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You are the senior manager or audit engagement partner on Care For Kids Inc., a not-for-profit organization that has a December 31 year-end. While performing year-end substantive procedures, the engagement team identified an error in the entity’s year-end adjusting entries. Care For Kids Inc. had inadvertently not recorded an unrealized gain of $5 million in one of its many investment portfolios. The investments total approximately $200 million. Through inquiry of client management, the engagement team learned that the accounting department had not reviewed the broker’s statement for this particular portfolio. The portfolio, which consisted of traded securities, had increased in market value by $5 million. Materiality for the audit was $10 million. As part of the audit, you must assess the operating effectiveness of controls related to the misstatement. What additional information, if any, is needed to complete your assessment?
The attorneys estimated that there is a 40 % chance of losing. If this is the case, their attorney estimated that the amount of any payment would be $500,0000. Illustrate what is the required journal entry as a result of this litigation?
What is the current market value of this corporation's common stock What are the par values of the corporation's preferred stock and its common stock.
Find out the price of the bonds at January 1, 2011, and prepare the journal entry to record their issuance. Prepare the journal entry to record interest on June 30, 2011
addressing the extent of that organization's leadership's strategic tunnel vision, "all or nothing" thinking, fleixiblility, and focus on key factors. You will provide an argument for why you think each does or does not exist for that organizatio..
Evaluate Tamra's actual factory overhead costs for February 2013. Direct labor costs and Actual per-unit direct material for February 2013 were $24.30 and $10.95. Determine actual total product cost for February.
It had a useful life of 10 years. On January 1, 2012, ELO spent 44,000 to successfully defend the patent in a lawsuit. ELO feels that as of that date, the remaining useful life is 5 years. Illustrate what amount should be reported for patent amort..
Provide an example of when reclassifying a long term investment as a short term investment makes financial sense for company.
What is total amount of Revenue from Long-Term Contracts recognized for 2010 and what is the balance in the Accounts Receivable account assuming Cannon Cafe has not yet made its last quarterly payment?
Calculate amount of fixed manufacturing overhead that will be included in ending inventory under full costing and reconcile it to the difference between income computed under variable and full costing.
Calculation of goodwill value - What amount if any will Hi-Tech record as goodwill on the date of purchase
The overhaul was completed on January 7, 2011 at a cost of $28,000. Because of a slowdown in the economy, the truck only operated for 21,000 km for the remainder of 2011. Instructions Prepare the appropriate journal entries for 2011 relating to t..
Evaluation of Target Cost to maintain a Target Profit Rate - To maintain a target profit equal to 35 percent of the new product's cost, what will the target cost be.
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