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Exercise 1
As auditor for Banquo & Associates, you have been assigned to check Duncan Corporation s computation of earnings per share for the current year. The controller, Mac Beth, has supplied you with the following computations.
Beginning of year
End of year
Average
You have developed the following additional information.
Questions:
Exercise 2
Powerpuff Corp. carries an account in its general ledger called investments, which contained the following debits for investment purchases and no credits.
Use the spreadsheet Available for Sale to prepare a schedule indicating any fair value adjustment needed at December 31, 2012. 4. Now assume Powerpuff s investment in Blossom Company represents 30% of Blossom s shares. In 2012, Blossom declared and paid dividends of $9,000 (on September 30) and reported net income of $30,000. Prepare a brief memorandum explaining how the accounting for the Blossom investment will change, and discuss the impact on the financial statements of Powerpuff Corp.
How do we provide information systems with updated technology? How will we motivate and empower our employees?
Use the Work in process inventory T-account to prepare a schedule of cost of goods manufactured for the month of June.
Lebron received $50,000 of compensation from his employer and he received $400 interest from a municipal bond. Illustrate what is the amount of Lebron's gross income from these items?
Estimated state income tax payments of $1,000 each quarter and estimated city income tax payments of $300 each quarter. The Dunphys made all fourth-quarter payments on December 31, 2013. They would like to receive a refund for any overpayments.
Calculate the opportunity cost of waiting to pay for the motorcycles in November.Describe all transactions clearly and compute the gain or loss in the futures hedge after describing in detail all transactions.
evaluate total variable cost per dozen pretzelsevaluate sales price per dozen pretzels using 120 markup on variable
Determine the direct materials price variance and the direct materials efficiency variance for the year.
Identify at least 10 business risks facing ShangTIF and the business objective (at least 2 risks per objective) impacted.
Prepare cash flows from operating activities section of statement of cash flows, using the indirect method.
Determine the importance of knowing one's liquidity needs when planning to invest. Support your position
federal unemployment compensation taxes are $5,250. at the federal rate of 0.8% and state rate of 5.4%. Create the journal entry to record the payroll tax expense for the period.
A company's income before interest expense and income taxes in 2008 and 2009 is $225,000 and $200,000, respectively. Its interest expense was $45,000 for both years. Calculate the company's times interest earned ratio, and comment on its level of ..
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