was at fault in an accident that caused $1‚800 damage to the other auto and $600 damage to his own. Also‚ the courts awarded $13‚000 and $8‚000 respectively‚ to the two passengers in the other car for personal injuries. How much does the insurance company pay‚ and what is Jim’s share of responsibility? 18.Jeff Sellers bought 200 shares of Radio Shack stock at $22.35. Eight months later‚ he sold the stock at $31.76. Assuming a 2% commission charge‚ what is the bottom line for
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This work of ACC 422 Week 2 Individual Assignment includes: Chapter 8 1) Question 8-13 2. Due Day 7 (Monday): Exercises from the Text Prepare written responses to the following assignments from the text‚ Intermediate Accounting‚ 12th ed.: Chapter 7 1) Exercise E7-2 E7-2 (Determine Cash Balance) Presented below are a number of independent situations. Instructions For each individual situation‚ determine the amount that should be reported as cash. If the item(s) is not reported as cash‚ explain
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Ocean: (1) complexities and problems with Ocean’s new IT system (2) management’s tendency to aggressively reflect year-end accruals in order to meet creditors’ requirements As far as we know the company switched to a new system in 2011 and the transition to the system was not well managed. The company was working to modify the system to make it better. Also‚ our local office’s IT team is fairly confident they will be able to diagnose Ocean’s control weakness and help Ocean overcome current difficulties
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Probability-proportional-to-size (PPS) sampling is used. B. The population has highly variable recorded amounts. C. The auditor’s estimated tolerable misstatement is extremely small. D. The standard deviation of recorded amounts is relatively small. 6. An auditor is preparing to sample a client’s customer receivables for overstatement. A statistical sampling method that automatically provides stratification when using systematic selection is A. Attribute sampling. B. Ratio-estimation
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Ethics Case Assignment ACC 349 August 9‚ 2014 Richard Ballas Good work this week on your individual assignments. Ethics Case Assignment Ethics Case INCLUDEPICTURE http//edugen.wiley.com/edugen/courses/crs4477/common/art/pixel.gif MERGEFORMATINET BYP1-6Wayne Terrago‚ controller for Robbin Industries‚ was reviewing production cost reports for the year. One amount in these reports continued to bother himadvertising. During the year‚ the company had instituted an expensive advertising campaign
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Week Five Team Reflection ACC 421 2014 Team B Week Five Reflection This week learning team “B” has discussed the concept of time value of money. One will be able to understand the importance of time value of money‚ the different ways to compute interest‚ information about present value and future value‚ and the how time value relates to accounting. Importance of Time Value of Money Time value of money deals with the relationship between money and time (Kieso‚ Weygandt
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LO 3 – Current Cost Accounting Objective of current cost accounting Current cost accounting (CCA) is an accounting system in which assets are valued at current market buying prices and profit is determined by allocation based on current costs. What is the objective of current cost accounting? Edwards and Bell express this fundamental problem in terms of three questions: * What amount of assets should be held at any particular time? This is the expansion problem. * What should be the form
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be straightforward and honest in all the professional and business relationships. In this case‚ an auditor has to be integrity to present their honest and fair to the client. Even Game’s Limited’s managing director is unhappy with the existing auditing firm has been changed. Objective An auditor has to be objective and fair. Auditor has to be fairness and objective to provide financial report. The client’s point of view must not affect auditor’s objective. In this case‚ Games Ltd has been
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Homework 1 1. CORRECT You recently sold 200 shares of Apple stock to your brother. The transfer was made through a broker‚ and the trade occurred on the NYSE. This is an example of D. Secondary market transaction 2. CORRECT Which of the following statements is CORRECT? E. Capital market instruments include both long-term debt and common stocks 3. Talbot Enterprises recently reported an EBITDA of $9.0 million and net income of $2.7 million. It had $3.24 million of interest expense‚ and its corporate
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Week 5 – Assignment Ilba Rodriguez ACC 205: Principles of Accounting I Prof. Theresa Murray November 16‚ 2014 Problem 1 – Liquidity ratios. A. Edison Stagg Thornton Current ratio 3.56 3.69 3.83 Quick ratio 3.06 2.78 2.5 Current ratio calculations: Edison ($6‚000 (cash) + $3‚000 (short-term investments) + $2‚000 (AR) + $1‚000 (inventory) + $800 (prepaid expenses)) / ($200 (AP) + $3‚100 (notes payable) + $300 (accrued payables)) = 3.56 Stagg ($5‚000 (cash) + $2‚500 (short-term investments) + $2‚500
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