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The North Carolina Furniture Company (NCFC) manufactures upholstered furniture, which it sells to various small retailers in the Northeast and Midwest on credit terms of 2/10, net 60. The company currently does not grant credit to retailers with a 3 (fair) or 4 (limited) Dun & Bradstreet Composite Credit Appraisal. If NCFC were to extend credit to retailers in the fair category, an estimated additional $1.2 million per year in sales could be generated. The estimated average collection period for these customers is 90 days, and the expected bad-debt loss ratio is 6 percent. Approximately 20 percent of these customers are expected to take the cash discount. NCFC's variable cost ratio is 0.70, and its required pretax rate of return on current assets investments is 20 percent. The company also estimates that an additional investment in inventory of $350,000 is necessary for the anticipated sales increase.
Determine the net change in NCFC's pretax profits from extending credit to retailers in the fair category.
You are the newly hired accountant for The Gift Shop. The owner has just received the December 31, 2008 bank statement and has asked you to prepare the monthly bank reconciliation.
What is design management? Why is auditing used in design management? When should design auditing be used? Explain your answer
Discuss how the concept of risk can be used to detect one of the financial statement fraud schemes. Ensure to include specific procedures to detect the fraud scheme of your choosing.
Imagine that you're the Senior Auditor on the Peach Blossom Cologne Company audit. The Partner on the engagement comes into your office and tells you she's not satisfied with the memo that Jasper Parsons (the former Senior) wrote on Understanding ..
Internal control is a process effected by an entity's board of directors, management, and other personnel that is designed to provide reasonable assurance regarding the achievement of objectives.
Present a recent example of fraud with non-cash assets or fraudulent reimbursement. Be sure to answer the following questions in your paper:
Evaluate an annual report of a publicly held corporation of your selection on the internet (not the General Electric annual report).
Describe methods of evaluating performance to increase productivity and profitability. List the characteristics of control systems
Support your response from the e-text and/or course articles, do not use only web sites and avoid the unacceptable web sites. What fundamental concepts are embodied in the definition of internal control?
Identify a profile for a taxpayer who is more likely than the national average to be audited by the IRS. What factors cause certain taxpayers to be audited more frequently?
Control systems in nonprofit organizations will never be as highly developed as in profit-seeking organizations." Do you agree? Explain.
What internal controls components are common among long-term assets and liabilities, and equity accounts? What components are unique to each? How can an auditor assess these controls?
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