give a couple of brief example of what management can do to establish a positive control environment and why this is important to do also how can such things be properly communicated and /or enforced by management within a company among employees

The annual data that follows pertain to

ShadyShady​,

a manufacturer of swimming goggles​ (the company had no beginning​ inventory):

LOADING...

​(Click the icon to view the​ data.)

Requirements

Gazam  corporations adjusted trial balance at December 31, 20x6 included the following

Cash                                                                                        26,000

Account receivable                                                                 50,000

Allowance for doubtful account                                                                     5,000

Merchandise inventory                                                          41,000

Land                                                                                        50,000

Equipment                                                                              96,000

Accumulated depreciation                                                                             16,000

Account payable 115000

Income taxes payable                                                                                     5,000

Unearned rent                                                                                                15,000

Common stock ($10 par 10,000 shares)                                                       150,000

Retained earnings                                                                                           60,000

Sales                                                                                                                90,000

Interest revenue                                                                                             4,000

Cost of goods sold                                                                  90,000

Selling expense                                                                       30,000

Administrative expense                                                          40,000

Income tax expense                                                                12,000

Loss on sale of equipment                                                      10,000

Dividends declared                                                                 15,000

                                                                                                460,000           460,000

Prepare a balance sheet at December 31, 20x6, in good form.

Landor Appliance Corporation makes and sells electric fans. Each fan regularly sells for $48. The following cost data per fan is based on a full capacity of 151,000 fans produced each period.

A special order has been received by Landor for a sale of 25,000 fans to an overseas customer. The only selling costs that would be incurred on this order would be $6 per fan for shipping. Landor is now selling 126,000 fans through regular channels each period. Assume that direct labor is an avoidable cost in this decision. What should Landor use as a minimum selling price per fan in negotiating a price for this special order?

You are about to start working at car dealership that is currently reporting losses due to flooding but will be profitable in a few years. Assume you’re your risk adverse and your supervisor cannot fully monitor your actions. The key metrics at this dealership include both financial data (number of sales, margin on sales) as well as qualitative data (survey of experience). You are tasked with designing a compensation contract. 1. Define in your own terms moral hazard and adverse-selection Describe how the firm may want to establish a compensation contract for you given moral hazard and adverse selection issues. 2. Does this change depending on your level of risk aversion? 3. Discuss both tax and nontax factors from both the employee and employers perspective. 4. Suppose a firm has a tax loss in the current period of $200, which when added to prior tax losses gives it an NOL carryforward of $300. The top statutory tax rate is 21%. Assume an after-tax discount rate of 10% and future taxable income of $50 per year. What is the firm’s marginal explicit tax rate? 5. Create the compensation contract with points 1-4 in mind. Keep this contract to a single page. You will be graded on creativity, presentation, and writing clarity.

Construct the discrete probability distribution for the random variable described. Express the probabilities as simplified fractions.

The number of heads in 5 tosses of a coin. Please answer in a table to understand better.

Universe Studios Sentiasa is a theme park licensed from a major Bollywood studio. Customers pay a fixed fee to enter the park where they can participate in a variety of activities such as riding roller-coasters, playing on slides and purchasing themed souvenirs from gift shops.

Customers purchase tickets to enter the theme park from ticket offices located outside the park. Tickets are only valid on the day of purchase. Adults and children are chargedthe same price for admission to the park. Tickets are preprinted and stored in each ticket office. Tickets are purchased using either cash or credit cards. Each ticket has a number comprising of two elements - two digits relating to the ticket office followed by six digits to identify the ticket. The last six digits are in ascending sequential order.All cash ticket sales are recorded on a computer showing the amount of each sale and the number of tickets issued. This information is transferred electronically to the accounts office. Cash is collected regularly from each ticket office by two security guards. The cash is then counted by two accounts clerks and banked on a daily basis. The total cash from each ticket office is agreed to the sales information that has been transferred from each office. Total cash received is then recorded in the cash book, and then the general ledger.

The park also accepts Visa and Mastercard. Payments by credit cards are authorised online as the customers purchase their tickets. Computers in each ticket office record the sales information, which is transferred electronically to the accounts office. Credit card sales are recorded for each credit card company in a receivables ledger. When payment is received from the credit card companies, the accounts clerks agree the total sales values to the amounts received from the credit card companies, less the commission payable to those companies. The receivables ledger is updated with the payments received. You are now commencing the planning of the annual audit of Universe Studios Sentiasa .

Required

(a) Identify four (4) risks that could affect the assertion of completeness of sales and cash receipts. [12 marks] (b) Discuss the extent to which substantive procedures could be used to confirm the assertion of completeness of income in Universe Studios Sentiasa. [6 marks] (c) Provide any four (4) substantive analytical procedures that can be used to give assurance on the total income from ticket sales for one day in Universe Studios Sentiasa. [12 marks]

Manufacturing Income Statement, Statement of Cost of Goods Manufactured

Several items are omitted from the income statement and cost of goods manufactured statement data for two different companies for the month of December.

Required:

1. Determine the amounts of the missing items, identifying them by letter. Enter all amounts as positive numbers.

2. Prepare On Company's statement of cost of goods manufactured for December.

3. Prepare On Company's income statement for December.

The following information concerns production in the Baking Department for May. All direct materials are placed in process at the beginning of production.

a. Based on the above data, determine each cost listed below. Round "cost per equivalent unit" answers to the nearest cent.

Problem 16-05A a-d (Part Level Submission)

The following securities are in Wildhorse Company’s portfolio of long-term securities at December 31, 2020.

On December 31, 2020, the total cost of the portfolio equaled total fair value. Wildhorse had the following transactions related to the securities during 2021.

At December 31, 2021, the fair values of the securities were:

Prepare journal entries to record the transactions. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No entry" for the account titles and enter 0 for the amounts. Record journal entries in the order presented in the problem.)

Problem 16-06A

The following data, presented in alphabetical order, are taken from the records of Sandhill Corporation.

The investment in Sasse common stock is considered to be a long-term security.

Prepare a classified balance sheet at December 31, 2020. (List assets in order of liquidity. List Property, plant and equipment list in order of land, buildings and equipment.)

Problem 16-06A

The following data, presented in alphabetical order, are taken from the records of Sandhill Corporation.

The investment in Sasse common stock is considered to be a long-term security.

Prepare a classified balance sheet at December 31, 2020. (List assets in order of liquidity. List Property, plant and equipment list in order of land, buildings and equipment.)

Croy Inc. has the following projected sales for the next five months: Month Sales in Units April 3,430 May 3,900 June 4,530 July 4,115 August 4,000 Croy’s finished goods inventory policy is to have 60 percent of the next month’s sales on hand at the end of each month. Direct material costs $2.80 per pound, and each unit requires 2 pounds. Raw materials inventory policy is to have 50 percent of the next month’s production needs on hand at the end of each month. Raw materials on hand at March 31 totaled 3,712 pounds. Required: 1. Determine budgeted production for April, May, and June. (Do not round your intermediate calculations and round your final answer to the nearest whole number.) 2. Determine the budgeted cost of materials purchased for April, May, and June. (Use rounded Budgeted Production units in intermediate calculations. Round your answers to 2 decimal places.)

How is a DFD different from a flowchart?

wanson & Hiller, Inc., purchased a new machine on September 1 of the current year at a cost of $108,000. The machine’s estimated useful life at the time of the purchase was five years, and its residual value was $8,000. The company reports on a calendar year basis. Required:

a-1. Prepare a complete depreciation schedule, beginning with the current year, using the straight-line method. (Assume that the half-year convention is used)

a-2. Prepare a complete depreciation schedule, beginning with the current year, using the 200 percent declining-balance method. (Assume that the half-year convention is used).

a-3. Prepare a complete depreciation schedule, beginning with the current year, using the 150 percent declining-balance, switching to straight-line when that maximizes the expense. (Assume that the half-year convention is used).

b. Which of the three methods computed in part a is most common for financial reporting purposes?

c. Assume that Swanson & Hiller sells the machine on December 31 of the fourth year for $29,000 cash. Compute the resulting gain or loss from this sale under each of the depreciation methods used in part a.