In the case study "That Way Lies Madness," what kind of fraud did Eddie Antar commit? How was the fraud committed? How could such fraud be discovered?
Juan Dela Cruz, Filipino citizen, and a resident of N. Reyes St., Sampaloc, Manila, died on May 1, 2021. He is survived by his wife Inday Dela Cruz and their son, Junior. In filing his estate tax...
EOQ and LEAN ACCOUNTING In-Class Illustration #1 XYZ, Inc. expects to sell 180,000 units of its product next year. The cost to purchase a unit is $44.00. The selling price is $80.00 per unit; sales...
Nelson Company began operations on December 1, Year 1. The following transactions and adjustments were recorded in December and posted to the companys ledger accounts: 5) Purchased $450 of supplies...
Which of the following scenarios would most likely increase financial leverage? Question 3 A company issues bonds to purchase treasury stock. A company buys fixed assets with cash. A company signs an...
The Briggs family trust received the following income for the year ended 30 June. Rental income (net) 38,000 Unfranked dividends 25,000 Franked dividends (cash) 6,000 Interest 1,648 Trust profits...
Century Group Ltd. (CGL) is a public company in Ontario that reports under IFRS. The company is financed by 10,200,000 common shares and $23 million in long-term debt. CGL is planning to launch a new...
Purple Inc. is a merchandising business headquartered in the U.S. and selling primarily to wholesalers. The accounting information system is based upon the principles and rules of U.S. Generally...
Julie Anderson is a project manager and her wage is 74,200. Julie's father passed away on April 14. She inherited her fathers cottage in Montana and 80,000 cash. She used the 80,000 to invest in an...
The 8-puzzle problem is played on a 3-by-3 grid with 8 square tiles labeled 1 through 8 and a blank tile. Your goal is to rearrange the blocks so that they are in order. You are permitted to slide...
You are an audit assistant allocated to perform the audit of New Grange Ltd for the year ended 30 June 2020. The managing director of New Grange is interested in the audit responsibilities for...
You are a CPA student who works at a public accounting firm. You are currently on the audit of Happy Sails Inc (HSI). HSI sells custom-designed luxury sailboats that they build from scratch. You have...
You are interested in either buying or leasing a car. The price of the car is $50000. If you buy the car, you have to make a downpayment of 30% of the car price today. Thereafter, you will finance...
The following are the financial statement Kin Ltd. for the year ended 31 March 2020: Kin Ltd. Income statement For the year ended 31 March 2020 $M Revenue1,276,000.50 Cost of sales-907,000,000...
Production Possibility Frontiers: Apples and wheat Apples Wheat 0 500 1 499 2 496 3 490 4 478 5 455 6 418 7 361 8 279 9 165 10 10 Draw a production possibilities curve for your 200-acre farm between...
Jaguar Land Rover Automotive PLC (JLR) is a maker of luxury autos based in Coventry, United Kingdom. JLR uses IFRS and has a fiscal year-end of March 31. You have been asked to use your knowledge of...
Gothic Kings Ltd. Is a 100% owned subsidiary of Hadrian Inc. Gothic has been profitable in the past but incurred a loss for the year ended December 31, 20X3. Hadrian has indicated that if Gothic...
Suppose that in a certain year, it was reported that the variance in GMAT scores was 14,670. At a recent summit, a group of economics professors met to discuss the GMAT performance of undergraduate...
It is December of 2020 and Frankie and Kensley Nguyen have come to you to discuss their 2020 tax situation and some changes they are proposing for the future. They are a married couple and have no...
Assume that a Parent company acquires a 60% interest in its Subsidiary on January 1, 2020. On the date of acquisition, the fair value of the 60% controlling interest was $1,440,000 and the fair value...
Below is the Probate case of Phillepe and Jenna. Review the fact pattern and answer the questions that follow. ============ Phillipe is a co-founder of a successful bio-med start-up company and Jenna...
You are hired as a new cost accountant to Cicchetti Corporation. The company manager, David, is having a meeting with you in his office. He brought you this budgeted income statement that was...
Nathan is married with two children and has AGI of $405,000. He also has the following AMT adjustments and preferences: Itemized deductions: medical after floor:$5,375 regular tax taxes: $34,354...
Jisoo Limited and Rose Pty Limited entered into a joint operation, BP.Perfume, at the beginning of the financial year to produce and sell fragrances. The joint operation agreement indicates the...
During the current year, the Town of Mashpee had a number of transactions that affected net position of its town golf course, which is operated as an enterprise fund. You are provided with the...
In 2002, H made a gift to his child, C, in the amount of $2,222,000. Hs wife, W, consented to split-gift treatment of the gift, and H paid all the taxes payable resulting from the gift. What would be...
You and Terry are unit managers in the shipping division of a pharmaceutical manufacturer. For the past year you have had serious arguments over the use of certain shrink-wrap, pre-packaging...
Please explain the following: 1. In Scene 2 of Dutchman, Clay embarks on a rage-filled monologue against Lula and the idea that she understands anything about African American experience. What are...
Keisha Sanders, a divorced single taxpayer, and practicing attorney, lives at 9551 Oak Lane in Menifee, CA 92584. Her social security number is 412-34-5670 (date of birth 2/27/1974). Keisha had...
Brian and Corrine Lee are married taxpayers filing jointly. They live in the home they own, located at 3301 Pacific Coast Hwy., Laguna Beach, CA 92651. Brian is an optometrist who owns his business;...
Currently Techsoft has an exceptionally high customer service level of 98%, much higher than any of its competitors. Customers showed positive response towards a possible lower but acceptable service...
Judy Ericsdotter, the new marketing manager for Adaptive Wear (AW), a retailer of adaptive clothing for individuals with reduced mobility, recently proposed to the board that the company create a new...
You are hired by a company Gem Stones co ltd, which is a cubic zirconia manufacturer. You are provided with the dataset containing the prices and other attributes of almost 27,000 cubic zirconia...
David Sinclair operates a widget shop. The shop specializes in a selection of various widget products. You have been hired as manager. Your duties include maintaining the store?s financial records....
Dermarkar Ltd (DL) manufactures sporting goods. DLs fiscal year end is October 31st. For the first time, DL reports a loss in 2021 due to COVID-19. Management believes it is highly probable that...
At the end of 11 months, the system is fully operational. The system has been tested and accepted by SM. The old surveillance equipment was decommissioned when the new system was installed. The old...
Poindexters electric stove short circuited out and a fire ensued. The flames spread over the stove top and onto adjacent countertops eventually destroying wooden storage cabinets on either side of...
For each of the following independent circumstances, calculate the FUTA tax owed by the employer. NOTE: For simplicity, all calculations throughout this exercise, both intermediate and final, should...
I am trying to do a solver constraints in excel and having a really hard time. The professor said to use this table, I know how to go in solver in excel but I don't know how to add the subject...
At the beginning of the fall semester, Beaty State University, a public university, billed tuition and fees at a gross amount of $2,400,000. Of this amount, the University awarded scholarships of...
Your supervisor has asked you to generate some reports. Simulate a phone call in which your supervisor gives you the instructions for the task. For this task, you will need a volunteer (a friend, a...
ACME Ltd. is authorized to issue 100,000 $2 cumulative preferred shares. The company can issue unlimited common shares, and has 64,500 common shares outstanding worth $245,000 and no preferred shares...
Dave is your client and has come to you to prepare his tax return. During the 2018-19 financial year, Dave disposed of the following assets: (a) A two-storey residence at St Lucia in which he...
RG produces a specialised building tool in three factories throughout Ireland. The output produced in the Dublin, Cork and Belfast factories per year is 88 000, 52 800, and 35 200 units,...
Captain America Corporation is a small private corporation that sells desktop printers to local businesses and schools. On May 1, 2021, the following were the account balances of Captain America...
Restaurant A does 90 orders on foodpanda in the month of July 2019. The average basket size of Restaurant A is $18.30. From the time it is on FP till July 2020,, this restaurant increases its orders...
Using the ATP Tennis dataset: Give students the ATP_Tennis Tableau data file for these questions: Appropriate any time after Basic Module, Topic 2 (Connecting to Data): How many players had more than...
A written contract related to the purchase of the office trailer is subsequently signed, and the terms of the contract reflect that the trailer will be equipped with an HVAC system. The contract also...
In Year7, Marks first year of business, Mark reported $300,000 of pretax book (GAAP) income. Key line items follow: GAAP (book) income given below: Other revenue 600,000 Installment revenue 50,000...
Taonga's research and development staff have recently completed design work on a new product (the HOOK), and a target costing exercise is now being carried out by a cross-functional team of...
Prepare a Balance Sheet for Seafood Cuisine Inc. as of March 31, 2020 In January 2020, Mackenzie and Sophia Sidgman, co-owners of Seafood Cuisine got together to discuss the expansion of their...
Using a computer spreadsheet, set up a cash flow statement to capture the anticipated cash flow in the following case study scenario. Cash Flow Planning Exercise This exercise is an opportunity to...
Core 1 Integrated Problem 8 Scenario (120 minutes) Solstice Fitness Co. (Solstice) is a privately-owned chain of high-end fitness clubs offering a range of services and amenities to its members,...
Kendall and Siena are married and file a joint return. Siena is an employee and received a Form W-2. Kendall is a self-employed driver for Delicious Deliveries. Kendall and Siena had health...
A shipping company wants to phase out a fleet of (homogeneous) general cargo ships over a period of p years. Its objective is to maximize its cash assets at the end of the p years by considering the...
Glasspray Corporation is a small firm that makes industrial fiberglass spray equipment for a range of firms: Mom-and-pop boat makers Major industrial giants (overseas and here at home) Nearly every...
On the basis of following information about Castrol India Private limited for period from financial year 2016 to 2020, you are required to: (a) Analyse the company's financial results using any 3 key...
Lets take the DeLorean (the car that can do the time travel in the movie, Back to the Future) and go back to July 1996. Suppose you are the notorious turnaround specialist, Chainsaw Al Dunlap. On...
A small nonprofit organization is planning a door-to-door marketing campaign to sell Christmas wrapping and gifts. They plan to visit 10 homes. Consultants have estimated that they should expect to...
Mountain Sports, Inc., is a retailer that has engaged you to assist in the preparation of its financial statements at December 31, 2018. Following are the correct adjusted account balances, in...
a) From the information below concerning an employed Kenyan on a pension scheme, calculate the gross pay, chargeable pay, tax charged and PAYE for the individual (Clearly explain and show your...
The USPS is studying the relationship between the distance a shipment had to travel and the length of time, in days, it takes to arrive at its destination. They select a random sample of 20 shipments...
As part of the analytical procedures of Chu DauProducts, Inc., you perform calculations of the following ratios: Require: For each of the preceding ratios: a. State whether there is a need to...
1. From the Income Statement and Balance Sheet of San Miguel Corporation, compute the ROI for 2018 2. Using the IS and BS of San Miguel Corporation for 2018 with these additional assumptions, compute...
For this exercise you don't have to go out and buy a large bag of dice, just open the dice-roller application at random.org and roll 60 virtual dice. Sixty is the most you can roll at once in the...
Given the following information, calculate the closing statement for buyer and seller: Closing date: September 15, 2016 Sale price: $123,000 New mortgage: $90,000, 7% interest rate, 30 years Old...
Now assume that $200,000 in inventory must be maintained throughout the year in addition to the accounts receivable balance you computed in question 5. Should Landis Apparel Co. make the sale? Ruth...
Philadelphia Fastener Corporation manufactures nails, screws, bolts, and other fasteners. Management is considering a proposal to acquire new material-handling equipment. The new equipment has the...
Hannaford's General Store Ltd. (HGL) is a small, family-owned hardware store in Winnipeg, Manitoba. It has a small customer base that tends to place regular orders. You, CPA, have just been assigned...
The ledger of Camila Ramirez and Ping Xue, attorneys-at-law, contains the following accounts and balances after adjustments have been recorded on December 31, 20Y2: Ping Xue, Capital Ping Xue,...
Fresh Smoothies Prices and Quantities Fresh Smoothies purchases fresh fruit and vegetables for their smoothies every week. Any produce left over when a new shipment arrives is salvaged and usually...
Sarah recently sold her partnership interest for significantly more than her outside basis in the interest. Two separate appraisals were commissioned at the time of the sale to estimate the value of...
City Place Movie Theaters has four employees and pays them on an hourly basis. During the week beginning June 24 and ending June 30, 2019, these employees worked the hours shown below. Information...
Badlands is a small open market economy, it has a major trade agreement with and mainly exports (85%) to its densely populated eastern neighbor: Blue-Inkas. Blue-Inkas exports to Vostistan (a...
Return on Investment for Multiple Investments, Residual Income The manager of a division that produces add-on products for the automobile industry has just been presented the opportunity to invest in...
Your firm is the external auditor of Downe Ltd (Downe). It has accepted a non-audit engagement to review and report on the internal controls over sales, purchases and cash at Downe. Downe operates a...
Trent runs a shop dealing in the sale of ready-made sports garments. His statement of profit or loss for the year ended 31 May 2019 stood as follows: Turnover 891,631 Cost of Sales 232,518 Gross...
It is early January, 2017, and you are a member of the board of directors of Soledad National Ban-corp, located in Soledad, California. The board is meeting to decide if there is enough positive...
Renee is considering the purchase of an annuity with half of her RRSP funds. Renee has been told that for $145000 she could receive a no guarantee life annuity based on her single life that pays...
Mr. Lopez opened a mini grocery store with business name Lopez Fiesta Mart. Operations began on January 1, 2021, and the following transactions were completed during the month: 1.Mr. Lopez withdrew...
Fred Weasley, owner of the Flying Ford Taxi Co., was facing a pricing challenge. He was wondering how to set the radio fee for his service. The radio fee is required in exchange for Flying Ford...
In 2007, Bob and Jane Martin opened Stories on CD Company, Inc., a family-owned business that sells audio CDs of classic and best-selling children's stories. The Company has a number of distributors...
Bailey Inc recently borrowed $10000 from potter Bank at14% interest. Ailey Inc is a retail hardware store, selling home renovation goods and also renting construction equipment. Henry Potter decided...
Gilbert and Tara Washington Directions Using the tax software, complete the tax return, including Form 1040 and all appropriate forms, schedules, or worksheets. Answer the questions following the...
This article shares the story of the Bassett Furniture Companys evolution from a sawmill company providing track ties and bridge timbers to the railroad in the 1800s to the internationally known...
Ma & Pa Incorporated manufactures toys for children and has partnerships with local retailers in the Midwestern states of Wisconsin, Iowa, Minnesota, and Illinois who sell their toys. The demand...
Determine the maximum amount of 2018 personal tax credits, including transfers from a spouse or dependant, that can be applied against federal Tax Payable by the taxpayer in each of the following...
Rexon Ltd has just published its financial statements for the year ended 31 December 2018. Rexon Ltd operates a chain of 42 supermarkets in the country. The income statement and summarized statement...
You are Maria Herrera and have been recently promoted to the position of director of financial analysis for a medium-size consumer goods firm. During your first few weeks on the job, you took the...
You are employed by Victorias Pet Shop Inc. a company specializing in sale of products and care for home pets. Read carefully each transaction Post accordingly to the appropriate journal: sales,...
Quarterly sales for a department store over a six-year period are given in the file P12_52.xlsx. a. Use multiple regression to develop an equation that can be used to predict future quarterly sales....
Mr. T has asked you to prepare his tax return. Mr. T is an employee of Telus, as a technical support expert, and he runs a part-time business offering consulting services. He also has an investment...
Klyn Manufacturing Company experienced the following accounting events during its first year of operation. Except for the depreciation adjusting entries, all transactions are cash transactions. 1....
Pathfinder Inc. has a December 31 year end. The company has an operating income of $26,000. On August 31, 2020, the Company has a net capital loss carry forward of $18,000 [(1/2)($36,000)]. In...
The cost principle requires financial statement information to be based on __________ incurred in business transactions. The so-called temporary accounts of a single proprietorship are its __________...
You are hired by one of the leading news channels CNBE who wants to analyze recent elections. This survey was conducted on 1525 voters with 9 variables. You have to build a model, to predict which...
Haitek Bhd manufactures and sells a home-freezer and uses standard costing. Actual data relating to March, April, and May 2021 are as follows: Month Beginning Inventory Production Sales March 0 3,000...
At the end of July 2019 the cashbook summary shows a balance of $28,000. Subsequently, the following discoveries were made: 1. Cheque issued to Mr. Cooper, a supplier, for $4,000 was presented for...
Elkhart Industries designs and manufactures custom dining room furniture. The company prices the furniture at 25% over estimated cost (excluding administrative and selling costs). Devon Stryker, the...
Nearly There (the Company), an SEC registrant, designs, develops, manufactures, and sells various navigation products and services. Because of significant research and development expenses and...