Shelly, Kelly & Mark (SKM) are the auditors of Bass. SKM’s IT consulting division has undertaken…

/in /by

Shelly, Kelly & Mark (SKM) are the auditors of Bass. SKM’s IT consulting division has undertaken a
number of accounts receivable management system implementation projects and is actively looking
for opportunities to perform more of this type of work. As a result, SKM’s IT consulting division is
planning to submit a proposal to implement an accounts receivables management system at Mass.
(a) Identify and explain the two primary threats to independence for SKM. (5 marks)
(b) Outline an appropriate safeguard to address each of the threats identified above. (5 marks)
3
Week 3 Question (10 marks)
You are the audit senior responsible for the audit of Sampson Limited. You are currently planning the
audit for the year ended 31 December 20X7. During your initial planning meeting held with the
financial controller, he told you of the following changes in the company’s operations.
(i) Due to the financial controller’s workload, the company has employed a treasurer. The financial
controller is excited about the appointment because in the two months that the treasurer has
been with the company he has realised a small profit for the company through foreign-exchange
transactions in yen.
(ii) Sampson has planned to close an inefficient factory in country New South Wales before the end
of 20X7. It is expected that the redeployment and disposal of the factory’s assets will not be
completed until the end of the following year. However, the financial controller is confident
that he will be able to determine reasonably accurate closure provisions.
(iii) To help achieve the budgeted sales for the year, Sampson is about to introduce bonuses for its
sales staff. The bonuses will be an increasing percentage of the gross sales made, by each
salesperson, above certain monthly targets.
(iv) The company is using a new general ledger software package. The financial controller is
impressed with the new system, because management accounts are easily produced and allow
detailed comparisons with budgets and prior-period figures across product lines and
geographical areas. The conversion to the new system occurred with a minimum of fuss. As it is
a popular computer package, it required only minor modifications.
(v) As part of the conversion, the position of systems administrator was created. This position is
responsible for all systems maintenance, including data backups and modifications. These tasks
were the responsibility of the accountant

1)Step of Control: Explain why the four steps involved in the controlling function are important. Wh 1 answer below »

/in /by

1)Step of Control: Explain why the four steps involved in the controlling function are important. Why is a good understanding of the various ratios used by accountants and managers important to the controlling function? Give specific examples.

2)Change in Management: Of the five management functions, which do you expect will experience the most dramatic changes in the next decade? Defend your answer. Which will have the least amount of change? Explain your answer

Please Label separate and cite each class discussion assignment. I’ve also attached the textbook as well ……. …..

Don’t Cry Over Spilled Milk, Inc., a manufacturer of mops, uses the weighted average method in i

/in /by

Don't Cry Over Spilled Milk, Inc., a manufacturer of mops, uses the weighted average method in its processing costing system. Don't Cry uses! costs are allocated to production on the basis of machine hours logged during the period. Total estimated MOH for the period was $400,000 and company's first processing department, Assembly, for June. Beginning Work in Process 800 mops, 60% complete with respect to direct materials, 10% complete with respect to conversion Costs in Beginning Work in Process $3,712 (of this amount, $1,296 is for direct materials) Units Started in June 16,000 mops Direct Product Costs Added During June direct materials $47,076; direct labor $216,213 Ending Work in Process 300 mops, 60% completed with respect to direct materials, 70% complete with respect to conversion (round all calculation to 2 decimal places. all answers should include commas and 2 decimal places .e. 1,000.00 not 1000.) The cost to assemble one mop in June was $ The cost of goods completed and transferred out of the Assembly department during June equals $ The conversion costs included in Work in Process Assembly at the beginning of July would equal $ Enter your answer in each of the answer boxes. average method in its processing costing system. Don't Cry uses a traditional costing system in the allocation of its manufacturing overhead (MOH) to production; MOH ng the period. Total estimated MOH for the period was $400,000 and total estimated machine hours were 100,000. The following data concern the operations of the respect to direct materials, 10% complete with respect to is for direct materials) labor $216,213 ith respect to direct materials, 70% complete with respect to pommas and 2 decimal places le 1,000.00 not 1000.) tment during June equals $ ginning of July would equal $ 1 MacBook Pro Units Started in June Direct Product Costs Added During June Ending Work in Process | 16,000 mops direct materials $47,076; direct labor 300 mops, 60% completed with respe conversion During June, 77,414 actual machine hours were logged during production. (round all calculation to 2 decimal places. all answers should include commas ar The cost to assemble one mop in June was $. The cost of goods completed and transferred out of the Assembly department during The conversion costs included in Work in Process-Assembly at the beginning of July w Enter your answer in each of the answer boxes. esc

Madison Seniors Care Center is a nonprofit organization that provides a variety of health services t

/in /by

Madison Seniors Care Center is a nonprofit organization that provides a variety of health services to the elderly. The center is organized into a number of departments, one of which is the Meals On Wheels program that delivers hot meals to seniors in their homes on a daily basis Required: A number of costs of the center and the Meals On-Wheels program are listed below. For each cost listed below, indicate whether it is a direct or indirect cost of the Meals On Wheels program, whether it is a direct or indirect cost of particular seniors served by the program, and whether it is variable or fixed with respect to the number of seniors served Direct or indirect Cost of the Meals On- Direct or indirect Cost of Particular Seniors Served by Description Variable or Fixed with Respect to the Number of Seniors Served by the Meals-On-Wheels Program Wheels Program the Meals-On- Wheels Program a. The cost of leasing the Meals-On Wheels van The cost of incidental supplies such as salt, pepper, napkins, and so on The cost of gasoline consumed by the Meals-On Wheels van The rent on the facility that houses Madison Seniors Care Center, including the Meals on Wheels program The salary of the part-time manager of the Meals On-Wheels program Depreciation on the kitchen equipment used in the Meals On Wheels program The hourly wages of the caregiver who drives the van and delivers the meals The costs of complying with health safety regulations in the kitchen The costs of mailing letters soliciting donations to the Meals-On-Wheels program Madison Seniors Care Center is a nonprofit organization that provides a variety of health services tot derly. The center is organized into a number of departments, one of which is the Meals On Wheels program that delivers hot meals to seniors in their homes on a daily basis. Required: A number of costs of the center and the Meals On Wheels program are listed below. For each cost listed below, indicate whether it is a direct or indirect cost of the Meals On Wheels program, whether it is a direct or indirect cost of particular seniors served by the program, and whether it is variable or fixed with respect to the number of seniors served. Description Direct or indirect Cost of the Meals-On Wheels Program Direct or indirect Cost of Particular Seniors Served by the Meals on Wheels Program Variable or Fixed with Respect to the Number of Seniors Served by the Meals On Wheels Program b. d e. t 9 The cost of leasing the Meals-On Wheels van The cost of incidental supplies such as salt, pepper, napkins, and so on The cost of gasoline consumed by the Meals On Wheels van The rent on the facility that houses Madison Seniors Care Center including the Meals-On-Wheels program The salary of the part-time manager of the Meals-On-Wheels program Depreciation on the kitchen equipment used in the Meals-On-Wheels program The hourly wages of the caregiver who drives the van and delivers the meals The cost of cumplying with health safety regulations in the kitchen The costs of mailing letters soliciting donations to the Meals-On-Wheels program

Hotel’s Balance Sheet Combine the powerpoint source, answer the discussion question with complete…

/in /by

Hotel’s Balance Sheet

Combine the powerpoint source, answer the discussion question with complete sentence. Request about 100 worlds, and must be plagiarism free.

Some hoteliers believe that a hotel’s balance sheet is the best indicator of its economic health while others point to the income statement as a better measure of financial strength.  Which document do you believe is most important?  Provide at least 2 reasons to support your answer.

 

 

  Answer preview

Some hoteliers believe that a hotel’s balance sheet is the best indicator of its economic health while others point to the income statement as a better measure of financial strength

Balance sheet is the best way for determining economic health in hotels because it shows credits and debit sides of the hotels.  For example, balance sheet indicates the start capital in the business and any additional investment done in the business…………………………..

WORD COUNT:141WORDS

FORMAT:APA Added to cart

Preparing Closing Journal Entries Selected financial information from General Mills as of May 29, 20

/in /by

Preparing Closing Journal Entries Selected financial information from General Mills as of May 29, 2016 follows. $ millions Debit Credit Net sales …… $16,563.1 Cost of sales…….. $10,733.6 Selling, general, and administrative expense and other …… 3,073.1 Interest expense, net… 303.8 Income tax expense……… 755.2 Retained earnings……. 11,990.8 Assume the company has not yet closed any accounts to retained earnings. Prepare journal entries to close the temporary accounts above. Set up the needed T-accounts, and post the closing entries. After these entries are posted, what is the balance of the retained earnings account?

English Question

/in /by

The ideas here are based on the following book –Made to Stick: Why Some Ideas Survive and Others Die Hardcover – January 2, 2007, by Chip Heath and Dan Heath.

“The instant classic about why some ideas thrive, why others die, and how to improve your idea’s chances.”

You might want to buy the book at some point (purely optional for this class). It is an interesting read and I think you will find it useful.

For this class, we will take a quick look at the ideas in the book through a 1-hour video (one of the authors talking about the book — see separate link for this video) and a Wikipedia page that will have the main points of the book in writing.

  1. The Wikipedia page with a very brief overview of the book, including the core idea can be found at the following website:

WEBSITE with “Made to Stick” — Wikipedia :

  1. The book’s outline follows the acronym “SUCCES” (with the last s omitted). Each letter refers to a characteristic that can help make an idea “sticky”:View the one hour YouTube video of one of the authors talking about the book. (see separate link)
    1. Simple – find the core of any idea
    2. Unexpected – grab people’s attention by surprising them
    3. Concrete – make sure an idea can be grasped and remembered later
    4. Credible – give an idea believability
    5. Emotional – help people see the importance of an idea
    6. Stories – empower people to use an idea through narrative
  3. .
  4. The assignment:
    1. Type up at 1/2 to a 1-page review of the most useful thoughts from the wiki site & youtube video plus
    2. Type up a one-paragraph review by you about what you thought — the good and the bad

https://en.wikipedia.org/wiki/Made_to_Stick

Professional Exam Prep (PEP) uses a cost-plus model to determine the price it charges students. Spec

/in /by

Professional Exam Prep (PEP) uses a cost-plus model to determine the price it charges students. Specifically, the Company charges cost plus 25% of cost. Fixed costs, including facility rental and instructor compensation, amount to $7,000 per month. PEP incurs variable costs for books and supplies that amount to $60 per student. Monthly, enrollment tends to fluctuate. The following data represent the Company's expectations for the first three months of the current year. 15 Month No. of Students Total Variable Cost Total Fixed Cost January February 25 $ 900 $1,500 $7,000 $7,000 March 60 $3,600 $7,000 Total 100 $ 6.000 $21,000 Based on this information which of the following amounts represents the average price PEP should charge per student for the month of January. Multiple Choice $337.50 $526.67 $270.00 $658.33

it appears that a step is missing. [The following information applies to the questions displayed bel

/in /by

it appears that a step is missing. [The following information applies to the questions displayed below.) On October 1, Ebony Ernst organized Ernst Consulting, on October 3, the owner contributed $82,780 in assets in exchange for its common stock to launch the business. On October 31, the company's records show the following items and amounts. Retained earnings, October 1 as $0. Cash Accounts receivable office supplies Land office equipment Accounts payable Common stock $15,760 12,599 1,960 46,030 16,580 7,250 82,789 Cash dividends Consulting revenue Rent expense Salaries expense Telephone expense Miscellaneous expenses $ 640 12,590 2,270 5,450 760 580 Exercise 1-15 Preparing an income statement LO P2 Using the above information prepare an October income statement for the business Answer is not complete. ERNST CONSULTING Income Statement For Month Ended October 31 Consulting revenue $ 12,590 Total revenues S 12,590 Salarios expense Rent expense Telephone expense Miscellaneous expenses OOOO Pray 1 2 3 of 3 Next

As a long-term investment, Painters’ Equipment Company purchased 20% of AMC Supplies Inc.’s

/in /by

As a long-term investment, Painters' Equipment Company purchased 20% of AMC Supplies Inc.'s 460,000 shares for $540,000 at the beginning of the fiscal year of both companies. On the purchase date, the fair value and book value of AMC’s net assets were equal. During the year, AMC earned net income of $310,000 and distributed cash dividends of 20 cents per share. At year-end, the fair value of the shares is $571,000.

Required: 1. Assume no significant influence was acquired. Prepare the appropriate journal entries from the purchase through the end of the year. (If no entry is required for a transaction/event, select “No journal entry required” in the first account field.) 1

Record the purchase of AMC Supplies shares for $540,000 as a long-term investment. 2

Record Painters' Equipment's share of AMC Supplies' $310,000 net income. 3

Record the cash dividend of 20 cents per share. 4

Record any necessary year-end adjusting journal entry when the fair value of the shares held are $571,000 at year-end.