Discuss who perpetrates fraud and why it occurs, including the pressures, opportunities, and rationalizations that are present in most frauds.
Q: 4. Evaluate the firm's short-term solvency for 1998 by computing: a. Working Capital b. Current…
A: Solution:- a)Calculation of working capital as follows under:- Working capital is the difference…
Q: 16.) How much is adjusted Cash on December 31, 2021? 17.) How much is adjusted Service Income on…
A: The trial balance of Cotton's Laundry services is given to us. Adjustments for the various items is…
Q: Bill Wilson, the financial accountant at Robson Ltd is considering implementing a standard costing…
A: The vital goal of standard costing is to determine the differences among the actual and the standard…
Q: Thank you for that, it actually coincides with what I think. However, could you please calculate the…
A: Break even Level is the point of sales revenue where the company neither earns any profits nor…
Q: Below are the Statement of Financial Position of Malibu Finance Inc for the year 2020. Statement of…
A: Formulas: Debt ratio = Total liabilities / Total assets Equity ratio = Total shareholders equity /…
Q: BLACK JACK Company purchased an automotive equipment on June 30, 2018 for $3,000,000. At the date of…
A: Depreciation is the de crease in value of assets due to consistent use of assets over a period of…
Q: Provide a hypothetical example of a process costing income statement in a manufacturing enterprise.…
A: Process costing is a cost accounting term that describes one method of obtaining and allocating…
Q: BLACK JACK Company purchased an automotive equipment on June 30, 2018 for $3,000,000. At the date of…
A: Depreciation Expenses - Depreciation Expenses are the expense incurred on the wear and tear of the…
Q: On March 31, 2021: Job #678 was the only job in process with accumulated costs of…
A: Finished Goods Inventory refers to Cost of Goods completed during the year from Production but not…
Q: Revenue and expense data for Young Technologies Inc. are as follows: Year 2 Year 1 Sales…
A: A Vertical analysis provides us with inputs for better decision making as the financial items are…
Q: When the law itself provides for non-payment of taxes, such tax escap known as: a. Tax evasion b.…
A: Introduction:- Taxation plays vital role in every organization. Every company desire to reduce tax…
Q: please explain in steps, thanks
A: Cost of goods manufactured means the cost incurred on the manufacturing of finished goods. Formula…
Q: Withholding is: b. A method by which the government collect taxes at the time of its A method of…
A: Taxes are the dues and liabilities which needs to be paid by the individual to the government on…
Q: Which of the following would be subtracted from net income when using the indirect method to derive…
A: The cash flow from operating activities can be computed either directly or indirectly. The indirect…
Q: That was VERY HARD to follow. Please display the numbers in a way that they can be easily seen.
A: Net present value is calculated as Present value of cash inflows less initial investment.…
Q: What is the return on total assets for Diane Company? a.6.3% b.1.4% c.3.4% d.9.8%
A: Return on total assets is the ratio that measures company's EBIT relative to its total assets
Q: le 7,000,000 000 000 4,
A: Profit on Sale of Investment= Sales Proceeds - Cost of Investment = 1250,000-(1750,000-1000,000)…
Q: Teri West operates her own catering service. Summary financial data for July are presented in…
A: Net decrease in cash during the month=Beginning cash balance-Ending cash balance
Q: When employees have a conflict of interest between their personal compensation and provision of…
A: Management and owners of a company are different. Management is compensated in order to run the…
Q: On January 1, 2018, CRIMSON Company purchased machineries for $10,560,000 and depreciated it by the…
A: Depreciation: Depreciation means the reduction in the value of an asset over the life of the assets…
Q: At the beginning of current year, BLACKPINK Company had 480,000 $60 par value ordinary shares and…
A: Diluted earnings per share (Diluted EPS) : Diluted EPS is the company's earnings per share if all…
Q: Lace Company provided the following information during the current year: 500,000 1,000,000 Dividend…
A: Working operations are components of a business that are directly tied to supplying goods and/or…
Q: On January 31, 2022, RUBY Company agreed to pay the former president $300,000 under a deferred…
A: A change in accounting principle is the change in accounting from one accounting principle to…
Q: Answer the following Questions Question 1: (B1& C2&D3) The following items were taken from the…
A: Balance sheet is one of the statement of financial position which shows all assets, all liabilities…
Q: Information on Inventory ABC are as follows: May 1 -Beg balance 1,400 units at P24 May 4 -Sales…
A: In this question, we need to compute the ending inventory and cost of sales under the moving…
Q: Trend Company reported the following investment in equity through other comprehensive income in its…
A: An impairment loss is an excess of the carrying amount of an asset over its recoverable amount. In…
Q: 100,000 150,000 340,000 110,000 80,000 20,000 20,000 200,000 100,000 300,000 100,000 80,000 18,000…
A: Based on the balance sheet figures and the income information and additional information, the long…
Q: Under the Government Accounting Manual, what method is used in computing the ending inventory of…
A: Under government accounting manual,ending inventory of materials & supplies there are different…
Q: At the beginning of current year, BLACKPINK Company had 480,000 $60 par value ordinary shares and…
A: Diluted earnings per share (Diluted EPS) : Diluted EPS is the company's earnings per share if all…
Q: On 1 July 2019, Peter Limited acquired all the issued shares of Kerri Limited for $100 000 when the…
A: A Journal entry is a primary entry that records the financial transactions initially. The…
Q: The following ledger balances for April 2022 are taken from the books of Vilrose Merchandisers.…
A: Closing Entries - Closing entries are required to close the temporary accounts after making…
Q: What is an account offset against another account called? For example, if the original cost of a…
A: A contra account is an account used to reduce the balance of a related accountThis will useful in…
Q: 2. What should be reported in a hyper-inflationary statement of financial position prepared on…
A: The carrying value of the assets is inflated as per the inflation index to be shown in the…
Q: What is the inherent justification underlying the concept of potential ordinary shares or diluters…
A: Introduction:- The following Qualitative characteristics of accounting information as follows…
Q: FIERY Company's December 31 year-end financial statements had the following errors: December 31,…
A: The amount of net profit remaining after dividends have been distributed out to the company 's…
Q: 6. What is the depreciation expense for the year ended December 31, 2021? BLACK JACK Company…
A: Depreciation Expenses - Depreciation Expenses are the expense incurred on the wear and tear of the…
Q: Budgeted indirect costs $7,200 Budgeted customer orders 1,200 Budgeted production units 1,800…
A: Budgeted indirect-cost per direct manufacturing labor hour = Budgeted indirect cost/Budgeted Direct…
Q: What is the difference between the cost of a fixed asset and its accumulated depreciation called?…
A: Accumulated depreciation is the total of all the depreciation that has been charged to the asset…
Q: A. Cotton serviced for P75,000, on account. She mistakenly recorded the promise to pay as 57,000 to…
A: Adjusting Entry – Adjusting Entries are the entries that make the accrual principle work for the…
Q: Evans Company's cash sales are normally 60% of total sales. Anticipated sales for April and May are…
A: Credit sales of may = $550000×40% =$220000 Amount receivable from credit sales for may(10% of…
Q: Dolce Co. estimates its sales at 180,000 units in the first quarter and that sales will increase by…
A: Cash sales are 30% 65% of credit sales will be received in same quarter. Quarter 2 sales units =…
Q: If the equipment account has a balance of $52,000 and its accumulated depreciation account has a…
A: The accumulated depreciation account is a contra asset account on a company's balance sheet, meaning…
Q: You have just been appointed as the financial controller of Sanchez & Gomez Limited, a privately…
A: Introduction: Ratio analysis examines row data from a company's financial records to suggest a…
Q: 3. Ignoring income tax, by what amount should shareholders' equity be increased for 2021 and 2022 in…
A: The question is related to the Accounting for Property, Plant and Equipment Revaluation method.…
Q: A 68-year old retiree has a pension savings of $51,000, a 401k of $58,000, and an IRA account of…
A: A pension is a fund into which an amount of cash is deposited throughout an employee's working years…
Q: At the beginning of current year, BLACKPINK Company had 480,000 $60 par value ordinary shares and…
A: Formula: Basic earnings per share = (Net income - Preferred dividend)/ Weighted average number of…
Q: urselves and our choices against God's will and against the good of others. It has painful…
A: Sin is any action that is considered unlawful in the eyes of God. Sins are immoral acts that bring…
Q: Questions 6 and 7 refer to the following information The following balance sheet is for X Company:…
A: As per Accounting Equation,Assets =Liabilities +Shareholder's Equity Total Equities =Total…
Q: The records of Now United Department Store report the following data for the month of January 2020:…
A: Inventory refers to raw materials that is used in production of final goods during an accounting…
Q: Monitor Company has 120,000 ordinary shares issued and outstanding at January 1, 2020. On January 2…
A: Earnings per share represent the earnings held in hands of each shareholder of the company. It is…
Step by step
Solved in 2 steps
- Give specific examples of fraud risk factors - incentives, opportunities, and attitudes/rationalization.Opportunity, Financial Pressure, and Rationalization are the three main factors contribute to fraud activity. In your view, discuss the factor that you believe is the most crucial to creating a fraud. Provide examples to support your conclusion and defend your choice in the discussion.In fraud examiners’ terminology, what is predication?
- What is Enron fraud and why is it important?If one of the three elements of the fraud triangle is not present, can fraud still be perpetrated? Explain. Identify factors (red flags) that would be strong indicators of opportunities to commit fraud. Is the ability to rationalize the fraud an important aspect to consider when analyzing a potentially fraudulent situation? What are some of the common rationalizations used by fraud perpetrators? Define and illustrate kiting. What controls should the client institute to prevent it?The fraud triangle identifies incentives, opportunities, and rationalizations as the three elements associated with frauds. Describe how these elements are related to the occurrence of fraud.
- Responsibility for prevention and detection of fraud?The fraud triangle asserts that the following three factors must exist for a person to commit fraud. A. Opportunity B. Pressure C. Rationalization. Identify the fraud risk factor (A, B, or C) in each of the following situations.What is the fraud scale, and how does it relate to pressure, opportunity, and integrity?