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The CPA firm of Bigelow, Barton, and Brown was expanding rapidly. Consequently it hired several junior accountants, including a man named Small. The partners of the firm eventually became dissatisfied with Small's production and warned him they would be forced to discharge him unless his output increased significantly.
At that time, Small was engaged in audits of several clients. He decided that to avoid being fired, he would reduce or omit some to the standard auditing procedures listed in audit programs prepared by the partners. One of the CPA firm's clients, Newell Corporation, was in serious financial difficulty and had adjusted several of the accounts being audited by Small to appear financially sound. Small prepared fictitious audit documentation in his home at night to support purported completion of auditing procedures assigned to him, although he in fact did not examine the adjusting entries. The CPA firm rendered an unqualified opinion on Newell's financial statements, which were grossly misstated. Several creditors, relying on the audited financial statements, subsequently extended large sums of money to Newell Corporation.
Will the CPA firm be liable to the creditors who extended the money because of their reliance on the erroneous financial statements if Newell Corporation should fail to pay them? Explain.
Precision Numbers, Inc., manufactures pocket calculators. Costs incurred in making 25,000 calculators in April included $85,000 of fixed manufacturing overhead. The total absorption cost per calculator was $12.50.
Alvin owned a building located in Kansas that he rented to a local business-Alvin built a new building at a cost of $400,000. What is Alvin’s realized gain (loss) on this transaction?
Generally, companies follow one of two broad strategies: offering a quality product at a low price, or offering a unique product or service priced higher than the competition. Assume you are opening a small food outlet across the street from your ..
What impact does corporate taxation have on the accounting profession? What type of role do you see yourself playing with regard to corporate taxation?
As a potential investor in the shares of multi-national enterprises, which inflation method, restate-translate or translate-restate, would give you decision needs? Which information set is best from the viewpoint of foreign subsidiary's shareholde..
Len Mast earned $3,900 for the last two weeks. He is married, is paid biweekly, and claims 3 exemptions. What is Len's income tax? Use the percentage method.
(a) Compute the actual cost per foot for materials for March. (b) Compute the materials price variance and a total variance for materials.
You are told that a company has a 20% profit margin and the discovered fraud has caused $1,400,000 more needed revenue to cover the fraud. How much was stolen? A. $280,000. B. $560,000. C. $1,400,000. D. $7,000,000. E. Some other amount.
Give a detailed overview of U.S. publicly traded company, Priceline. This should be 3 pages. Measure the company's vulnerability to current financial threats, such as a recession, higher interest rates, and global competition.
The real property tax year in Adams County is the calendar year. The real property tax becomes a person liability of the owner of real property on January 1 in the current real property tax year 2009.
Compute net cash provided by operating activities,the net change in cash during the year, and free cash flow.
Ending inventory at year-end costs in order are $494,400 with cost index 1.03, $569,250 with cost index 1.15, and $586,850 with cost index 1.21. Calculate Taylor's ending inventory for 2013, 2014, and 2015.
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