REQUIRED: Prepare a bank reconciliation in good form for the month:

Strand Corp had the following info for the month of July 2018:

1. Cash balance per bank- $7,293

2. Bank services charges not recorded by company $28

3. Cash balance per books $7,384

4. Deposits in transit $1,500

5. Bank collected a $800 note on Strand Corp’s behalf, plus interest $36, less collection fee $20

6. Outstanding checks for the month $621

Apples & Oranges Inc. is trying to become more efficient in shipping goods. It is experimenting with two new shipping procedure initiatives aimed at achieving this strategic objective. The company has provided the following data regarding the two procedures after one month of implementation:

a. Compute the following performance metrics for each program:

(1) Average number of shipping errors per shipment, rounded to two decimal places.

Procedure A:  error per shipment

Procedure B:  error per shipment

(2) Hours from ordered to delivered, rounded to one decimal place.

Procedure A:  hours from ordered to delivered

Procedure B:  hours from ordered to delivered

(3) Average pounds of goods per shipment.

Procedure A:  lbs. of goods per shipment

Procedure B:  lbs. of goods per shipment

b. Which program should the company implement moving forward?

DataSpan, Inc., automated its plant at the start of the current year and installed a flexible manufacturing system. The company is also evaluating its suppliers and moving toward Lean Production. Many adjustment problems have been encountered, including problems relating to performance measurement. After much study, the company has decided to use the performance measures below, and it has gathered data relating to these measures for the first four months of operations.

Management has asked for your help in computing throughput time, delivery cycle time, and MCE. The following average times have been logged over the last four months:

Required:

1-a. Compute the throughput time for each month.

1-b. Compute the delivery cycle time for each month.

1-c. Compute the manufacturing cycle efficiency (MCE) for each month.

2. Evaluate the company’s performance over the last four months.

3-a. Refer to the move time, process time, and so forth, given for month 4. Assume that in month 5 the move time, process time, and so forth, are the same as in month 4, except that through the use of Lean Production the company is able to completely eliminate the queue time during production. Compute the new throughput time and MCE.

3-b. Refer to the move time, process time, and so forth, given for month 4. Assume in month 6 that the move time, process time, and so forth, are again the same as in month 4, except that the company is able to completely eliminate both the queue time during production and the inspection time. Compute the new throughput time and MCE.

1-a. Compute the throughput time for each month.
1-b. Compute the delivery cycle time for each month.
1-c. Compute the manufacturing cycle efficiency (MCE) for each month.

(Round your answers to 1 decimal place.)

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Evaluate the company’s performance over the last four months. (Indicate the effect of each trend by selecting "Favorable" or  "Unfavorable" or "None" for no effect (i.e., zero variance).

3-a. (Month 5) Refer to the move time, process time, and so forth, given for month 4. Assume that in month 5 the move time, process time, and so forth, are the same as in month 4, except that through the use of Lean Production the company is able to completely eliminate the queue time during production. Compute the new throughput time and MCE.

3-b. (Month 6) Refer to the move time, process time, and so forth, given for month 4. Assume in month 6 that the move time, process time, and so forth, are again the same as in month 4, except that the company is able to completely eliminate both the queue time during production and the inspection time. Compute the new throughput time and MCE.

(Round your answers to 1 decimal place.)

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Oct 1 Tom invested cash in the business, $40,000 2 Prepaid 6 months rent in advance, $4,800 3 Purchased Stage Equipment for $3,000. Paid $1,500 immediately but put the rest on account. 5 Purchased supplies for cash, $1,500 7 Purchased a one year insurance policy for $1,200 31 Paid the part-time worker, $450 Nov 2 Tom withdrew $180 so he could relax at the health spa 3 Tuition revenue for the month was, $3,500. Received $1,000 immediately from students the rest is due in 20 days. 8 Paid the telephone bill, $95 11 Paid the electric bill, $320 21 Received payment for tuition from students billed on November 3 23 Received the newspaper advertising bill, $160, it is due in 30 days. 27 Paid the part-time worker, $450 Dec 3 Tuition revenue for the month was, $5,500. Received $2,500 immediately from students, the rest is due in 20 days. 21 Paid the advertising bill which was received last month, $160 22 Received payment for tuition from students billed on December 3 24 Paid an additional $500 on the stage equipment purchased earlier in the year. 29 Purchased additional supplies on account, $300

Explain why corporations invest in stocks and debt securities.

Question 18 (1 point)

Which of the following items is excluded from an engagement letter?

Question 18 options:

Question 19 (1 point)

In which step of the audit do auditors conduct tests of controls?

Question 19 options:

Question 20 (1 point)

How long do auditors have after the report release date to complete the audit file by assembling the final set of audit documentation?

Question 20 options:

Question 21 (1 point)

Saved

In which audit procedure to gather evidence does the auditor obtain a written representation letter?

Question 21 options:

You are an accountant of GSM company ltd., a clothing store. After you have prepared the financial statements as at December 2011, you noticed the following items occurring before accounts are approved by the directors: The sale of Tshs.1,000,000 was made during the period from 31stDecember 2011 to the date the statements are approved by the directors. The purchase of Tshs.750,800 was done during the period from 31stDecember 2011 to the date the statements are approved by the directors. Expenses amounting to Tshs.180,000 was incurred during the period from 31stDecember 2011 to the date the statements are approved by the directors. A notification is received that a customer who owes the company Tshs.3,700,000 has been declared bankrupt on 17thJanuary 2012. A fire on 4thJanuary 2012 destroys all the inventories in the warehouse. A letter is received from the insurance company stating that it is unclear whether our company was actually insured for the loss of inventories in the warehouse. Which of the above items are relevant for adjusting and non-adjusting events?

A convertible bond has the following terms:  Principal of $1000, coupon interest of 7%, maturity in 10 years, callable after five years at 1070.  The conversion price is $40 (25 shares).  The current price of the common stock is $41.  Similar risk bonds have a yield to maturity of 8%.  Would it make sense to convert the bond today, not convert it, or wait a while to decide whether to convert? Why (you should use some numbers in your answer)?

I need help solving this problem.

Required information

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Comparative financial statements for Weaver Company follow:

During this year, Weaver sold some equipment for $18 that had cost $31 and on which there was accumulated depreciation of $10. In addition, the company sold long-term investments for $12 that had cost $7 when purchased several years ago. Weaver paid a cash dividend this year and the company repurchased $37 of its own stock. This year Weaver did not retire any bonds.

2. Using the information in (1) above, along with an analysis of the remaining balance sheet accounts, prepare a statement of cash flows for this year. (List any deduction in cash and cash outflows as negative amounts.)

Harold McWilliams owns and manages a general merchandise store in a rural area of Virginia. Harold sells appliances, clothing, auto parts, and farming equipment, among a wide variety of other types of merchandise. Because of normal seasonal and cyclical fluctuations in the local economy, he knows that his business will also have these fluctuations, and he is planning to use CVP analysis to help him understand how he can expect his profits to change with these fluctuations. Harold has the following information for his most recent year. Cost of goods sold represents the cost paid for the merchandise he sells, while operating costs represent rent, insurance, and salaries, which are entirely fixed.

Required:

1-a. What is Harold’s margin of safety (MOS) in dollars? (Do not round intermediate calculations.)

1-b. What is the margin of safety (MOS) ratio? (Input your answer as a percentage rounded to 2 decimal places (i.e., 0.1567 = 15.67%).)

3. What is Harold’s margin of safety (in dollars) and operating profit if sales should fall to $645,000? (Do not round intermediate calculations.)

For this assessment, you should assume you are on the internal audit staff of a publicly traded company. Chosen company is AMAZON. You will be required to obtain the last two years’ worth of financial statements and a recent audit report. The internal audit group at the company is tasked with preparing for an upcoming revenue audit and analyzing the business risk internally to mitigate audit findings. You will conduct an internal audit of the company using the information gathered and create a report. Then, you will prepare appropriate memos analyzing the audit report you have prepared, while offering feedback and recommendations.

A. Describe how you would conduct the audit process, incorporating the analytical procedures you would use to investigate selected business transactions.

1. What steps will you take to review the company’s business transactions?

2. What would your plan be to utilize these procedures?

B. Explain the appropriate field work needed to review high-risk business transactions for cash and revenue.

1. What would you need to do in the field to investigate these?

2. Could you convey this information through charts or other supporting documentation?

C. Create a test to assess appropriate assertions for designated high-risk business transactions.

Q#5) a) A Dollar Today Is Worth More Than A Dollar Tomorrow. Elucidate

b) Why is Present Value considered an Opportunity Cost?

c) Are these mutually exclusive or independent projects? i) Deciding between repairing a machine or replacing it and ii) Deciding which market to enter next.

You’ve developed a very popular, up-scale but reasonably priced, clothing fashion line for young people. You produce designs in a number of countries, manufacturing in low-cost locations, and with retail outlets in major U.S. and European cities. Demand is popping and you have access to plenty of production capacity and capital.

Answer the following questions:

• How should you organize the business outside of the U.S.?
• Should you set-up reasonably independent companies, subsidiaries, in each foreign market?
• What would that do and not do for you?
• Or, do you want to impose a strict brand image, procedures, and central planning from headquarters, where your offices are?
• What are the pros and cons of this approach?

Plantwide Versus Department Allocations of Overhead:

San Juan Company expects to incur $600,000 in overhead costs this coming year—$100,000 in the Cutting Department, $300,000 in the Assembly department, and $200,000 in the Finishing department. Direct labor hours worked in all departments are expected to total 40,000 (used for the plantwide rate). The Cutting department expects to use 20,000 machine hours, the Assembly department expects to use 25,000 direct labor hours, and the Finishing department expects to incur $100,000 in direct labor costs (this information will be used for department rates).

Required:

a. Assume San Juan Company uses the department approach for allocating overhead costs. Calculate the predetermined overhead rate for each department and explain how these rates will be used to allocate overhead costs.

b. Assume San Juan Company uses the plantwide approach for allocating overhead costs and direct labor hours as the allocation base. Calculate the predetermined overhead rate, and explain how this rate will be used to allocate overhead costs.