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John Rigas, founder of Adelphia Communications, said that he was sorry for the problems at his company, but he didn't thik he deserved to be jailed. The judge rejected Rigas' argumnet, indicating that he had engaged in a blatant fraud by using shareholder money for his personal use.
a. The phrase, "feeding at the corporate trough" has been used to describe Rigas' actions at Adelphia. Explain what this phrase menas. Is this a good thing? Discuss reasons fr your opinion.
b. If you had owned stock at Adelphia, would you have been happy with Rigas' expenditures? Explain your answer.
c. What fraud risk factor is present in a family-run business? How do the auditors gather evidence to determine whether the financial statements are misstated in such business?
d. Explain how industry knowledge would be useful to auditors in a situation similar to that at Adelphia. What role did industry pressure play in the fraud?
Evaluate the earnings per share of common stock under each of the two plans, suppose income before bond interest and income tax is $600,000.
best buy co. inc.s consolidated balance sheets from its 2011 annual report are presented in exhibit 5-3.a. using the
Evaluate Swobodaville's financial condition based on the partial list of factors given. That is, consider any observable trends in the data and what they could potentially mean. To compare the data, in some cases it is best to convert dollar figur..
C. Reither Co. reports the following information for 2014: sales revenue $761,500; cost of goods sold $512,700; operating expenses $90,900; and an unrealized holding loss on available-for-sale securities for 2014 of $52,100. It declared and paid a ca..
Renn's inprocess research and development was estimated to have a fair value of $200,000.
Journalize the transactions and post to the accounts Debt Investments and Stock Investments and show the balance sheet presentation of investment securities
As one part of your analysis, you want to determine the firm's cash conversion cycle. Using the following information and a 365-day year, what is the firm's present cash conversion cycle?
What would be effect on the company's overall net operating income of dropping product S85U? Should the product be dropped?
Assuming that the yearly benefits, which are measured in real dollars, accrue at the endof each of the 20 years, calculate the net present value of leasing the land.
During the first year of this program, the town spent $14,000 and applied for reimbursement. What amount of revenue should be recognized?
What are the two methods that might be used to record infrastructure expense from year to year? How is the accounting different under the two methods?
Prepare the corrected trial balance at October 31, 2010. Journal entries are not required and record each transaction in the journal. Identify each transaction by its date. Explanations are not required.
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