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In each of the following situations, determine if the suitable action was taken. If not, explain the financial statement impact of the error. Recorded the $50,000 purchase of land acquired for invest
Hasselback, Inc., produced 175,000 units and prepared the following income report using absorption costingSales (100,000 Units) $15,000, Direct Materials $1,200, Direct Labor 300. Determine Hasselback
What are the three elements of the alleged employee dishonesty loss? How much is the total verifiable loss from these elements? [The three elements of the fraud are the three categories of fraud tha
Errol provides his employee with use of the car for 183 days during the FBT year ending 30th June 2013. At this time, car travelled 16,000km.Compute taxable value of the FBT for car applying the stat
Select a product to manufacture and to explain the manufacturing process.Classify all manufacturing costs and selling and administrative expenses as either variable or fixed.Create a contribution marg
Create in good form the classified comparative balance sheet, and the multi-step single year income statement and statement of stockholders’ equity for Oxcom Enterprises for the 2013 year.
The company employs 11 lab technicians to work on the production of Lundor. During November, each worked an average of 174 hours at an average rate of $10.30 per hour. Variable manufacturing overhea
Whether Lexington can deduct the lawsuit judgment for income tax purposes, and if so, in what year can it claim the deduction?
Boutique Catering is considering expanding business structure by preparing frozen meals that will be home-delivered. The meals will then only require to be heated up by the customer. As a point of d
Company is concerned about its industry position and is interested in performing a risk assessment to identify the threats to its business and the potential treatments. As there is no risk manager o
Describe briefly what is revealed by ratios and other calculations in context of the company’s profitability, asset efficiency, liquidity, capital structure, and market performance. In particu
My-Best Weight Co. offers personal weight reduction consulting services to individuals. After all the accounts have been closed on November 30, 2012, end of the present fiscal year, balances of sele
You are required to prepare a submission to satisfy the client’s requirements as outlined below. You are required to investigate issues at Pressure Hydraulics and provide a feasibility study i
A post-closing trial balance must be prepared, before closing entries are posted to the ledger accounts. after closing entries are posted to the ledger accounts, before adjusting entries are posted to
Set up flexible budget showing three different growth rates. Use financial statements and perform research on company of your choice to find out growth trends. Describe your estimates and create a f
Describe using examples and related sections of act, what the differences between Ordinary Income and Statutory income are. Use your own examples (not from MTG or Barkoczy text).
Choose a product for study e.g. from: Department stores (a product of reasonable complexity and mass produced) Develop cost structure and estimate cost of this product. Write the final report Product
You are required to maintain records and produce measures of inventories to reflect July events of this company.Set up the following general ledger accounts and enter June 30 balances: Raw Materials
On 1 June 2013 Julie was involved in the car accident. She decided to replace the car’s wrecked petrol engine with the more efficient diesel engine with a much greater economy of operation at
Determine nature and extent of the present accounting treatments and disclosure of leases within financial statements for two companies: Monadelphous Group Ltd and UGL Ltd from Industrial sector lis
The audit of the financial report includes initial approach of addressing fraud. How should an auditor address fraud in the planning stage?
Evaluate and discuss implications of the following transfer pricing policies: Transfer price = cost plus a mark-up for the selling division. Why is transfer pricing such a important issue both from th
Identify and explain any two of the main accounting differences between U.S. GAAP and IFRS.
Earnest T. Bass, Inc., had following debit general ledger balances as of January 1, 2012: Cash - $173,500; Short-term Investments – $20,000; Accounts Receivable – $32,500; Pre
Northhampton agreed to prepay rent and mailed the check for $12,000 to landlord on September 1. Suppose that Northhampton prepares adjustments only four times a year: on March 31, June 30, September