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You are auditing the december 31st end of the year inventory of abc company. abc uses a perpetual inventory system. all purchases and sales are on credit. ABC sold and shipped merchansie toa customer on decemeber 28th fob destination. it was received by the customer january 4. it was not included in abc's inventory. Is it necessary to adjust the inventory records by increasing inventory and accounts payable? if not what adjustments should be made?
The rules are specific. How are extraordinary items different from some other irregular items that you occasionally see on a corporate income statement?
What are the auditing procedures Green should consider performing to gather evidence concerning subsequent events?
The average daily demand is 150 customers. The convenience store currently operates 6 hours a day. Each order takes approximately 2 minutes. a. What is the average customer waiting time, in minutes?
Design a performance evaluation report for the purchasing department. Describe what each item in the report measures. Evaluate the performance of the purchasing department.
Assume that a U. S. company makes a purchase from a British company and agrees to pay a price of 2 million pounds. How will the U.S. company determine the cost of this purchase for the purpose of recording it in its accounting records? Briefly exp..
Al and Amy file a joint return for the 2007 tax year. Their adjusted gross income is $80,000. They had net investment income of $9,000. In 2007, they had the following interest expenses:
A cpa firm has audited the financial statements included in a form s-1 filed with the sec under the securities act of 1993. shortly thereafter, the company went bankrupt and a class action lawsuit was filed by the initial investors against the cpa..
Prepare the July 31 journal entry for Red Brick Inc. capturing repayment of the entire note and interest.
Prepare the adjusting entry for December 31 st to reflect the amount of rent expense consumed. What is balance in prepaid rent on December 31 st after the adjusting entry has been made?
Since the Sarbanes-Oxley Act of 2002, fraud from lack of internal controls has gone down. At the same time, collusion between employees and among third parties has increased.
From the standpoint of the stockholders of a company, the ratio that measures the overall performance of a company would be calculated using which of the following?
Name the steps in completing the accounting cycle and explain how they impact the financial statements. What happens is a step is missed? Explain.
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