What problems does the data cleansing step attempt to resolve? View Solution: What problems does the

What problems does the data cleansing step attempt to resolve? View Solution:
What problems does the data cleansing step attempt to resolve

Canfield Technical School allocates administrative costs to its respective departments based on the

Canfield Technical School allocates administrative costs to its respective departments based on the number of students enrolled, while maintenance and utilities are allocated per square feet of the classrooms. Based on the information below, what is the total amount of maintenance cost to the Carpentry Department (rounded to the nearest dollar) if administrative costs for the school were $82,000, maintenance fees were $25,000, and utilities were $7,300?

Department Students Classrooms Electrical 150 12,250 sq. ft. Welding 75 19,600 sq. ft. Accounting 9,800 sq. ft. Carpentry 30 7,350 sq. ft. Total 300 49,000 sq. ft. 45 Multiple Choice o $2,500. o $25,000. o $2,228. o $3,750. o $4,150.

Kamper Company sells two products Big Z and Little Z. Current direct material and direct labor co… 1 answer below »

Kamper Company sells two products Big Z and Little Z. Current direct material and direct labor costs are detailed below. Next year, the company wishes to use a plantwide overhead rate with direct labor hours as its allocation base. Next year’s overhead is estimated to be $482,000. The direct labor and direct materials costs are estimated to be consistent with the current year. Direct labor costs $25 per hour and the company expects to manufacture 39,000 units of Big Z and 16,000 units of Little Z next year.

Direct Material per Unit Direct Labor Dollars per Unit Big Z $13 $19 Little Z $19 $15

What are total estimated direct labor hours for this next year?

39,240 total DLH.

981,000 total DLH.

526,316 total DLH.

1,870,000 total DLH.

1,507,316 total DLH.

Regan Company adheres to a policy of depositing all cash 1 answer below »

Regan Company adheres to a policy of depositing all cash receipts in a bank account and making all payments by check. The cash account as of August 31 has a credit balance of $1,200, and there is no undeposited cash on hand.
(a) Assuming that no errors occurred during journalizing or posting, what caused this unusual balance?
(b) Is the $1,200 credit balance in the cash account an asset, a liability, stockholders’ equity, a revenue, or an expense?

Pension data for Goldman Company included the following for the current calendar year:Service cost..

Pension data for Goldman Company included the following for the current calendar year:Service cost ………… 750,000PBO, January 1 ………. 800,000Plan assets, January ………. 6,000Amortization of prior service cost …… 8%Discount rate …………. 10%Expected return on plan assets ……. 12%Actual return on plan asset …… $100,000Required:Determine pension expense for the year. View Solution:
Pension data for Goldman Company included the following for the

What tasks do auditors perform during audit planning, and what techniques are used?

1. Explain the concept of materiality.

2. What tasks do auditors perform during audit planning, and what techniques are used?

3. Distinguish between tests of controls and substantive testing.

4. What is audit risk?

Inventory Turnover Garden Fresh Inc. is a wholesaler of fresh fruits and vegetables. Each year it…

Inventory Turnover

Garden Fresh Inc. is a wholesaler of fresh fruits and vegetables. Each year it submits a set of financial

ratios to a trade association. Even though the association doesn’t publish the individual ratios

for each company, the president of Garden Fresh thinks it is important for public relations that his

company look as good as possible. Due to the nature of the fresh fruits and vegetables business,

one of the major ratios tracked by the association is inventory turnover. Garden Fresh’s inventory stated at FIFO cost was as follows:

Sales revenue for the year ending December 31, 2008, is $3,690,000. The company’s gross profit

ratio is normally 40%.

Based on these data, the president thinks the company should report an inventory turnover

ratio of 90 times per year.

 

You mentioned that the FASB is trying to transition to one set of international financial standards.

You mentioned that the FASB is trying to transition to one set of international financial standards. Do you believe it is possible to have on set of standards? What challenges do you see?

Trenton Iron Works uses a Sales Journal, a Purchases Journal, a Cash Receipts Journal, a Cash…

Trenton Iron Works uses a Sales Journal, a Purchases Journal, a Cash Receipts Journal, a Cash Disbursements Journal, and a General Journal. Trenton recently completed the following transactions. List the transaction letters and, next to each letter, give the name of the journal in which the transaction should be recorded. a. Sold merchandise on credit. b. Purchased shop supplies on credit. c. Paid an employee s salary. d. Paid a creditor e. Purchased merchandise on credit. f. Borrowed money from the bank. g. Sold merchandise for cash.

1) ID the limitations of the ICS. Provide at least 2 limitations. 2) Provide at least 3 examples of

1) ID the limitations of the ICS. Provide at least 2
limitations.
2) Provide at least 3 examples of Int. Control Procedures
(ICP) & explain how these ICP can be implemented.
3) Identify symptoms of a lack of internal control.
4) Explain the impact of the missing journal entry on the
financial statements of the company.