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Mag's Pie Shop is a rapidly growing baker anddistributor of specialty pies for festive occasions. Mag's CPA adviser keeps recommending that Mag install better internal controls over business. Specifically, the CPA recommends that Mag separate the company's record keeping function from the physical control of cash and other assets. The CPA also recommends that Mag use only preprinted and renumbered forms for all businesstransactions.
a. What is the purpose of internal controls? Be specific.
b. For each internal control suggested by the CPA, give one example of a nun satisfactory situation or event that the control would prevent.
On May 10, 2007, Wiley, Inc remitted $91,450 to the state tax division for April 2007 sales. Calculate the amount of Wiley's April 2007 sales subject to sales tax, and, record the journal entry that would be made when the tax is paid:
Prepare the general journal entries necessary to record the following selected transactions of the General Fund of the City of Roxyville.
What do you think about this thought process? How could you convince someone that they should deduct their charitable contributions?
Arthur operates a part-time auto repair service. He estimates that a new diagnostic computer system will result in increased cash inflows of $2,100 in Year 1, $3,200 in Year 2, and $4,000 in Year 3.
If Charming Confections Company charges each division 12% for capital employed, compute residual income for the Peanut and Plain divisions. Compute the ROI for each division.
Prepare a depreciation schedule assuming actual mileage was: 2007, 40,000; 2008, 52,000; 2009, 41,000; and 2010, 27,000.
Given the machinery Account for five years writtng off depreciation at 10% on the written down value.
Babbel Company is a manufacturing firm that uses job-order costing. The company's inventory balances were as follows at the beginning and end of the year.
The Johnson Manufacturing Company has the following job cost sheets on file. They represent jobs that have been worked on during March of the current year.
Partners Ken and Macki each have a $40,000 capital balance and share income and losses in a 3:2. Cash equals $20,000, noncash assets equal $120,000, and liabilities equal $60,000. If the noncash assets are sold for $80,000, the Macki's capital acc..
The following payoff table shows the profit for a decision problem with three states of nature and two Decision Alternatives (DA):
Tolan co. purchased 30,6% irick company bonds for 60,000 cash plus brokerage fees of $600. Interest is payable seminannualy on july 1 and january 1. if 15 of the securities are sold on july 1 from $31,000 less $300 brokerage fees, the entry would ..
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