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Heidi Hart, the vice president of financial operations for Castle Candy Manufacturing Company and the controller, Linda Brown, are reviewing the financial statements for the prior two years of 2003 and 2004. Heidi notes that the gross profit margin on sales has increased significantly for 2004 over 2003. Linda is aware that a major reason for the increase is the company's decision to reduce the estimate of warranty and bad debt expense. Heidi is preparing a media communication emphasizing the company's efficiency in controlling costs and she believes this is the reason for the increase in gross profit. Linda is not sure whether to tell Heidi the real reason for the increase.
What is the ethical dilemma in this situation?Should Linda remain silent? Why or why not?What responsibility does Linda have for the representations in the media release?
What is the total direct material price variance for November when standard price is $1.80, actual price is $1.90 and actual quantity used is 142500?
Grunewald Industries sells on terms of 2/10, net 40. Gross sales last year were $4,562,500 and accounts receivable averaged $437,500. Half of Grunewald's customers paid on the 10th day and took discounts.
I need to determine the best form of business entity for a business having the following characteristics and explain why choose that form of business:
Differences between the amount of cash reported on a company's bank statement and the balance in the company's Cash account before the bank reconciliation are primarily due to:
Discuss how your understanding of the balance sheet and income statement may be applied to your current or future position.
If Michelle purchased 100 shares of Home Depot common stock at the beginning of January for $25. She received a $1.25 dividend payment from the company at the end of December. At that time, the stock was selling for $27.50 per share. What is the d..
How much income must Barry report on his tax return for the current year? What is the character of income?
Assuming the U.S. tax rate is 35% and no valuation allowance is required, what is North's total income tax expense reported on its financial statements for 2010?
Presented below are 3 unrelated situations involving equity securities: What is the effect upon carrying value and earnings for each of the situations above?
Marsha Moore gave property with an adjusted basis of $28,000 to Alfred when the fair market value of the property was $25,000-What is Alfred’s basis for gain? What is his basis for loss?
A not-for-profit organization receives a restricted gift. When, and in which type of fund, should it recognize the revenue? When, and in which type of fund, should it recognize the related expense? What is the reason for the apparent inconsistency..
What was the cost of advertising and warehouse expense allocated to each of the business based on the traditional method? What recommendation would you make in allocating these expenses to each of the business and how much would be allocated to eac..
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