1. What is the difference between a general control and an application control? 2. What internal controls can be implemented using information systems to safeguard an organization's electronic assets?
Pushdown accounting: 1. Refers to the establishment of a new accounting and reporting basis in an acquired company's parent's financial statements 2. Is where the purchase price is "pushed down" on the acquirer's financial statements and used to restate the carrying value of its assets and liabilities 3. Refers to th
I need help with the attached information in the excel sheet based on the following information: Sand, Mell, and Rand are partners who share incomes and losses in a 1:4:5 ratio. After lengthy disagreements among the partners and several unprofitable periods, the partners decided to liquidate the partnership. Before the liquid
1) When a corporation distributes a dividend the most common form of distribution is a cash dividend. Dividends account will be increased with a credit. Retained Earnings account will be directly increased with a debit. Dividends account will be decreased with a debit. 2. An ac
Uzi Company received a charter granting the right to issue 200,000 shares of $1 par value common stock and 10,000 shares of 8% cumulative and nonparticipating, $50 par value preferred stock that is callable at $80 per share. Selected transactions are presented below. 2011 Feb. 19 Issued 45,000 shares of common stock at par f
Suppose the Baseball Hall of Fame in Cooperstown, New York, has approached Active-Cardz with a special order. The Hall of Fame wishes to purchase 50,000 base-ball card packs for a special promotional campaign and offers $0.37 per pack, a total of $18,500. Active-Cardz's total production cost is $0.57 per pack, as follows: Var
Corbertt Pharmaceuticals manufactures an over-the-counter allergy medication. The company sells both large commercial containers of 1,000 capsules to health-care facilities and travel packs of 20 capsules to shops in airports, train stations, and hotels. The attached information has been developed to determine if an activity- b
Mark or Make is a bourbon distillery. Sales have been steady for the past three years and operating costs have remained unchanged. On January 1, 2037, Mark or Make took advantage of a special deal to prepay its rent for three years at a substantial savings. The amount of the prepayment was $60,000. The income statement items (ex
There are several potential problems that can occur from the improper use of standard costs. Labor quantity standards and efficiency variances assume that production is labor-paced. However, output in many companies is determined by the processing speed of machines. Also, too much emphasis on meeting the standards may overshadow
Kindly summarize the following article: 5 Keys to Survival After the Recession: Reduce Overhead Costs & Maintain Quality by Ashley Jernigan Website: http://unitherm.com/blog/manufacturing/5-keys-to-survival-after-the-recession-reduce-overhead-costs-maintain-quality-2/
Problem 1. Betsy receives a salary of $50,000 from her employer (a retail clothing store) and several fringe benefits. Her employer pays premiums of $300 for her $40,000 group term life insurance coverage and pays $2,400 for medical insurance premiums. Her employer provides dependent care facilities (where she places her youn
In detail, please explain how great a problem is the current account deficit in the United States? Synthesize the opinions of professionals in the finance industry.
Janie graduates from high school in 2012 and enrolls in college in the fall. her parents pay $4,000 for her tutiion and fees. a. assuming janie's parents have agi of 170,000, what is the american opportunity credit they can claim for janie? b. assume her parents have agi of 75,000, whats the american opportunity credit they ca
1. What are the permanent and temporary differences? 2. What is NOL? Why does it occur? 3. What are the allocation methods? 4. What are the deferred tax assets and deferred tax liability? 5. What is the earnings conservatism ratio?
Discuss whether U.S. GAAP under SFAS No. 115 or the requirements of IAS No. 25 are more consistent with the following concepts: i. Conservatism ii. Comparability iii. Relevance iv. Neutrality v. Representational faithfulness vi. Physical capital maintenance
Problem 1. When Keith created a new corporation as the sole shareholder, he was advise by his accountant to treat 50% of the amount invested as a loan and 50% as a purchase of stock. What are the advantages and disadvantages of this structure as compared with treating the entire investment as a purchase of stock? Problem 2.
The Thomas Company is in the process of developing a revolutionary new product. A new division of the company was formed to develop, manufacture, and market this product. As of year-end (December 31, 2010), the product has not been manufactured for resale; however, a prototype unit was built and is in operation. Throughout 20
The Code's "integration" or "permitted disparity" rules permit an employer's allocation or benefit accrual formula to provide a lower rate for a participant's compensation at or in excess of Social Security's maximum taxable wage base than for compensation below this maximum taxable wage base. Why? What does this mean for the em
The following is an excerpt from a conversation between two employees of Linquest Technologies, Don Corbet and Rita Shevlin. Don is the accounts payable clerk, and Rita is the cashier. Don: Rita, could I get your opinion on something? Rita: Sure, Don. Don: Do you know Margaret, the fixed assets clerk? Rita: I know wh
1. What is XBRL? How will it effect financial reporting? Please Explain. 2. What are the main types of accounting software used in a restaurant setting or organization? What are the benefits and limitations of this software? Please Explain. 3. What are some of the hardware components of the PC at work? How are they differe
Raddington Industries produces tool-and-die machinery for various manufacturers. Two years ago, the company expanded vertically by acquiring Regis Steel Company, one of its suppliers of alloy steel plates. In order to manage the two separate businesses, the operations of Regis Steel are reported separately as an investment cente
How do Cafeteria Plans benefit employers? How do they benefit employees? Please answer questions and provide supporting resources.
What are the 6 principles in the AICPA's CPC and the purpose of each principle? Can you also please help me find three companies of codes of conduct of major public U.S. companies?
Wyco Company manufactures toasters. For the first 8 months of 2011, the company reported the following operating results while operating at 75% of plant capacity. Sales (400,000 units) $4,000,000 Cost of goods sold $2,400,000 Gross profit $1,600,000 Operating expenses $900,000 Net income $700
Braemar Saddlery uses department budgets and performance reports in planning and controlling its manufacturing operations. The following annual performance report for the custom saddle production department was presented to the president of the company: Budgeted Costs for 5,000 Units Per Unit (see attached for better form
Pell Company acquires 80% of Demers Company for $500,000 on January 1, 2010. Demers reported common stock of $300,000 and retained earnings of $210,000 on that date. Equipment was undervalued by $30,000 and buildings were undervalued by $40,000, each having a 10-year remaining life. Any excess consideration transferred over fair
1. Why would an organization want to integrate its IS functions? Please explain 2. How do information systems increase the efficiency and effectiveness of business processes in accounting functions? Please explain 3. What are the advantages and disadvantages of using real time versus batch accounting information architectu
The Warner Corporation has a gross income of $560,000. It has business expenses of $325,000, a capital loss of $20,000 and $2,500 of interest income on temporary investments. What is the corporation's taxable income?
The following conversation took place between Dean Lancaster, vice president of marketing, and Dina Conaway, controller of Redwood Computer Company: Dean: I am really excited about our new computer coming out. I think it will be a real market success. Dina: I'm really glad you think so. I know that our success will be de
Please See Attachment For Case Study 1. If you were Palmer at the end of the case, how would you respond? 2. What, if anything, could Palmer have done to avoid losing Olds? 3. What advantages and disadvantages of a matrix type organization are apparent from this case? 4. What could the management at M&M do to more effe