As an auditor, how would you audit the following Internal Control Revenue

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A: Note: Under FOB destination freight is the seller's expense but under FOB shipping point, freight is...

Q: April May June Manufacturing costs* $156,800 $195,200 $217,600 Insurance expense** 1,000 1,000 1,000...

A: Solution Cash budget is a document produced to help a business manage their cash flows.

Q: The following is information for Prisma products issued by Tekun Sdn. Bhd. (TSB) RM Sales (3,000 uni...

A: Hi, Since the question has multiple sub-parts, we will provide an answer for the first three subpart...

Q: lease describe the master budget for a manufacturing firm, which budget is prepared first, and how t...

A: A budget is the detailed plan of operations for some specific period of time, this is prepared in ad...

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A: Inventory is one of the important current asset of the business. Mostly all businesses prefer to val...

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A: The break even sales are the sales where business earns no profit no loss during the period. 

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A: Principal = 12000 Interest rate = 9% Period from April 5 to April 9 = 4 Days

Q: Accounting Chosen totals and balances of accounts are as follows (in USD): Expenses by nature 350 0...

A: Journal Entry The purpose of preparing the journal entry to enter the required transaction into debi...

Q: Based on this information can you create an Income Statment • Accounts Receivable $1,200 Accounts Pa...

A: Formula: Net income = Revenues - Expenses

Q: Ir Dolieov received the followin tion and benefits during the entire

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Q: How much final tax will be withheld from Atty. Diokno if the law office distributed 50% of its 2021 ...

A: Atty. Diokno is a 30% partner in profit in his law office. It can therefore be concluded that Atty. ...

Q: tnership interest in a tax shelte the partnership's losses was $ assive losses is $133,500.

A: Loss from rental house is treated as passive loss. Passive loss is the loss from activities which is...

Q: 1. The audit risk is 3% while the inherent risk is 80% and control risk is 40%. What is the detectio...

A: Audit risk seems to be the chance that the audit would contain human mistakes and so would not be ca...

Q: A group of thirty 2-year old cattle was held at January 1, 2021. On this same date, additional five ...

A: January 1, 2021 Fair value of 2 years old cattle = 35 x 12,500 = 437,500 Fair value of newborn calve...

Q: Complete the accounting equation, and journal entries for the transactions given below. Complete the...

A: Accounting Equation Transaction  Assets   =  Liabilities     +  Capital C Can...

Q: LO 8.6Using the following information, prepare a bank reconciliation. Bank balance: $4,021 • Book ba...

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A: Prior period transactions are the transactions which are incurred or occurred in previous years to t...

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A: Solution Owner's Equity  as the proportion of total value of a company's assets that can be claimed ...

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A: The income statement is an essential part of the financial statements of the company. It is prepared...

Q: Practice Problem 9 Job No.206 incurred the following costs: Wages: Department X - 400 labor hours @ ...

A: Since you have asked multiple questions, we will solve the first question for you. If you want any s...

Q: Emily, who is single, has been offered a position as a city landscape consultant. The position pays ...

A: Taxable Income is the net amount of income on which tax is imposed or determined using appropriate t...

Q: 3. Complete the below table to calculate the balance sheet data in trend percents with 2019 as base ...

A: Trend analysis is one of the technique of financial statements analysis under which each item in bal...

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A: Revenue Recognition According the US Generally Accepted Accounting Principles (GAAP) the recognition...

Q: Sheridan Tool Company’s December 31 year-end financial statements contained the following errors. ...

A: Solutions: A)Total Effect of errors on 2021 Net income Understatement of 2020 ending inventory ...

Q: 9. If total assets increased to P150,000 during the year and total liabilities decreased to P80,000,...

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A: Prime cost is the direct cost of production that includes direct material and direct labor. it does ...

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A: Lets understand the basics. Adjusting entry is passed to record the correct amount of revenue and ex...

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A: The marginal tax rate seems to be the sum of additional tax that must be paid for each new dollar of...

Q: At September 1, 2017, Five-O Inc. reported retained earnings of $136,000. During the month, Five-O g...

A: The retaining earnings is a credit balance account which shows the profits earned over operational y...

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A: Formula: Gross Income = Installment sales - Cost of Installment sales

Q: A group of thirty 2-year old cattle was held at January 1, 2021.  On this same date, additional five...

A: Fair value with no growth: December 31, 2021 Fair value with no growth (Same Age) 2 years old = 35 ...

Q: Given the following cost and activity observations for George Company’s utilities, use the high-low ...

A: Variable utilities cost per machine hour=Highest activity cost-Lowest activity costHighest machine h...

Q: When the market rate of interest was 12%, Halprin Corporation issued s768,000, 11%, five year bonds ...

A: Lets understand the basics. When market interest rate is more than the bond interest rate bond is kn...

Q: ash, Accounts receivable, supplies, Accounts payable, unearned service revenue, common stock, servic...

A: In this question, we have given some transactions which we have to post in the ledger account. A led...

Q: Problem 9-13 Two firms have sales of $0.9 million each. Other financial information is as follows: ...

A: 1)Calculation of the operating profit margins and the net profit margins for these two firms as foll...

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A: Under FOB destination, titles of goods are transferred to the buyer only when goods are delivered to...

Q: On January 1, 2022, Bon Hok, Dyon Ok and Meow Meng agreed to form a partnership with the following c...

A: Ledger: It is a  collection of account where all business transactions are recorded. Ledger contain ...

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A: 1.) I see the goodwill on the balance sheet as synergies , which was estimated at the time of the aq...

Q: The 2021 balance sheet for Hallbrook Industries, Inc., is shown below. HALLBROOK INDUSTRIES, INC. Ba...

A: Ratio analysis means where different ratio of various years of years companies has been compared and...

Q: Which of the following will force a sole proprietorship to be legally dissolved? * A) Sales exceed $...

A: We shall answer the first question since the exact question wasn't specified. Please resubmit a new ...

Q: Give example of personal assets

A:                             An asset  is a resource owened by individual or business that provides p...

Q: f subsequent events on

A: This is a Question relating to disclosure of subsequent events in the audit report and financial sta...

Q: How much will be the per unit savings/loss?  If the tools are purchased and the facility rented, Can...

A: 1     Particulars Formula Amount (P) Cost of production     Variable cost (P28*30000) 840000 ...

Q: On January 1, 2020, Seabreeze Construction Company owned 4 dump trucks, 2 excavators and other const...

A: Introduction: Depreciation: Decreasing value of fixed assets over its useful life period called as D...

Q: 33.Which statement is NOT true about the gross profit method of inventory estimation?   a. It may be...

A: Inventory means the stock of goods in hand . Goods means the thing in which the business deals and p...

Q: Eduard Montes generated annual compensation income of ₱ 455,000, net of statutory payments. Tax exem...

A: Tax obligation seems to be the sum of money owed to tax authorities with in manner of a tax debt. Th...

Q: Assignment 1: Male CLO 2 The following transactions relate to Al-Zafra Police General Fund for the y...

A:

Q: 3. Pear Company recorded the following data pertaining to one of its inventory items during January ...

A: Average-cost cost flow assumption - Under the Weighted Average Method, the cost is considered to be ...

Q: try Prepare the journal entries for the following transactions: luly 1-Mr. Bon Hok withdraw P20,000 ...

A: Date particulars Dr amount Cr amount July 1 Mr Bon Hok capital a/c 20,000     Cash a/c   20,000 ...