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Question:
You are the financial officer for Music Plus, a retailer that sells goods for home entertainment needs. The business owner, Vic Velakturi recently reviewed the annual financial statements you prepared and sent you an e-mail stating that he thinks you overstated net income.
He explains that although he has invested a great deal in security, he is sure shoplifting and other forms of inventory shrinkage have occurred, but he does not see any deduction for shrinkage on the income statement. The store uses a perpetual inventory system.
Write a brief memorandum that responds to the owner's concerns.
Why is it important to disclose non-cash transaction? Explain.
to what extent if any should store employees - many of whom will be university students working part-time - be
the inventory turnover for an industry is 6 every two months but slow corp. turns over its inventory 4 times a year
Presented below is information related to Greene Company. Compute the inventory by the conventional retail inventory method.
Transaction analysis results in the development of a journal entry. In the start-up of a business the owner contributes $750,000 of cash. (1) Name the accounts impacted and how using the format account name/debit or credit/dollar amount.
on july 31 2012 fraiser company had a cash balance per books of 6140. the statement from nashota state bank on that
the following data are taken from the balance sheet at the end of the current year. determine the a working capital b
the following selected data was retrieved from the walmart inc. financial statements for the year ending january 31
a company is considering purchasing a machine for 21000. the machine will generate an after-tax net income of 2000 per
Cameron Bly is a sales manager for an automobile dealership-Does the warranty accrual decision create any ethical dilemma for Bly? Since warranty expenses vary, what percent do you think Bly should choose for the current year? Justify your response.
on the first day of the current fiscal year 2000000 of 10 year 7 bonds with interest payable annually were sold for
a firm expects to sell 10000 units of its product annually. it estimates that it costs 200 to place an order and that
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