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Disagreement with Management. Emiko Iamiva, Certified Public Accountant (CPA), audited the Satsuma Company's earthquake insurance policies. All routine audit procedures with regard to the earthquake insurance register have been completed (i.e. vouching, footing, examination of canceled checks, computation of insurance expense and repayment, tracing of expense charges to appropriate expense accounts, etc.). After the insurance review, Iamiva came to the conclusion that the insurance coverage against loss by earthquake is inadequate and that, if loss occurs, the company may have insufficient assets to liquidate its debts.
After a discussion with Iamiva, management refuses to increase the amount of insurance coverage.
Required:
A. What mention will Iamiva make of this condition and contingency in his standard report? Why?
B. What effect will this condition and contingency have upon the audit opinion? Give reasons for your position.
If a corporation operates in a highly competitive industry and competes against many other companies. In the last some years, many new companies have entered the industry and firm now earns a return on investment very close to prevailing interest rat..
For both sets of calculations, compare the firm's output price and the calculated average variable cost and average total cost. Should the firm shutdown immediately when the total fixed cost equals $1,000,000
different types of consumers value your two products differently, but you are unable to identify these consumers individually at the time of the sale. In particular, you know there are three types of consumers (1,000 of each type).
a. Solve for the amount imported, consumer surplus, and producer surplus. b. Suppose a per unit tariff of $10 is imposed by the government, solve for the consumer surplus, producer surplus, government revenue and total surplus with the tariff.
A firm produces two different goods, with demand given by the following Pa=100-2Qa-Qb and Pd=90-2Qb where Pa=price of good A Pb=price of good B, Qa=quantity of good A and Qb= quantity of good B there are 30 units of each in storage
Explain how you created the differing impressions (what strategies you used). See strategies #2-5 on pages 47-48 for help with this. (Remember, you may not use strategy #1.) Cite specific examples of each strategy you used.
Assume tax rate on labor income t=.6. Find the equation of the labor demand curve. Calculate equilibrium levels of the real wage and employment, the level of full employment output, and the total after tax wage income of workers.
A national park in California contains the tallest known redwood tree, as well as remnants of the coastal redwood ecotype that once dominated coastal California. The park does not receive many visitors; it has been estimated that no more than 5,00..
Quantity.Price .Total Revenue. Marginal Revenue 0 55 10 50 20 45 30 40 40 35 50 30 Please find TR and MR
Josh Ritchey has just been hired as a cost engineer by a large airlines company. Josh's first idea is to quit giving complimentary cocktails, wine, and beer to the international flying public. He calculates this will save 5,000,000 drinks per year..
The diesel-powered generator with a cost of $60,000 is expected to have a useful operating life of 50,000 hours. The expected salvage value of the generator is $8,000. In its first year, the generator was operated for 5,000 hours.
An engineering freshman wants to purchase a laptop computer for use during the 4 ½ years that she plans to study engineering at Texas Tech.Assume that maintenance and supplies will cost $100 each six months . Use an interest rate of 12% per year wi..
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