The internal control weaknesses and their consequences and the consequences of those weaknesses

Question

Want to see the full answer?

Answer 1

Question

Chapter 4, Problem 4.53DC

(a)

To determine

To identify: The internal control weaknesses and their consequences and the consequences of those weaknesses

(b)

To determine

To provide: The suggestions to improve the weaknesses

Expert Solution & Answer

Want to see the full answer?

Check out a sample textbook solution

See solution

Students have asked these similar questions

Coronado Fire, Inc. manufactures steel cylinders and nozzles for two models of fire extinguishers: (1) a home fire extinguisher and (2) a commercial fire extinguisher. The home model is a high-volume (54,000 units), half-gallon cylinder that holds 2 1/2 pounds of multi- purpose dry chemical at 480 PSI. The commercial model is a low-volume (10,200 units), two-gallon cylinder that holds 10 pounds of multi-purpose dry chemical at 390 PSI. Both products require 1.5 hours of direct labor for completion. Therefore, total annual direct labor hours are 96,300 or [1.5 hours x (54,000+10,200)]. Estimated annual manufacturing overhead is $1,566,090. Thus, the predetermined overhead rate is $16.26 or ($1,566,090 ÷ 96,300) per direct labor hour. The direct materials cost per unit is $18.50 for the home model and $26.50 for the commercial model. The direct labor cost is $19 per unit for both the home and the commercial models. The company's managers identified six activity cost pools and related…

Coronado Fire, Inc. manufactures steel cylinders and nozzles for two models of fire extinguishers: (1) a home fire extinguisher and (2) a commercial fire extinguisher. The home model is a high-volume (54,000 units), half-gallon cylinder that holds 2 1/2 pounds of multi- purpose dry chemical at 480 PSI. The commercial model is a low-volume (10,200 units), two-gallon cylinder that holds 10 pounds of multi-purpose dry chemical at 390 PSI. Both products require 1.5 hours of direct labor for completion. Therefore, total annual direct labor hours are 96,300 or [1.5 hours x (54,000+ 10,200)]. Estimated annual manufacturing overhead is $1,566,090. Thus, the predetermined overhead rate is $16.26 or ($1,566,090 ÷ 96,300) per direct labor hour. The direct materials cost per unit is $18.50 for the home model and $26.50 for the commercial model. The direct labor cost is $19 per unit for both the home and the commercial models. The company's managers identified six activity cost pools and related…

The completed Payroll Register for the February and March biweekly pay periods is provided, assuming benefits went into effect as anticipated. Required: Using the payroll registers, complete the General Journal entries as follows: February 10 Journalize the employee pay. February 10 Journalize the employer payroll tax for the February 10 pay period. Use 5.4 percent SUTA and 0.6 percent FUTA. No employees will exceed the FUTA or SUTA wage base. February 14 Issue the employee pay. February 24 Journalize the employee pay. February 24 Journalize the employer payroll tax for the February 24 pay period. Use 5.4 percent SUTA and 0.6 percent FUTA. No employee will exceed the FUTA or SUTA wage base. February 28 Issue the employee pay. February 28 Issue payment for the payroll liabilities. March 10 Journalize the employee pay. March 10 Journalize the employer payroll tax for the March 10 pay period. Use 5.4 percent SUTA and 0.6 percent FUTA. No employees will exceed the FUTA or SUTA wage base.…

Answer 2

Question

Chapter 4, Problem 4.53DC

(a)

To determine

To identify: The internal control weaknesses and their consequences and the consequences of those weaknesses

(b)

To determine

To provide: The suggestions to improve the weaknesses

Expert Solution & Answer

Want to see the full answer?

Check out a sample textbook solution

See solution

Answer 3

Question

Chapter 4, Problem 4.53DC

(a)

To determine

To identify: The internal control weaknesses and their consequences and the consequences of those weaknesses

(b)

To determine

To provide: The suggestions to improve the weaknesses

Expert Solution & Answer

Want to see the full answer?

Check out a sample textbook solution

See solution

Answer 4

Question

Chapter 4, Problem 4.53DC

(a)

To determine

To identify: The internal control weaknesses and their consequences and the consequences of those weaknesses

(b)

To determine

To provide: The suggestions to improve the weaknesses

Expert Solution & Answer

Want to see the full answer?

Check out a sample textbook solution

See solution

Answer 5

Chapter 4, Problem 4.53DC

(a)

To determine

To identify: The internal control weaknesses and their consequences and the consequences of those weaknesses

(b)

To determine

To provide: The suggestions to improve the weaknesses

Answer 6

Chapter 4, Problem 4.53DC

(a)

To determine

To identify: The internal control weaknesses and their consequences and the consequences of those weaknesses

Answer 7

Chapter 4, Problem 4.53DC

(a)

To determine

To identify: The internal control weaknesses and their consequences and the consequences of those weaknesses

Answer 8

(b)

To determine

To provide: The suggestions to improve the weaknesses

Answer 9

(b)

To determine

To provide: The suggestions to improve the weaknesses

Answer 10

Expert Solution & Answer

Answer 11

Expert Solution & Answer

Answer 12

Want to see the full answer?

Check out a sample textbook solution

See solution

Answer 13

Ch. 4 - Prob. 1QC Ch. 4 - Prob. 2QC Ch. 4 - Prob. 3QC Ch. 4 - Prob. 4QC Ch. 4 - Prob. 5QC Ch. 4 - Prob. 6QC Ch. 4 - Prob. 7QC Ch. 4 - Why does cash require some specific internal...Ch. 4 - Prob. 9QC Ch. 4 - Prob. 10QC

The internal control weaknesses and their consequences and the consequences of those weaknesses

Solution Summary: The author explains that internal control ensures continuous reliability of accomplishment of a company's objectives, related to operations, financial reporting, and in conformity with laws and regulations.

Concept explainers

To identify: The internal control weaknesses and their consequences and the consequences of those weaknesses

To provide: The suggestions to improve the weaknesses

Want to see the full answer?

Chapter 4 Solutions