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During the preparation of the bank reconciliation for New Concepts Co., Peter Fikes, the assistant controller, discovered that City National Bank incorrectly recorded a $710 check written by New Concepts Co. as $170. Peter has decided not to notify the bank but wait for the bank to detect the error. Peter plans to record the $540 error as Other Income if the bank fails to detect the error within the next three months. -Discuss whether Peter is behaving in a professional manner. What would you do? -As Peter's supervisor how would you handle this situation if you found out what Peter had done? -How would you explain the need for this to be handled correctly? -Why are bank reconcilations so important?
Does the AICPA Code of Professional Conduct discuss the collegial responsibilities of CPA firms?In your opinion,were representatives of either Ernst & Young or Kenneth Leventhal &Company unprofessional in this regard during their congressional tes..
Brennan Steel Corporation as lessee signed a lease agreement for equipment for five years, starting December 31, 2007. yearly rental payments of $32,000 are to be made at the beginning of each lease year.
Prepare a tabular summary of the effects of the alternative actions on the components of stockholders' equity, outstanding shares, and book value per share. Use the following column headings: Before Action, After Stock Dividend, and After Stock Sp..
An imaging center has the following information: Compute the total dollar contribution margin dollars and percentage.
On November 19, 2007, Albatross Corporation purchased 30,000 shares of ABC Corporation stock for $480,000, and 10,000 shares of Milken Corporation stock for $250,000. In Microsoft Excel format, please prepare a journal with Albatross's entries for ..
Texark Inc., a calendar year taxpayer, reported $5,210,300 net income before tax on its financial statements prepared in accordance with GAAP. The corporation's records reveal the following information.
Determine the rate and efficiency variances for the variable overhead item power cost and indicate whether those variances are unfavourable or favourable.
Determine how the costs in (a) and (b) should be presented on Erin's financial statements as of December 31, 2008. Also determine the amount of amortization of intangible assets that Erin should record in 2008 and 2009.
Search the Internet for at least four (4) stories about major charitable contributions by individuals, including Bill Gates, Warren Buffett, Steve Jobs, and at least one (1) other individual.
Prepare the journal entries to record the depot (consider a plant asset) and the asset retirement obligation for the depot on Jan 1, 2012. Based on an effectieve-interest rate of 6% the fair value of the asset retirement obligation on Jan 1, 2012 ..
What is the formal definition in the glossary of the term "Current Assets?" Provide one drill-down reference from the Master Glossary for where the term "Current Assets" is used in the Codification.
Why is the budget a far more important document in both governments and not-for-profits than in businesses?
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