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On January 1, CBU installed a new computer system for tracking and calculating inventory costs. On December 31, at yeas-end closing, CBU's system reported inventory at $4.5 million for financial statement purposes. At midnight, the auditors performed a physical inventory count and found the inventory total to be $3.5 million. To correct the discrepancy, CBU's accounting staff processed an adjusting entry to reduce inventory by $1.0 million. The next day, two accountants were discussing the events of the previous night. Accountant A was proud of the audit and said it illustrated a benefit of having a good system of internal control. CBU had followed good internal control procedures by having a regular physical inventory count to safeguard a valuable enterprise resource. Accountant A was relieved that the problem was resolved: the financial numbers were corrected before they were reported. In short, he felt successful and thought CBU should feel fortunate to have his accounting staff as control advisors. Accountant B felt differently. She was concerned about the bad decisions that were made throughout the year based on the incorrect inventory numbers. She felt that she and the other accountants should have helped develop more timely and effective system controls. With which accountant's philosophy do you agree? How can you explain the diverse opinions? What policies or procedures, if any, should CBU develop to avoid such problems in the future? Your response should also include a Biblical perspective.
Analogue Technology has preferred stock outstanding that pays $9 annual dividend. It has a price of $76. What is the required rate of return (yield) on the preferred stock?
Mr. Green seeks your advice as to the tax consequences attached to each offer. Assume that he will no other sale of business assets or capital assets during the year. What is your advice?
On June 1, 2002, a company purchased on the open market $20,000 of a company's non-convertible (or convertible) bonds (2% of $1,000,000 bonds outstanding) at a price of "60" ($12,000 cash) plus accrued interest.
What is its new target variable cost per skier / snowboarder? Compare this to the current variable cost per skier / snowboarder. Comment on your results.
Spoiled Baby Corp (SPC) sells baby buggies. Recent changes in the law required SPC to warranty its products for 90 days and you must set up the required accounts. Historical Data indicates that 6% of monthly sales result in warranty claims. The Ju..
During the current year, ALF Partnership reported the following items of receipts and expenditures: $200,000 sales, $10,000 utilities, $12,000 rent, $50,000 salaries to employees, $30,000 guaranteed payment to partner Lloyd, investment interest in..
Compute the following and show the computations that support your answers. Equivalent units of production for materials and conversion costs in the Cutting Department for the month of November. Cost per equivalent unit for materials and conversion..
Obtain one (1) peer-reviewed (scholarly) article that is unique from your teammates, and relevant to the business problem or research question. Write out the team business problem or research question
FASB has special rules for reporting on private health care organizations. And of course, if the health care organization is associated with government (as an SPE), then GASB rules. What are the similarities and differences in the accounting pract..
Joey parked his car on the top of a hill when he went to watch the Superbowl games in San Diego. He did not properly set his brakes or curb the wheels when he packed the car.
Management uses accounting information to run the business (and be sure they get bonuses based on profitability ) stockholders use it to be sure they continue to have a sound investment, a banker may use it to monitor credit trends and for compari..
Abner, age 80 and in poor health, owns investment land with an adjusted basis of $50,000. He is considering transferring it to Stella, his niece. Regarding Stella's income tax position, should the transfer to her be by gift or by inheritance? (Ass..
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