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The former bookkeeper of White Electric Supply is serving time in prison for embezzling nearly $ 416,000 in less than five years. She describes herself as “ an ordinary mother of three kids and a proud grandmother of four.” Like so many other “ ordinary” employees, she started out by taking only small amounts. By the time she was caught, she was stealing lump sums of $ 5,000 and $ 10,000. Her method was crude and simple. She would write a check for the correct amount payable to a supplier for, say, $ 15,000. However, she would record in the company’s check register an amount significantly greater, say, $ 20,000. She would then write a check payable to herself for the $ 5,000 difference. In the check register, next to the number of each check she had deposited in her per-sonal bank account, she would write the word “ void,” making it appear as though the check had been destroyed. This process went undetected for nearly five years. a. What controls must have been lacking at White Electric Supply to enable the bookkeeper to steal nearly $ 416,000 before being caught? b. What the bookkeeper did was definitely unethical. But what if one of her grandchildren had been ill and needed an expensive operation? If this had been the case, would it have been ethical for her to take company funds to pay for the operation if she intended to pay the company back in full? Defend your answer.
Further, Bluebird recognized a long-term capital loss of $20,000, and a short-term capital gain of $5,000. Illustrate what is the taxable income to be reported by Bluebird Corporation in 2010?
Calculate the target cost required to continue current market share, while earning a profit of $4 per unit. Now, calculate the target cost required to expand sales by 50 percent. How much cost decrease would be obligatory to achieve each target
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Hanson had buildings with a book value of $1,878,000 and a fair value of $2,160,000. What amount should be shown for buildings on the consolidated balance sheet dated December 31, 2011? 106.
What percentage interest in pool is held by the school district and the township? Show the entry into the Investment Trust Fund to record the liability to the funds for interest earned on pooled investments.
ClearOne had stuffed inventory costing approximately $11.5 million into the distribution channel. On the basis of that assertion, what was the approximate amount of its alleged revenue overstatement by the end of 2002?
What is the future value of investment cash flows 6 years from today?
At that level Allen Company expects to sell 3,000 units next year. Illustrate what is Allen’s break-even point in units if it purchases the new equipment?
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In the current year, Tan Corporation redeems 300 shares of Jacob’s stock for $320,000. What are the tax consequences of the stock redemption to Jacob?
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