2) Frank A. Tassone; the former business manager, Pamela Gluckin; and an accounting clerk, Debra Rigano, who is a niece of Ms. Gluckin embezzled money in a scheme in which Dr. Tassone and Ms. Gluckin and nine of their family members and friends charged $5.9 million for personal items and cash advances on 74 personal credit cards. Then Ms. Gluckin and Dr. Tassone used district checks to pay those bills. The audit found that Dr. Tassone and
Garcia and Licata took a number of old invoices and issued checks in the invoice amount, subsequently cashing the checks and splitting the amount between themselves. DeLoach soon after joined them and deposited a number of checks, issued by Licata, into various personal accounts throughout Miami. DeLoach used the funds from the fraudulent checks to write checks to Garcia and Licata (Barnett, 2007).
When an error of overstatement like this one happens, the financial statements have to be restated in order(ed) to bring net income to the correct amount. The Cost of goods sold should’ve been increased by $8 million and the same
Since the Competition Bike Company projected overly optimistic sales, there are several areas in the budget that will be affected. The areas affected are Sales Commission, Transportation Out, Advertising, Research and Development, Raw Materials, and Labor.
Given the net sales in 2011 is still higher than 2010, we can assume the problem is most likely with its operating cost management. On the other hand, HH’s assets turnover rate dropping 0.30 from 2010 suggests an inefficiency of generating more sales with its increased assets in 2011.
In January 2005, the Secret Service field office in Los Angeles discovered a fake $100 bill of remarkably high quality. Four years later in the Specimen Vault, the Service’s collection of counterfeit examples, 14 more near-genuine 100$ bills were examined. For more than three years the creator evaded capture, and by the time Albert Talton, of Lawndale, California, was captured, he was responsible for passing more than $7 million in false bills.
In order to find out the factors that caused the less actual quarterly income, we did analysis on variances. Sales variance, production cost variances and overhead variances are calculated as follows:
Some of the significant changes I found on the income sheet were revenue which decreased by 8 million dollars in 2015 compared to 2014. SG&A expenses increased by .9% for the year. How-ever gross profit decreased by .3% in 2015. Also net income for the year decreased by -2.5% per-cent.
The assistant is to be paid $75 per week or $3,900 per year. Together the newsletter coordinator and the part-time assistant believe they can handle up to 650 newsletter subscribers. Beyond this number, the newsletter program will require still more staff resources. In order to help cover the cost of the new part-time assistant, the executive director has also decided to increase the annual subscription price of the newsletter to $20. Additionally, the variable costs of preparing, printing, and mailing six bimonthly issues of the newsletter have risen to $4.50.
Brenda was tasked with converting CAB and Commercial customers from sending in ACH balanced files to send in unbalanced files. The current process is that customers will send in a balanced ACH file and include the offsetting entry. This was a risk of Mutual of Omaha because the offsetting entry could have possibly settled at another financial institution. Brenda worked as a team with CAB, BCS, EPRA, and Account Maintenance to make sure that the customers received the proper notification and what the bank was expecting to be accomplished. During the process, there were a few obstacles as the reporting information was inaccurate, customers that had profiles on the PEP+ system that have no longer processed ACH batchs or files. This was a project
Because Harrington Collection thinks that sales people are the most important factor in the consumer decision-making process, they spend significant resources training their personnel and offering them attractive commissions. Their expenses are understandable, and didn’t change for the fiscal year of 2007. What did change were the Manufacturing Group’s expenses. The Manufacturing Group’s SG&A increased 4.63% in 2007, meaning that the cost of maintaining the current manufacturing set up is increasing.
Profitability ratios decreasing from 2005 to 2006 although the sales has increased substantially and the net income as well but not in the same percentage of increase due to the high reliance on debt as the interest expense increased as mentioned before.
In relation to the Cost of Goods Sold, Lucent faces the problem that some of their goods are