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When a business sells a fully depreciated asset for its salvage value is a gain or loss recognized? How an organization prevent the kind of fraud depicted here?
Describe them and explain why they must be estimated. How are the financial statements affected if they are not estimated?
What was the key control weakness in this case? Discuss the allowance method and the direct write-off method of accounting for bad debts.
Was Frank's company hurt in any way by this fraudulent action? How could this action hurt Frank? How can a business protect against this kind of fraud?
What is unethical about this situation? Who can be harmed? How can they be harmed? What role does accounting play?
Discuss cash dividends and stock dividends. How is each recorded? When each is issued, what is the affect on assets, liabilities and owner's equity?
Arrange the stockholders' equity part of the Lincoln-Priest balance sheet on December 31, 2012.
Prepare the stockholders' equity section of Lennox Health Foods' balance sheet on December 31, 2012.
What is the ethical issue? What are your options? What are the possible consequences? What should you do?
Besides spotting irregularities, like the case above, what are some other ways that ABC cost data are useful for manufacturing companies?
Consider the following June actual ending balances and July 31, 2012, budgeted amounts for Oleans. Prepare a budgeted balance sheet.
Prepare Thumbtack's operating expenses budget for April and May. Prepare Thumbtack's budgeted income statement for April and May.
Calculate the price and efficiency variances for direct materials and direct labor. How did this decision affect cost variances? Overall, was the decision wise?
What are the factors of a financial budget; how are financial budgets developed; what is variance analysis and the way it's utilized.
How are topics added to the FASB's technical agenda? How might an auditor's ethics be challenged while performing an audit?
Why, in most cases, does accrual basis net income provide a better measure of performance than net operating cash flow?
Companies often are under pressure to meet or beat Wall Street earnings projections. Is earnings management always intended to produce higher income? Explain.
Explain and justify why revenue often is recognized as earned at point of delivery.
Prepare a statement of cash flows, using the direct method to present cash flows from operating activities.
Determine the amount of gross profit or loss to be recognized in each of the three years using the completed contract method.
Discuss the current year's balances in the form of a balance sheet and income statement, to the extent the information allows.
Write a short letter to Phil with your recommendation including the method you used to reach your conclusion.
A copy of the list is sent to Jerry McDonald who maintains the general ledger accounts. Fran prepares and makes the daily deposit at the bank.
Prepare a bank reconciliation for the El Gato checking account at December 31, 2011. Prepare any necessary adjusting journal entries indicated.
Why will bonuses be negatively affected? What is the effect on pretax earnings? Discuss the ethical dilemma John Howard faces.