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You recently joined the internal auditing department of Marcus Clothing Corporation. As one of your firs assignments you are examining a balance sheet prepared by a staff account.
In the course of your examination you uncover the following information pertaining to the balance sheet:
1. The company rents it facilities. The land that appears in the statement is being held for future sale.
2. The note receivable is due in 2013. The balance of 53,000 includes 3,000 of accrued interest. The next interest payment is due in July 2012.
3. The note payable is due in installments of 20,000 per year. Interest on both the notes and bonds is payable annually.
4. The company's investments consist of marketable equity securities of other corporations. Management does not intend to liquidate any investments in the coming year.
Required:
Identify and explain the deficiencies in the statement prepared by the company's accountant. Include in your answer items that require additional disclosure, either on the face of the statement or in a note.
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Suppose that, in 2007, Indiana incurred costs of $63.75 million and estimated an additional $42.75 million in costs to complete the project. Using the percentage-of-completion method, Indiana:
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Abner, age 80 and in poor health, owns investment land with an adjusted basis of $50,000. He is considering transferring it to Stella, his niece. Regarding Stella's income tax position, should the transfer to her be by gift or by inheritance? (Ass..
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The Elm Institute makes portable tents for hikers. Their tents have a standard materials usage of 4 yards of cloth per tent at $7.00 per yard.
If Allowance for Doubtful Accounts has a credit balance of $2,201 in the trial balance, journalize the adjusting entry at December 31, assuming bad debts are expected to be (1) 1% of net sales, and (2) 12% of accounts receivable.
a prepare income statements segmented by products. Include a column for the entire firm in the statement. b. if ellie manufactureing eliminates product B, what would be the impact on company profits? c. ellie is considering the purchase of automated ..
Upon examining the balance sheet of a large city, you notice that the total assets of the general fund far exceed those of the combined total of the city's ten separate special revenue funds.
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