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During the preparation of the bank reconciliation for New Concepts Co., Peter Fikes, the assistant controller, discovered that City National Bank incorrectly recorded a $710 check written by New Concepts Co. as $170. Peter has decided not to notify the bank but wait for the bank to detect the error. Peter plans to record the $540 error as Other Income if the bank fails to detect the error within the next three months. -Discuss whether Peter is behaving in a professional manner. What would you do? -As Peter's supervisor how would you handle this situation if you found out what Peter had done? -How would you explain the need for this to be handled correctly? -Why are bank reconcilations so important?
Provide the fund level entries in general journal form required to conform to generally accepted accounting principles. If no entry is needed, so indicate.
the balance sheet of the Indian River Electronics Corporation as of December 31, 2012, included 12.25% bonds having a face amount of $90 million.
Anil, a single taxpayer, acquired 100 shares of Section 1244 stock in 2003 for $200,000. In 2010, Anil sold all of the shares to William for $50,000. How should Anil treat the loss?
The actual cash received from cash sales was $11,279, and the amount indicated by the cash register total was $11,256.
Write a letter to David in which you advise him on the deductibility of the $60,000 loss for Federal income tax purposes. Because David is a professional, feel free to make use of technical language in your letter.
Are there any other regulatory controls or mechanisms (other than internal controls) that could prevent management fraud in Australia? If so, briefly discuss the ability of these mechanisms to prevent fraud?
Which of the following statements is false regarding involuntary conversions?
What is the future value of $9,000 at the end of 5 periods at 8% compounded interest?
As of December 31, 2010, Stand Still Industries had $2,500 of raw materials inventory. At the beginning of 2010, there was $2,000 of materials on hand. During the year, the company purchased $305,000 of materials;
On March 17, Grady Company agrees to accept a 60-day, 9%, $10,200 note from Alert Company to extend the due date on an overdue account. What is the journal entry needed to record the payment of the note by Alert Company on the maturity date?
if the sales manager accepts a rush order that will result in higher than normal manufacturing costs, these additional costs are charged to the sales manager because the authority to accept or decline the rush order was given to the sales manager...
Business combinations have become an important strategic move by corporations for various reasons. Discuss the various types of business combinations. Why may companies seek to engage in business combinations?
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