On October 31, 2021, Cullumber Company had a cash balance per books of $8,967. The bank statement on that date showed a balance of $10,174. A comparison of the statement with the Cash account revealed the following:

CA2-5 (Revenue Recognition Principle) After the presentation of your report on the examination of the financial statements to the board of directors of Piper Publishing Company, one of the new directors expresses surprise that the income statement assumes that an equal proportion of the revenue is recognized with the publication of every issue of the company’s magazine. She feels that the “crucial event” in the process of earning revenue in the magazine business is the cash sale of the subscription. She says that she does not understand why most of the revenue cannot be “recognized” in the period of the cash sale.

Instructions Discuss the propriety of timing the recognition of revenue in Piper Publishing Company’s accounts with:

(a) The cash sale of the magazine subscription.
(b) The publication of the magazine every month.
(c) Over time, as the magazines are published and delivered to customers.

The marketing manager for Mountain Mist soda needs to decide how many TV spots and magazine ads to run during the next quarter. Each TV spot costs $6000 and is expected to increase sales by 400,000 cases. Each magazine ad costs $2500 and is expected to increase sales by 500,000 cases. A total of $100,000 may be spent on TV and magazine ads combined. However Mountain mist wants to spend no more than $70,000 on tv spots and no more than $50,000 on magazine ads. Mountain Mist earns a profit of $1.80 on each case of soda that it sells. Set up an Excel sheet for this problem showing the information, variables, objective (hint, you’re maximizing something) and constraints. You do not have to solve it.

SCENARIO-2

You are an audit supervisor of Star & Co, planning the final audit of a new client, Franker Construction Co, for the year ending 31 December 2019. The company specializes in property construction and providing ongoing annual maintenance services for properties previously constructed. Forecast profit before tax is RO 46 millon and total assets are expected to be RO 53 million which is much higher than the balance of previous years. The company has recently upgraded their website during the year at a cost of RO 1·1 million. Franker Construction Co’s Finance director has provided you with the following notes regarding the company -- A full year-end inventory count will be undertaken on 30 September at all the 15 building sites where construction is in progress. There is not sufficient audit team resource to attend all inventory counts. Franker Construction Co has also insisted on completing the inventory count as well as the audit work as early as possible so that they can release their audit report well before time. In the month of October, the company had installed a new software and had migrated the entire pay roll from the old system to new one. In line with industry practice, Franker Construction Co. offers its customers a fiveyear building warranty, which covers any construction defects. Customers are not required to pay any additional fees to obtain the warranty. The finance director anticipates this provision will be lower than last year as the company has improved its building practices and therefore the quality of the finished properties. Franker Construction had few warranty complaints with customers whose cases come for hearing in the next week. Franker is confident that they would win the case if the audit partner represents as the audit team had earlier helped in few compliance and internal control implementation and was well familiar with the case details. Star & Co is put in a dilemma as the audit fees and other consultation fees for the last 2 years is overdue.

The finance director has informed you that although an allowance for receivables has historically been maintained, it is anticipated that this can be significantly reduced this month. Information from last year’s management accounts of Franker Construction Co’s shows a material overdraft balance. The finance director has confirmed that there are minimum profit and net assets covenants attached to the overdraft. A review of the management accounts shows the payables period was 49 days for November 2019, compared to 92 days in December 2019. The finance director anticipates that things will improve, and the number of days will become less.

Question 3: - (based on Scenario 2) As an audit supervisor of Star & Co, Identify the ethical threats and risk associated with the client Franker Construction & Co. and suggest appropriate responses / safeguards

Mayfair Co. allows select customers to make purchases on credit. Its other customers can use either of two credit cards: Zisa or Access. Zisa deducts a 6.5% service charge for sales on its credit card. Access deducts a 5.5% service charge for sales on its card. Mayfair completes the following transactions in June.

Required:
Prepare journal entries to record the preceding transactions and events. (The company uses the perpetual inventory system.) (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Round your final answers to the nearest whole dollar.)

What are System calls. Provide 6 file and directory system calls

1. Morris Company had the following information for the year ending December 31:

Additional Resources

Morris uses the perpetual inventory system and the FIFO method.

Required:

Using FIFO

2. On December 31, 2017, Tiffany Company issued $1,420,000 of 9% bonds. The market interest rate at the time of issuance was 12%. The bonds pay interest on June 30 and December 31 and mature in 10 years.

Required:

Compute the selling price of the bonds on December 31, 2017.

Note: Round all intermediate calculations to three decimal places, and round your final answer to the nearest cent.

3. On December 31, 2017, $120,000 of 9% bonds were issued. The market interest rate at the time of issuance was 11%. The bonds pay interest on June 30 and December 31 and mature in 10 years.

Required:

Compute the selling price of a single $1,000 bond on December 31, 2017.

Note: Round all intermediate calculations to three decimal places, and round your final answer to the nearest cent.

Problem 15-2: Prepare a complete Worksheet.

Edward Mantis is the owner of his own appliance repair service. On October 31, XXX1, the balances of Mr. Mantis' ledger accounts are:

1. Supplies used during October amounted to $115.
2. Insurance expired during October amounted to $100.
3. Depreciation on equipment for the month amounted to $70.
4. The interest expense on the note payable to John Miller was $9.
5. The accrued salaries payable on October 31, XXX1, was $40.

Prepare a Worksheet for Edward Mantis for the Appliance Repair Service.

Write a bash script to find all the files ending with .c recursively for every directory in your current working directory, then copy each one to a folder called programs, need handle duplicates by appending the number to the end of the file (ex main.c main-1.c ) compile them and generate a report

report should look like:

main.c compiles

prog2.c failed

main-2.c compiles

etc.

Case of Antidumping in Action Study

A GAME OF CHICKEN

When it comes to chicken, Americans prefer white meat. South Africans prefer dark meat. Sounds like the basis for mutually beneficial trade. And it would be, if it weren't for those pesky dumping laws.

U.S. chicken producers noticed the differences in demand. They began exporting dark-meat chicken to South Africa. This created extra competition for South African chicken producers, but South African consumers gained more than local producers lost. That's the way trade works. In addition, U.S. chicken producers were happy. The price they received for their dark-meat exports was somewhat higher than the price they could get in the United States. This added to their profitability.

South African chicken producers scratched back. They charged U.S. producers with dumping by exporting dark-meat chicken at a price less than production cost. This is an ideal situation for a biased antidumping authority because there is no one way to determine this production cost. (What comes first, the dark meat or the white?) In 2000, the South African government determined that the U.S. firm Tyson was dumping by a margin of 200 percent (its export price was only one-third of its estimated production cost) and Gold Kiss was dumping by an incredible 357 percent margin. Something is fowl in South Africa. Good-bye gains from trade.

WHAT'S SO SUPER ABOUT SUPERCOMPUTERS?

In 1996 the Japanese company NEC won the contract to supply a supercomputer to a university consortium funded by the U.S. National Science Foundation, to be used for weather forecasting. This was the first-ever sale of a Japanese supercomputer to an agency of the U.S. government. It seemed to be a major setback for Cray Research, then the major U.S. supercomputer maker. But Cray thought it saw unfair trade.

With encouragement from the U.S. Depart-ment of Commerce, Cray filed a dumping complaint. NEC guessed that it was not likely to win with the Department of Commerce also acting as the judge, and it refused to participate in the case. Based on information provided by Cray, the U.S. government imposed antidumping duties on NEC supercomputers at the super rate of 454 percent (and at the almost super rate of 173 percent for supercomputers from Fujitsu, the other major Japanese producer). With these antidumping duties in place, no one in the United States would be buying NEC or Fujitsu supercomputers.

Not so super for U.S. users of supercomputers. Or for anyone in the United States who wanted accurate weather forecasts. NEC supercomputers were simply the best in the world for this purpose.

There's one more twist in this wired tale. Hey, maybe it isn't dumping after all. In 2001, Cray was in financial trouble, and its technology was lagging. In exchange for a $25 million investment by NEC and a 10-year contract to be the exclusive distributor of NEC supercomputers in North America, Cray asked the Department of Commerce to end the antidumping duty.

How do you compare the rationales for exercising anti-dumping sanctions in these two very different cases?