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Gregg’s Shipping Supplies Ltd (GSSL) trades in the buying and selling of ship spares and has several branches within the Caribbean. Recently the company has seen a rapid increase in demand of its products across all branches and is therefore in need of additional financing to adequately boost its supply inventory. The corporate banking head of Bankers Choice Bank is requesting a full set of financial statements to ensure that granting the loan to GSSL would be financially feasible during a period when many businesses are facing financial challenges. The company financial year ends on June 30 each year and you have been tasked with the responsibility to prepare the financial information for the St. Kitts branch. 1. Prepare the Adjusted Trial balance at June 30, 2022.

The COVID-19 pandemic has affected one of your customers, NEST Ltd adversely. Even though the economies are fast recovering, they have contacted your company to request to purchase on credit instead of cash on delivery. Your boss, Alan, the Marketing Manager has instructed you to review their request. He has asked you to review NEST Ltd’s latest set of financial statements.   (a)In addition, identify other information(other than balance sheet, incomes statement and cash flow statement) that will be helpful in deciding whether to accede to NEST Ltd’s request?    (b)You have also noticed that compared to last year, the allowance for bad debt for Nest Ltd has increased from 2% to 4 % of the accounts receivable. Discuss how this information will impact your review.

Case Study: ABC Corporation is a medium-sized manufacturing company that produces consumer electronics. The company has a complex financial structure with multiple departments, a diverse range of products, and transactions occurring in various currencies due to its global operations. ABC Corporation recently experienced discrepancies in its financial statements, leading the management to investigate the root causes and improve its accounting processes. The finance team identified that one of the major issues contributing to the discrepancies is a lack of proper reconciliation of bank statements. The company operates numerous bank accounts for various purposes, including payroll, supplier payments, and revenue collections. The manual reconciliation process has proven to be time-consuming and error-prone, resulting in inaccuracies in the financial records. To address these challenges, ABC Corporation is considering implementing an automated bank reconciliation system that integrates with…

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Why  Question#7's answer is "false"?  Provide your own answer?

The birth of the Internet in the 1990s led to the creation of a new industry of online retailers such as Amazon, Overstock.com, and PCM, Inc. Many of these companies often act as intermediaries between the manufacturer and the customer without ever taking possession of the merchandise sold. Revenue recognition for this type of transaction has been controversial. Assume that Overstock.com sold you a product for $200 that cost $150. The company's profit on the transaction clearly is $50. Should Overstock recognize $200 in revenue and $150 in cost of goods sold (the gross method), or should it recognize only the $50 in gross profit (the net method) as commission revenue? 4. Do you agree with Alphabet's reasoning with respect to choosing whether it reports revenue gross versus net with respect to these advertising services? Indicate "yes" or "no," and explain.

The operation manager of Marcoba Bhd is seeking your advice on his company's request for a computer software to be used in managing the sales of the company. He is unsure of how to obtain the computer software but realizes that different types of acquisition will impact the company's financial statement differently. He is considering the following possibilities: a) Making a purchase of the computer software externally. The quotation that he has received includes packages for payroll and general ledger. b) Making a purchase of a computer software that can be incorporated into a sales system that the company will develop. c) Signing a contract with independent programmers to develop a computer software that will specifically cater for Marcoba Bhd's own use d) Employing own programmers to write a computer software that the company will use. Required: Advice the operation manager on the impact of each possibility above on the company's financial statement

D’Leon Inc. is a snack food (bakery) company that underwent major expansion in 2018.  Which of the following did NOT occur: Group of answer choices Suppliers are being paid late Sales fell as the company cut prices and lost market share Bank has threatened to cut off credit Inventories increased Company’s cash position weakened

provide an example of a country that has been able to curb/ significantly reduce their corruption levels in modern history (i.e., the last 50-100 years). What factors contributed to the ability to accomplish this? How did this positive trend impact the country’s overall development, including its economic development?

Case 1 ABC Company is a relatively small dry-cleaning operation that has a very steady level of business. Since the company hired a new employee, however, cash inflows have decreased and the amount of promotional coupon redemptions have increased dramatically. The owner of the company has been very impressed with this new employee, but has suspicions regarding her cashiering practices. When comparing cash sales to check and credit card sales, the owner noted that the coupon redemption rate was dramatically higher for cash sales. The owner does not want to wrongly accuse the employee if she is innocent, but does want to find out if fraud is occurring. The owner calls you as an expert on fraud and asks you to recommend a reliable way to gather evidence that could determine if fraud is occurring. 1. What are some possible investigative methods you could suggest?

f In addition to the risk factor identified in the preceding question, another risk factor relating to misstatements arising from fraudulent financial reporting is: Multiple Choice Earnings this year are lower than management had hoped. Accounts payable are limited to commercial suppliers. Sales are made to residential, commercial, and governmental purchasers. The industry faces great technological changes in almost all of its products. Untitled docume...pdf Untitled docume....pdf docx Presentation se...pdf Untitled docume...pdf MacBook Air

Your client, Corp. B, is a trading or distributor of home living product. Corp B import goods and sells them to its customers who are retail stores. In the current year, Corp. B's financial statements reported an increase in net income. The increase was driven by increased sales. Corp B's accounts receivable also increased rapidly. Corp B reportedly has many new customers.You are informed that there may be a fictitious revenue generated using fictitious customers. Corp B makes fictitious credit sales using bogus customers, and when receivables are due, management make kiting in order to look like the fictitious accounts receivable paid by their customer.  What kind of audit procedure will you use to examine for possible kiting?

Your client, Corp. B, is a trading or distributor of home living product. Corp B import goods and sells them to its customers who are retail stores. In the current year, Corp. B's financial statements reported an increase in net income. The increase was driven by increased sales. Corp B's accounts receivable also increased rapidly. Corp B reportedly has many new customers.You are informed that there may be a fictitious revenue generated using fictitious customers. Corp B makes fictitious credit sales using bogus customers, and when receivables are due, management make kiting in order to look like the fictitious accounts receivable paid by their customer.  Question:a. Explain how the fraud scheme can be carried out by Corp B?b. What kind of audit procedure will you use to examine for possible kiting?

LOCKBOX SYSTEM Fisher-Gardner Corporation (FGC) began operations 5 years ago as a small firm serving customers in the Chicago area. However, its reputation and market area grew quickly. Today FGC has customers all over the United States. Despite its broad customer base, FGC has maintained its headquarters in Chicago, and it keeps its central billing system there. On average, it takes 7 days from the time customers mail in payments until FGC can receive, process, and deposit them. FGC would like to set up a lockbox collection system, which it estimates would reduce the time lag from customer mailing to deposit by 2 days—bringing it down to 5 days. FGC receives an average of $2,300,000 in payments per day. a. How much free cash would FGC generate if it implemented the lockbox system? Would this be a one-time cash flow or a recurring one, assuming the company ceases to grow? How would growth affect your answer? b. If FGC has an opportunity cost of 6%, how much is the lockbox system worth…

Which statement is correct  A. Firms Cabot use lockboxes if they use cash concentration accounts.  B. Firms prefer to increase delay on disbursements. C. Firms prefer to eliminate all types of float.  D. Firms open regional offices so their employees can pick up lockbox payments throughout the day.  E. The check clearing act for the 21st century is designed to reduce total collection time to one day.

Read the situation about Apple and answer the “Question and Analysis” part

Please help me with this, i can understand

1. During the time frame that Intel was making exclusivity payments to Dell, Dell’s business model was being adversely affected by the increasingly competitive nature of the PC industry. What responsibility, if any, do auditors have to analyze a client’s business model? Do auditors have a responsibility to track and analyze key developments in a client’s industry? Defend your answers. 2. What ethical issues do exclusivity agreements such as that between Dell and Intel raise? Are there analogous ethical issues faced by audit firms and their clients? Explain.