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Mel O'Conner owns rental properties in Michigan. Each property has a manager who collects rent, arranges for repairs, and runs advertisements in local newspapers. The property managers transfer cash to O'Conner monthly and prepare their own bank reconciliations. The manager in Lansing has been stealing from the company. To cover the theft, he understates the amount of the outstanding checks on the monthly bank reconciliation. As a result, each monthly bank reconciliation appears to balance. However, the balance sheet reports more cash than O'Conner actually has in the bank. In negotiating the sale of the Lansing property, O'Conner is showing the balance sheet to prospective investors. Identify two parties other than O'Conner who can be harmed by this theft. In what ways can they be harmed? Discuss the role accounting plays in this situation. What internal controls could be put in place to prevent this type of theft?
Karen was the president of Grebe Corporation and was paid an annual salary of $30,000 for the past three years. Karen has no other employment. Write a letter/memo to Karen in which you explain how she would treat her losses for tax purposes.
The ABC Corp. had net income before taxes of $400,000 and sales of $2,000,000. If it is in the 50% tax bracket its after-tax profit margin is:
How their three different options will stimulate interest in the company. Please briefly explain how the following three options will affect the company. 1. a 20% stock dividend
Make notes on the following two items to help your manager to understand their meaning: The balanced scorecard and its perspectives on performance
provide an analysis and explanation of the role of the GAO.
In the manufacture of 10,000 units of a product, direct materials cost incurred was $145,800, direct labor cost incurred was $82,000, and applied factory overhead was $45,500. What is the total conversion cost?
Which of the following industries would normally use job order costing systems and which would normally use process costing systems?
Which of the following is a true statement about governmental units that issue tax-supported debt to finance capital projects?
In terms of the question above, do you think SOX has achieved or approached the desired effect within the accounting and financial world? Please explain why or why not.
Research this situation on the internet or through the university library. Write a 400-word paper describing the situation and the implications of the practice including any legal or ethical ramifications.
Novastar Corporation issued 2,000 of its 1,000, 10% ten-year bonds dated July 1, Year 1, at a time when the market paid 9% for bonds of similar risk. Interest is payable annually.
The contract required four equal annual payments with the first payment due on December 1, 2010, the date of the sale. What present value concept is appropriate for this situation?
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