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Jane Jones was in charge of the returns department at The Software Company. She was responsible for evaluating returned merchandise. She sent merchandise that was reusable back to the warehouse, where it was restocked in inventory. Jones was also responsible for taking the merchandise that she determined to be defective to the city dump for disposal. She had agreed to buy a friend a tax planning program at a discount through her contacts at work. That is when the idea came to her. She could simply classify one of the reusable returns as defective and bring it home instead of taking it to the dump. She did so and made a quick $150. She was happy, and her friend was ecstatic; he was able to buy a $400 software package for only $150. He told his friends about the deal, and soon Jones had a regular set of customers. She was caught when a retail store owner complained to the marketing manager that his pricing strategy was being undercut by The Software Company's direct sales to the public. The marketing manager was suspicious because The Software Company had no direct marketing program. When the outside sales were ultimately traced back to Jones, the company discovered that it had lost over $10,000 in sales revenue because of her criminal activity.
Required:
Identify an internal control procedure that could have prevented the company's losses. Explain how the procedure would have stopped the embezzlement.
Prepare a classified balance sheet in good form as of December 31, 2012. (List assets in order of liquidity.
Calculate the amount each person would pay and calculate the amount that each person would pay based on his own consumption of the activity.
Analyze the effect of the transactions on the accounting equation. First enter the beginning balances and prepare the company's October 20XX profit and loss account, statement of retained earnings, balance sheet and cash flow statement.
comprehensive variance analysis. sol electronics a fast-growing electronic device producer uses a standard costing
Using Taguchi Loss Function to Determine Tolerance (Appendix) The desired distance for Flex- tronchip customers is 0.2 mm between two adjacent pins. What should the tolerance be before an adjustment is made at the factory?
Will the coming years EVA be greater than, less than, or equal to the current year's EVA and effect of changing to the ABC systeman increase in EVA, a decrease in EVA, or neither? Why?
Compare the total annual costs of Product X using both the traditional volume-based and the new ABC systems.
Stigler's 'private interest theory' proposes that regulatory bodies (including accounting standard setters) are made up of individuals who are self-interested, and these individuals will introduce regulation that best serves their own self-interest.
Calculate the mean or average of these YoY returns from your sample. Calculate the standard deviation of the YoY returns. (In Excel, use the STDEV function.)
Submarine, Corp., earned net income of $110,000 for 2011. Submarine's books include the following figures: Preferred stock, 2%, $30 par, 1,000 shares issued and outstanding $30,000 Common stock, $1 par, $52,000 issued $52,000 Paid-in capital in e..
Using T accounts, show the flow of costs through a traditional costing system. What is the total cost of goods sold for April using a traditional costing system?
Prepare the cash flows from operating activities section using the direct method.
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