Schiffer corporation manufactures agricultural machinery. at a recent staff meeting, the following direct-labor variance report for the year just ended was presented by the controller. schiffer corporation direct-labor variance report direct-labor rate variance direct-labor efficiency variance amount standard cost, % amount standard cost, % january $ 800 f 0.16 % $ 5,000 u 1.00 % february 4,900 f 0.98 % 7,500 u 1.50 % march 100 u 0.02 % 9,700 u 1.94 % april 2,000 u 0.40 % 12,800 u 2.56 % may 3,800 f 0.76 % 20,100 u 4.02 % june 3,900 f 0.78 % 17,000 u 3.40 % july 4,200 f 0.84 % 28,500 u 5.70 % august 5,100 f 1.02 % 38,000 u 7.60 % september 4,800 f 0.96 % 37,000 u 7.40 % october 5,700 f 1.14 % 42,000 u 8.40 % november 4,200 f 0.84 % 60,000 u 12.00 % december 4,300 f 0.86 % 52,000 u 10.40 % schiffer’s controller uses the following rule of thumb: investigate all variances equal to or greater than $30,000, which is 6 percent of standard cost.

Which of the following best describes a fractional reserve banking system? a. a banking system in which a large portion of the bank's assets are digital money rather than bills and coins. b. a banking system in which banks keep a portion of deposits on hand to satisfy their customer's demands for withdrawals. c. a banking system in which banks have only partial control over the interest rates they charge on loans. d. a banking system in which net worth is calculated by subtracting a fraction of liabilities from assets. 2b2t

Each of the following scenarios is based on facts in anactual fraud. categorize each scenario as primarily indicating (1) anincentive to commit fraud, (2) an opportunity to commit fraud, or(3) a rationalization for committing fraud. also state your reasoningfor each scenario.a. there was intense pressure to keep the corporation ' stock from declining further. this pressure came from investors, analysts,and the ceo, whose financial well-being was significantly dependent on the corporation ' s stock price.b. a group of top-level management was compensated (mostly in the form of stock-options) well in excess of what would be considered normal for their positions in this industry.c. top management of the company closely guards internal financial information, to the extent that even some employees on a “need-to-know basis” are denied full access.d. managing specific financial ratios is very important to the company, and both management and analysts are keenly observant of variability in key ratios. key ratios for the company changed very little even though the ratios for the overall industry were quite volatile during the time period.e. in an effort to reduce certain accrued expenses to meet budget targets, the cfo directs the general accounting department to reallocate a division’s expenses by a significant amount. the general accounting department refuses to acquiesce to the request, but the journal entry is made trough the corporate office. an accountant in the general accounting department is uncomfortable with the journal entries required to reallocate divisional expenses. he brings his concerns to the cfo, who assures him that everything will be fine and that the entries are necessary. the accountant considers resigning, but he does not have another job lined up and is worried about supporting his family. therefore, he never voices his concerns to either the internal or external auditors.f. accounting records were either nonexistent or in a state of such disorganization that significant effort was required to locate or compile them.

Emily sold the following investments during the year: stock date purchased date sold sales price cost basis a. 1,000 shares dot com co. 03-21-2007 02-04-2018 $20,000 $5,000 b. 500 shares big box store 05-19-2017 01-22-2018 $8,200 $7,500 c. 300 shares lotta fun, inc. 10-02-2017 09-21-2018 $3,000 $4,500 d. 700 shares local gas co. 06-17-2017 11-11-2018 $14,000 $17,000 for each stock, calculate the amount and the nature of the gain or loss.