Deake Corporation is a medium-sized, diversified manufacturing company. Recently, Jack Richards was.

Deake Corporation is a medium-sized, diversified manufacturing company. Recently, Jack Richards was promoted to manager of the property accounting section. Richards is having difficulty responding to some of the requests from individuals in other departments for information about the company’s fixed assets. Some of the requests are as listed: 1. The controller has requested schedules of individual fixed assets to support the balances in the general ledger. Richards has furnished the necessary information, but it was not provided on a timely basis for the controller’s financial reporting deadline. The manner in which the records are organized makes it difficult to obtain information easily. 2. The maintenance manager wishes to verify the existence of a punch press he thinks was repaired twice. He has asked Richards to confirm the asset number and location of the press. 3. The insurance department wants data on the cost and book values of assets to include in its review of current insurance coverage. 4. The tax department has requested data that can be used to calculate depreciation for tax purposes. 5. The company’s internal auditors have spent a significant amount of time in the property accounting section recently, attempting to audit the annual depreciation expense. The property account records consist of a set of manual books. These records show the date the asset was acquired, the account number for the asset, the dollar amount capitalized, and the estimated useful

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