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Case: Analyzing Internal Control
Pacific Company is a rapidly growing start up business. Its bookkeeper, who was hired one year ago, left town after the company's manager discovered that a large sum of money had disappeared over the past six months. An audit disclosed that the bookkeeper hasd written and signed several checks made payable to her fiance and then recorded the checks as salaries expense. The fiance, who cashed the checks but never worked for the company, left town with the bookkeeper. As a result, the company incurred an uninsured loss of $184,000.
Evaluate Pacific's internal control system and indicate which principles of internal control appear to have been ignored.
a. Prepare an amortization schedule for the three-year period. b. Organize the information in accounts under an accounting equation.
August 31 falls on a Thursday. On Friday, September 1, the part-time employee John J. Jones was paid $250 or $50 per day for a five-day work week which ended that Friday.
Equivalent units for materials total 20,000. There were 16,000 units completed and transferred out. Equivalent units for conversion costs equals 18,000. How much are the physical units for conversion costs if ending work in process is 50% complete..
Show entries in general journal form for the following transactions of Bothwell Regional Hospital, a not-for-profit hospital.
On June 1, 2012, Dalton Production Company had beginning balances as shown in the T-accounts below. Materials inventory Work in process inventory Finished goods inventory Manufacturing overhead 10,000 20,000 25,000 41,000 During June.
Under Carl's will, Carl created a testamentary trust to be funded with $700,000 worth of assets. All of the income of the trust is payable to Carl's child, Jane, for her life, and thereafter, the remaining assets of the trust will pass to The Publ..
The Jefferson Plaza Hotel is a deluxe four star establishment. Late on Friday, it had 10 of its 200 rooms available when the desk clerk received a call from the Riley Hotel.
aesar and Junius orally agreed to become partners in a food testing business. one-half of $80,000, the reasonable value of Caesar’s services during the operation of the partnership. Who will prevail and why?
Surprise Corporation's sales budget showed expected sales of 13,400 widgets. Starting finished goods contained 1,200 widgets. The firm determined that 14,100 units should be produced.
Imagine the government has released funds for creating small businesses. You are interested in establishing a small business, and you must decide on the form of business organization that would best suit your unique product or service and business..
How is FedEx performing? How, if at all, does its performance and plans affect your assessment of the sustainability of UPS=s current performance?
If risk is to be analyzed in a qualitative way, place the following investment decisions in order from the lowest risk to the highest risk:
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