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For each of the following independent cases of employee fraud, recommend how to prevent similar problems in the future.
a. Abnormal inventory shrinkage in the audiovisual department at a retail chain store led internal auditors to conduct an in -depth audit of the department. They learned that one customer frequently bought large numbers of small electronic components from a certain cashier. The auditors discovered that they had colluded to steal electronic components by not recording the sale of items the customer took from the store.
b. During an unannounced audit, auditors discovered a payroll fraud when they, instead of department supervisors, distributed paychecks. When the auditors investigated an unclaimed paycheck, they discovered that the employee quit four months previously after arguing with the supervisor. The supervisor continued to turn in a time card for the employee and pocketed his check.
c. auditors discovered an accounts payable clerk who made copies of supporting documents and used them to support duplicate supplier payments. The clerk deposited the duplicate checks in a bank account she had opened using a name similar to that of the supplier.
Prepare the stockholders equity section of the balance sheet, for Penn Company as of June 30, 2015, as it should appear in its annual report to the shareholders.
Journalize and post the adjusting entries, prepare an adjusted trial balance and prepare an income statement, a statement of owner's equity, and a balance sheet.
Explain the key differences between a merchandising and a manufacturing income statement. What characteristics of these two industries explain these differences?
The Red and Blue partnership has been created to operate a law firm. The partners have been attempting to devise a fair system to allocate profits and losses. Red plans to work more billable hours each year than Blue. Use the above spreadsheet to det..
How do you lower tax rates but not the amount of revenue collected by the Treasury. If the tax rates are lowered does that not mean that the amount received by the Treasury would also be lowered?
Will the bonds be issued at a discount or a premium? Explain how much cash will Greece receive for the issuance, assuming semi-annual interest payments?
What is the accounting rate of return? Compute the accounting rate of return for an investment that requires an initial outlay of $300,000 and promises an average net income of $100,000.
Complete your assignment in a Microsoft Word document. Part of your grade will be based on the structure and organization of your project, therefore clearly identify each section and numbered item to which you are responding
Jolly Company uses the FIFO method in its process costing system. Beginning inventory in the mixing processing center consisted of 4,500 units, 75% complete with respect to conversion costs. Ending work in process inventory consisted of 3,500 units, ..
Describe the company's revenue recognition policy. For the most recent year, what is/are the major sources of revenue account for this company?
Optic Matrix Inc. manufactures and assembles automobile instrument panels for both Yokohama Motors and Detroit Motors. The process consists of a just-in-time product cell for each customer's instrument assembly.
Vanstee Corporation manufactures a variety of products. Variable costing net operating income last year was $75,000 and this year was $89,500. Last year, $44,500 in fixed manufacturing overhead costs was deferred in inventory under absorption costing..
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