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Reginald Owens owns Knight’s Table Party Supply which caters to weddings, receptions, corporate gatherings, and other special occasions. Reginald creates the atmosphere for the occasion and decorates in conjunction with the buyer’s wishes. He is a small company and has one person, Sam, who orders supplies with the company credit card, tracks inventory, delivers decorations, and operates a cash bar for each party. Patricia is Sam’s wife. She was brought onboard to create invoices, accept payments, make deposits, and pay vendors. Patricia is also allowed to sign checks if Reginald is not immediately available to do so.
Identify 5 areas where internal controls are needed for Reginald’s business to prosper.
Explain how not initiating action could create financial issues within the company.
Company C has a 34% marginal tax rate and uses a 6% discount rate to compute NPV. The company must decide to lease or purchase equipment to use for years 0 through 7. It could lease the equipment for $18,900 annual rent, or it could purchase the equi..
The Consulting Division of IBM Corporation is often involved in assignments for which IBM computer equipment is sold as part of a systems installation. Discuss the transfer-pricing issues that both the Computer Equipment Division manager and the Cons..
During the current year, merchandise is sold for $775,000. The cost of the merchandise sold is $426,250.
At the beginning of 2015, your company buys a $33,600 piece of equipment that it expects to use for 4 years. The equipment has an estimated residual value of 4,000. The company expects to produce a total of 200,000 units. Determine the depreciable co..
The CAPM (capital asset pricing model) assumes that: a. all assets can be traded b. investors are risk-averse
Heavenly Sounds Corp., an electric guitar retailer, was organized by Mickey Blessing, John Frey, and Nancy Stein. The charter authorized 750,000 shares of common stock with a par $20. the following transactions affecting stockholders equity were comp..
Michelle, a single individual, reports 2015 adjusted gross income of $280,000 and has the following itemized deductions before applicable limitations. What are Michelle’s itemized deductions for regular tax purposes? What are Michelle’s itemized dedu..
The price quoted to the customer is closely tied to the estimated cost in environments in which products are made according to the customer's specifications.
Bart and Kesha are in the 39.6% tax bracket. They are interested in reducing the taxes they pay each year. They are currently considering several alternatives. For each of the following alternatives, indicate how much tax, if any, they would save.
A company has a sales turnover of $8 million. The total assets of the company are worth $4 million, of which 2.5 million is borrowed funds. Operating and administrative expenses together come to $5.7 million. Depreciation is $0.8 million. Interest to..
Equity and Liabilities of the business. You need to indicate whether the element has increased or decreased and provide the relevant amount and account that would be affected- Prepare the statement of comprehensive income for Tracey's Toy Shop for ..
Where would increses in Accounts Receivable go on the statement of cash flows?
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