What types of documents would an auditor review in testing organizational structure controls? Why is it also important to observe actual behavior?

Q: Thermal Rising, Inc., makes paragliders for sale through specialty sporting goods stores. The compan...

A: Calculate sales for the standard model and custom design as follows: For the standard model: For cu...

Q: Marcos Company, which had 35,000 shares of common stock outstanding, declared a 4-for-1 stock split....

A: The split of shares: under this system, the whole share amount is to be the same as before but the n...

Q: 1. Prepare the journal entry to record Tamas Company's issuance of 6,100 shares of $100 par value, 9...

A: Cumulative preferred stock (likewise called cumulative preference shares) is a class of favored stoc...

Q: At the BlueFin Bank corporate headquarters, management was discussing the potential of outsourcing t...

A: Outsourcing refers to a mutual deal between two firms in which one firm hires another firm to do som...

Q: Hudson Corporation will pay a dividend of $2.54 per share next year. The company pledges to increase...

A: Definition: Dividends: This is the amount of cash distributed to stockholders by a company out its e...

Q: This is a continuation of problem 15. At December 31, Year 2, Beech Corporation still had the same t...

A: Solution to Requirement (1) IFRS reports inventory on basis of lower of the cost or net realizable v...

Q: Illustrates how the net cash flow is related to the net income?

A: Cash flow refers to the inflow and outflow of cash from three major activities that are carried out ...

Q: y. The Pepairs cost $123 for materials taken from the repair These are the only repairs required in ...

A: Warranty expense is the cost that it is expected to be incurred on the goods sold in the past and is...

Q: Suppose that a company expects the following financial results from a projectduring its first year o...

A: Sales revenue $ 250 Less: Variable costs $ 80 Contribution margin per unit $ 170

Q: The information below relates to “NOT partnership business” for the year ended 31st December, 2019Ny...

A: The profit and loss appropriation account is as follows:

Q: Please, help me solve this! Thanks!

A: The decision and conclusion of management are incorrect. There will not be an improvement in the pro...

Q: Hybachi Company is trying to decide whether it should purchase new equipment and continue to make it...

A: Depreciation formula: Annual depreciation = ( cost of asset - salvage value ) / useful life of years...

Q: please solve carefully, all experts made them wrongly. thanks      Budgeted Income Statement and Sup...

A: Budgeting is a process to prepare the financial statement by the manager to estimate the organizatio...

Q: Which document helps to ensure that the receiving clerks actually count the number of goods received...

A: Option b is the answer

Q: Distinguish between errors and irregularities. Which do you think concern auditors the most?

A:

Q: What serious consequences occur in an inaccurate estimate of asset needs?

A: Estimates of assets:   It is approximate value of assets of original value of assets which is used i...

Q: Lavallee Furniture purchased land, paying $75.000 cash and signing a $340,000 note payable. In addit...

A: Formulas: Cost of land = Price of land + Note payable + Property tax + Title insurance + Demolition ...

Q: Sylvestor Systems borrows $185,000 cash on May 15 by signing a 150-day, 7%, $185,000 note. 1. On wha...

A: The maturity date of a note payable is computed by adding the number of days to the bond issuance da...

Q: I am not understanding this question

A: Flexible budget: This budget is prepared for different levels of activity or capacity of output. If ...

Q: Kleen Company acquired patent rights on January 10 of Year 1 for $2,800,000. The patent has a useful...

A: The expenses for successfully defending the patent in a lawsuit increases the value of the patent an...

Q: A company issued 7%, 15-year bonds with a par value of $510,000 that pay interest semiannually. The ...

A: Formulas: Interest payment = Face value * Interest rate

Q: The payroll register of Heritage Co. indicates $3,900 of social security withheld and $975 of Medica...

A: State Unemployment Tax Payable = Earnings x 5.4% = $10,000 x 5.4% = $540 Federal Unemployment Tax Pa...

Q: Accounting Question

A: Contribution Margin Per Unit: Contribution margin is the amount left after covering variable cost pa...

Q: Are selling and administrative expenses treated as product costs or as period costs under variable c...

A: Variable costing:   Variable costing is the method that is used by the management (managers) for dec...

Q: Consider the following data on an asset:Cost of the asset, I                      $38.000Useful life...

A: Straight-line depreciation method: The depreciation method which assumes that the consumption of eco...

Q: Accounting Question

A: No. of shares issued as Stock Dividend = No. of shares outstanding x Stock dividend rate = 58,000 sh...

Q: What are the objectives of inventory control in the production process?

A:

Q: For what purpose should the managerial accountant be careful to not use joint cost allocations?

A: Joint costs: The total costs incurred prior to the split-off point, where the joint products are id...

Q: Mawuena Ltd issued 1500 convertible loan note at par on 1st January 2015. The loan notes are redeema...

A: IFRS 9 "Financial instruments" deals with accounting and measurement of a financial asset or a liabi...

Q: During its first month of operation, the Quick Tax Corporation, which specializes in tax preparation...

A: Given: Amount deposit is $60,000 The number of shares is $6,000 Common stock is $10 par value. Inven...

Q: What is the relationship between tests of controls and substantive tests?

A: Audit Planning:   Audit planning is the first step in the auditing process. Auditor gathers all the...

Q: Primare Corporation has provided the following data concerning last month’s manufacturing operations...

A:

Q: Explain the purpose of each of the layers in the OSI protocol model.

A:  

Q: Find the amortization table for a $8,000 loan amortized over 3 years with semiannual payments if the...

A: Formulas:

Q: What is the relationship between an elementary level DFD and a structure diagram? Which must be prep...

A: Definition: Elementary level: An unambiguous definition of elements is given by the elementary level...

Q: 2. Al-Bustan Co. gathered the following information on total costs and factory machine usage for the...

A: Mixed Cost  are cost which fluctuates with the level of activity but not in exact proportion.For cal...

Q: Newhard Company assigns overhead cost to jobs on the basis of 125% of direct labor cost. The job cos...

A: Overhead cost = Direct labor cost x 125% = $12,000 x 125% = $15,000

Q: Adjustment for Merchandise Inventory Using T Accounts: Periodic Inventory System with Sales Returns ...

A: Periodic inventory system: The method or system of recording the transactions related to inventory ...

Q: question G and f.

A: The cash dividend is part of the corporation's current earnings or accumulated profits which is decl...

Q: Gawucho Furniture Manufacturing Company (Gawucho) commenced business on 1st January, 2019, preparing...

A: Financial statements are those that are prepared at the year-end to show the financial position of a...

Q: Larned Corporation recorded the following transactions for the just completed month.a. $80,000 in ra...

A:

Q: Intercontinental’s special order also requires 1,000 kilograms of genatope, a solid chemical regular...

A: Managerial accounting:   Managerial accounting is more focused towards analyzing information and rep...

Q: The following selected accounts appear in the ledger of Parks Construction Inc. at the beginning of ...

A: If a company purchases its own stock and holds it they are known as treasury stock. The company has ...

Q: Prepare the financial statements for the Quick Tax Corporation as of July 31 in the space below. You...

A: The income statement is a statement that encompasses all the revenues and expenses for the year. Bal...

Q: Cherokee Inc. is a merchandiser that provided the following information:                            ...

A: 1. Prepare a traditional income statement.

Q: Proctor provides 1 year warranty on every chair it produces and sells. On 12-31-19, proctor reported...

A: Calculate excess amount recognized as follows: