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1. (TCO 1) Suppose your company paid $12,000 in cash for its rent. How does this transaction impact the accounting equation? (Points : 12)
2. (TCO 2) Suppose your company sold $50,000 in merchandise to a customer for cash. How does this transaction impact the accounting equation? (Points : 12)
3. (TCO 3) Rationalization is one of the components of the fraud triangle. What types of rationalization could a person use to justify misconduct? How can a company protect itself from rationalization as a part of fraud? (Points : 12) 4. (TCO 4) What is horizontal analysis of financial statements? How does horizontal analysis differ from vertical analysis? (Points : 12)
5. (TCO 3) Prenumbered documents are a key feature in an internal control system. Why are prenumbered documents such an important internal control? Give an example of prenumbered documents as an internal control. (Points : 24)
6. (TCO 1) Describe the statement of cash flows. Why is this statement important to the company, creditors, and investors? (Points : 24)
7. (TCO 4) Name and describe one profitability ratio. What does this ratio measure? What is the formula for this ratio? (Points : 24)
The total fixed costs of $50,000 are allocated on the basis of sales volume across the three product lines. The small product line has 30% of the sales volume. What is the differential income or loss from discontinuing the small speaker product li..
Use the checklist to outline phases of the internal control evaluation. You may use the (1) components of internal control, or (2) relevant assertions as headers within your checklist.
Cumulative earnings for year prior to current week, $95,817; social security tax rate, 6.0% on maximum of $102,977; and Medicare tax rate, 1.5% on all earnings. What is the gross pay for the employee?
dorsey co. has expanded its operations by purchasing a parcel of land with a building on it from bibb co. for 93000.
steve is considering the following actions. explain to him which actions will constitute gifts for gift tax purposes.
bisson furniture uses a process cost system to account for its chair factory. all the materials are added at the
Roshaun Gould started a Web consulting firm called Gould Solutions.
suppose the real risk-free rate is 3.50 the average future inflation rate is 2.25 and a maturity premium of 0.10 per
elysian fields inc. uses a maximum payback period of 6 years and currently must choose between two mutually exclusive
Indicate whether each event is an asset source, use, or exchange transaction.
1. financial statement restatement please respond to the followinga. restatements of financial statements should be a
During 2012, Harry, a self-employed accountant, travels from Kansas City to Miami for a 1-week business trip.
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