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the audit of the financial statements of Sango Ltd., a closely held company which manufactures and distributes a line of mid-quality furniture.You have obtained the following client-prepared description of the company's procedures and controls over the acquisition and use of production materials:All production materials are kept in a locked storeroom. Storeroom personnel consist of a supervisor and three clerks. Materials are removed from the storeroom based on requisition forms submitted to the storeroom and signed by the production foremen.The storeroom clerks maintain perpetual inventory records of goods received and issued, in both quantities and dollar amounts (first-in, first-out basis). The record for each inventory item also includes a reorder level and a predetermined economic order quantity (EOQ). If the recorded quantity on hand falls below the reorder level, the supervisor telephones the accounts payable clerk, who prepares a pre-numbered purchase order in the amount of the EOQ. The original of the purchase order is sent to the normal supplier of that item (based on multi-year contracts), while a copy is retained in the clerk's files.When ordered materials arrive at Sango, they are received by the storeroom clerks. The clerks count the goods received and compare their counts to the shipper's bill of lading and supplier's packing slip. The goods received are then entered in the perpetual records. The bill of lading and packing slip are initialled, dated, and filed by supplier name in the storeroom.When a vendor's invoice is received in the mail, the accounts payable clerk telephones the storeroom and asks if the goods have been received. If yes, the invoice is matched with the purchase order copy, checked for proper description, pricing, clerical accuracy, and so on, and temporarily filed pending payment. If the goods have not yet been received, the accounts payable clerk asks the storeroom clerk to telephone as soon as the goods are delivered so that the invoice can be processed. In the interim, the invoice is kept in one of the drawers of his desk.RequiredList three weaknesses in the existing system of internal control. For each weakness, state the risk to the company if the control is not improved, and recommend improvements. Format your answer as follows: (9 marks)Weakness Risk Recommended improvement
If Krell is expected to pay a dividend of $0.88 this year, and its stock price is expected to grow to $23.54 at the end of the year, what is Krell's dividend yield and equity cost of capital?
The production department has met all production requirements for the current month and has an opportunity to produce additional units of product with its excess capacity. Unit selling prices and unit costs for three different drill models are as ..
What accounting factors are important before determining whether a pending lawsuit should be accrued as a liability and reflected in the financial statements?
The actual manufacturing overhead cost incurred was $54,000. The manufacturing overhead cost applied to Work in Process was $58,000. The cost of goods manufactured for September was?
Prepare a sales budget with columns for each region and for the company in total for the month of June.
Calculate the distribution of partnership net income (loss) for each independent situation below (for each situation, assume the average capital balance of P is $140,000 and of Q is $240,000).
Albert tranfers land (basis of $140,000 and fair market value of $320,000) to Gold Corporation for 80% of its stock and a note payable in the amount of $80,000. Gold assumes Albert's mortgage on the land of $200,000.
Impairments are: a) recognized as a realized loss if the impairment is judged to be temporary. b) based on fair value for available-for-sale investments and on negotiated values for held-to-maturity investments.
General Optic Corporation operates a manufacturing plant in Arizona. Due to a significant decline in demand for the product manufactured at the Arizona site-Determine the amount of impairment loss
compute the ending inventories under the dollar value lifo method for 2011, 2012, 2013. the base period is January 1, 2011, and the beginning inventory cost at the date was $45,000. compute indexes to two decimal places.
A toy company has been marketing souvenir toys in conjunction with various professional sports teams in a number of cities. Over the past few years, this experience has provided some data on the effect of advertising on sales revenues because the ..
Identify and describe the general formula for calculating the adjusted basis of property.
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