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What is the objective of an audit of internal control over financial reporting according to PCAOB auditing standards?
Create a table to compare the dollars provided or used by operating, investing, and financing activities, as well as the overall increase or decrease in cash.
Classify the following items according to income statement category, Depreciation expense, Interest revenue, Sales revenue.
Calculate investment income and the balance sheet investment account for Alpha Company under the cost method and under the equity method.
Using the consolidated statements of stockholders equity for Intel, explain the key reasons for the changes in the common stock.
Assume that this is the only error in the trial balance. Which will be greater, the total debits or the total credits, and by how much?
When you added the total debits and the total credits on the income statement, you found that the credits exceeded the debits by $45,000.
You may have shopped at a Gap store. Suppose Gap purchases 2,000 pairs of slacks on account for $50,000.
Suppose a Lord & Taylor store purchases $140,000 of women's sportswear on account from Liz Claiborne, Inc.
Then the customer paid the balance within the discount period. Credit terms were 2/15 net 30.
Assume that Intel received sales returns of $12,000. Later, Intel collected cash within the discount period.
Journalize the transactions of Intergem Jewels. Intergem's gross profit is 40%, so cost of goods sold is 60% of sales.
The managers of Motorola need to know the company's gross profit percentage and rate of inventory turnover for 20X4. Compute these amounts.
Prepare Blackhawk's statement of owner's equity for the year ended December 31, 20X5.
Complete DaySpring's work sheet for the month ended September 30, 20X6. How much was net income for September?
Reitmeier opened an accounting firm by investing $15,000 cash and office furniture valued at $5,400.
Compute the balance in each account, and show that total debits equal total credits.
Identify each account with an incorrect balance, and indicate the amount and direction of the error.
Clinton began the business with an investment of $5,000 cash and a building valued at $50,000.
Compute the amount of net income or net loss for this first month of operations. Would you recommend that Bernina continue in business?
Explain the advantages of double-entry bookkeeping over single-entry bookkeeping to a friend who is opening a used book store.
Which method of accounting provides more information about your lawn-service business? Explain your answer.
Suppose Intel has completed production of 1,000 processor units that it expects to sell to Gateway.
Suppose that on May 1 the company paid cash of $24,000 for Dell computers that are expected to remain useful for two years.
Make Gillen's adjusting entry to accrue interest expense at December 31. Date the entry and include its explanation.