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Bizarro sound company discovered a fraud whereby one of its front office administrative employees used company funds to purchase goods, such as computers, digital cameras, compact disk players, and other electronic items, for he own personal use. The fraud was discovered when employees noticed an increase in delivery frequency from vendors and the use of unusual vendors. After some investigation, it was discovered that the employee would alter the description or change the quantity on an invoice in order to explain the cost on the bill.What general internal control weaknesses contributed to this fraud?
Discuss the treatment of Barb"s investment interest that is disallowed in 2006. What election could Barb make to increase the amount of her investment interest deduction for 2006? 205.
The Lovely Gum Company has the following information regarding its costs of operations: Selling price $.40 per pack, variable costs 40% of sales, fixed costs $30,000 and target profit $15,000. Use this information to calculate the Break-even volum..
Your company just bought an asset for $200,000 with an estimated useful life of 5 yrs, and a salvage value of $10,000. The Controller asks you to use a depreciation method that would produce the highest charge against income after three years. Wha..
The partnership paid office expenses of $100,000. In addition, KKM distributed $10,000 each to partners Kaylyn and Kristie, and the partnership paid partner Megan $20,000 for administrative services. Kaylyn reports the following income from KKM du..
How would you change the accounting system for the business? What additional accounts would be needed? How would the financial statements change?
Instructions (1) Determine other comprehensive income for 2013. (2) Compute comprehensive income for 2013
Tazmania Inc. had pretax financial income of $154,000 in 2007. Prepare Tazmania's journal entry to record 2007 taxes, assuming a tax rate of 45%.
In 2010, Milly purchased 150 shares of stock in Tommy Corporation for $12,500. In 2012 the corporation distributed $2,000 to Milly. At that time, the company had no accumulated or current earnings and profits. In 2013, Milly sold the stock for $8,000..
Prepare the income statement of owner's equity for the calendar year 2009 and the classified balnace sheet at December 31, 2009. Prepare the necessary closing entries at December 31, 2009.
Trader sells 15 units for $25 each on December 15. Eight of the sold units are from the December 7 purchase and seven are from the December 14 purchase. Trader uses a perpetual inventory system. Determine the costs assigned to the December 31 endi..
Gordon died on January 1 and by his will left land with an adjusted basis of $60,000 and a FMV of $100,000 to Becky. Becky disclaims the property on December 31 of the year of death, when the land was still worth $100,000. Becky has made a gift (b..
What is the main reason for the unfavorable total budget variance?
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