Define the roles of auditors in a company?

Q: Sentra Sporting Company sells tennis rackets and other sporting equipment. The purchasing department…

A: Purchase budget: Purchase budget is prepared at the starting of the year to know the purchase…

Q: incy's personal residence is condemned as part of an urban renewal project. his adjusted basis for…

A: Individuals, companies, and firms have assets, some assets use for personal work, and some are used…

Q: Selected unadjusted balances and adjusting entry information of Sutherland Insurance Agency at…

A: Salaries expenses shall be debited for $ 2000 Salaries payable shall be credited for $ 2000

Q: Machinery purchased for $77,000 by Concord Corp. on January 1, 2015, was originally estimated to…

A: There is no need to make an entry in order to repair the depreciation from the previous year. The…

Q: BE10.9 (LO 3), AP Ravine Company issues $400,000, 20-year, 7% bonds at 101. Prepare the journal…

A: Bonds :Bonds is a long-term debts issued by the government and companies to raise funds for their…

Q: he budgeted overheads and cost driver volumes of XYZ are as follows. Cost pool Budgeted Overheads…

A: Activity rate is the rate which is determined in order to compute the total overhead incurred on the…

Q: Journal entry for dividends Prepare a journal entry on January 25 for the payment of dividends of…

A: INTRODUCTION: A journal entry records transactions as they happen. It lists the accounts, the…

Q: 2. Account Title Cash Accounts Receivable Supplies Prepaid Expenses Equipment Land Accounts Payable…

A: When a business transaction takes place, it must be recorded in the books. Journal entries records…

Q: rchased a machine for her business on 1 March 20X1 for $12,000. She incurred  additional costs for…

A: Answer : Correct book value of machine at the year end date of 31December 20X1 : Cost of machine…

Q: Describe the similarities between risk transfer and risk sharing.

A: When businesses assign the risk to a third party, the process is known as risk transfer or risk…

Q: A limited partnership is a O a. Domestic Limited partnership O b. sole proprietorship O c. limited…

A: Partnership shows the business that are carried by two or more partners. The partners are…

Q: How Liquidity coverage ratio (LCR) & Net stable funding ratio (NSFR) can ensure the liquidity of…

A: By guaranteeing that a bank has enough high-quality liquid resources to go through an acute stress…

Q: Poulenc plc. uses direct labour cost as a basis for computing its predetermined overhead rate. In…

A: Overhead Rate as Direct Labor Cost as basis = Direct Labor Cost / Total Labor Hours

Q: mpute the (1) het present value, (2) pro lity Index, and ternal rate of retur option. (Hint: To…

A: Capital budgeting concepts and tools will have to be used in this case. The first task will be to…

Q: The Garfield Ltd company uses the indirect method for preparing its statement of cash  flows. It…

A: The indirect cash flow approach determines cash flow by adjusting net income with differences…

Q: akota Co. has prepared the following flexible budget for the coming year. The budgeted level of…

A: Solution: If the budget is flexed to a level of activity of costs be = direct materials + Direct…

Q: ts BioBeans $ 195,000 65,000 13,650 GreenKale $ 154,500 77,250 7,000 margin for both companies. n on…

A: Profit margin is the net income divided by total sales Return on Assets is the net income divided…

Q: On February 3, 2021, the board of directors of Thompson & Thompson Builders voted to distribute…

A: Solution...     Annual preferred Dividend  Number of Preferred dividend * par value per Share * rate…

Q: O’Brien Company manufactures and sells one product. The following information pertains to each of…

A: The income statement can be prepared using various methods as variable costing and absorption…

Q: Arch Associates reports the following comparative balance sheets and income statement information.…

A: The cash flow statement is prepared to record the cash flow from various activities during the…

Q: Respond to the following in a minimum of 175 words: Describe the purpose of the five primary…

A: IAS 1 Presentation of Financial Statements sets out the overall requirements of presentation of…

Q: n May 4 Ariel signed a simple discount note for $3,500 at 31/2% for 60 days. Calculate the proceeds…

A: The discount rate refers to the debt for a short period that is issued at the discount to par. These…

Q: Caltex Products plc manufactures electric mini-lawnmowers. Its sales and costs’  budget for November…

A: A budget is a yearly statement of the projections for government revenues and expenses for the…

Q: -Prorate the total cost overhead for Plates.

A: Calculation  Total overhead=$350,000 Total direct cost=$650,000+$460,000+$850,000…

Q: Distinguish between a warranty against infringements and a warranty of no interference.

A: INTRODUCTION: A warranty is a legally binding assurance that a product is suitable for its intended…

Q: 1. What is a work sheet?

A: DISCLAIMER: “Since you have posted a question with multiple sub-parts, we will solve first three…

Q: How can I get Cost of Sales

A:

Q: Find EI, COGS using avg, cost, conventional, LIFO, and dollar value LIFO retail methods.

A: Retail Inventory Method An bookkeeping technique used to determine the worth of a retailer's stock…

Q: Record accrual of payroll taxes. E10.7 (LO 1), AP According to the accountant of Ulster Inc., its…

A: Salaries/Payroll/Wages Expense = FICA taxes Payable + Federal unemployment taxes payable + state…

Q: 34. On October 1, 2021, Alpha Company is interested in the business of Beta Company. Negotiations…

A: Goodwill is the excess of the consideration paid over the fair value of the net assets acquired. In…

Q: Stuff Company is a subsidiary of Pland Corporation and is located in Madrid, Spain, where the…

A: The cost of goods sold is the cost incurred during the manufacturing of sold goods. All the direct…

Q: Zenon, Incorporated has the following taxable income: U.S. source income Foreign source income…

A: Taxable income is the amount of income which is subject to tax and used for the purpose of…

Q: Andrew Jarvis started his manufacturing business earlier this year and has been preparing management…

A: Answer:-  Management accounting:- Identification, measurement, analysis, interpretation and…

Q: Mr. Tom purchased a generator on higher purchase from Malipo ltd on January 2012, the higher…

A: Mr. Tom Purchased a generator on higher purchase from Malipo ltd on January 2012 The higher purchase…

Q: Garcia Company produces two different types of gauges: a density gauge and a thickness gauge. The…

A: Solution:- 1)Discussion of Should Garcia Company make or buy the subassembly and If it makes the…

Q: Given the information shown below, what are the costs for the production labor category for the…

A: The production cost means the sum of all the cost that is incurred during the production of all…

Q: rnational purchased 70% of the outstanding common stock of Landon Chemical on December 31, 2021.…

A: Consolidation -  The practise of combining the financial reports of the parent business with those…

Q: Comparative Income Statement Use the following comparative income statement form to enter amounts…

A: Comparative income statement presents the results of multiple accounting periods in separate…

Q: Outline the difference between design capacity and effective capacity

A: Designing capacity is associated with the maximum designs service or output that can be generated so…

Q: Roundtree Software is going public using an auction IPO. The firm has received the following bids:…

A: Share is a small part of the company's capital. A company issues shares to the public. The public…

Q: Oreo Corporation has AEP of $5,000 and negative CEP of $18,000. The corporation distributes $11,000…

A: Oreo corporation has current AEP of $5000 and negative CEP of $18000. The corporation has…

Q: What is the binary representation for 13 in decimal? a. 1110 b. 1111 c. 1100 d. 1101

A: Binary representation is a base 2 number system that uses two numbers 0 and 1 to represent a number.…

Q: the ratio 3:2.  Georgina is entitled to a salary of $9,000 and interest on capital is paid at a rate…

A: Partnership is agreement between share profit and loss and bind by the partnership agreement.

Q: Simon Company's year-end balance sheets follow. At December 31 Assets Cash Accounts receivable, net…

A:

Q: Marketable securities are a. long term in nature b. are examples of bonds c. traded in the money…

A: Marketable securities are easily and affordably convertible into cash. They are highly liquid…

Q: which of the following are similarities between spin-off and carve-out  I.both firms have the same…

A: Carve out is the process of separating a subsidiary, business unit or line from the patent. It is…

Q: Dolly's Dream Homes, Inc. manufactures doll houses in a continuous process. Various customizing…

A: Stakeholders A stakeholder is any individual, group, or aspect of society that has an interest in…

Q: (The following information applies to the questions displayed below.]

A: Warranty expense is the amount that could be incur by the company when a product is defected at the…

Q: 7. (a) Using the trial balance below, prepare a work sheet for the three months ended September 30,…

A: A financial statement is a written financial record of the company and organization. It shows the…

Q: H.T. Tan Company is preparing the annual financial statements dated December 31 of the current year.…

A: INTRODUCTION: Every firm has to cope with a variety of daily business procedures. The financial…