Pronghorn Equipment Co. closes its books regularly on December 31, but at the end of 2017 it held its cash book open so that a more favorable balance sheet could be prepared for credit purposes. Cash receipts and disbursements for the first 10 days of January were recorded as December transactions. The information is given below.

1. January cash receipts recorded in the December cash book totaled $53,800, of which $37,800 represents cash sales, and $16,000 represents collections on account for which cash discounts of $324 were given.

2. January cash disbursements recorded in the December check register liquidated accounts payable of $21,325 on which discounts of $232 were taken.

3. The ledger has not been closed for 2017.

4. The amount shown as inventory was determined by physical count on December 31, 2017. The company uses the periodic method of inventory.

Prepare any entries you consider necessary to correct Pronghorn’s accounts at December 31.

To what extent was Pronghorn Equipment Co. able to show a more favorable balance sheet at December 31 by holding its cash book open? (Compute working capital and the current ratio.) Assume that the balance sheet that was prepared by the company showed the following amounts: (Round ratios to 2 decimal place, e.g. 4.56.)

                                                                  Dr.                                                  Cr.

Cash                                                 $38,740

Accounts receivable                        38,650

Inventory                                           66,480

Accounts payable                                                                                           $45,210

Other current liabilities                                                                                    13,733

                                                                      Per Balance Sheet                                          After Adjustment

Working capital                                             $                                                                        $

Current ratio                                                                              to 1                                                                       to 1

How do we find working capital and current ratio              per balance sheet and         After adjustment

That is all information that I have

Please review the following six ratios for Simpson Company and ABC Inc. for the year ended 2014, then address the two questions below.

Instructions: This is a two-part question. (1) Explain the meaning of each of the Simpson Company ratios above. (18 points) (2) State which company performed better for each ratio. (18 points)

would like to use apple for my company below is the question thank you no plagiarism please

financial ratios help to analyze the company’s financial health. Go to Yahoo Finance and select a company. Then, calculate at least one of the financial ratios that was discussed in your textbook for that company please help and stated I would like to use Apple Inc. as my example as my company please help thank you

Do parent corporations generally prefer to file consolidated tax returns with their subsidiaries as opposed to filing separate returns? Why or why not?

Belden, Inc. acquires 30 percent of the outstanding voting shares of Sheffield, Inc. on January 1, 2017, for $316,000, which gives Belden the ability to significantly influence Sheffield. Sheffield has a net book value of $828,000 at January 1, 2017. Sheffield's asset and liability accounts showed carrying amounts considered equal to fair values except for a copyright whose value accounted for Belden's excess cost over book value in its 30 percent purchase. The copyright had a remaining life of 16 years at January 1, 2017. No goodwill resulted from Belden's share purchase.

Sheffield reported net income of $162,000 in 2017 and $224,000 of net income during 2018. Dividends of $86,000 and $94,000 are declared and paid in 2017 and 2018, respectively. Belden uses the equity method.

1. On its 2018 comparative income statements, how much income would Belden report for 2017 and 2018 in connection with the company's investment in Sheffield?

2. If Belden sells its entire investment in Sheffield on January 1, 2019, for $422,000 cash, what is the impact on Belden's income?

3. Assume that Belden sells inventory to Sheffield during 2017 and 2018 as follows. What amount of equity income should Belden recognize for the year 2018?

   Year	Cost to Belden	Price to Sheffield	Year-End Balance (at Transfer Price)
   2017	$31,860	$54,000	$18,000 (sold in following year)
   2018	31,860	59,000	40,000 (sold in following year)

A. Equity income 2017 _________

Equity income 2018 ____________

B. Gain or Loss on sale of investment ___________

C. Equity income

Entries for Sale of Fixed Asset

Equipment acquired on January 8 at a cost of $176,530 has an estimated useful life of 17 years, has an estimated residual value of $9,250, and is depreciated by the straight-line method.

a. What was the book value of the equipment at December 31 the end of the fourth year?

b. Assume that the equipment was sold on April 1 of the fifth year for $129,660.

1. Journalize the entry to record depreciation for the three months until the sale date. If an amount box does not require an entry, leave it blank. Round your answers to the nearest whole dollar if required.

2. Journalize the entry to record the sale of the equipment. If an amount box does not require an entry, leave it blank. Do not round intermediate calculations.

On May 3, 2017, Nassau Company consigned 80 freezers, costing $500 each, to Exuma Company. The cost of shipping the freezers amounted to $840 and was paid by Nassau Company. On December 30, 2017, a report was received from the consignee, indicating that 40 freezers had been sold for $750 each. Remittance was made by the consignee for the amount due after deducting a commission of 6%, advertising of $200, and total installation costs of $320 on the freezers sold.

Instructions: i) Compute the amount of cash that will be remitted by the consignee to the consignor,

and ii) Prepare the journal entry of the consignor to record the sale, expenses and cash remittance

Problem 5-1A

Delta Company produces a single product. The cost of producing and selling a single unit of this product at the company’s normal activity level of 94,800 units per year is:

Direct materials $ 2.00

Direct labor $ 3.00

Variable manufacturing overhead $ 0.70

Fixed manufacturing overhead $ 3.75

Variable selling and administrative expenses $ 2.00

Fixed selling and administrative expenses $ 2.00

The normal selling price is $25.00 per unit. The company’s capacity is 130,800 units per year. An order has been received from a mail-order house for 3,000 units at a special price of $22.00 per unit. This order would not affect regular sales or the company’s total fixed costs.

1. What is the financial advantage (disadvantage) of accepting the special order?

2. As a separate matter from the special order, assume the company’s inventory includes 1,000 units of this product that were produced last year and that are inferior to the current model. The units must be sold through regular channels at reduced prices. The company does not expect the selling of these inferior units to have any effect on the sales of its current model. What unit cost is relevant for establishing a minimum selling price for these units?

Hemming Co. reported the following current-year purchases and sales for its only product.
    

Required:
Hemming uses a periodic inventory system.
  
(a) Determine the costs assigned to ending inventory and to cost of goods sold using FIFO.

(b) Determine the costs assigned to ending inventory and to cost of goods sold using LIFO.

(c) Compute the gross margin for each method.

Hemming Co. reported the following current-year purchases and sales for its only product.
    

Cost of Units Completed and in Process The charges to Work in Process—Assembly Department for a period, together with information concerning production, are as follows. All direct materials are placed in process at the beginning of production. Work in Process—Assembly Department Bal., 5,000 units, 35% completed 16,175 To Finished Goods, 115,000 units ? Direct materials, 118,000 units @ $1.8 212,400 Direct labor 372,700 Factory overhead 144,960 Bal. ? units, 55% completed ? a. Based on the above data, determine the different costs listed below. If required, round your interim calculations to two decimal places. 1. Cost of beginning work in process inventory completed this period. $ 2. Cost of units transferred to finished goods during the period. $ 3. Cost of ending work in process inventory. $ 4. Cost per unit of the completed beginning work in process inventory, rounded to the nearest cent. $ b. Did the production costs change from the preceding period? No c. Assuming that the direct materials cost per unit did not change from the preceding period, did the conversion costs per equivalent unit increase, decrease, or remain the same for the current period?

Whispering Company has two classes of capital stock outstanding: 8%, $20 par preferred and $5 par common. At December 31, 2017, the following accounts were included in stockholders’ equity.

The following transactions affected stockholders’ equity during 2018.

Prepare the stockholders’ equity section for Whispering Company at December 31, 2018. (Enter account name only and do not provide descriptive information.)

Sorfina Berhad, a diversified manufacturer has four divisions that operate throughout Malaysia. The company has historically allowed its divisions to operate autonomously. Corporate intervention occurred only when planned results were not obtained. Corporate management has high integrity, but the board of directors and audit committee are not very active. Sorfina Berhad has a policy of hiring competent people. The company has a code of conduct, but there is little monitoring of compliance by employees. Management is fairly conservative in terms of accounting standards and practices, but employee compensation packages depend highly on performance. The company does not have an internal audit department, and it relies on external auditor to review the controls in each division. Shahrul is the general manager of the Fabricator Division. This division produces a variety of standardised parts for small appliances. Shahrul has been the general manager for the last ten years, and each year he has been able to improve the profitability of the division. He is compensated based largely on the division’s profitability. Much of the improvement in profitability has come through aggressive cost cutting, including substantial reduction in control procedures over inventory. During the last year a new competitor has entered Fabricator’s markets and has offered substantial price reductions in order to gain market share. Shahrul has responded to the competitor’s actions by matching the price cuts in the hope of maintaining market share. He is very concerned because he cannot see any other areas where costs can be reduced so that the division’s growth and profitability can be maintained. If profitability is not maintained, his salary and bonus will be reduced. BAC5083 AUDITING AND ASSURANCE JULY-SEPT 20Final AssessmentCONFIDENTIAL Page 6 of 7 2020 Turn Over Shahrul has decided that one way to make the division more profitable is to manipulate inventory because it represents a large amount of the division’s balance sheet. He also knows that controls over inventory are weak. He views this inventory manipulation as a short-run solution to the profit decline due to the competitor’s price cutting. He is certain that once the competitor stops cutting prices or goes bankrupt, the misstatement in inventory can be corrected with little impact on the bottom line. Required: (a) Discuss FIVE (5) strengths and FIVE (5) weaknesses of Sorfina Berhad’s internal control. [20 marks] (b) Identify the control environmental factors that causes that Shahrul’s manipulation of inventory in Sorfina Berhad

b:

The Companies Act 2016 requires a company to appoint an approved company
auditor. The final responsibility of the auditor is to issue a written report expressing
an opinion on whether the financial statements give a true and fair view.
i. Explain the term 'true' and 'fair' view.

ii. Explain THREE (3) rights that enable auditors to carry out their duties.

(b) Discuss the differences between errors, frauds, and illegal acts. Give an example of
each.

(c) Discuss THREE (3) reasons why auditors are responsible for "reasonable" but not
"absolute" assurance.

Charleston Corporation operates a branch operation in a foreign country. Although this branch operates in euros, the U.S. dollar is its functional currency. Thus, a remeasurement is necessary to produce financial information for external reporting purposes. The branch began the year with 504,000 euros in cash and no other assets or liabilities. However, the branch immediately used 312,000 euros to acquire a warehouse. On May 1, it purchased inventory costing 127,000 euros for cash that it sold on July 1 for 182,000 euros cash. The branch transferred 26,000 euros to the parent on October 1 and recorded depreciation on the warehouse of 11,000 euros for the year. Currency exchange rates for 1 euro follow: January 1 $1.47 = 1 euro May 1 1.51 = 1 July 1 1.53 = 1 October 1 1.51 = 1 December 31 1.41 = 1 Average for the year 1.49 = 1 What is the remeasurement gain or loss to be recognized in the consolidated income statement? rev: 07_22_2017_QC_CS-91913 Multiple Choice $18,060 gain. $18,060 loss. $190 loss. $190 gain.