? (Select all that apply.)
Q: ng.calculate:the earnings of Workers A,B,C under Hälsey plan arid Rowan scheme of payment: Worker…
A: Under Halsey Plan, the standard time for the completion of a job is fixed and the rate per hour is…
Q: Tan Corporation of Japa follow:
A: The amount by which the net operating income exceeds the minimum required rate of return in terms of…
Q: Problem #2 (Adapted) The following selected data were taken from the records of Delta Company:…
A: Ratio analysis means where the various ratio can be found out with different name and meaning and…
Q: Identify and discuss the factors that affect the focus and practice of cost management.
A: The practice of managing and organizing the expenses associated with running a firm is known as cost…
Q: An example of an item which is not a liability is a. The portion of a long termdebt due within one…
A: As per the guidelines, only one question is allowed to be answered. Please resubmit the question…
Q: 1. Construct a marketing expense budget for Hair-Again for the coming year. Show total amounts by…
A: Budgets are the forecasts or estimates that are made for future period of time. It will consists of…
Q: Green Earth Landscaping Company provides monthly and weekly landscaping and maintenance services to…
A: The administrative expense budget is prepared to record the administration expenses incurred during…
Q: The following information is available for Apollo Company for 2021: Freight-in P 30,000 Purchase…
A: Formulas: Cost of goods sold = Cost of goods available for sale - Ending inventory where, Cost of…
Q: Feather Friends, Inc., distributes a high-quality wooden birdhouse that sells for $20 per unit.…
A: Solution.. Selling price per unit = $20. Variable cost per unit = $8 Fixed costs = $180,000 per…
Q: Milano Pizza is a small neighborhood pizzeria that has a small area for in-store dining as well as…
A: Solution: Milano Pizza Flexible Budget Performance Report For the month ended November 30…
Q: On January 1, 2021, Ape
A: Bonds are priced by discounting future cash flows. Future cash flows include coupons and par value…
Q: A debt of $22,000 with interest of 10% compounded quarterly is to be amortized by payments of…
A: In this solution interest is calculated at $22,000 and compunded quarterly And in this solution at…
Q: 1. Considering the tax burden per voter and the benefits that each receives, determine the net…
A: Net benefit is the benefit which has been earned from the project by investing into such project…
Q: What is the journal entry for," Hire three employees for $3,000 a month?
A: According to accrual concept, transaction is recorded when such transaction takes place and not when…
Q: Bonavita Corporation is a service company that measures its output by the number of customers…
A: Solution: Budgeted operating income = Budgeted revenue - Budgeted expenses Budgeted revenue = Nos of…
Q: Requirements: 1. How much is the goodwill (gain on bargain purchase) to be reported in the 2022…
A: Goodwill in consolidation = Cost paid by Parent for investment in subsidiary - Parent's share in…
Q: Question Five During the year ended 31 December 2021, F Manufacturing Co. Ltd accepted bills of…
A:
Q: On April 1, 2011, Company A purchased equipment at the cost of P140,000. This equipment is estimated…
A: Double declining balance method is the method for calculating depreciation expense which is…
Q: Problem 1-3 Ifugao Tours has the following assets and liabilities: Accounts Payable P550,000…
A: Lets understand the basics. Accounts of the balance sheet can be classified under three heads which…
Q: yellow celis to create a model. ndustry Unit Model 2019 2018 2020 2021 CAGR Estimated Total Market…
A: Solution Industry Unit Model 2018 2019 2020 2021 Estimated total…
Q: Terry is the sole shareholder of Magic Corporation, an 5-Corporation formed 1/1/Y1. Terry initially…
A: Gross income: Gross income is the total income before paying tax and other deductions.
Q: A manufacturing plant wishes to buy a new equipment so the purchasing department did some research…
A: GIVEN A manufacturing plant wishes to buy a new equipment so the purchasing department did some…
Q: Select one: a.voluntary reorganization. b.bankrup
A: In bankruptcy, a trustee is appointed by the court who sells your assets to pay back to the…
Q: quity h other comprehensive income, w at fair value of P550,000. At Dece lue of the securities was…
A: The answer has been mentioned below.
Q: Dividends Per Share Lightfoot Inc., a software development firm, has stock outstanding as…
A: Cumulative Preference dividend - Cumulative Preference dividend is the dividend which is…
Q: On January 1, 2021, Aston Inc. has a Class 8 UCC balance of $800,000. During 2021, additional Class…
A: UCC: UCC stands for undepreciated cost of capital which means the capital cost remains for further…
Q: g book value. The fair value of the non-controlling interest at the date of acquisition was equal…
A: Cost of goods sold refers to the expense involved by a company in producing some goods or products.
Q: ill Corp. has the following information available about a potential capital investment:…
A: Net present value is the Difference of Present value of cash inflows and present value cash outflows…
Q: Ana Chavarria, front office manager of The Times Hotel, and Lorraine DeSantes, the hotel's director…
A: Here discuss about the details of the Arrangement of first meeting agenda and suggestions which are…
Q: Wartlow Electric Manufacturing Company introduced lean principles in 2018 and reported a successful…
A: Strategic Goal- Strategic goals are the specific financial and non-financial objectives and…
Q: Mr. Uno had the following records of his horse races in the current month of 20X1: Туре of Cost of…
A: In horse winning, a person has to pay tax at the rate of 10% on winnings amount after deducting the…
Q: Shalimar Company manufactures and sells industrial products. For next year, Shalimar has budgeted…
A: The cash receipts budget is prepared to estimate the cash collection during the period. The cash…
Q: Assets Cash Accounts Receivable Inventory Prepaid Rent Equipment Total Assets ary transactions…
A: Cash balance as on 31 December , 2021 : $ 323, 492 Total liablities as on 31December , 2021: $…
Q: Cash Receipts Budget and Accounts Receivable Aging Schedule Shalimar Company manufactures and sells…
A:
Q: How much is the additional allowable training expenses, if any?
A: Additional allowable training expenses is the deduction which is allowed legally to the company…
Q: A company is insolvent when Select one: a.it is in default on one-third or more of its outstanding…
A: Insolvent company is a where the company is unable to discharge its debts within the due dates…
Q: if magui will invest her money today worth 500000 in JMC Mining company, how much is the expected…
A: The amount of investment today is the present value of annual income at target yield for 10 years.
Q: Which one of the following unsecured liabilities has the highest priority when an insolvent company…
A: Insolvency refers to the company being unable to pay its all its debts or when the liabilities of a…
Q: Issuing Stock Professional Products Inc., a wholesaler of office products, was organized on…
A: Routine transactions, such as customer billings and supplier invoicing, should not be recorded using…
Q: satisfied over time if: Group of answer choices The customer simultaneously receives and consumes…
A: The answer has been mentioned below.
Q: In 2022, ABC Company sold inventory costing P150,000 to its 80%-owned subsidiary for P210,000. A…
A: Consolidated Financial statements present assets, liabilities, equities , income , expenses etc of…
Q: It is the net after tax ratio with sales revenues?
A: Sales revenue is the revenue which has been earned by the company for the selling of the products or…
Q: I. At Jalisco Electronics, assemblers are paid according to the following differential piece rate…
A: Introduction;- Piece rate refers to a wage are paid to workers for each unit of production at a…
Q: ABC Corporation has a debt-to-equity ratio of 1.5 and total assets of P4,000,000. All assets are…
A:
Q: Statement I – In order that a property previously taxed may be claimed as a deduction from the gross…
A: Both the Statements are True.
Q: Accounting Please make a cost by nature Income Statement for the following points: a) Write off (in…
A: Income statement is the statement, where expenses are disclosed according to their nature, we deal…
Q: ayout S
A: In this question we have to find out the total material handling cost.
Q: 2. One of your employees receives an annual salary of $83,500. The only deductions from his…
A: CPP contribution refer to the contributions made by the employees and employers of Canada towards…
Q: Direct Materials Purchases Budget FlashKick Company manufactures and sells soccer balls for teams of…
A: Production budget is the pre estimation of the production requirements of the products for a given…
Q: You plan to fina
A: future annuity – suppose an equal sum of money is invested in the bank on a recurring basis what…
Step by step
Solved in 2 steps
- Jake, your staff auditor, will be performing the test of interbank transfers. He plans to compare dates receipts were posted to the Bank of America account (on the bank statement) to dates the corresponding disbursements were posted to the Wells Fargo account (on the bank statement). Jake's planned approach of focusing on transaction dates on the bank statements is the correct approach for testing interbank transfers. Question options: True FalseYou are an auditor in public accounting firm and you are auditing the client's financial statements. Your client is finance company which provide credit for home appliance equipment purchase to end users. You know certainty that the identified user of the financial statement is the bank who has been the client creditors for several years. Client take a bank loan to financing their business and working capital. Client use the account receivable originally from credit sales as collateral to bank loan. When you audit account receivable materiality is set at 5%, after you have finish the audit procedures, there are found misstatements on this account receivable, and the total misstatement is 3%. What is your decision about this finding, will you conclude this as material or not? Explain the concept of materiality in this case!A client has a large and active investment portfolio that is kept in a bank safe deposit box. If the auditors are unable to count securities at the balance sheet date, they most likely willa. Request the bank to confirm to the auditors the contents of the safe deposit box at the balance-sheet date.b. Examine supporting evidence for transactions occurring during the year. c. Count the securities at a subsequent date and confirm with the bank whether securities were added or removed since the balance-sheet date.d. Request the client to have the bank seal the safe deposit box until the auditors can count the securities at a subsequent date.
- You have been asked to write the Bank Reconciliation policy and procedure. When writing, ensure you have considered all the steps involved. Provide References.3. In the audit of loans payable, which of the following audit procedure would be most likely performed to validate the existence assertion? Group of answer choices a. Review loan contracts b. Sending loan confirmations c. Vouching of subsequent payments of loans d. Performing analytical procedures 4. You are auditing the December 31, 2021, accounts payable balance of one of your firm’s divisions. The division controller’s office has provided you with a schedule listing the creditors and the amount owed to each at December 31, 2021. Which of the following audit procedures would be your best choice for determining that no individual account payable has been omitted from the schedule? Group of answer choices a. Send confirmation requests to a randomly selected sample of creditors listed on the schedule b. Examine support for selected 2022 payments to creditors, ascertaining that those relating to 2022 are not on the schedule. c. Send confirmation requests to creditors that…Explain three types of good financial analysis that must be conducted by the credit officer in the bank while performing their periodic review against their business customer.
- You are an audit manager at Foyer & Associates and have been assigned to the audit of Modern Electrical Limited (MEL) for the year ending 30 June 2021. During the planning stage of the audit, you become aware of the following matters: a.MEL has significant loans from its bank. The bank has Indicated that it is concerned about MEL'S ability to meet specific loan covenants, particularly the return on total assets (net b. The aped trade accounts receivable listing indicates that the percentage of accounts receivable exceeding 90 days has jumped from 15 per cent to 37.5 per cent during the last 12 months. The credit manager hasindicated that the is because some of MEL'S Customers are currently'experiencing financial difficulty. This question.includos Part A and B part- a for each of the following scenerio describe briefly how this matter is a fraud audit risk factor in relation to mel's financial report.The accounting firm involved in this case wants to know if their independence will be questioned by the BOA. You have been asked to submit an analysis and conclusion. 2. Franklin Rosario is an audit manager in the Salvador & Santos accounting firm. He has just been assigned to the audit of the Starex Money Market Fund. Franklin has maintained a money market account with SMMF since it opened in 2008. All his savings, amounting to 75 percent of his total assets, are in this account, which pays the highest interest available in money market funds. However, his account constitutes only .00001 percent of the fund's assets.The primary purpose of setting a standard confirmation request to financial institutions with which the client has done business during the year is to a. Corroborate information regarding deposits and loan balances b. Provide the data necessary to prepare proof of cash c. Detect kiting activities that may otherwise not be discovered d. Request information about contingent liabilities and secured transactions
- Typically, bankers require potential borrowers to provide audited financial documents with their loan application.Why is it necessary for a CPA to audit financial statements?Dave and Maria are working on the audit of a major client's financing cycle and activities. Dave's supervisor has recently apprised him that he would like Dave to check the details and amounts surrounding a recent major bond issue by the client. Dave is unsure as to how to proceed, and asks Maria for advice. Which of the following would be helpful suggestions by Maria? (Select all that apply.) O You should think about examining the minutes of previous board of directors meetings, as details of the approval should be contained in those minutes. You should plan to meet with the client's bondholders to confirm the existence of bond indentures and certificates. O The easiest thing to do would be to request written assurances from senior management pertaining to the bond issue. We can then include this document in our audit file. O You should consider auditing related interest expense accounts, as a new bond issue would have increased these.The auditor of Cubs obtained the following client-prepared bank reconciliation (See Image) The following information is available: Evan Monroe was promoted to controller on December 15, year 2; his former position was assistant controller—fixed assets. Evan Monroe has his personal bank accounts with First Bank of Munich. Joe Smith was hired on December 1, year 2, as a staff accountant. Joe Smith’s prior job was with First Bank of Munich. Cubs expects the year-end close to be complete on January 6, year 3. The adjustments on the bank reconciliation were booked on January 30, year 3. Required: In the table below, identify six potential issues that the auditor might have when examining the bank reconciliation prepared by Cubs from the list provided of potential issues. An issue may be used once or not at all. Reconciliation is not mathematically accurate. Reconciliation balance was not properly agreed to the December 31 general ledger balance.…