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A corporation operates a highly automated flexible manufacturing facility. The capital-intensive nature of the corporation's operations makes internal control over the acquisition and use of fixed assets important management objectives. A fixed-asset budget that indicates planned capital expenditures by department is established at the beginning of each year. Department managers request capital expenditures by completing a fixed-asset requisition form, which must be approved by senior management. The firm has a written policy that establishes whether a budget request is to be considered a capital expenditure or routine maintenance expenditure. A management committee meets each month to review budget reports that compare actual expenditures made by managers to their budgeted amounts and to authorize any additional expenditure that may be necessary. The committee also reviews and approves as necessary any departmental request for sale, retirement, or scrapping of fixed assets. Copies of vouchers used to document department requests for sale, retirement, or scrapping of fixed assets are forwarded to the accounting department to initiate removal of the asset from the fixed-asset ledger. The accounting department is responsible for maintaining a detailed ledger of fixed assets. When a fixed asset is acquired, it is tagged for identification. The identification number, as well as the cost, location, and other information necessary for depreciation calculations, is entered into the fixed-asset ledger. Depreciation calculations are made each quarter and are posted to the general ledger. Periodic physical inventories of fixed assets are taken for purposes of reconciliation to the fixed-asset ledger as well as appraisal for insurance purposes.
The City of Springfield has three pension plans: a locally administered police plan for which it is trustee, a statewide cost sharing plan, and a statewide agency plan. The City would include in its CAFR financial statements for:
On November 1, Prince Vacuum Company offered special early retirement benefits to those employees who were eligible. This program was in effect until year-end. Prince should recognize a liability and an expense related to these special termination..
What basis will Cardinal Corporation have in the assets acquired from Finch Corporation?
Compute Olga's depreciation expense for 2008-2010 assuming the mid-quarter convention applies to all three-year property placed in service during 2008.
Assuming everything else is the same, is this simple concentration on the dividend payout of the company a good valuation technique? Take the FALSE approach with your answer.
Role of financial information for continuous improvement Consider an organization that has empowered its employees, asking them to improve the quality, productivity, and responsiveness of their processes that involve repetitive work.
Through hard work and careful saving, Hans and his family have152,000 to start a small business. The family estimates sales tocustomers will be about $4,500 per month during the first year. Onthe average, expected cost per month are budgeted as fo..
The adjusted trial balance columns of the worksheet for Porter Company are as follows-complete the worksheet by extending the balances to the financial statement columns and prepare an income statement?
Lacy's Linen Mart uses the retail method to estimate inventories. Data for the first six months of 2011 include: beginning inventory at cost and retail were $60,000 and $120,000, net purchases at cost and retail were $312,000 and $480,000, and sal..
Which of the following statements is (are) true regarding the potential effects of using reported product costs for decision making?
An audit client is being sued for $500,000 for discriminatory hiring practices.
Prepare a transaction analysis worksheet below (with accounttotals at the end of the month).
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