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An accounting professional requires at least two skill sets. The first is to be technically competent. Knowing how to capture, manage, and report information is a necessary skill. Second, the ability to assess manager and employee actions and biases for accounting analysis is another skill. For instance, knowing how a person is compensated helps anticipate information biases.
Background: Assume that your company sells portable housing to both general contractors and the government. It sells jobs to contractors on a bid basis. A contractor asks for three bids from different manufacturers. The combination of low bid and high quality wins the job. However, jobs sold to the government are bid on a cost-plus basis. This means price is determined by adding all costs plus a profit based on cost at a specified percent, such as 10%. You observe that the amount of overhead allocated to government jobs is higher than that allocated to contract jobs. These allocations concern you.
Required:
1. Who are the stakeholders?
2. What are the ethical issues?
3. What is your recommendation to the financial officer of your company?
Prepare a cost of goods manufactured schedule for August 2012 - prepare a correct income statement for August 2012.
Downing Company purchased a new machine on October 1, 2012, at a cost of $90,000. The company estimated that the machine has a salvage value of $6,000. The machine is expected to be used for 70,000 working hours during its 8-year life.
disclosure of depreciation expense in income statement.merton company purchased a building at a cost of 364000 on
Identify the steps in evaluating the taxable income of a trust or estate and show the uses and implication of distributable net income.
Using any information you can obtain about this company and industry, write a report explaining this abnormal trend between the net income and the cash flow numbers and whether this should be a red flag to investors and creditors.
Love Theatre Inc. owns and operates movie theatres throughout New Mexico and Utah. Love Theatre has declared the following annual dividends over a six-year period: 2009, $30,000; 2010, $90,000; 2011, $143,000; 2012, $180,000; 2013, $225,000; and 2014..
questiondefine the problems label each questionsanalyze the situationa. what important controls were ignored when ljm1
Compare and analyze the financial metrics and ratios used to evaluate the balance sheet and income statement information and describe how these metrics are used by business managers, markets and investors, and government regulators.
Prepare a budgeted Income Statement - Prepare a budgeted income statement for next year assuming that the company reduces prices as planned.
Prepare a statement of cash flows for the first year, using the direct method in the operating activities section and Did the company generate more or less cash flow from operations than it earned in net income
balance in parchments investment in silky account.onnbspjanuary 1 2009 parchment co. owned 85 of the common stock of
Describe your assessment of the variety of situations where American corporations have attended to the concerns of critics and instituted programs to improve the lives of all stakeholders of the corporations and have made a contribution to make Am..
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