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You are the senior manager or audit engagement partner on Care For Kids Inc., a not-for-profit organization that has a December 31 year-end. While performing year-end substantive procedures, the engagement team identified an error in the entity’s year-end adjusting entries. Care For Kids Inc. had inadvertently not recorded an unrealized gain of $5 million in one of its many investment portfolios. The investments total approximately $200 million. Through inquiry of client management, the engagement team learned that the accounting department had not reviewed the broker’s statement for this particular portfolio. The portfolio, which consisted of traded securities, had increased in market value by $5 million. Materiality for the audit was $10 million. As part of the audit, you must assess the operating effectiveness of controls related to the misstatement. What factors would you consider to determine if a deficiency, significant deficiency, or material weakness exists?
Find Gregson ending inventory using absorption costing and evaluate Gregson ending inventory using variable costing?
The market value of the common stock at the date of the conversion was $30 per share. Illustrate what total amount should be credited to additional paid-in capital from common stock as a result of the conversion of the preferred stock into common..
Ernest, an individual, receives $100 from Vernon Corp. in dividends and is in the 28% tax bracket. Vernon Corp. already paid corporate taxes on the $100 at a 20% tax rate. Explain how much in personal taxes will Ernest need to pay?
In Jan. Lance sold stock with a cost basis of $26,000 to his brothe, James for $24,000, the fair market value of the stock at the time of sale. Five months later, James sold same stock for $27,000. Illustrate what is the tax effect of these transa..
Under the lease agreement, a security deposit of $500 is required with the deposit to be returned at the expiration of the lease, with 10% interest compounded semiannually. Illustrate what amount will the student receive at the time the lease expi..
Evaluate the full unit product costs for Widgets and Gadgets using the traditional costing system and Find the full unit product costs for Widgets and Gadgets using the ABC system.
What financial factors should management suppose when deciding whether to sell a product at split off point or process it further
The income tax rate is 40%. Vermont would report the subsequent amounts related to deferred taxes on its year end 31st December, 2012 balance sheet :
Income statement preparation using contribution and Absorption Costing - Prepare two income statements, one using the contribution approach and one using the absorption approach.
his basis in the building is $20,000. How much gain must the SA general partnership recognize on the transfer of these assets from Sue and Andrew?
what would the effective annual rate on this loan be and what is Carroll's average collection period
CircuitTown considers gift cards to be “broken” (not redeemable) 10 months after sale. (For purposes of this question, assume that gift-card sales occur halfway through each month on average.). Explain how much revenue will CircuitTown recognize wi..
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