Microsoft Word - May 2 Deferred Exam Question 1

This window shows your responses and what was marked correct and Incorrect from your prevlous attempt. Required Informatlon Problem 13-63 & Problem 13-64 (Algo) (LO 13-5, 6, 7, 9) The following information applies to the questions displayed below] Jeremy Slacker started the Del Fuego Surf Shop on January 1 after determining that business school classes conflicted with his preferred activity. He invested $64,000 in the shop-$50,980 of his own savings and $32,000 borrowed from an acquaintance. The loan is to be repaid in 5 years. Jeremy will pay the lender annual interest at a rate of 8 percent. ded Shortly after opening, Jeremy realized that he is not the best financial planner and has come to you for help. With some prodding, you are able to establish that Jeremy plans to sell only two models of surfboard, the Zuma and the Coronado, for at least the first year. Data on the boards are given as follows, Coronado ) zuma 816 408 Expected annual sales (units) $720 470 $420 Retail price (per…

Make a note of any responses entered on this page in the last few minutes, then try to re-connect. Once connection has been re-established, your responses should be saved and this message will disappear. 020114022 AAUP - JENIN) y courses / AUDITING AND ASSURANCE SERVICES Section1 Lecture (20202 020114022 AAUP JENIN) / 10 July Time left 0: Determine the type of evidence we can get from this audit procedure. Calculate the ratio of cost of goods sold to sales as a test of overall reasonableness of gross margin relative the preceding year. O a. Analytical procedure O b. Confirmation Oc. Physicals examination O d. Inspection

The Graduate Management Admission Test (GMAT) is a standardized exam used by many universities as part of the assessment for admission to graduate study in business. The average GMAT score for a university is 549. Assume that GMAT scores are bell-shaped with a standard deviation of 50. If required, round your answers to one decimal place. (a) What percentage of GMAT scores are 599 or higher? (b) What percentage of GMAT scores are 649 or higher? (c) What percentage of GMAT scores are between 499 and 549? (d) What percentage of GMAT scores are between 449 and 599?

Academic Dishonesty Investigations Ltd. operates a plagiarism detection service for universities and colleges. Required: 1. Prepare journal entries for each transaction below. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) a. On March 31, ten customers were billed for detection services totalling $40,000. b. On October 31, a customer balance of $2,400 from a prior year was determined to be uncollectible and was written off. c. On December 15, a customer paid an old balance of $1,650, which had been written off in a prior year. d. On December 31, $1,050 of bad debts were estimated and recorded for the year. 2. Complete the following table, indicating the amount. Ignore income taxes. (Enter any decreases with a minus sign.) Net Receivables a.bcd Net Sales Income from Operations

Suppose all incoming freshmen at a private college must take an entrance exam. Suppose the scores have normal distribution with a mean of U = 420 and standard deviation of σ = 95. (Show your work by indicating what calculator commands and input you use to find your answers. Round your answer to 1 decimal place.) No Work No Crédit. 1. If a student scores in the bottom 8%, they must attend summer school. What would a student have to score to avoid summer school? Sketch a corresponding normal curve in your solution. Interpret your answer in a complete sentence. 2. If a student scores in the top 4%, they get a free vacation in Hawaii. What would a student have to score to get the vacation? Sketch a corresponding normal curve in your solution. Interpret your answer in a complete sentence.

At freshman orientation, 1,500 students are asked to flip a coin 20 times. One student is crowned the winner (tossed 20 heads). This is most closely associated with A. selection bias. B. the lucky event issue. C. regret avoidance. D. overconfidence.

FOR THIS QUESTION IN THE ETHICAL THREAT BOX COULD YOU WRITE DOWN WHAT THREAT IT IS FOR EXAMPLE, SELF INTEREST THREAT, FAMILARITY THREAT, MANAGMENT THREAT, ETC.    PART B - QUESTION KLB plc is one of your audit clients for the previous 8 years. The following information are available. The audit team included a manager and two juniors. The client was asking to finish the audit work early this year otherwise they are going to change the auditor next year. One-week bonus was paid to the audit team through their payroll as the client was happy that they finished auditing 5 days earlier than the planned audit time. The audit team got 10% discounts on the client’s products. The same discount is normally given to the client’s staff. Your firm offered this client a bookkeeping service for this year. To reduce the audit cost, the engagement letter was not updated this year as there is no big changes in the audit tasks from last year. Audit fees are based on a percentage of the net profit before…

Please watch the following video, which introduces you to the concepts of horizontal and vertical analysis. The first 6 minutes defines these concepts, after which the professor in the video discusses an example of their usefulness for assessing theft and locating unrecorded revenues.   Accounting: Horizontal & Vertical Analysis (13:13 min) Once you have watched the video, write a paragraph that includes the following components:   Define horizontal and vertical analysis in your own words. Explain why horizontal and vertical analysis can be valuable to a company. Describe how it might apply to either your own employer or another business you know of.

These problems illustrate the application of Little’s Law. 1. Suppose that a voting facility processes an average of 57 people per hour (throughput) and that, on average, it takes 35 minutes for each person to complete the voting process (flow time). 2. Suppose that the loan department of a bank takes an average of 15 days (0.5 months) to process an application (flowtime) and that an internal audit found that about 100 applications are in various stages of processing at any one time (work-in-process). 3. Suppose that a restaurant makes 350 pizzas per week, each of which uses 1/2 pound of dough, and that it typically maintains an inventory of 60 pounds of dough.   Open the spreadsheet and perform the required analysis to answer the questions below.   1. What is the work-in-process for the problem 1? Round your answer to two decimal places. ______ voters 2. What is the throughput (per month) for the problem 2? Round your answer to the nearest whole value. ____________ applications per…

Mr. Henry Dominic, Director of Dominic CPA Review Schools was considering the use of a new practice at the end of the two-week introductory portion of his class. The set was designed to meet two principal objectives. First, he hoped that it would serve as a screening device for identifying those students who had failed to grasp some of the more elementary concepts of financial accounting. Second, the set was designed to serve as a vehicle for introducing several new concepts which would be covered in more depth in the next section of this course. The beginning of the year balance sheet for the green Ville Company was as follows: Cash.. Inventory.. ASSETS Total current Assets.... Property, plant and eqpt.... Less: A/D PPE.. Net Fixed Assets.. Total Assets............ FINANCIAL REPORTING June 1 GREEN VILLE COMPANY Balance Sheet As of January 1, 2021 P25,000 10,000 35,000 15,000 5,000 10,000 P45,000 EQUITIES Accounts payable......... .P10,000 Total Current Liabilities..... 10,000 Capital…

Assume that Whee, Cheatham, and Howe is an auditing firm that has found that its summer interns are subject to a 90 percent learning curve for one of its important tasks, proofreading financial statements. For one of its interns, Kim Down, the firm has started to analyze the relation between time and financial statement proofreading. Financial StatementsProofread (X) Time Required to Proofreadthe Xth Financial Statement 1 2.0 hours 2 1.8 hours 4 ? 8 ? 16 ?     Required: a. Compute the time required to proofread 4, 8, and 16 financial statements.

The Sir Arthur Lewis Community College has recently invited all accounting students in from the Principles of cost and management accounting (ACC115) class to participate in a business degree scholarship with an emphasis in accounting. The award for the highest score is a full scholarship for a degree in Business Administration. The following information for Good Times Inc. has been provided to assess the proficiency of all participants in accounting: Estimates for the period January to June 2021 Purchases ($) Operating expenses ($) 35,000 20,000 Month Sales ($) January February March 350,000 200,000 100,000 250,000 300,000 360,000 210,000 120,000 60,000 150,000 180,000 10,000 25,000 30,000 36,000 April May June 216,000 Relevant data for the Good Times Inc. operations: a. Payment for purchases is made as follows 80% in the month of purchase and the balance in the following the following month. Payments made in the month of purchase are entitled to a 10% discount. b. Sales are made on…

Data Recovery Services (DRS) specializes in data recovery from crashed hard drives. The price charged varies based on the extent of damage and the amount of data being recovered. DRS offers a 10% discount to students and faculty at educational institutions. Consider the following transactions during the month of June. June 10 Rashid's hard drive crashes and he sends it to DRS. 12 After initial evaluation, $3,000. June DRS e-mails Rashid to let him know that full data recovery will cost June 13 Rashid informs DRS that he would like them to recover the data and that he is a student at UCLA, qualifying him for a 10% educational discount and reducing the cost by $300 (= $3,000 x 10%). 16 DRS performs the work and claims to be successful in recovering all data. within 30 days of today's date, offering a 2% discount for payment within 10 days. June DRS asks Rashid to pay June 19 When Rashid receives the hard drive, he notices that DRS did not successfully recover all data. Approximately 30%…

Cases: 1. Staff accountants’ working papers are reviewed within one week of being completed. 2. The partner in charge annually selects at random five engagements and evaluates whether quality control procedures were followed. 3. No uncertainty must exist as to whether a new client is a going concern. 4. To be in-charge auditor on audits involving more than four hundred work hours, staff must have previously worked on an engagement in the industry. 5. New staff accountants must be eligible to sit for the CPA exam. 6. In-charge accountants must have passed the CPA exam. 7. As they are issued, new PASs are discussed with staff.8. A technical assistance staff is available to answer accounting and auditing questions. 9. Staff must sign a statement annually that indicates their stock ownership.Required: a. State the quality control element on which the policy relates b. State the objective/purpose of each policy.

Data Recovery Services (DRS) specializes in data recovery from crashed hard drives. The price charged varies based on the extent of damage and the amount of data being recovered. DRS offers a 15% discount to students and faculty at educational institutions. Consider the following transactions during the month of June.   June 10 Rashid’s hard drive crashes and he sends it to DRS. June 12 After initial evaluation, DRS e-mails Rashid to let him know that full data recovery will cost $2,200. June 13 Rashid informs DRS that he would like them to recover the data and that he is a student at UCLA, qualifying him for a 15% educational discount and reducing the cost by $330 ( = $2,200 × 15%). June 16 DRS performs the work and claims to be successful in recovering all data. DRS asks Rashid to pay within 30 days of today’s date, offering a 4% discount for payment within 10 days. June 19 When Rashid receives the hard drive, he notices that DRS did not successfully recover all data.…

Please provide a 2-paragraph response by the end of Thursday. You must provide your initial posting before you can see other member's comments. Before the following Monday, provide at least one follow-up posting to your classmates. All postings should be substantive and thought-provoking, adding new and unique content to the discussion. New Wave Images is a graphics design firm that prepares its financial statements using a calendar year. Manny Kinn, the company treasurer and vice president of finance, has prepared a classified balance sheet as of December 31. In January, this balance sheet will be submitted along with an application for a loan from First Peoples Community Bank. An excerpt from the balance sheet follows:Cash ............ $25,000 Accounts receivable.....$85,000 Total assets............$250,000 The accounts receivable balance includes a $56,000 loan to Tom Morrow, the company president. Tom borrowed the money from New Wave 18 months earlier for a down payment on a new…

Data Recovery Services (DRS) specializes in data recovery from crashed hard drives. The price charged varies based on the extent of damage and the amount of data being recovered. DRS offers a 10% discount to students and faculty at educational institutions.Consider the following transactions during the month of June.June 10 Rashid’s hard drive crashes and he sends it to DRS.June 12 After initial evaluation, DRS e-mails Rashid to let him know that full data recovery will cost $3,000.June 13 Rashid informs DRS that he would like them to recover the data and that he is a student at UCLA, qualifying him for a 10% educational discount and reducing the cost by $300 (= $3,000 × 10%).June 16 DRS performs the work and claims to be successful in recovering all data. DRS asks Rashid to pay within 30 days of today’s date, offering a 2% discount for payment within 10 days.June 19 When Rashid receives the hard drive, he notices that DRS did not successfully recover all data. Approximately 30% of the…

Do you agree to the student answer to this question   Buddy Dupree is the accounting manager for On-Time Geeks, a tech support company for individuals and small businesses. As part of his job, Buddy is responsible for preparing the company’s trial balance. His supervisor placed a “hard deadline” of Friday at 5p.m. for the completion of the trial balance. Unfortunately, Buddy was unable to get the trial balance to balance by the due date. The credit side of the trial balance exceeded the debit side by $3,000. To make the deadline, Buddy decided to add $3,000 debit to the vehicles account balance. He selected the vehicles account because it will not be significantly affected by the additional $3,000.   Questions: Is Buddy behaving ethically? Why or why not? Who is affected by Buddy’s decision? How should Buddy have handled this situation?   Businesses, proprietors, and or individuals, are entrusting that when someone is put into a position such as an accounting manager they are going…

Data Recovery Services (DRS) specializes in data recovery from crashed hard drives. The price charged varies based on the extent of damage and the amount of data being recovered. DRS offers a 10% discount to students and faculty at educational institutions. Consider the following transactions during the month of June.   June   10   Rashid’s hard drive crashes and he sends it to DRS. June   12   After initial evaluation, DRS e-mails Rashid to let him know that full data recovery will cost $1,100. June   13   Rashid informs DRS that he would like them to recover the data and that he is a student at UCLA, qualifying him for a 10% educational discount and reducing the cost by $110 ( = $1,100 × 10%). June   16   DRS performs the work and claims to be successful in recovering all data. DRS asks Rashid to pay within 30 days of today’s date, offering a 2% discount for payment within 10 days. June   19   When Rashid receives the hard drive, he notices that DRS did not successfully…

Write a memo to the CFO, Hans, informing him about the coming public school Annual Audit. Discuss the importance of the audit and some of the things the auditors will review during their field work. Your response should be approximately one page.

Data Recovery Services (DRS) specializes in data recovery from crashed hard drives. The price charged varies based on the extent of damage and the amount of data being recovered. DRS offers a 20% discount to students and faculty at educational institutions. Consider the following transactions during the month of June. June   10   Rashid’s hard drive crashes and he sends it to DRS. June   12   After initial evaluation, DRS e-mails Rashid to let him know that full data recovery will cost $2,900. June   13   Rashid informs DRS that he would like them to recover the data and that he is a student at UCLA, qualifying him for a 20% educational discount and reducing the cost by $580 ( = $2,900 × 20%). June   16   DRS performs the work and claims to be successful in recovering all data. DRS asks Rashid to pay within 30 days of today’s date, offering a 3% discount for payment within 10 days. June   19   When Rashid receives the hard drive, he notices that DRS did not successfully…

Data Recovery Services (DRS) specializes in data recovery from crashed hard drives. The price charged varies based on the extent of damage and the amount of data being recovered. DRS offers a 20% discount to students and faculty at educational institutions. Consider the following transactions during the month of June.   June 10 Rashid’s hard drive crashes and he sends it to DRS. June 12 After initial evaluation, DRS e-mails Rashid to let him know that full data recovery will cost $2,900. June 13 Rashid informs DRS that he would like them to recover the data and that he is a student at UCLA, qualifying him for a 20% educational discount and reducing the cost by $580 ( = $2,900 × 20%). June 16 DRS performs the work and claims to be successful in recovering all data. DRS asks Rashid to pay within 30 days of today’s date, offering a 3% discount for payment within 10 days. June 19 When Rashid receives the hard drive, he notices that DRS did not successfully recover all data.…

Bradford College has several sites and employs hundreds of teaching staff. The college has recently discovered a serious fraud involving false billings for part-time teaching. The fraud involved two members of staff. Noel is a clerk in the payroll office who is responsible for processing payments to part-time teaching staff. Ruth is the Head of the Business Studies department at the college campus. Part-time lecturers are required to complete a monthly claim form which lists the classes taught and the total hours claimed. These forms must be signed by their Head of Department, who sends all signed forms to Noel. Noel checks that the class codes on the claim forms are valid, that hours have been budgeted for those classes and inputs the information into the college’s payroll package. The college has a separate personnel department that is responsible for maintaining all personnel files. Additions to the payroll must be made by a supervisor in the personnel office. The payroll package is…

Compute a final numerical answer for each of the following problems. Youshould work out your solutions on loose leaf paper in an organized manner so that when I post the solutionkey, you can determine why answers that you missed were incorrect. This will allow you to LEARN fromany mistakes so you to not repeat these on the Final Exam (which is worth 35% of your grade in this class).Unless instructed otherwise on a question, round all dollar answers to 2 decimal places, record IRR valuesas a percent rounded to 2 decimal places, round payback period or profitability index values to 1 decimalplace, and record WACC values as a percent rounded to 2 decimal places.USE THE TABLE BELOW TO ANSWER THE FOLLOWING THREE (3) QUESTIONSYear Project A Cash Flows ($s) Project B Cash Flows ($s) Project C Cash Flows ($s)0 -100,000 -700,000 -2,350,0001 25,000 180,000 2,500,0002 20,000 150,000 2,500,0003 30,000 190,000 2,500,0004 25,000 140,0005 25,000 140,0006 20,000The payback period for Project A is…

Please review the rubric prior to beginning the assignment to become familiar with the expectations for successful completion.You are required to submit this assignment to LopesWrite. Please refer to the directions in the Student Success Center.Paul Duncan, financial manager of EduSoft Inc., is facing a dilemma. The firm was founded 5 years ago to provide educational software for the rapidly expanding primary and secondary school markets. Although EduSoft has done well, the firm's founder believes an industry shakeout is imminent. To survive, EduSoft must grab market share now, and this will require a large infusion of new capital.Because he expects earnings to continue rising sharply and looks for the stock price to follow suit, Mr. Duncan does not think it would be wise to issue new common stock at this time. On the other hand, interest rates are currently high by historical standards, and the firm's B rating means that interest payments on a new debt issue would be prohibitive.…

the supervisor tells you to change the aging category of a large account from over 120 days to current status and prepare a new invoice to the customer with the revised date and that agrees with the new category this will change the required allowance of uncollectible accounts from $180,000 to $135,000. Identify the key internal and external stakeholders. what are the negative impacts that can happen if you do not follow the instructions of the supervisor?

A history class is comprised of 8 female and 7 male students. If the instructor of the class randomly chooses 5 students from the class for an oral exam, what is the probability that 3 female students and 2 male students will be selected? Round your answer to 3 decimal places. (If necessary, consult a list of formulas.) ?