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Pure Company acquired 80 percent of the outstanding common stock of Saxxon Company on 2nd January, 2013 for $675,000. At that time, Saxxon's total stockholders' equity amounted to $1,000,000. Saxxon Company reported dividends and net income for the last two years as given: 2013 2014 Reported net income $45,000 $60,000 Dividends distributed 35,000 75,000 Required:
Prepare journal entries for Pure Company for 2013 and 2014 assuming Pure uses:
A. The cost method to record its investment
B. The total equity method to record its investment. The difference between implied value and book value of equity acquired was attributed solely to a building, with a 20-year expected life.
To identify principal audit risk and corresponding audit procedures
When responding to the cases in 8-1A, be sure to think critically about each case. Identify the principles of internal control that has been violated, and give an explanation of why you think that principle has been violated. Identify the conseque..
A significant component of an audit program is the examination of the organization's internal control procedures and if they are being followed.
During the audit of a regulated company you find that in three instances there were events that occurred that required the company to notify the regulatory agency of their occurrence.
Find the effective rate of both. Which is lowest? If Marine Bank eliminates its compenstating balance requirement, would the answer change? What would the new effective rate be?
You have been asked to assess the interface for company XYZ's online job bank and resume submission function. Only pieces of data available are: (1) HR is overwhelmed with the number of submissions, (2) internal users complain their applications d..
Choose any KPIS based on your industry/interests and explain why the existing KPIs offer a partly-complete measure. For each KPI, come up with an extension that might offer a better and/or in-depth measure.
Please explain the importance of the internal controls necessary to account for cash, purchases, and sales?
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Show why each of the five areas specified by the audit committee may or may not be suitable for this assurance engagement.
Which is more important to effective corporate governance: an audit committee or a compensation committee? Why? Explain your answer.
Obtain an understanding of the company, its internal control, and its audit risk factors (including the risk of material misstatements due to fraud).
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