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• Identify several areas in business operations where weakness in control over data may occur. Then, determine which can do the most harm to the organization. Provide your rationale.
• Discuss solutions for improving control over the data in the areas that were identified.
Examine how the SOX framework can prevent business model fraud in financial accounting and managerial accounting.
Ronald and Roy formed an equal partnership, R&R Partnership, a general partnership, on January 1, 2012. Ronald contributed $100,000 in exchange for his one-half interest in R&R partnership.
Elk, a C corporation, has $500,000 operating income and $350,000 operating expenses during the year. In addition, Elk has a $20,000 long-term capital gain and a $52,000 short-term capital loss. Elk's taxable income is:
For 2010 Kuhlman Corporation reported net income of $28,000; net sales $400,000; and average share outstanding 6,000. There were no preferred stock dividends. What was the 2010 earnings per share?
Finance Here Sales & Service provides leased-based financing for its full line of commercial generators. Sales of the generators are properly accounted for as operating sales-type leases.
There was $800 of supplies on hand at the end of the year. Prepare the adjusting entry for the end of the year.
Dave Ganz started a sole proprietorship by depositing $30,000 cash in a business checking account. During the accounting period the business earned $6,000 of net income and Ganz withdrew $2,000 cash from the business.
Vertical analysis is used to compare a balance sheet number from a previous period with an income statement number for the current period.
On March 15, 2010, Frankel Construction contracted to build a shopping center at a contract price of $120 million.
On July 1, Job 46 had a beginning balance of $1,235. During July, prime costs added to the job totaled $560. Of that amount, direct materials were three times as much as direct labor. The ending balance of the job was $1,921.
Yard Tools manufactures lawnmowers, weed-trimmers, and chainsaws. Its sales mix and contribution margin per unit are as follows.
Journalize the following transaction using the direct write-off method of accounting for uncollectible receivables.
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