11606 Q ACC - Intermediate Accounting help

(See attached file for full problem description) --- Problem 1 On May 31, 2004, Porter Company paid $2,100,000 to acquire all of the common stock of Dryer Corporation, which became a division of Porter. Dryer reported the following balance sheet at the time of acquisition: Current assets: $ 500,000 Current liabilites $ 400,000 Non-Current assets: $1,800,000 Long-term liabilities $ 300,000 Total Assets: $2,300,000 Stockholders' equity $1,600,000 Total liabilities and stockholders' equity: $2,300,000 It was determined at the date of the purchase that the fair value of the identifiable net assets of Dryer was $1,800,000. At December 31, 2004, Dryer rep... click for more

Cost accounting issues 11688 Q ACC

Question 16 (1 point) The relevant activity base for a cost depends upon which base is most closely associated with the cost and the decision-making needs of management. • True • False Question 23 (1 point) Because variable costs are assumed to change in constant proportion with changes in the activity level, the graph of the variable costs when plotted against the activity level appears as a circle. • True • False Question 25 (2 points) A business operated at 100% of capacity during its first month and incurred the following costs: Production costs (5,000 units): Direct materials $70,000 Direct labor 20,000 Variable factory overhead 10,... click for more

Auditing

Explain the difference between auditing around the computer, through the computer, and with the computer. Do you think it is possible to conduct a thorough audit by auditing around the computer? Is it ever efficient to audit without a computer?

Internal Control Weaknesses

I'm having problems in the attached case study. Will you please have a look on that?

13443 Accounting Problem for Correcting an internal control weakness

This is a Decision Case Problem from my accounting book that is a homework problem to be graded by the professor. Can you answer the Question A & B from the problem given in word document. A-1 Construction Company, headquarted in Terre Haute, Indiana, built a Rest Easy Motel 35 miles east of Terre Haute. The construction foreman, whose name was Monty, hired the 40 workers needed to complete the project. Monty had the construction workers fill out the necessary tax forms. and he sent the employment documents to the home office, which opened a payroll file for each employee. Work on the motel began on April 1 and ended Sept 1. Each week, Montey filled out a time card of the hours worked ... click for more