QUESTION Available-for-Sale SecuritiesAt the beginning of 2013, Ace Company had the following portfolio of investments in available-for-sale securities (common stock):SecurityCost12/31/12Fair ValueA$21,900$27,900B34,00031,500Totals$55,900$59,400During 2013 the following transactions occurred:May 3Purchased C securities (common stock) for $15,600.July 16Sold all of the A securities for $27,900.Dec. 31Received dividends of $700 on the B and C securities, for which the following […]
QUESTION 1. Conceptually, confidence level (reliability), which is 1 – Acceptable Risk of Overreliance (ARO), and audit risk in the audit risk model are conceptually very similar. In addition, Tolerable Exception Rate (TER) and materiality in the risk model are conceptually very similar. Explain each of these statements and discuss why the two comparisons are […]
QUESTION For the exclusive use of M. Cameron, 2015.SwW11547MAHINDRA & MAHINDRA IN SOUTH AFRICAR Chandrasekhar wrote this case under the supervision of Professor Jean-Louis Schaan solely to provide material for classdiscussion. The authors do not intend to illustrate either effective or ineffective handling of a managerial situation. The authors mayhave disguised certain names and other […]
QUESTION Cities and their governments in places like Singapore are heavily involved in integrating more nature into the urban fabric, creating a more sustainable urban fabric. Do you think their approaches could work in the United States?What do you think are the main obstacles for cities in the United States besides funding?After your initial post […]
QUESTION 1. You are studying a set of financial statements prepared for the city of Baltimore. You find an asset listed as a building which is reported as $2.4 million. The statement also shows accumulated depreciation of $700,000 for a book value of $1.7 million. In which of the following are you not looking as […]
QUESTION Variable Costing: (spreadsheet assignment #3)March:Beginning inventory = 2,500 units $26,500 ($10,000 variable)Production = 32,000 unitsSales = 31,000 units @ $50 eachVMC (DM, DL, and VOH) = $129,600FMC = $300,000VS/A costs = $124,000FS/A costs = $550,000April:Beginning inventory = ?Production = 33,000 unitsSales = 34,000 units @ $50 eachVMC (DM, DL, and VOH) = $133,650FMC = […]
QUESTION For each separate case below, follow the 3-step process for adjusting the prepaid asset account at December 31. Step 1: Determine what the current account balance equals. Step 2: Determine what the current account balance should equal. Step 3: Record the December 31 adjusting entry to get from step 1 to step 2. Assume […]
QUESTION In March, 2014, Mallory Mines Co. purchased a coal mine for $8,000,000. Removable coal is estimated at 1,500,000 tons. Mallory is required to restore the land at an estimated cost of $960,000, and the land should have a value of $840,000. The company incurred $2,000,000 of development costs preparing the mine for production. During […]
QUESTION List three accounts that are indirectly audited when you audit accounts receivable. One of the accounts must be an income statement account.List three accounts that are indirectly audited when you audit current liabilities and contingencies. One of the accounts must be an income statement account. ANSWER: REQUEST HELP FROM A TUTOR
QUESTION Song Company purchased a depreciable asset for $350,000 on April 1, 2012. The estimated salvage value is $35,000, and the estimated useful life is 5 years. The straight-line method is used for depreciation. What is the balance in accumulated depreciation on May 1, 2015 when the asset is sold? ANSWER: REQUEST HELP FROM […]
