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Jones is the manager for ABC Auto Repair. Unknown to his employer, Jones also does freelance auto repair work to earn extra cash. He sometimes uses ABC's facilities and tools for these jobs. Discuss the costs and potential costs that ABC might suffer as aresult of Jones's actions. Discuss how establishing a strong system of communication between employees and management can help deter and detect inventory larceny.. In the case study "Chipping Away at High-Tech Theft," do you believe the procedures and controls maintained by the manufacturer contributed to the theft? Why, or why not? If you suspected someone of being involved in a kickback scheme, what would you look for? An employee can implement a kickback scheme regardless of whether she has approval authority over the purchasing function. How might this be accomplished? What are some clues that might alert you to possible fraudulent activity at the different stages of a bid-rigging scheme?
Which of the following entries records the payment of an account payable?
Break-even analysis is the process of determining ____________________ before we begin earning aprofit.
Quillen Company is performing a post-audit of a project completed one year ago. The initial estimates were the project would cost $250,000, would have a useful life of 9 years, zero salvage value, and would result in net annual cash flows of $46,0..
Crow Co. issued 493,000 of 10%, 20 yr. bonds on Jan, 1, 2010, at face value. Interest is payable annually on Jan. 1. Prepare journal entries to record the last of the following events:
Wheeler Corporation had retained earnings of December 31, 2008 of $ 12 million. During 2009, Wheeler's net income was $ 4 million. The retained earnings balance at the end of 2009 was equal to $ 13 million. Therefore, _________
Lynn transfers land having a $50,000 adjusted basis, an $80,000 FMV and $10,000 cash to Allied Corporation in exchange for 100% of Allied's stock. The corporation assumes the $70,000 mortgage on the land. How much is Lynn's recognized gain?
Banks have receivables that are the result of investing activities rather than sale or trade. We call these signed documents notes receivable.
Audra elects section 179 for asset C. Audra's taxable income from her business would not create a limitation for purposes of the section 179 deduction. Audra elects not to take additional first-year depreciation. Determine her total cost recovery ..
Compare the total tax burden for Carol and the corporation with and without the S election. Consider both income and employment taxes. Carol is single and does not itemize her deductions.
Assume an activity-based costing system is used and that the number of setups and the number of components are identified as the activity-cost drivers for overhead.
a. Organize the information in accounts under an accounting equation. b. Prepare an income statement, balance sheet, and statement of cash flows for 2010. c. Write a memo discussing the advantages to a business of arranging a line of credit.
What types of industries have unearned revenue? Why is unearned revenue considered a liability? When is the unearned revenue recognized in the financial statements?
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