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You have been asked to give a presentation to junior staff members on the objectives of financial reporting and the conceptual framework.
Prepare a professional, business-quality presentation including the following:
Ending inventory, Dec 31, 2010 was understated by $13,500; Depreciation expense for 2010 was overstated by $1300. What is effect of the errors on 2010 net income before t axes?
Describe the process of preparing a trial balance. What is the purpose of preparing a trial balance? If a trial balance does not balance.
If overhead is allocated on the basis of direct labor hours, compute the unit cost of Product X - Evaluate the unit cost of Product X under the ABC system. Comment briefly.
During the month of September, the hospital had 18,000 patient days. Total laundry costs were $142,000. Calculate the controllable overhead variance. Analyze laundry costs for the month of September.
Describe what you believe to be the appropriate level of involvement of an accountant in evaluating and selecting an AIS vendor and the AIS itself and tell what are some of the contributions an accountant might offer in this process?
Based on this forecast method, what are operating profits and invested capital expected to be next year? What are two critical operating assumptions (identify one for profit, and one for capital) embedded in this forecast method.
Prepare a segmented income statement for Sparky Electrical Services that highlights - profitability/performance of the three divisions and the divisional managers.
Describe the audit evidence needed to evaluate the fairness of this write down. How might a specialist be of help?
Prepare a complete cash flow statement for the year ending December 31, 2013 using the indirect method. The statement must include all titles, headings, captions, sections, totals, subtotals and disclosures one would normally expect on the face o..
Nadal declared and paid a cash dividend of $36,000. On December 31, Nadal reported a net income of $85,000 for the year. Create all necessary journal entries in 2010 for both situations.
Prepare all closing entries for the month of January, 2009 and prepare the income statement, balance sheet and statement of changes in shareholders' equity for the month of January, 2009 in their proper formats.
Compute the effect on income if Cornish accepts the special order. If Cornish accepts the special order, how much could normal sales drop before all of the differential profits disappear?
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