (3) organization that feeds the squirrels in municipal parks, receives a $250000 contribution from Animal Feed, Inc., a corporation that sells animal feed.
Sales 380,000 units, estimated ending finished goods inventories for December 31, 2011 are 20,000 units and beginning ending fnished goods at Jan 1, 2011 are 8,000 units.
For many months your prospective ERP customer has been analyzing the hundreds of assumptions built into the $800,000 ERP software you are selling. So far, you have knocked yourself out to try to make this sale.
The actual return on plan assets was $1 million although it was expected to be $6 million. On average, employees' remaining service life with the company is 18 years.
At the end of its first year, the trial balance of Eaton Company shows Equipment $30,000 and zero balances in Accumulated Depreciation?Equipment and in Depreciation Expense ?Equipment. Depreciation for the year is estimated to be $6,000.
How would applying a flat tax decrease errors, when the progressive tax rates is just a simple formula? How would you measure gross income? Do you think that deductions should be eliminated? Which ones and why?
Given the inherit audit risks related to inventory valuation, design an effective auditing plan for this area that minimizes risk exposure for the auditing firm.
Check out footnotes to financial statements and schedules for information regarding asset leases and, if possible, review for term, early payment, and bargain purchase clauses.
Compute the largest tax deduction possible in 2010 for the equipment (consider the Section 179 election, Bonus Depreciation, and MACRS):
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