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Why do auditors have to consider the internal controls of the organization? What are some key elements of internal control? Which are the most important? How will the auditor have to modify the audi
Assume that Bullen issued 12,000 shares of common stock with a $5 par value and a $47 fair value to obtain all of Vicker's outstanding stock. In this acquisition transaction, how much goodwill shoul
How are the analytical procedures used in an audit engagement? What premise underlies the use of analytical procedures in auditing? What sources of information can an auditor use to develop expectat
How much is the adjustment to the Investment in Stanley Corporation for the change from the fair-value method to the equity method on January 1, 2011?
Acker Inc. bought 40% of Howell Co. on January 1, 2010 for $576,000. The equity method of accounting was used. The book value and fair value of the net assets of Howell on that date were $1,440,000.
Prepare entries to record (a) the purchase of the land, (b) the cost and installation of machinery, (c)the first five month's depletion assuming the land has a net salvage value of zero after the or
what is the amount of unrealized intercompany profit in ending inventory at December 31, 2011 that should be eliminated in the consolidation process ?
Determine the cost per CD assigned to each group using the relative sales value method.
Race decided to use the equity method to account for this investment. What was the noncontrolling interest's share of consolidated net income?
A client company has not paid its 2004 audit fees. According to the AICPA Code of Professional Conduct, for the auditor to be considered independent with respect to the 2005 audit, the 2004 audit fe
On January 1, 2009, Dermot Company purchased 15% of the voting common stock of Horne Corp. On January 1, 2011, Dermot purchased 28% of Horne's voting common stock. If Dermot achieves significant inf
Jules issues a 4.5%. five-year bonds dated January 1, 2009, with a $230,000 par value. The bonds pay interest on June 30 and December 31 and are issued at a price of $235,160. The annual market rat
Last year, the House of Orange had sales of $826,650, net operating income of $81,000, and operating assets of $84,000 at the beginning of the year and $90,000 at the end of the year. What was the c
Following are the individual financial records for these two companies for the year ended December 31, 2012.
For each of the following three separate situations, (a) determine the bonds' issue price on January 1, 2009, and (b) prepare the journal entry to record their issuance.
Determine the number of equivalent units of production with respect to direct materials and conversion costs. Enter all amounts as positive numbers. If an amount is zero or a blank, enter in 0. &n
Here and Gone, Inc., has sales of $18 million, total assets of $13 million, and total debt of $3.8 million. If the profit margin is 8 percent, what is the net income? What is ROA? What is ROE?
Prepare entries in general journal form to record the following transactions in General Fund general ledger accounts for fiscal year 2012. Use modified accrual accounting.
Kettle Company has sales of $450,000, operating income of $250,000 average invested assets of $800,000, and a hurdle rate of 10 percent. Calculate Kettle's return on investment and its residual inco
Fred and Wilma exchanged equipment in a qualifying like-kind exchange. Fred gives up equipment with an adjusted basis of $14,000 (FMV = $15,000) in exchange for Wilma's equipment with a fair market
On January 1 Kreitzer Company issued $300,000, 7%, 10-year bonds at face value. Interest is payable annually on January 1.
During the year, Henry, a sole proprietor, sold for $65,000 a machine that was used in his business. The machine had been purchased in 2003 for $50,000, and when it was sold it had an adjusted basis
Southeastern Bell stocks a certain switch connector at its central warehouse for supplying field service offices. The yearly demand for these connectors is 15,000 units. Southeastern estimates its a