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You are the senior manager or audit engagement partner on Care For Kids Inc., a not-for-profit organization that has a December 31 year-end. While performing year-end substantive procedures, the engagement team identified an error in the entity’s year-end adjusting entries. Care For Kids Inc. had inadvertently not recorded an unrealized gain of $5 million in one of its many investment portfolios. The investments total approximately $200 million. Through inquiry of client management, the engagement team learned that the accounting department had not reviewed the broker’s statement for this particular portfolio. The portfolio, which consisted of traded securities, had increased in market value by $5 million. Materiality for the audit was $10 million. As part of the audit, you must assess the operating effectiveness of controls related to the misstatement. What factors would you consider to determine if a deficiency, significant deficiency, or material weakness exists?
Determine the net impact on Mosby's 2008 income as a result of this fair value hedge of a firm commitment Compute the net increase or decrease in cash flow from having bought the foreign currency option to hedge this exposure to foreign exchange ri..
Evaluate the ethical implications of Acme's “deferral” of income taxes and who could be harmed by Acme's ability to “defer” income taxes payable for several years, despite positive earnings.
Sara owns an automobile for personal use. The adjusted basis is $14,000 and the FMV is $12,500. Sara has owned the car for two years. Calculate the realized and recognized gain or loss if Sara sells the vehicle for $12,500
What is the product cost of providing one evening of instruction for all students and What is the product cost of training a student over the entire course?
What amount should Cornwell show in the investment account at December 31,2010 if the beginning of the year balance in the account was $40,000?
Posey Corporation distributes land with a Fair Market Value of $20,000 and a basis of $12,000 to Brock, a shareholder. Posey's earnings and profits are $125,000. What must Brock report as income from the property distribution?
In Jan. Lance sold stock with a cost basis of $26,000 to his brothe, James for $24,000, the fair market value of the stock at the time of sale. Five months later, James sold same stock for $27,000. Illustrate what is the tax effect of these transa..
Calculate number of shares outstanding at the time of the cash dividend and the amount of cash required to fund the cash dividend.
y excess of cost over fair value was attributed to goodwill, which has not been impaired. Emery Co. reported net income of $400,000 for 2011, and paid dividends of $200,000 during that year. Illustrate what is the amount of the excess of purchase p..
Prepare two schedules, one indicating the corrected income for 2011 and one for the corrected income for 2012.
Evaluate the amount of annual cash flows that Research In Motion must earn from these projects Assess RIM's most current annual financial statements, from its website or the SEC's website
Journalize the activities from job cost sheets in the general journal. Also journalize the other costs that occurred during this period of time.
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