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The table below contains data on Fincorp, Inc., the balance sheet items correspond to values at year-end of 2010 and 2011, while the income statement items correspond to revenues or expenses during the year ending in either 2010 or 2011. All values are in thousands of dollars. 2010 2011 Revenue $4,500 $4,600 Cost of goods sold 1,850 1,950 Depreciation 550 570 Inventories 325 400 Administrative expenses 550 600 Interest expense 200 200 Federal and state taxes* 450 470 Accounts payable 325 400 Accounts receivable 430 500 Net fixed assets† 5,500 6,350 Long-term debt 2,500 2,900 Notes payable 1,025 650 Dividends paid 510 510 Cash and marketable securities 850 350 _ Taxes are paid in their entirety in the year that the tax obligation is incurred. † Net fixed assets are fixed assets net of accumulated depreciation since the asset was installed. Suppose that Fincorp has 500,000 shares outstanding. What were earnings per share?
Which of the following internal controls most likely would reduce the risk of diversion of customer receipts by an entity's employees?
When should variances be investigated? Who should be responsible for correcting a negative variance? Why? What are some factors that can lead to variances? How can variances be corrected?
On January 1, 2013, Subsid had common stock of $260,000 and retained earnings of $400,000. During that year, Subsid reported sales of $270,000, cost of goods sold of $140,000, and operating expenses of $54,000.
Arntson Corporation's net income last year was $7,975,000. The dividend on common stock was $8.20 per share and the dividend on preferred stock was $3.50 per share. The market price of common stock at the end of the year was $59.10 per share.
Describe the role the objective setting process plays in how and if auditing objectives are met. What are some steps you might take to ensure you consistently meet audit objectives?
Write a research essay on your views as to when each of the two approaches would be appropriate, and provide examples of where each of the approaches might be appropriate in the current economic and business environment.
Only one other person has access to the accounting program. Jonathan calls you to investigate. How would you proceed? Write a one page report detailing the steps Jonathan needs to take to obtain the necessary evidence and protect his company?
A magazine discovers 40% of the families, which subscribe, are ones where there are two wage earners. In the remaining 60% of the families there is only one wage earner. What is the expected number of wage earners pre subscribing family?
Limousine Conversion Company purchases ordinary Cadillacs, cuts them in half, and then adds a middle section to the vehicles to create stretch limousines.
On January 1, 2009, Rand Corp. issued shares of its common stock to acquire all of the outstanding common stock of Spaulding Inc. Spaulding's book value was only $140,000 at the time, but Rand issued 12,000 shares having a par value of $1 per shar..
write a 700- to 1050-word section for your strategic plan in which you add your strategies and tactics to implement and
The company's owner budgets for supply costs, a variable cost, at $2.10 per square foot. The actual supply cost last month was $3,260. In the company's flexible budget performance report for last month, what would have been the spending variance f..
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