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Heidi Hart, the vice president of financial operations for Castle Candy Manufacturing Company and the controller, Linda Brown, are reviewing the financial statements for the prior two years of 2003 and 2004. Heidi notes that the gross profit margin on sales has increased significantly for 2004 over 2003. Linda is aware that a major reason for the increase is the company's decision to reduce the estimate of warranty and bad debt expense. Heidi is preparing a media communication emphasizing the company's efficiency in controlling costs and she believes this is the reason for the increase in gross profit. Linda is not sure whether to tell Heidi the real reason for the increase.
What is the ethical dilemma in this situation?Should Linda remain silent? Why or why not?What responsibility does Linda have for the representations in the media release?
On January 1, 2006, Hi and Lois Company purchased 12% bonds, having a maturity value of $300,000, for $322,744.44. The bonds provide the bondholders with a 10% yield. Prepare the journal entry at the date of the bond purchase.
What are retained earnings? What items increase the balance in retained earnings? What items decrease the balance in retained earnings?
Evaluate how the status of the pension fund affects the level of risk that must be reported in the annual report. Justify your answer.
Determine the amount of the bundled product sell price that should be allocated to each individual software item using the incremental method with individual sales items ranked as follows: (1) word processing (2) spreadsheet (3) accounting.
Consider the recording of journal entries related to common, preferred, and treasury stock. How does the record-keeping of these entries relate to business?
Which of the following methods of determining bad debt expense does not properly match expense against revenue?
A company has a minimum required rate of return of 8% and is considereing investing in a project that costs $68,337 and is expected to generate cash inflows of $27,000 each year for three years. The approximate internal rate of return on this proj..
Prepare a schedule to show the equity income Tinker should recognize for 2011 related to this investment.
A physical inventory on December 31 shows 2,000 units on hand. Holliday sells the units for $12 each. The company has an effective tax rate of 20%. Holliday uses the periodic inventory method. If the company uses FIFO, what is the gross profit for..
Determine the amount of cash received and prepare the journal entries for (a) the Jan. 1 issuance and (b) the Dec. 31 recognition of interest.
"A long term debt of 2,151,000 represents the remaining balance on a 30 year old loan taken out 20 years ago at 11 % which options to refinance every ten years. If we refinance for the remaining 10 years at 7% how much interest expense will we sav..
Early in January 2011, the internal auditors for Arkansas Inc. discovered these errors and omissions in their review of the 2010 financial records. Arkansas Inc. has not yet closed its books for 2010.
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