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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.
She had purchased the word processor three years ago for $950 and has taken $300 in depreciation. Explain how much and what type of gain or loss will Susan have on the sale?
If similar equipment would cost $150,000 to replace and the partners agree on a valuation of $40,000 for the contributed equipment, what amount should be debited to the equipment account?
Analyze the GAAP and IFRS methods to account for interim acquisitions of subsidiary stock at the end of the first year to determine which is most applicable in the greatest number of situations. Explain your rationale.
what are some things you could do to avoid having states where these customers live require you to collect sales tax?"
During the year, P sold goods to S for $85,800 at a mark-up of 25% on cost. 30% of these goods are still on hand at the date of consolidation.
The revenue recognition principle dictates that revenue should be recognized in the accounting records and the income statement and balance sheet columns of Pine Company's worksheet reflects
Write a schedule computing the threshold for asset amounts
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Prepare a flowchart documenting the sales/collection process for ELM Corporation
the matrix in the Communique Scenario for roles, audience, and the purpose of the communique. Determine which type of communiqué to send to each assigned character from the Communiqué Scenario
Compute the book value of the building at the end of the second year. (Omit the "$" sign in your response.)
Compute MM's deferred income tax expense or benefit for 2009. Prepare a reconciliation of MM's total income tax provision with its hypothetical income tax expense in both dollars and rates.
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