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Discuss the concept of legal liability for auditors and the massive risk involved. Take a position on this thought and defend it to your classmates. Include a differentiation between common law and statutory law.
Delaine is a 90% shareholder in a personal service corporation (PSC). The corporation paid Delaine a salary of $353,300 during its fiscal year ending September 30, 2015.
assignation individual t5ai 4 variance analysis1.tooltime has a standard of 1.5 pounds of materials per unit at 2 per
Assume that during Year 2 Jones has a $7,000 gain on the sale of investments and a $2,000 loss on the sale of equipment. Explain how these two transactions would affect your computations in (1)above.
For August, Busters Consulting and Mediation Practice(BCMP) worked 900 hours for Quebec company and 2,100 hours for Ontario Corporation. BCMP bills clients at rate of $300 per hour
Discuss the advantages of forming two divisions (an Automotive division and a Home Products division) and allowing the division managers substantial decision-making autonomy.
On August 1,Wade Company buys 1,000 shares of Morgan common stock for $35,000 cash, plus brokerage fees of $700. On December 1, Wade sells the stock investments for $40,000 in cash. Journalize the purchase and sale of the common stock.
Consider the analysis of the decision performed by the company's chief accountant and compare it to your analysis in part a. What is the fundamental flaw in the chief accountant's work?
What will be the effect on company prot related to accepting the Northwood Industries job? What qualitative factors should be considered in the decision whether to accept the job ornot?
Calculate price and efficiency variances for all of the above and briefly explain what they mean and why the variances may have occurred.
Kyo Co.'s monthly sales and costs data for its operating activities of the past year follow. Management wants to use these data to predict future fixed and variable costs.
Rhodes, Inc., is a fast-growing start up firm that manufactures bicycles. The following income statement is available for July:
Is it unethical of Joan to bias her estimate of incremental sales on the high side, given that she believes the ultimate outcome is in the best interest of the company?
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