As you are planning the annual audit of Norton Corporation, you

As you are planning the annual audit of Norton Corporation, you note that the company has a number of user-operated computers in use in various locations. One of the machines has been installed in the stores department, which has the responsibility for disbursing stock items and for maintaining stores’ records. In your audit, you find that one employee receives the requisitions for stores, disburses the stock, maintains the records, operates the computer, and authorizes adjustments to the total amounts of stock recorded by the computer.,,When you discuss the applicable controls with the department manager, you are told that the user-operated computer is assigned exclusively to that department. Therefore, the manager contends that it does not require the same types of controls applicable to large IT systems.,,Required: ,, Comment on the manager’s contention., Discuss five types of control that would apply to this microcomputer application.,,Your paper should be 3-4 pages in length. Follow APA format and APA Requirements. Include a title page and reference page. Use two outside academic sources.

Answer these questions using the overview (p. 1) and 5 Exhibits

,Answer these questions using the overview (p. 1) and 5 Exhibits (pp. 3 – 9). Write your responsesin a new thread on the board.1. Calculate the following ratios for each year during the period 1980-1983. Comment on thetrend indicated by each ratio with respect to the financial performance and condition of theCharter Company.a. Profitability:Return on average total assets (assume a 46% income tax rate)b. Turnover:i. Accounts receivable (based on average gross trade receivables).ii. Inventory (based on average total inventory).iii. Total assets (based on average total assets).c. Liquidity:i. Current ratioii. Quick ratiod. Solvencyi. Total liabilities to total equitiesii. Total long-term debt to total long-term debt plus owner’s equity2. The Charter Company had a number of nonrecurring and/or noncash components ofincome from continuing operations in 1983. Beginning with the 1983 earnings fromcontinuing operations, adjust this figure for nonrecurring and/or noncash items (informationfor these adjustments are included in Exhibit 1 (p. 3), Exhibit 3 (p. 6), and Exhibit 4 (pp. 7 –8)).3. Based on the information presented in the case, discuss the extent to which the stockmarket, in the aggregate, anticipated Charter’s problems and priced its common stockaccordingly (see Exhibit 5 (p. 9)).,

As a manager of the waste treatment facility for the city of

As a manager of the waste treatment facility for the city of Columbus Park, Illinois, Ann Paxton is in the process of preparing an annual expense budget. While eating lunch at her desk, she thought about the coming year. "Next year, my department will probably be asked to process some 9,000,000 gallons of waste. Our variable cost are about $0.20 per gallon, and our fixed cost are about $2,400,000. So, the total cost should be somewhere around $4,200,000. I better submit a budget of around $4,900,000. The city’s tax revenues are down and the city controller will probably reduce whatever budget I submit by 10%. And what if I end up incurring higher expenses than anticipated? A new labor contract, for instance, could increase cost by more than $300,000. Or waste could be 500,000 gallons higher than estimated. The last thing I want is to incur more cost than budgeted. I’ve got to stay within budget to have any chance for a promotion out of this stinking department!" ,Discuss whether it is ethical for Ann to submit a budget for an amount higher than the cost expected to be incurred.,Note: I will need to be able to back my answer with accounting numbers.

Diamond & Turf Inc. is considering an investment in one of two

Diamond & Turf Inc. is considering an investment in one of two machines. The sewing machine will increase productivity from sewing 150 baseballs per hour to sewing 290 per hour. The contribution margin per unit is $ 0.32 per baseball. Assume that any increased production of baseballs can be sold. The second machine is an automatic packing machine for the golf ball line. The packing machine will reduce packing labor cost. The labor cost saved is equivalent to $ 21 per hour. The sewing machine will cost $ 260,000, have an eight- year life, and will operate for 1,800 hours per year. The packing machine will cost $ 85,000, have an eight- year life, and will operate for 1,400 hours per year. Diamond & Turf seeks a minimum rate of return of 15% on its investments. ,a. Determine the net present value for the two machines. Use the present value of an annuity of $ 1 table in the chapter (Exhibit 2). Round to the nearest dollar. ,b. Determine the present value index for the two machines. Round to two decimal places. ,c. If Diamond & Turf has sufficient funds for only one of the machines and qualitative factors are equal between the two machines, in which machine should it invest?

1. Assume for 2014 that Don made one transfer involving his

1. Assume for 2014 that Don made one transfer involving his granddaughter as follows: Don opened a joint checking account with his granddaughter, with right of survivorship, for her college expenses. Don made an initial deposit of $100,000. During 2014, granddaughter wrote checks on the account to the school for tuition of $15,000 and living expenses of $20,000. What is the amount of the taxable gift for federal gift tax purposes?, ,a. 0.,b. $6,000. ,c. $21,000. ,d. $35,000. ,,2. Oliver gave his wife $5,250,000 worth of publicly traded stock in August 2014, outright. Oliver’s basis in the stock was $50,000. What is the amount of the taxable gift for federal gift tax purposes? (Oliver made no other gifts to anyone in 2014). , ,a. 0.,b. $87,000.,c. $100,000. ,d. $5,087,000. ,,3. If an election is available and is made to use alternate valuation for federal estate tax purposes, then if property X is sold within six months after the decedent’s death, property X is valued for federal estate tax purposes as of which date?,,a. The date of the decedent’s death.,b. The date that is six months after the decedent’s of death.,c. The date of sale of the property.,d. The date the property is distributed to the beneficiaries.,,,4. The trustee of a testamentary trust has distributable net income of $30,000 on December 31, 2014, the last day of the trust’s income tax year. On March 3, 2015 the trustee makes a distribution of all distributable net income on hand as of December 31, 2014 to the trust beneficiaries . The trustee,,a. may elect to have the distribution treated as though made on December 31, 2014 provided all requirements for the election are satisfied.,b. cannot elect to have the distribution treated as though made on December 31, 2014.,c. is limited to the lesser of distributable net income or trust accounting income to be deemed as distributed on December 31, 2014. ,d. cannot elect to have the distribution treated as though made on December 31, 2014 for the first income tax year of the trust.

Find a publicly announced transaction and pull the 8k (SEC

Find a publicly announced transaction and pull the 8k (SEC filing) for the transaction. Try to determine whether the transaction is being structured as a taxable transaction or a tax-free transaction (e.g., Kraft / Heinz merger). Describe specific reasons and cite specific rules as to why or why not the found transaction can/cannot qualify as an “A”, “B” or “C” reorganization.