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Mecklenburg County Balanced scorecard

A company that provides training, certification and consulting services to commercial, government, and non-profit organizations in applying best practices in balanced scorecard (BSC), strategic performance management and measurement, and transformation and change management has a customer success story on its website at http://w

FASB: Current Assets, Prepaid Expenses

1. Locate the Master Glossary in the FASB Codification, and answer the following questions: a. What is the formal definition in the glossary of the term "Current Assets?" b. Provide one drill-down reference from the Master Glossary for where the term "Current Assets" is used in the Codification. 2. "A company includes pr

Elliot Company and Ryan Company

18 - 1 Elliot Company estimates that costs of production for the coming year would be: Raw materials $75,000 Direct labor 90,000 Production overhead 135,000 a) Calculate the overhead rate for the next year, assuming that it is based on direct labor dollars. b) Journalize the entry necessary to show the total cost of produ

LBJ Company Internal Control

You have a client, LBJ Company, with a lean organization and these practices: - Accountant purchases all of the supplies and pays for these purchases. - Accountant receives the checks and completes the monthly bank reconciliation. - All employees have access to petty cash and are asked to only place a note if they use any o

Jumper Co and Cable Corp

On January 1, 2010, Jumper Co. acquired all of the common stock of Cable Corp. for $540,000. Annual amortization associated with the purchase amounted to $1,800. During 2010, Cable earned net income of $54,000 and paid dividends of $24,000. Cable's net income and dividends for 2011 were $86,000 and $24,000 respectively. Assumin

Techron Co and Jannison Inc

On January 1, 2010, Jannison Inc. acquired 90% of Techron Co. paying $477,000 cash. There is no active trading market for Techron stock. Techron Co. reported a common stock balance of $140,000 and retained earnings of $280,000 at that date. The fair value of Techron Co. was appraised at $530,000. The total annual amortization wa

Distributing Sales and Properties to Shareholders

The corporation owns a building with a $160,000 adjusted basis and a $120,000 fair market value. The company has earnings and profits of $200,000. Is it more advantageous for the company to sell the property and distribute the sales proceeds to its shareholders or distribute the property to its shareholders and let them sell the

Taxation Consequences

Problem 1 Joey parked his car on the top of a hill when he went to watch the Superbowl games in San Diego. He did not properly set his brakes or curb the wheels when he packed the car. When he returned from the games, he found his car had rolled down the hill, smashed into Nick's house, and injured Nick, who was watching TV

Accounting Project: Pretzel Company

It is a few months before your store is opening. You expect to open the doors of your pretzel company as of January 1. You are starting fresh with no raw materials, no accounts receivable, and no accounts payable. You were able to secure several contracts with local businesses (i.e., sales associates that are paid on commission)

Managing a Product-Harm Crisis

• Define a product-harm crisis. • Identify the factors that contribute to a product-harm crisis. • Compare and contrast the findings of the various studies on product-harm crisis. • Synthesize your analysis of the research to develop and support a recommendation for a company handling a product-harm crisis

Simple cash flow

The ability to manage cash flow is essential for businesses. Many small businesses fail because they are unable to manage the ups and downs of periodic cash flows. Listed below are items that a corporation gave up in order to receive cash. For each item listed in the first column, describe the effect on the elements of each

Taxation & Research Memorandum

The Pima and Southern Railroad (PSRR) is a small railroad operating in rural Arizona. It exists by carrying freight to remote areas of the southwest. This year the PSRR needs to replace a 30-mile section of its track. The PSRR has bids from a contractor to replace the track for the following amounts: Cost of new track.....

Perception of Detection

Creating a perception of detection can act as a deterrent to fraud. What are some ways companies attempt to create such a perception?

Reducing overhead costs

Find an (2013) article based on a search of "reducing overhead costs". Summarize the article.

Performance Measures, Transfer Pricing

1. Mario and Lucy opened an ice cream shop in Kissimmee. Their goal is to maximize profit and to make the business appealing to customers. The cream shop was a big success, so they decide to open an ice cream shop in many cities including Orlando. They hire Luis to manage the shop in Orlando. Mario and Lucy are considering di

Transition of Cost Centers to Profit Centers

'Wireless Inc., provides a variety of telecommunications services to residential and commercial customers from its massive campus-like headquarters in suburban Orlando. For a number of years the firm's maintenance group has been organized as a cost center, rendering services free of charge to the company's user departments (sal

Cost Behavior, High-low Method, Pricing Decision

Since the clinic is brand new, it has no experience to go on. Carlos decided to operate the clinic for two months before determining how much to charge per hour on an ongoing basis. As a temporary measure, the clinic adopted an hourly charge of $25, half the amount charged by Fonseca, Ruiz, and Dunn for professional services. T

Calculate Efficiency Variances

Assume that you manage your local marble slab creamery ice cream parlour. In addition to selling ice cream cones, you make large batches of few flavours of milk shakes to sell throughout the day. Your parlour is chosen to test the company's "Made-For-You" system. The system allows patrons to customize their milk shakes by choosi

Purchase Evaluation of Depreciated Capital

On June 3 of the current year, Eric, Florence, and George form Wildcat Corporation and transfer the following items: Eric Land $200,000 $50,000 500 Florence Equipment -0- 25,000 250 George Legal services -0- 25,000 250 Eric purchased the land (a capital asset) five years ago for $200,000. Florence purchased the equipment

Deductions

There is a significant amount of gray area when interpreting tax regulations. There are several resources available to assist tax preparers in addressing these issues, such as the AICPA's "Statements on Standards for Tax Services." You are asked by a new client to include an unsubstantiated amount as a deduction that will mak

Relationships of audits

In comparing services that auditors provide, you will notice a variety of both services and topics they cover. The last slide above in the Audit PowerPoint gives factors that contribute to fraud in companies. Notice that since the Sarbanes-Oxley Act in 2001, fraud from lack of internal controls has decreased dramatically. How

Equity Securities Entries: Capriati Corp

AE17-11 Journal entries for equity securities for Capriati Corp in 2012, their first year of business, including unrealized gains or losses in 2012: 2012: Jan 15: Purchased 13,500 shares of Gonzalez Company's stock at $50.25 per share and commission of $2,970. Apr 1: Purchased 7,500 shares of Belmont Co.'s stock at $78.00

Gregory Inc: Fair Value and Equity Method Compared

AE17-16 (Fair Value and Equity Method Compared)   Gregory Inc. acquired 20% of the outstanding common stock of Handerson Inc. on December 31, 2012. The purchase price was $1,260,000 for 50,000 shares. Handerson Inc. declared and paid an $0.88 per share cash dividend on June 30 and on December 31, 2013. Handerson reported net

Gator Co: Equity method of reporting Investment in Subsidiary

AE17-13 (Equity Method)   Gator Co. invested $1,120,000 in Demo Co. for 25% of its outstanding stock. Demo Co. pays out 40% of net income in dividends each year.   Use the information in the following T-account for the investment in Demo to answer the following questions.   Investment in Demo Co.   1,120,000