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The accounting firm that you work for has a policy of holding conference lunches for its accounting employees to help them maintain and improve their knowledge in the fields related to their work. Each in their turn, staff members are called upon to make a presentation on a topic that they have recently had to deal with in the performance of their work, so that their colleagues can learn from it.
Knowing that you had to conduct a study in order to advise a client on a loan that he wanted to make to his daughter through the corporation that is wholly controlled by him, the head of the firm has asked you to make a short presentation next week on the subject of loans made by a private corporation to members of the principal shareholder's family. Your presentation is to focus solely on family members who are not employees of the corporation.
a. Prepare the slides and notes for your presentation following the format below. Your presentation should be limited to a maximum of five slides.
b. A team leader from the accounting firm that attended the presentation realizes that he has little knowledge of the subject. He might not be able to clearly identify this type of situation in an engagement with a client. What should the team leader do?
What is the annual operating income from Deluxe at the price of $5,000? What is annual operating income from Deluxe if the price is reduced to $4,000 and sales in units increase by 25%?
The after tax net loss reported by Maine on its year end 31st December, 2012 income statement
Determine the amount of gross profit or loss to be recognized in each of the three years using the percentage-of-completion method.
Calculate Monaco accounts receivable turnover ratio for the year. The company does not believe it will have any bad debts. Use the turnover ratio computed in (b) to analyze Monaco’s liquidity. The turnover ratio last yearwas 8.0.
Franklin Bedding, Inc. has assets of $400,000 and turns over its assets 1.5 times per year. Return on assets is 12 percent. What is its profit margin (return on sales)?
Assume that the company uses the weighted-average method. Determine the costs per equivalent unit for June for the first process.
Calculate the predetermined overhead rate, compute the total manufacturing overhead applied to the Work in Process Inventory account during the first month of operations and compute the balance in the Work in Process Inventory account at the end of t..
Why do you think that the company uses accelerated depreciation methods in its income tax returns?
Purpose a depreciation schedule for each depreciation technique
Calculate variances that isolate the effects of price and usage changes in direct materials and direct manufacturing labor and discuss the pros and cons of immediately changing the standards.
Calculate the amount of cash that would be available upon Ann's retirement if the other assets were sold and the liabilities were paid off.
Determine depreciation expense of the press using both US GAAP and IFRS - Expected future undiscounted cash flows from operating press
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